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Archive: 16 October 2018

Posts in 16 October 2018

Unprecedented tax reforms by Indian Customs

October 16, 2018 2103 Views 0 comment Print

INDIAN CUSTOMS- UNPRECEDENTED TAX REFORM- Enhanced Ease of Doing Business- Indian Customs has taken a series of measures to simplify Customs processes and procedures during the last few years.

Goods cannot be treated as Smuggled for mere non-maintenance of books

October 16, 2018 4578 Views 0 comment Print

UOI Vs Imtiaz Iqbal Pothiwala (Bombay High Court) We are of the view that in the absence of evidence in the form of regular Books of Account, Registration under the Income Tax and Sales Tax, etc., cannot ispo­facto lead to the conclusion that the seized gold bars, are smuggled gold bars. These may lead to proceedings for […]

Govt notifies Special Courts under Benami Property Act

October 16, 2018 4113 Views 0 comment Print

Govt notifies Court of Session designated as Special Court and Area specified for trial of offence punishable under the Prohibition of Benami Property Transactions Act, 1988 vide Notification No. 67/2018-Income Tax.

NSEL scam bad debts: ITAT to ensure that effective inquiry is carried out by AO

October 16, 2018 3180 Views 0 comment Print

Omni Lens Pvt. Ltd Vs DCIT (ITAT Ahmedabad) Where the AO failed to discharge its obligation to conduct a proper inquiry to take the matter to logical conclusion, it is also the obligation of the first appellate authority and indeed that of ITAT to have ensured that effective inquiry is carried out on the subject […]

Oil: Will the barrel stop rolling?

October 16, 2018 723 Views 0 comment Print

Oil prices had been rallying till the first week of October (for seven consecutive weeks) on concerns that the looming U.S. restrictions on Iran will squeeze supply at a time when production is already being affected because of geopolitical supply disruptions coupled with temporary Permian pipeline shortages. Added to that is the ongoing crisis in Venezuela, which has led to a massive fall in its oil production.

Extend due date of GSTR-3B & GSTR-1: RTCA

October 16, 2018 54978 Views 7 comments Print

It is humbly requested that the time limit to file GSTR-3B & GSTR-1 for the month/quarter of September 2018 may be extended to 31st January 2019 or the necessary amendments may be made in the provisions of section 16(4) and section 39(9) to allow the claim of input credit or to rectify the omissions till the due date to file the annual return or audit report.

Basic Understanding Of NCLT & NCLAT For Students

October 16, 2018 9327 Views 2 comments Print

Everyone knows High Court and Supreme Court but few People like CA/CS/Lawyers know NCLT & NCLAT. Lets through light on this topic in very simple language for better understanding of student and Public at Large. Introduction: – NCLT, National Company Law Tribunal is a quasi-judicial body to regulate and resolve Civil Corporate disputes. Whereas, NCLAT, […]

GST ANNUAL RETURN “what to fill & how to fill” Complete Procedure

October 16, 2018 52020 Views 14 comments Print

GST Annual return to be filed once in a year, it is a consolidated information of all inward and outward supplies for tax administrator for a particular financial year. It consists of details regarding the supplies made and received in a financial year under the different tax head such as Central, State and Union Territory tax.

ITAT explains presumption theory that advances to sister concerns are made from own funds

October 16, 2018 1707 Views 0 comment Print

ACIT Vs Janak Global Resources Pvt. Ltd (ITAT Chandigarh) Where sufficient own interest free funds are available with the assessee, the presumption arises that the assessee had utilised those funds for the purpose of making interest free non business advances. Thus in very clear terms the Hon’ble Apex Court in the case of Hero Cycles […]

व्यापारियों के लिए समय प्रबंधन टिप्स

October 16, 2018 1944 Views 0 comment Print

समय ही एक ऐसी चीज है जो की सबके लिए समान है . अमीर ,गरीब , पढ़ा लिखा ,अनपढ़ ,उद्योगपति मजदूर, प्रधानमंत्री, शिक्षक, विद्यार्थी सभी को दिन में २४ घंटे ही मिलते हैं. क्या समय बढाया जा सकता है ? हाँ, समय का सदुपयोग करके निश्चित ही समय बढाया जा सकता है . जैसे की हम कहते है Energy Saved is Energy Produced , वैसे ही हम कह सकते हैं “Time Saved is Time Produced” .

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