"31 October 2018" Archive - Page 2

CBDT notifies Indian commodity Exchange U/s. 43(5)(e)(iii)

Notification No. 76/2018-Income Tax (31/10/2018)

Central Government hereby notifies Indian commodity Exchange Limited as a ‘recognised association’ for the purpose section 43(5)(e)(iii) with effect from 01.11.2018 subject to fulfillment of  conditions specified in Notification No. 76/2018 dated 31st of October, 2018. Government of India Ministry of Finance Department of Re...

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CBDT notifies Charutar Arogya Mandal, Gujarat U/s. 35(1)(ii)

Notification No. 75/2018 -Income Tax (31/10/2018)

CBDT notifies M/s Charutar Arogya Mandal, Gujarat has been approved by Central Government under section 35(1)(ii) of the Income-tax Act, 1961 from Assessment year 2019-2020 onwards in the category of 'University, College or other Institution', engaged in research activities vide Notification No. 75/2018 Dated 31st October, 2018....

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Reverse Cenvat credit on bottles procured from sister units & sold in market: CESTAT

M/s Hindustan Coca Cola Beverages Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Hyderabad)

M/s Hindustan Coca Cola Beverages Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Hyderabad) The facts of the case in dispute are that the appellant availed on common input services and goods and obtained to the services reversed under Rule 6(3A). The only questions to be decided are a) whether the value of the goods […]...

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Charitable Purpose u/s. 2(15) of Income Tax Act ,1961

Courts have held that the expression ‘charitable purpose’ is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose...

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Posted Under: Income Tax |

FAQs Related to Income Tax Provisions of charitable trust and NGOs

FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public charitable trusts or other legal obligatio...

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Posted Under: Income Tax |

TDS on Purchase of Immovable Property (Section 194IA)

1. Deductor & Deductee: Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable to deduct tax at source u/s 194-IA. This provision came in June 2013. In other […]...

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Posted Under: Income Tax |

Assessee in default Under Income tax Act, 1961

When any sum is payable as a result of any order passed under the Act, then the Assessing Officer shall serve upon the assessee a notice of demand U/s 156 specifying the sum so payable. Whereas Section 143 (1) is itself deemed as notice of demand & demand notice U/s 156 need not to be […]...

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Posted Under: Income Tax |

PML (Maintenance of Records) Second Amendment Rules, 2018.

Notification No. G.S.R. 1078(E) (31/10/2018)

Ministry of finance notified Prevention of Money-laundering  (Maintenance of Records) Second Amendment Rules, 2018 with effect from 31st October, 2018. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, in sub-rule (1A), for the words “three days”, the words “ten days”, shall be substituted. Un...

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Tariff Notification No. 89/2018-Customs (N.T.) Dated 31.10.2018

Notification No. 89/2018-Custom (N.T.) (31/10/2018)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 89/2018-CUSTOMS (N.T.) New Delhi, 31st October, 2018 S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect ...

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GST Rule 142A Procedure for recovery of dues under existing laws

Extract of Rule 142A of Central Goods and Service Tax Rules, 2017 as inserted vide Notification No. 60/2018-Central Tax Dated 30th October, 2018. 142A. Procedure for recovery of dues under existing laws. – (1) A summary of order issued under any of the existing laws creating demand of tax, interest, penalty, fee or any other [&helli...

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Posted Under: Income Tax |