2 Archive - 11 October 2018

"11 October 2018" Archive

Raw Marks & Scaling Records of CA Exam may be given under RTI

Rajat Kumar Mehra Vs CPIO, ICAI (CIC Delhi)

Rajat Kumar Mehra Vs CPIO (CIC Delhi) The Commission, after hearing the submissions of both the parties and perusing the records, observes that the appellant has sought his raw marks and scaling record. However, the CPIO vide letter dated 28.07.2017 incorrectly denied the information under Section 8(1)(j) of the RTI Act stating that the a...

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Issuance of Form ‘I’ under Central Sales Tax Act, 1956.

Trade Circular No. 27T of 2018 11/10/2018

All the Sales Tax authorities undertaking assessments, appeals, or, as the case may be, review, are hereby directed not to disallow the claims made under section 8(6) of the CST Act, merely on the ground that the declarations in Form 'I' are issued by Sales Tax/Commercial Tax authorities of other States....

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GST Refund For Exporter’s – Key Changes

Yesterday Government has issued two Notifications (Notification No. 53/2018 – Central Tax & Notification No. 54/2018 – Central Tax) making certain changes in Rule 89 & 96 of the CGST Rules, 2017. Gist of the changes are as under: Rule 89: Said Rule deals with the refund of tax in cases, other than IGST paid on […]...

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Posted Under: Corporate Law |

How to Calculate Eligible and Reverse Ineligible Input Tax Credit as per Rule 42

As per Section 17 (1) of CGST Act, a registered person can take input tax credit on inputs or input services or both only when they are used for his business purpose only.  If they are used partly for business purpose and partly for other purposes, then the input tax credit is available only to […]...

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Posted Under: Corporate Law |

MVAT: Withdrawal of pending cases based on probable revenue involved

Notification No. VAT.1518/C.R. 23A/Taxation-1 11/10/2018

Government of Maharashtra considers it expedient, to formulate a Scheme to decide the criteria for withdrawal of the assessment proceedings based on threshold revenue earnings, below which assessment proceedings may be withdrawn, and complete the assessments that may remain after such withdrawal, in a time bound manner :...

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MCA Amends disclosure requirement in Balance Sheet & P&L Statement

G.S.R. 1022(E) 11/10/2018

MCA amends Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company / NBFCs Ministry of Corporate Affairs notifies Ind AS Schedule III applicable to NBFCs. Schedule III will apply to NBFCs covered under Ind AS applicability. MCA has also amended the existing Division I (Indian GAAP) & Division II [&h...

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No TDS on mere facilitating transportation of goods by hiring lorries

I.T.O. Vs Bajaj Roadways (ITAT Kolkata)

I.T.O. Vs Bajaj Roadways (ITAT Kolkata) Assessee had merely hired the lorries and there was no contract between assessee and the concerned payees, i.e., truck owners. Since the assessee did not delegate its liability of transportation of goods to the truck owners by way of any contract or sub-contract, therefore, the payments made by the ...

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Tax Audit Due Date Extension: Gujarat HC disposes writ as not pressed

All Gujarat federation of tax Consultants Vs Union of India (Gujarat High Court)

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) 11.10.2018–  It is an agreed position that subsequent to filing of these petitions, CBDT has granted extension for filing returns and accompanying documents. In that view of the matter, learned counsel for the petitioners does not press these petitions...

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TDS not deductible on Internet connectivity charges & specialised line rental

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata)

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata) it is observed that the assessee company was held to be liable to deduct tax at source by the A.O. from the payment of internet connectivity charges and specialised line rental u/s 194J of the Act being in the nature of royalty by relying on Explanations 4, […]...

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IBBI amends 3 Insolvency Regulations

Press Release No. IBBI/PR/2018/29 11/10/2018

IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulat...

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