"17 October 2018" Archive

Assessment cannot be made on dead entity

DCIT Vs. NDC Telecommunications India Pvt. Ltd. (ITAT Delhi)

CIT(A) quashed the reassessment proceedings on the ground that the same has been initiated on a non-existing entity and, therefore, the reassessment proceedings are void ab initio. ...

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HC dismisses petition challenging Jurisdiction to recover Service Tax demand

Laxmi Narayan Sahu Vs Union of India (Gauhati high court)

Laxmi Narayan Sahu Vs Union of India & Others  (Gauhati Cigh Court) Issue Raised Before High Court In all the writ petitions, the demand-cum- show cause notices of various dates issued by the Assistant Commissioner, Central Goods and Service Tax of the district of Dibrugarh and Guwahati respectively are assailed. The said demand-cum...

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Oppression & Mismanagement

Whenever there is a group of people it becomes very difficult to manage them properly. Each and every person has their own view, thinking and idiosyncrasies. To ensure proper rules and regulation to be maintained in the company we have Companies Act. In the Companies Act, 2013 Chapter XVI deals with the topic of “Prevention […]...

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Posted Under: Income Tax |

Records to be Maintained Under GST

Every person registered under the GST Act is required to maintain certain books of accounts and records. The provisions related to the same has been provided under Sections 35 and 36 of the CGST Act, 2017 and Rules 56 to 58 of CGST Rules, 2017. An analysis of these provisions is given in this article....

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Posted Under: Income Tax |

GST on services by Corporate Office to unit in other states as well

The big question is whether activities performed by the employees at the corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states as well i.e. distinct persons as per Section 25(4) of the Central Goods and Services […]...

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Posted Under: Income Tax |

How to Appeal Against Cancellation of NBFC Registration

It is mandatory for every NBFC to obtain a certificate of registration from RBI before undertaking any business. Following conditions are required to be complied by each NBFC at the time of obtaining a certificate of registration:...

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Posted Under: Income Tax |

Public Limited Company Registration

This Article is about Registration of Public Limited Company, which includes topics like (a) about public limited company (b) who are eligible for public limited company registration (c) documents required (d) procedure for registration of public limited company (e) Advantage of public limited company registration....

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Posted Under: Income Tax |

Refund Under Inverted Rate Structure

Inverted rate structure specify that as the rate of tax on inputs is higher than the rate of tax on output supplies, credit gets accumulated in the electronic credit ledger which is granted as GST refund to the taxable person....

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Posted Under: Income Tax |

Serial number 4A of Table 4 of FORM GSTR-4 not needed to be filled

It is clarified that the taxpayers who have opted to pay tax under the composition levy shall not furnish the data in serial number 4A of Table 4 of FORM GSTR-4. The required changes in the CGST Rules, 2017 would be notified shortly....

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Posted Under: Income Tax |

GST Invoice Contents

GST system has replaced the invoices such as tax invoice, excise invoice and retail invoices with one general GST tax invoice that has to be issued for all sales of goods and services, as a GST registered dealer, you are obligated to provide GST invoices that are compliant with GST rules and regulations for all supply of goods and servic...

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Posted Under: Income Tax |

Whether ITC for FY 2017-18 can be availed only till October 20, 2018

Considering the first year of implementation of GST, major challenge is being faced by the Industry Inc in availing GST input tax credit (ITC) for the financial year 2017-18 after implementation of GST (i.e. July 2017 to March 2018) and lot of divergent views are floating with respect to the last date till which such […]...

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Master Direction: RBI (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – SCBs

RBI/FIDD/2018-19/64 Master Direction FIDD.CO.FSD.BC No.9/05.10.001/2018-19 (17/10/2018)

(a) These Directions shall be called the Reserve Bank of India (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018. (b) These Directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India....

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4 Expenditures Under Section 80C That Can Help You Save Tax

Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for the rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under Section 80C and by putting your money in […]...

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Posted Under: Income Tax |

Master Direction – RBI (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – RRBs

RBI/FIDD/2018-19/65 Master Direction FIDD.CO.FSD.BC No.10/05.10.001/2018-19 (17/10/2018)

(a) These Directions shall be called the Reserve Bank of India (Relief Measures by Banks in Areas Affected by Natural Calamities) Directions, 2018. (b) These Directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India....

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Delhi HC allows manual GSTR-3B filing to enable Transitional credit claim

Indusind Media Communications Ltd. & Anr Vs Union Of India & Ors. (Delhi High Court)

Indusind Media Communications Ltd. & Anr Vs Union Of India & Ors. (Delhi High Court) The GSTR-3B form – in the relevant table dealing with eligible ITC, talks of total ITC available; ITC reversed and the net ITC available. As the deadline for completing this form and availing the credit is 20.10.2018, the respondents are [&h...

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60% denials were in violation of the RTI Act: Study

The assessment found that there is a growing tendency among adjudicators to exempt information from disclosure citing grounds which are not provided for in the RTI Act. From among the appeals where part or full information was denied, more than 60% denials were in violation of the RTI Act, i.e. the IC denied information on grounds which a...

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Posted Under: Income Tax |

Is the ‘Clown Prince’ out-clowning himself: Arun Jaitley

Many young Lawyers practising criminal law used to get an advice early in their career from Veterans in the field. They were told if you are strong on facts, bang the facts. If you are strong on law, bang the law. If you are weak on both, then bang the desk....

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Posted Under: Income Tax |

Permit availment of GST input tax credit of FY 2017-18 till 31.12.2018: ICAI

ICAI/IDTC/2018-19/Rep/10 (11/10/2018)

ICAI Requesed Government for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018...

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Posted Under: Income Tax |

Private Placement of securities under the Companies Act, 2013 

Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 contains provisions of private placements of securities. Recently, both Section 42 and Rule 14 have undergone amendments by way of the Companies (Amendment) Act, 2017 and the Companies (Prospectus and Allotment of ...

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Posted Under: Income Tax |

Assessment U/s 143(3) rws 144C(13) when objections is filed before DRP beyond 30 days

CBDT through its notification no. 84/2009 dated 20.11.2009 formed Dispute Resolution Panel (DRP). Assessee whose case, there is variation in the income or loss returned which is arises as a consequence of the order of the Transfer Pricing Officer (TPO) passed under 92CA(3) or any foreign company. ...

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Posted Under: Income Tax |

Extend time limit to Furnish Form GSTR–1 & GSTR-3B: GSTBA

GSTBA has requested Finance Minister to extend the due dates for filing Form GSTR-1 and GSTR-3B. Last date of filing the Return GSTR -1 of October 2018 is 10th of November and filling of Form 3B and payment of tax is 20/11/2018 which are falling during Diwali. ...

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Independent Director‘s Appointment and Responsibility (Board Resolution)

Brief Introduction of an Independent Director On a brief go through with Section 149 & Schedule IV i.e. Code of Conduct for Independent Directors, it has been provided that the appointment of Independent Director is subject to the approval of members in the general meeting. As per the Companies Act, 2013 a separate criterion has been...

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Posted Under: Income Tax |

Valuation under Insolvency and Bankruptcy Code, 2016

Notification No. IBBI/RV/019/2018 (17/10/2018)

It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made thereunder....

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Delayed GST Refund attracts Interest: Gujarat HC issues notice to Centre, CBIC and GSTN

M/s. Saraf Natural Stone Vs Union Of India (Gujarat High Court)

While admitting a petition seeking interest / compensation for delay in both provisional as well as final refund of GST beyond stipulated period, the Gujarat High Court has issued notices to Centre, CBIC and GSTN....

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Impact of notification No 46/2017 CT(R) on Restaurants

It was recommended that all standalone restaurants, irrespective of whether air conditioned or not, will attract 5% GST without ITC. To give effect to such decision, a notification No. 46/2017- Central Tax (Rate) dated 15.11.2017 was issued, as per which the GST rate applicable to services provided by restaurants, eating joint including m...

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Posted Under: Income Tax |

Functional teams in a corporate structure

Article- Functional teams in a corporate structure The article discusses about the typical corporate functional teams through which the work of the organization passes through. A typical corporate consists of several teams working in tandem to carry out the operations and to take care of compliances involved. Various teams working in an o...

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Posted Under: Income Tax |

Security Interest (Enforcement) Amendment Rules, 2018

Notification No. G.S.R. 1040(E) (17/10/2018)

Sale notice for sale of movable properties- E-Auction Sale Notice for Sale of Movable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 6(2) of the Security Interest (Enforcement) Rules, 2002...

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Advisory for Taxpayers to file Refund for Multiple Tax period

1. Refund application filing for multiple tax period is available for below grounds of refund:a. Export of Goods & Services-Without payment of Taxb. Supplies made to SEZUnit/SEZDeveloper-Without payment of Tax2. Refund application can be filed using refund application Form GST-RFD-01A & selecting a particular tax period 3. The multiple ta...

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Posted Under: Income Tax |

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