"November, 2018" Archive

GST Audit Process and Assessment Thereof

The current article provides the audit and assessment procedure involved in an audit being conducted by the tax authorities and also audit process and assessment involved in the special audit being conducted by the proper officer....

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Govt notifies Wastage Norms & Value Addition of Gold religious idols

Public Notices No. 51/2015-2020-DGFT (30/11/2018)

Wastage Norms and Value Addition in respect of Gold religious idols (only gods and goddess)- both plain and studded, of 8 carats and above (upto 24 carats) are prescribed in Para 4.60 and 4.61 of the HBP....

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Govt allows export of Gold idols (only gods and goddess) from DTA

Notification No. 44/2015-2020-DGFT (30/11/2018)

Para 4.32(i) of Chapter 4 of the Foreign Trade Policy 2015-20 is amended to allow export of Gold idols (only gods and goddess) of 8 carats and above (upto 24 carats) from domestic tariff area....

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Dr. Ajay Bhushan Pandey takes over as Revenue Secretary

Ministry of Finance Dr. Ajay Bhushan Pandey takes over as Revenue Secretary Posted On: 30 NOV 2018 Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A [&he...

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Income Tax Benefits for Senior Citizens

Who is a Senior Citizen ? A Senior Citizen is a resident Indian who is of the age of 60 years or above at any time during the respective financial year. Higher Basic Exemption Limits for Senio Citizens Citizens and Very Senior Citizens For ordinary individual tax payers the basic exemption limit, upto which he […]...

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Presumptive Taxation for Small Tax Payers in Business or Profession

Presumptive Taxation of Certain Eligible Businesses Or Professions Under The Income Tax Act 1961 1. What is presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 4...

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Sale of Immovable Property by a Non-Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property from a non-resident following the guideline as below: Q.1 Who is a non-resident under Income Tax Act? Ana. The residential status is determined for every financial year, i.e., the period from 1st April to 31st March of the [&h...

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Income from Other Sources (Section 56 to 59)

Income which is not chargeable to tax under any of the heads of income specified in the Income Tax Act viz. Salary, House Property, Business or Profession and Capital Gain and which is also not exempt from tax under any section of the Income Tax Act, is chargeable to tax under this head. SOME EXAMPLES […]...

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Sale of Immovable Property by a Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property following the guideline as below: (Section 194 IA of the Income Tax Act ,1961) Q.1 Who is responsible to deduct? Ans. Any person, being a transferee/purchaser, who pays to a resident transferor for transfer of any […]...

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Due date for filling Annual Vat Return in Punjab extended up to 15.12.2018

Due date for filling Annual Vat Return in form VAT-20 for the year 2017-18 in Punjab is once again extended up to 15th December 2018...

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Standard on Internal Audit (SIA) 8 Terms of Internal Audit Engagement

The following is the text of the Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision […]...

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Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit

The following is the text of the Standard on Internal Audit (SIA) 7, Quality Assurance in Internal Audit, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision […]...

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Standard on Internal Audit (SIA) 6 Analytical Procedures

The following is the text of the Standard on Internal Audit (SIA) 6, Analytical Procedures, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council […]...

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Trading hours for commodity derivatives segment

Circulars No. SEBI/HO/CDMRD/DMP/CIR/P/2018/146 (30/11/2018)

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2018/146 November 30, 2018 To, The Managing Directors / Chief Executive Officers All Recognised Stock Exchanges and Clearing Corporations having commodity derivatives segment Sir / Madam, Sub: Trading hours for commodity derivatives segment 1. Vide circular SEBI/HO/C...

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Standard on Internal Audit (SIA) 5, Sampling

The following is the text of the Standard on Internal Audit (SIA) 5, Sampling, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council of […]...

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SEBI (Settlement Proceedings) Regulations, 2018

Notification No. SEBI/LAD-NRO/GN/2018/48 (30/11/2018)

(1) These regulations may be called the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. (2) They shall come into force on the 1st day of January 2019. ...

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List of Refineries/Mint granted BIS Licence as on 31st July, 2018

Public Notice No. 54/2015-2020-DGFT (30/11/2018)

DGFT inserts a new Appendix-2X in Appendices and Aayat Niryat Forms of FTP, 2015-20 listing out Refineries/Mints which have obtained BIS Licence and as available on bis.gov.in....

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Fees for Preferential Certificate & Post Verification of self-certified Certificate of Origin

Public Notices No. 53/2015-2020-DGFT (30/11/2018)

Provision for fees for (i) Preferential Certificate of Origin & (ii) Post Verification of self certified Certificate of Origin under EU-GSP is laid down vide Public Notices. 53/2015-2020-DGFTDated 30th November 2018. ...

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Application Fee for Issue of Preferential / self certified Certificate of Origin

Public Notice No. 52/2015-2020-DGFT (30/11/2018)

Fee for issuance of (i) Preferential Certificate of Origin and (ii) Post Verification of self certified COO under EU-GSP under verification fee under otheo FTAs is laid down....

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DGFT amends Import policy of gold-dore

Notification No. 45/2015-2020-DGFT (30/11/2018)

Central Government hereby amends import policy of gold-dore under HS code 7108 12 00 under ITC (HS), 2017 Schedule — I (Import Policy)....

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Tax on services by way of granting of right of way by local authorities

Notification No. 01/2018-Service Tax [G.S.R. 1156 (E)] (30/11/2018)

Exempting payment of Service Tax on services by way of granting of right of way by local authorities for period commencing from the 1st of July,2012 and ending with 30th of June,2017 vide Notification No. 1/2018-Service Tax Dated; 30th November, 2018...

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Mere Object clause in MOA not sufficient to claim rent as Business Income

New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi)

New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi) AO has discussed the facts in detail and the relevant clauses of the lease deed and also mentioned that the said warehouse was already rented to present tenant (Tupperware) by earlier owner from whom assessee has purchased this building in this year. As per AO, the […]...

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If exempt income is Nil, section 14A will not apply

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad)

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad) It is settled position of law that the provisions of section 14A can be applied to quantify the expenses in relation to exempt income. Since the exempt income is Nil, section 14A will not apply. The Rule 8D can be applied only when there is difficulty in […]...

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Revised norms for Packing of Commodities in jute packaging material

S.O. 5878(E). (30/11/2018)

Minimum percentage of total production of commodity or class of commodities required to be packed in jute packaging material manufactured in India from raw jute produced in India is been notified for Foodgrains and Sugar with exceptions. MINISTRY OF TEXTILES ORDER New Delhi, the 30th November, 2018 S.O. 5878(E).—Whereas, the Central Gov...

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Advance rent & security deposit cannot be treated as deemed dividend

Shri Jinendra Kumar Jain Vs ACIT (ITAT Delhi)

Shri Jinendra Kumar Jain Vs ACIT (ITAT Delhi) It is, therefore, clear from the evidence on record that assessee in fact, has let-out the joint property to the tenant company and has received advance as well as security deposit of the aforesaid amounts. The authorities below rejected the claim of assessee because the amount of […]...

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Central Excise Officers of DGCEI have all India jurisdiction : Delhi HC

National Building Construction Company Limited Vs Union Of India & Ors. (Delhi High Court)

National Building Construction Company Limited Vs Union Of India & Ors. (High Court Delhi) Delhi High Court held as under: (i) Central Excise Officers of DGCEI have all India jurisdiction and can issue notices and enquire into the matters relating to service-tax against any assessee/ person even if the said person or assessee is regis...

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Towers and Shelters are not Immovable Properties: Cenvat Credit allowed

Vodafone Mobile Services Limited Vs Commissioner Of Service Tax (Delhi High Court)

Vodafone Mobile Services Limited Vs Commissioner Of Service Tax (Delhi High Court) Tribunal had denied CENVAT credit to the assessee on the premise that the towers erected result into an immovable property, which is erroneous and contrary to the judgment of the Supreme Court in the case of Solid and Correct Engineering (supra). The towers...

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Tariff Notification No. 94/2018-Customs (N.T.) Dated: 30.11.2018

Notification No. 94/2018-Customs (N.T.) [S.O. 5880(E)] (30/11/2018)

Tariff Notification No. 94/2018-Customs (N.T.) Dated:- 30.11.2018 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver ...

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Section 8 – Taxability of Composite and Mixed Supply under GST

Composite Supply:  A Composite supply is a supply when two or more goods are sold together in combination of each other which are naturally bundled. The elements of composite supply are dependent on the ‘Principal Supply’. Section 2(30) “Composite Supply” means a supply made by a taxable person to a recipient consisting of two o...

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Due date to file FORM GSTR 7 (TDS Return) extended to 31.01.2019

Notification No. 66/2018–Central Tax [G.S.R. 1150(E)] (29/11/2018)

CBIC extends the due date for filing of FORM GSTR 7 –  Return for Tax Deducted at Source for the months of October, 2018 to December, 2018 till the 31st day of January, 2019 under section 51 of the CGST Act read with rule 66 of the CGST Rules, 2017  vide  Notification No. 66/2018-Central Tax […]...

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CBIC extends due date to file FORM GSTR-4 in Srikakulam district

Notification No. 65/2018–Central Tax [G.S.R. 1149(E)] (29/11/2018)

CBIC extends the due date for filing of FORM GSTR – 4 for the quarter July to September, 2018 for taxpayers in Srikakulam district of Andhra Pradesh vide Notification No. 65/2018 – Central Tax Dated 29th November, 2018. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Not...

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CBIC extends due date to file Form GSTR-1 in Srikakulam district for taxpayers having turnover upto Rs 1.5 crores

Notification No. 64/2018–Central Tax [G.S.R. 1148(E)] (29/11/2018)

CBIC extends the due date for filing of FORM GSTR – 1 for taxpayers having aggregate turnover up to Rs 1.5 crores for the quarter from July, 2018 to September, 2018 for taxpayers in Srikakulam district of Andhra Pradesh vide Notification No. 64/2018 – Central Tax Dated 29th November, 2018. Government of India Ministry of Finance ...

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CBIC extends due date to file Form GSTR-1 in 12 districts for taxpayers having turnover above Rs 1.5 crores

Notification No. 63/2018–Central Tax [G.S.R. 1147(E)] (29/11/2018)

CBIC extends the due date for filing of FORM GSTR – 1 for taxpayers having aggregate turnover above Rs 1.5 crores for taxpayers in Srikakulam district in Andhra Pradesh and 11 districts of Tamil Nadu vide Notification No. 63/2018 – Central Tax Dated 29th November, 2018. Government of India Ministry of Finance (Department of Reve...

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CBIC Extend dates for filing GST returns FORM GSTR-3B in 12 Districts

Notification No. 62/2018–Central Tax [G.S.R. 1146(E)] (29/11/2018)

CBIC Extends dates for filing GST returns FORM GSTR-3B in the district of Srikakulam, Andhra Pradesh, and in eleven districts of Tamil Nadu vide Notification No. 62/2018 – Central Tax Dated 29th November, 2018...

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Do’s and Don’ts while dealing with Investment Advisers

Always deal with SEBI registered Investment Advisers. Ensure that the Investment Adviser has a valid registration certificate. Pay only advisory fees to your Investment Adviser. Make payments of advisory fees through banking channels only and maintain duly signed receipts mentioning the details of your payments....

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Complete time barring scrutiny assessments by 25.12.2018: CBDT

D.O. F.No. 225/410/2018/ITA.II (29/11/2018)

Assessing Officers should be sensitized to that fact that they should stagger their E-assessment related workload so that all assessments get uploaded by 25th of December, 2018 and no ticket is raised after the said date....

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What are ESOPs?

Employee Stock Ownership Plan also commonly known as ESOP, is a skillful and well defined plan that is meant to provide advantage to both the employee as well as the employer, in which an employee mainly invests in the stock of the sponsoring company....

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Registration open for GSTP enrolled on GSTN after 15.11.2018 & till 26.11.2018

Now the GSTPs in the relevant category, who are enrolled on GSTN after 15.11.2018 and till 26.11.2018, are also invited to register on the portal. The portal is open for registration upto 5.12.2018....

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Standard On Internal Audit (SIA) 4 Reporting

The following is the text of the Standard on Internal Audit (SIA) 4, Reporting, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the Council of […]...

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Rise by Lifting Others: Set An Example

Inspired by her husband Devendra Kumar Somani, who is also a chartered accountant, CA. Rekha Somani having Arts background joined CA course in the age of 37 years and passed CA (Final) examination in May, 2017. She had rejoined studies after a long gap of about 17 years. It was really a difficult task for […]...

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Standard on Internal Audit (SIA) 330 Internal Audit Documentation

Internal Audit Documentation refers to the written record (electronic or otherwise) of the internal audit procedures performed, the relevant audit evidence obtained and conclusions reached by the Internal Auditor on the basis of such procedures and evidence (Terms such as work papers or working papers are also used to refer documentation)...

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Procedure for referring complaints to MahaRERA Conciliation and Dispute Resolution Forum by MahaRERA or Adjudicating Officer of MahaRERA.

No. MahaRERA/Secy./Order- 6/1126/2018 (29/11/2018)

When a complaint is being heard by MahaRERA or an Adjudicating Officer of MahaRERA and the said authority is satisfied that there is a possibility of settlement by way of conciliation, then with the consent of both the parties involved, it may refer the complaint to a designated bench of the Maharashtra Conciliation and Dispute Resolution...

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Standard on Internal Audit (SIA) 320, Internal Audit Evidence

Internal Audit Evidence refers to all the information used by the Internal Auditor in arriving at the conclusions on which the auditor’s opinion is based. It includes both information collected from underlying entity records and processes, as well as information from the performance of various audit activities and testing procedures....

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Format of Declaration U/s. 194C(6) For Non–deduction of TDS by Transporter

Format of Declaration Under Section 194C (6) For Non – Deduction of Tax at Source (TDS) to be furnished by the Transporter wef 01.06.2015 i.e. NO TDS in case where such transporter owns ten or less goods carriages at any time during the previous year and furnishes a declaration to such effect, along with PAN. ...

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Inspection, Search, Seizure, Arrest & Other Stringent Provisions under GST

Dear Friends, now gradually Compliance period is about to over for One Cycle of initial Implementation of GST Act in India that was started from 1st July 2017 and ended on 31st March 2018 (covering after effect/corrections/claims up to 30th September, 2018 related to first cycle) by filing Annual Returns, Reconciliation Statements, GST Au...

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GST Officer must assist taxpayer in filing GST return if he faces problem in filing

Pramod Behera Construction Vs Commissioner of State Tax (Orissa High Court)

Pramod Behera Construction Vs Commissioner of State Tax (Orissa High Court) We find that although under the GST regime all applications required to be done online. in the event any dealer faces any problem in uploading such data, the Commissioner ought to place alternative authority with the Sales Tax Officer or appropriate officer before...

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Standard on Internal Audit 310 Planning Internal Audit Assignment

This Standard on Internal Audit (SIA) 310, Planning the Internal Audit Assignment, issued by the Council of ICAI should be read in conjunction with Preface to the Standards on Internal Audit, “Framework Governing Internal Audits and Basic Principles of Internal Audit issued by the Institute....

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HC restrain dept. from encashment of Bank guarantee under GST till exhaustion of statutory remedy

Safa Mill Stores Vs Assistant State Tax Officer, Karukutty (Kerala High Court)

Safa Mill Stores Vs Assistant State Tax Officer, Karukutty (Kerala High Court) 1. The petitioner, a partnership firm, transported certain goods ostensibly from Bombay to Perumbavoor. But when the petitioner tried to unload the goods at Malamury, Perumbavoor, the authorities checked the documents carried along with the goods and found tha...

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EPFO Facilitating Aadhaar number seeding in UAN

Notification No. C-III/1/2018/Cir/KYC (29/11/2018)

UIDAI has clarified that EPFO may continue to avail Aadhaar based authentication services for the schemes for which notification under Section 7 of the Aadhaar Act, 2016 has been issued and duly published in the Official Gazette....

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NSFR guidelines will come into effect from April 1, 2020

Notification No. RBI/2018-19/84 DBR.BP.BC.No.08/21.04.098/2018-19 (29/11/2018)

Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Final Guidelines- It has now been decided that the NSFR guidelines will come into effect from April 1, 2020....

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Legal Entity Identifier Code for participation in non-derivative markets

Notification No. RBI/2018-19/83 FMRD.FMID.No.10/11.01.007/2018-19 (29/11/2018)

In case of non-derivative forex transactions, while all inter-bank transactions shall be subject to LEI requirement, client transactions shall require LEI code for transactions involving an amount equivalent to or exceeding USD one million or equivalent thereof in other currencies....

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Relaxation on the guidelines to NBFCs on securitisation transactions

RBI/2018-19/82 DNBR (PD) CC.No.95/03.10.001/2018-19 (29/11/2018)

It has been decided to relax the Minimum Holding Period (MHP) requirement for originating NBFCs, in respect of loans of original maturity above 5 years, to receipt of repayment of six monthly instalments or two quarterly instalments (as applicable), subject to the following prudential requirement:...

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Interest Equalisation rate increased to 5% in respect of exports by MSME

RBI/2018-19/81 DBR. Dir. BC. No. 09/04.02.001/2018-19 (29/11/2018)

It has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalisation rate from 3% to 5% in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit....

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Analysis of top 100 bank frauds by central vigilance commission

The rising trend in Bank frauds has been a cause of concern at all levels. In view of the alarming rise in Bank frauds, the Central Vigilance Commission has undertaken a review and analysis of top 100 Banks Frauds, as on 31.03.2017....

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High level flow of information from GSTR-2 to other returns: FAQs

Explain in detail the various actions that I can perform as a Receiver Taxpayer on the uploaded invoices that are auto populated in my Form GSTR-2 for a given tax period....

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Checklist For Conducting GST Audit

The present article helps to list down some of the important points, like GST registration certificate, verification of invoice prepared under GST law, input tax credit availment as per GST law and job work transaction, to be taken care of while conducting the GST audit....

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Reg. Replenishment of the gold or silver to the exporter

Notification No. 78/2018-Customs [G.S.R. 1154(E)] (29/11/2018)

Provided further that no replenishment of the gold or silver shall be available to the exporter where the exporter avails, in respect of exported product - (i) Cenvat credit on inputs under the Central Excise Act,1944; or (ii) input tax credit on inputs or services or both under Chapter V of the Central Goods and Services Tax Act, 2...

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SIA 220, Conducting Overall Internal Audit Planning

This Standard on Internal Audit (SIA) 220, Conducting Overall Internal Audit Planning, issued by the Council of the Institute of Chartered Accountants of India should be read in conjunction with the Preface to the Standards on Internal Audit, Framework Governing Internal Audits and Basic Principles of Internal Audit issued by the Institut...

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SIA 210 Managing Internal Audit Function

The Internal Audit Function, generally, comprises of the Chief Internal Auditor and a team of individuals performing internal audits in an organisation. 1.2 The Internal Audit Function performs a number of activities to achieve its objectives as outlined in its Charter (or Terms of Engagement). A few of the critical activities are as foll...

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Basic Principles of Internal Audit

Standard on Internal Audit (SIA) 2, Basic Principles Governing Internal Audit was, originally, issued by the Board in August, 2007 which was recommendatory in nature. The revised Basic Principles of Internal Audit is being issued as overarching document for all the Standards on Internal Audit, and shall become mandatory from such date as ...

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Top 10 FAQs on GSTR-9

There have been a lot of queries from taxpayers on various stages of filing GSTR-9. Here are 10 most Frequently Asked Questions on the filing of annual GST Returns that will surely help the newly registered taxpayers in their first session of tax assessment....

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Framework Governing Internal Audits

Framework for Standards on Internal Audit was, originally, issued by the Board in August 2007, which was recommendatory in nature. The revised Framework Governing Internal Audits shall become mandatory from such date as notified by the Council. 1. Introduction and Scope 1.1. The Framework Governing Internal Audits lays down the underlying...

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Preface to the Framework and Standards on Internal Audit

Preface to the Standards on Internal Audit was, originally, issued in November, 2004, revised in July, 2007, and was recommendatory in nature. The revised Preface to the Framework and Standards on Internal Audit shall become mandatory from such date as notified by the Council. 1. Introduction This Preface to the Framework, Basic Principle...

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GST exempt on Inspection service to Govt Authority related to water supply & sewerage

In re Dr. Amin Controllers Private Limited (GST AAR Tamilnadu)

In re Dr. Amin Controllers Private Limited (GST AAR Tamilnadu) The activity of the Applicant as per the two contracts i.e. entered into with Tamil Nadu Water Supply and Drainage Board for conducting Third Party Inspection for procurements of equipment supplied by L&T , Chennai to TWAD under CWSIS to Vellore Corporation and various Mun...

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GST: Consultancy services to Chennai Metro under smart city mission are exempt

In re M/s. Tamil Nadu Water Investment Company Limited (GST AAR Tamil Nadu)

In re M/s. Tamil Nadu Water Investment Company Limited (GST AAR TamilNadu) Whether Sl.No.3 of Notification No.12/2017- Central Tax(Rate) dated 28th June 2017 is applicable for the services rendered by Tamil Nadu Water Investment Corporation (TWIC) to Chennai Metro Supply and Sewerage Board (CMWSSB). The activity of the Applicant as per th...

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GST on bags made of Non-woven fabrics of Polypropylene/ 100% Cotton

In re Senthilkumar Thilagavathy [M/s. JVS Tex] (GST AAR Tamilnadu)

In re Senthilkumar Thilagavathy [M/s. JVS Tex] (GST AAR Tamilnadu) Classification of bags made of Non-woven fabrics of Polypropylene/ 100% Cotton (Grey Fabrics) used for packing of goods, commonly called as ‘Stick bags/Wedding Gift Bags/ Reusable Shopping Bags/ Draw-String Gift Bags/ Garment Bags, etc and its rate of tax payable un...

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HSN code & GST Rate for Non-Woven and Cotton Bags

In re Balu Ramamoorthy Sekar Proprietor of M/s.Savani Screens (GST AAR Tamil Nadu)

In re Balu Ramamoorthy Sekar Proprietor of M/s.Savani Screens (GST AAR TamilNadu) 1. Non-Woven carry bags supplied by the Applicant are classifiable under CTH 4202 22 10 and cotton carry bags supplied by the Applicant are classifiable under CTH 4202 22 20. 2. Upto 14.11.2017, Non-woven and cotton carry bags supplied by the applicant were ...

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Extension of due dates for filing GST returns for districts affected by Cyclone Titli & Gaza

In view of disturbances caused to daily life by Cyclone Tali in district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu the competent authority has decided to extend due dates for filing various GST returns ...

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CBDT directives on scope of inquiry in cases selected for Limited Scrutiny

F. No. 225/402/2018/ITA.II (28/11/2018)

i. The Assessing Officer shall duly record the reasons for expanding the scope of 'Limited Scrutiny' to the extent mentioned in para 2 and 3, above; ii. The same shall be placed before the Pr. CIT/CIT concerned and upon his approval, further issue can be considered during the assessment proceeding;...

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Taxation of leave Encashment

The encashment of leave is allowed during continuance of the employment as well as on leaving the job as part of full and final settlement. Income tax laws also give concessional treatment for encashment of such paid leaves by employees....

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Deputation of Employee’s – Whether A Supply or Cost Sharing ?

1. It often happens that an individual is employed by let us say A Ltd. Under the terms of the employment contract (generally referred as joint employment contract), said employee can be deputed by A Ltd. to another group company B Ltd. Hence the concerned employee is deputed with his consent....

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Deduction U/s. 80P to cooperative society on Interest earned on FDs and saving bank deposit

Jawala Cooperative Urban Thrift & Credit Society Ltd. v. ACIT (ITAT Delhi)

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi) Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of [&he...

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Notice u/s 143(2) issued by AO before return filing has no meaning

Shri Sudhir Menon Vs The Asst. Commissioner of Income Tax (ITAT Mumbai)

Shri Sudhir Menon Vs ACIT (ITAT Mumbai) The assessee filed return of income under section 148 of the Act vide letter dated 23.05.2013 stating that the original return of income can be treated as return filed in response to notice under section 148 of the Act. It means that the assessee has filed return of […]...

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ITAT order cannot be termed erroneous for negligence of Dept

Income Tax Officer Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai)

ITO Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai) If we examine the facts of the present case it can be seen that in the previous year relevant to the assessment year under dispute, the assessee had received certain unsecured loan and share capital investment which were examined by the Assessing Officer during the assessment […]...

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Reassessment u/s 147 void in absence of fresh tangible material with AO

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai)

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai) Under the new provisions of section 147, an assessment can be reopened if the Assessing Officer has ‘reason to believe’ that income chargeable to tax has escaped assessment; but if he wants to do so after a period of four years or merely on […]...

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Birth/Death Certificates can be applied Under RTI Act: HC

Shakti Singh Vs State Information Commission, Haryana and others (Punjab and Haryana HC)

Under the RTI Act, disclosure of information is a norm and refusal an exception. In other words, information cannot be denied under the RTI Act unless exempted from disclosure in accordance with Sections 8, 9 and 11 only. Section 22 as mentioned above leads the way to making the fundamental right to information a reality by enforcing it b...

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Notice U/s. 148 valid despite no fresh material if Return was processed U/s. 143(1)

Ajay Narayan Bhoir Vs ACIT(ITAT Mumbai)

Ajay Narayan Bhoir Vs ACIT (ITAT Mumbai) In case of return of income processed under section 143(1), the only condition to be satisfied for reopening is that taxable income has escaped assessment and the assessee’s plea that no fresh material was there before the AO warranting re-opening, was not relevant. FULL TEXT OF THE ITAT [&hellip...

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No Penalty for withdrawal of higher depreciation claim during assessment

Waman Hari Pethe Sons (P) Ltd. Vs DCIT (ITAT Mumbai)

Where assessee had claimed depreciation on building at revalued figures and later on withdrawn the excess depreciation during the course of assessment proceedings to buy peace, the imposition of penalty under section 271(1)(c) was invalid because mere making of wrong claim would not automatically lead to an inference of furnishing inaccu...

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Tax on Sale of land which was leased for a very long period

ACIT Vs M/s. Punjab Steel Rolling Mills (Baroda) Pvt. Ltd. (ITAT Ahmedabad)

Where assessee had transferred land owned by it to lessee for a long period but subsequently when the lessee company went into liquidation had transferred lease right, the same was taxable under the head Capital gains instead of Income from other sources because even though the land was transferred for a long period, the actual ownership ...

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Non-issuance of notice U/s. 143(2) & Applicability of section 292BB

PCIT Vs Oberoi Hotels Pvt. Ltd. (Calcutta High Court)

PCIT Vs Oberoi Hotels Pvt. Ltd. (Calcutta High Court) Section 292BB does not dispense with issuance of any notice that is mandated to be issued under the Act, but merely cures the defect of service of such notice if an objection in such regard is not taken before completion of assessment or reassessment as time […]...

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Issues in VAT Audit of April 2017 to June 2017 in Maharashtra

Krishna, for the year 2017-18, taxpayers have to comply with both VAT Audit and GST Audit. But which form is applicable for VAT audit? The due date for filing form 704 is 15th January, 2019....

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All About HUF – A Clear Approach

I believe you must have heard of Hindu Undivided Family (HUF). Most of the people think that this is a person which are created by some kind of Agreements etc. Well, if you are also one of them then it’s time to bust your myth about that. Because the fact is something far different from […]...

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Non Submission of Online monthly IW1 return- Reg.

File No. IWU/7(30)2012/Return in R/O IWU/1191 (28/11/2018)

As you may be aware that facility for online submission of IW-1 return by employers has started from 1st November 2018. It is observed that such returns are not being submitted online by concerned employers of establishments employing International Workers...

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Land owner liable to pay GST on premises allotted to him

In re Patrick Bernardinz D’Sa (GST AAR Karnataka)

In re Patrick Bernardinz D’Sa (GST AAR Karnataka) The applicant’s question ‘Whether the applicant being the land owner is liable to pay GST on premises allotted to him, which he intends to distribute among his family members ?’ is answered as ‘YES’ FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING KARNATAKA...

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GST on building value constructed & handed to land owner under JDA

In re M/s Nforce Infrastructure India Pvt. Ltd (GST AAR Karnataka)

In re M/s Nforce Infrastructure India Pvt. Ltd (GST AAR Karnataka) The applicant is liable to pay GST on the value of building constructed and handed over to the land owner in terms of the Joint Development Agreement (JDA). The value on which the applicant is liable to pay GST is to be determined in […]...

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Classification of Scientific & Technical Instruments: Application withdrawn

In re M/s C M Enviro Systems Private Limited (GST AAR Karnataka)

In re M/s C M Enviro Systems Private Limited (GST AAR Karnataka) Applicant has sought for Advance Ruling on the question that Can our product be classified as Scientific ek Technical Instruments, Equipments under a relevant Chapter Headingt. But the Applicant requested to permit them to withdraw the application filed for advance ruling vi...

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GSTR 10:  Final Return

A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective....

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Annual Return and GST Audit: (9 Questions for GSTR-9 and 9C)

Ever since GST implemented from 01st July 2017 there were several rumours and anticipation for GST Annual return and reconciliation of Annual return with GST Audit. Government has through Notification number 39/2018-CT dated 04.09.2018 and Notification number 49/2018 -CT dated 13.09.2018 have notified GSTR 9 & 9A (Annual Return for Regula...

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PPT on Annual General Meeting under Companies Act, 2013

—A meeting may be generally defined as a gathering or assembly or getting together of a number of persons for transacting any lawful business. Types of General Meeting under Companies Act, 2013 Annual General meeting Extra ordinary General Meeting —Annual General Meeting (Section 96) Who holds an AGM- Every Company (Except One Person Co...

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PPT on New SEBI takeover code

Meaning of Takeover Takeover implies acquisition of control of a company which is already registered through the purchase or exchange of shares. Takeover takes place usually by acquisition or purchase from the shareholders of a company their shares at a specified price to the extent of at least controlling interest in order to gain contro...

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All about General Meetings under Companies Act, 2013

NOTICE OF GENERAL MEETING Purpose and importance of the Proper Notice Ø  The purpose of the Notice with specified length is to enable a member of the company to read, understand the financial statements, performance and to raise any questions on the state of affairs and to enable members to issue special notice to the […]...

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SEBI Takeover Code- Detailed Analysis

Takeover implies acquisition of control of a company which is already registered through the purchase or exchange of shares. Takeover takes place usually by acquisition or purchase from the shareholders of a company their shares at a specified price to the extent of atleast controlling interest in order to gain control of the company....

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Some Important Income Tax Amendments Budget 2018 Tabular Form

Article discusses 27 Important Changes in Income Tax Provisions by Union Budget 2018 which includes changes related to Taxation of Long Term Capital Gain, Newly Introduced Standard Deduction for Salaried Employee, Deduction for Senior Citizen under Section 80TTB, Increase of Income Tax Cess Rate to 4% etc. Some Important Income Tax Amendm...

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Closure of Foreign Company in India [ Liaison, Branch & Project Office]

Definition of Foreign Companies under the Act: The Act clearly defines a foreign company under Section 2(42). A foreign company is any company or body corporate incorporated outside India which— 1. has a place of business in India whether by itself or through an agent, physically or through electronic mode; and 2. conducts any business ...

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An early guide for Start Ups

Literally, a start up means ‘the action or process of setting something in motion’. Elaborating, it can be defined as a young business venture that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. Generally, it offers a product or service t...

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Significance of Declaration related to Significant Beneficial Owners

 ‘Significant Beneficial Owner’ In the process of justifying its election manifesto regarding strengthening of leash on money laundering, Modi Government has yet again come up with a subtle yet effective regulation. The motive in the instance is to identify the ‘Significant Beneficial Owner’ running the show behind the veil of co...

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All About Audit Provisions Under GST

Audit under Goods & Service Tax Act, 2017- The various provision relating to audit under CGST Act & CGST Rules are as under: Section 2(13) of CGST Act, 2017 related to Meaning of Audit Audit means: Examination of Records, Returns & Other documents maintained or furnished by the Registered Person; To Verify the correctness of [...

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Govt appoints NFRA Chairperson

S.O. 5848(E) (28/11/2018)

Central Government  appointed Shri Rangachari Sridharan as the Chairperson, the National Financial Reporting Authority (NFRA), with effect from the 1st October, 2018 (afternoon) for a period of three years or till the incumbent attains the age of sixty-five years, whichever is earlier. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delh...

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Two GST Registrations in one State or Union Territory with Single PAN

GST Registration is PAN based & state specific, however more than one GSTIN can be obtained in a single state or union territory if a person carries on multiple business verticals or having multiple branches within the state or union territory as the case may be....

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