"October, 2018" Archive - Page 74

TDS U/s. 195 on Grant of license for copyrighted software for internal business purposes

Reliance General Insurance Co. Ltd. Vs Income Tax Officer (ITAT Mumbai)

Reliance General Insurance Co. Ltd. Vs ITO (ITAT Mumbai) We shall first advert to the remittance of USD 100,000 made by the assessee towards licence fees to M/s Fair Isaac International Corpn. We have perused the copy of the agreement entered into by the assessee with M/s Fair Isaac International Corpn i.e “Fair Isaac Order […]...

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GST-TDS @2% on supply made to Government entities w.e.f 1st Oct 2018

TDS is being made applicable under GST Law from 1st October,2018. What is this new Provision now? section 51 of the CGST Act,2017 prescribes the authorities who need to deduct tax, which are as follows-(a) A department or an establishment of the Central Government or State Government; or...

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Posted Under: Income Tax |

Prosecution for non-deposit of TDS- Delay in refund of excess TDS paid not acceptable

ITO Vs M/s VCI Hospitality Ltd. & Anr. (CMM)

ITO Vs VCI Hospitality Ltd (Central: Tis Hazari Courts, Delhi) As per complaint, accused has defaulted in timely deposit of TDS amount. However, the due amount for the year 2008-09 has been reduced to Rs. 40/- only but after filing of various correction statements which are admittedly filed after filing of present prosecution. The Ld. [&h...

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Posted Under: Income Tax |

CBDT notifies CIT(A) for respective CCA regions under Black Money Law

F.No. 279/Misc./M-44/2018-ITJ (01/10/2018)

Notification in respect of assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)- reg....

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Notification No. 21/2018-Customs (N.T./CAA/DRI) Dated:-01.10.2018

Notification No. 21/2018-Customs (N.T./CAA/DRI) (01/10/2018)

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 21/2018-Customs (N.T./CAA/DRI) New Delhi, dated the 01st October, 2018 S.O. (E). – In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(...

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Is scoring of equal or good marks in theory papers possible compared to practical papers? Answer is Yes.

Many of the students in any stage or course are of pre-determined opinion that they cannot score the marks equally in theory papers with practical papers involving solving the problems.  It is a wrong notion.  There are incidents of qualifying the CA exam by scoring good marks in theory papers with below average score in […]...

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Posted Under: Income Tax |

Restriction on disclosure of information received under PMGKY Scheme

Notification No. 59/2018-Income Tax [S.O. 5157(E)] (01/10/2018)

No public servant shall produce before any person or authority, any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties regarding the PMGKY Scheme, other than those specified in section 199-O of Taxation Laws (Second Amendment) Act, 2016...

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Advisory circular for registration of beneficiaries on ICEGATE

Circular No. 35/2018-Customs (01/10/2018)

Customs has introduced Single Window Interface for facilitating Trade (SWIFT) as part of ease of doing business initiative to integrate Customs and other Participating Government Agencies (PGAs) for seamless processing of import and export clearances. ...

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Govt Notifies Constitution of NFRA w.e.f 1st October 2018

Notification No. S.O. 5098(E) and Notification No. S.O. 5099(E) (01/10/2018)

Central Government notifies 1 October 2018 as the date of constitution of the National Financial Reporting Authority (NFRA). The provisions of sub-section 1 and 12 of Section 132 of the Companies Act 2013 will also come into force from the same date. The provision of these sub-sections are related to constitution of  NFRA and provides [&...

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