"24 October 2018" Archive

MCA notifies remaining NFRA constitution provisions WEF 24.10.2018

S.O. 5385(E) (24/10/2018)

MCA has already notified sub-section (1), (3), (11) and 12 of Section 132 of Companies Act, 2013 related to Constitution of National Financial Reporting Authority (NFRA), and omitted Sub-section (6) to (9) of the same. Now Central Government has appointed 24 October 2018 as the date on which the provisions of sub-section (2),(4),(5),(10),...

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e-filing facility to Maharashtra tax payers for smooth GST Compliance

Trade Circular No. 29T of 2018 (24/10/2018)

Maharashtra State GST Department has established dedicated helpdesks in all State GST offices in the state for assisting taxpayers in e-filing of various applications/forms, namely-1) Registration- Application for New Registration, Amendment and Cancellation. 2) Return - GST 3B, GSTR 1, GSTR 4, GSTR 5, GSTR 6, GSTR 7. 3) Payment- GST 3B r...

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MVAT: Sales detail Submission through Online Ledger Confirmation Utility

Trade Circular No. 30T of 2018 (24/10/2018)

Your attention is invited towards the Trade Circular cited at Ref. (8) above. The said Circular mandated the buyer, under certain circumstances, to submit electronic evidence (Ledger confirmation) in support of his set-off claim. ...

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MVAT: Extension of time limit for remand back cases for fresh Assessments

Maharashtra Ordinance No. XXIII OF 2018 (24/10/2018)

Section 23 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005) contains the provisions regarding assessment of the value added tax levied under the said Act....

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AO could not insist on Any particular method for Valuation of shares

DCIT Vs Ozoneland Agro (P) Ltd. (ITAT Mumbai)

DCIT Vs Ozoneland Agro (P) Ltd. (ITAT Mumbai) In this AO had ‘tampered’ with provisions of the Act. It was beyond jurisdiction of AO to insist upon a particular system, which especially allows assessee to choose one of the two methods. Until and unless legislature amends provision of the Act and prescribes only one method [&he...

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No Service Tax on transportation of effluents under ‘Goods Transport Agency’ Services

ONGC Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai)

ONGC Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai) Transportation of effluents cannot be treated as transportation of ‚goods‛ and hence there cannot be any service tax liability under ‘Goods Transport Agency’ as defined in Section 65 (150b) of the Finance Act, 1994. This being so, the FULL TEXT OF THE C...

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Commission to non-relatives can’t be Suspected for merely on surmises

Rahul Kheria Vs ITO (ITAT Kolkata)

Rahul Kheria  Vs ITO (ITAT Kolkata) The commission claimed to have been paid to under section 133(6) to M/s Jessop and Co and we note that the said Jessop replied to the notice. The AO however doubted the reply by Jessop on the ground it was a reputed company so the logo in the letter-head […]...

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Service tax payable on service of foreign institutions availed in getting ECBs

M/s. Paramount Communications Ltd. Vs CCE (CESTAT Delhi)

M/s. Paramount Communications Ltd. Vs CCE (CESTAT Delhi) It is a matter of record that the appellant assessee have availed services of certain foreign based agencies for receiving external foreign commercial borrowings (ECB) from abroad. It is also a matter of fact that during 2006 to 2007, certain payments in the form of commission have ...

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Consultation Paper on Review of Regulatory Framework for Debenture Trustees (DTs)

Objective of consultation paper on Review of Regulatory Framework for Debenture Trustees (DTs) is to seek comments/ views from public on proposals that are intended to strengthen regulatory framework for Debenture Trustees (DTs) as well as empower DTs to effectively discharge their responsibilities towards debenture holders of listed de...

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Posted Under: Company Law |

12 Points To Know For NRIs / To Be NRIs

CA Brijesh Baranwal 1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in India, even if the gains are less than the basic exemption limit. 2. Exception: If taxable income consisted […]...

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Posted Under: Company Law |