"27 November 2018" Archive

Corrigendum to Circular 44/2018-Customs dated 13.11.2018

Circular No. 47/2018-Customs 27/11/2018

The document code for Extended Producers Responsibility Authorization (EPRA), given in the table at para 1, may be read as 651002 instead of 651001 as mentioned in the above said Circular....

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CBDT Directive on Refund Fraud & Confidential Data Leakage

F. No. DGIT (Vig.)/HQ/DE0/2018-19/5170 27/11/2018

Large-scale outsourcing of data entry functions in the Income Tax Department poses a risk of refund frauds and leakage of confidential data. It has been noticed that quite often the outsourced data entry operators have access to the RSA Tokens issued to the officers and are also aware of the passwords. ...

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53 FAQ’s on Form GSTR-9 – Annual Return

Q1. What is Legal provision for filling GST Annual Return? Ans. Legal requirement of filing Annual return hereafter called GSTR-9 is governed by section 35(5) and section 44(1) of CGST Act. Section 44(1) of CGST Act read with Rule 80(1) of CGST Rules requires that every Registered person other than –  an Input Service Distributor, ...

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Posted Under: Custom Duty |

Advisory on ENDS, e-Cigarettes, e-Nicotine, Flavoured Hookah etc.

Circular No. 46/2018-Customs 27/11/2018

Advisory on Electronic Nicotine Delivery Systems (ENDS) including e-Cigarettes, Heat-Not-Burn devices, Vape, e-Sheesha, e-Nicotine Flavoured Hookah, and the like products...

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SEBI guidelines to operationalse Interoperability among Clearing Corporations

Notification No. CIR/MRD/DRMNP/CIR/P/2018/145-SEBI 27/11/2018

(1) The interoperability framework shall be applicable to all the recognised clearing corporations excluding those operating in International Financial Services Centre. (2) All the products available for trading on the stock exchanges (except commodity derivatives) shall be made available under the interoperability framework....

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ICAI issues 3 Exposure Drafts of Guidance Note on Audit of Banks 2019

ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on  Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 201...

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Posted Under: Custom Duty |

CAs need not to be a Graduate to become Registered Valuer

As per the Companies (Registered valuers and Valuation) Rules, 2017 issued by the Ministry of Corporate Affairs in October, 2017 , a Chartered Accountant having three years of Post-qualification experience and qualified as a Graduate was allowed to become a Registered Valuer. ...

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Posted Under: Custom Duty |

Section 80CCD of income tax act 1961

Sec 80CCD of income tax act 1961 provide deduction on contribution to Pension Fund setup by Central Government. An individual person can get deduction up to 2, 00,000 under this particular section. The provisions of this particular section is as follows:-...

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Posted Under: Custom Duty |

How is GST posing a challenge in Real Estate sector?

There is no denial to the fact that the Goods and State Tax regime has made the trade & commerce all the more progressive and consumer centric. However, the real estate sector is one of those realms in economy where this user friendly tax policy is not yet ruled out all the complexities. The other […]...

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Posted Under: Custom Duty |

Back Office Support Services are Taxable and not Exports- Maharashtra AAR

Facts: Vservglobal Private Limited (hereinafter ‘Applicant’) is engaged in providing back office support services to overseas companies (hereinafter ‘Client’) engaged in trading of chemicals and other products in International Trade. Applicant will come into picture after finalization of Purchase/Sale order by the client to undert...

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Posted Under: Custom Duty |

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