"26 November 2018" Archive

Reconciliation and Matching under GST

GST has its own system which can calculate the difference between the GSTR 3B and GSTR1 or GSTR 3B and GSTR 2A. It’s a inter link system which can automatically find the difference in any Return and help GSTIN to find out the individual for the same. It’s an easy and simple task to reconcile […]...

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Protocol amending India-China DTAA

The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26/11/2018....

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Re-Constitution of Task Force drafting New Direct Tax Legislation

F No 370149/230/2017 26/11/2018

In partial modification of the earlier order, the Government has appointed Shri Akhilesh Ranjan, Member (Legislation), CBDT as Convenor of the Task Force. Other members of the Task Force remain unchanged....

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Private Placement under Companies Act 2013 – 9 things to know

Private Placement under Companies Act 2013, means any offer or invitation to subscribe or issue of securities to a select group of persons by a company (other than by way of public offer) through private placement offer cum application which satisfies the following conditions:-...

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National Financial Reporting Authority: Need, Applicability & Role

What is NFRA?   National Financial Reporting Authority (NFRA) is a single independent authority proposed in Companies Act, 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors. Why the Need for NFRA? Restructuring or introducing new regulating authorities across the gl...

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PPT on TDS under GST by GSTN

Tax Deduction at Source Module Objectives After completing this module, you will understand: Applicability of Tax deduction at source under GST Application for TDS registration under GST Generation & Submission/Filing of GSTR-7 Amendments of GSTR-7 Payment of taxes Applicability of Tax deduction at source Applicability of Tax deductio...

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Refund of IGST paid on exports of goods done from Non-EDI sites

Instruction No. 20/2018-Customs 26/11/2018

For the convenience of the field formations, the procedure for processing IGST refund claims for exports made from Non-EDI sites, is as under: (i) Firstly, the export data is to be captured using offline utilities and transmitted by the field formations to DG (Systems) by email....

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Declaration of additional incomes when AO confronted with details of Form No. 26AS attract penalty

Manoj S. Gugale Vs ITO (ITAT Pune)

Assessee had declared additional incomes when AO confronted with details of Form No. 26AS , it could not be said that declaration of income by assessee was voluntary, therefore, levy of penalty under section 271(1)(c) on account of concealment was justified, especially in view of the fact that similar income had been earned and duly offer...

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IBBI: Draft Specimen of Information Memorandum, Evaluation Matrix & Resolution Plan

No. IBBI/PR/2018/33 26/11/2018

IBBI invites Suggestions and Comments on Draft Specimen: a. Information Memorandum b. Evaluation Matrix c. Request for Resolution Plans, and d. Resolution Plan....

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Mandatory hedge coverage reduced to 70% for Track I ECBs

RBI/2018-19/79 A.P. (DIR Series) Circular No.15 26/11/2018

It has been decided, in consultation with the Government of India, to reduce the mandatory hedge coverage from 100 per cent to 70 per cent for ECBs raised under Track I of the ECB framework by eligible borrowers...

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