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Archive: 05 December 2018

Posts in 05 December 2018

AO cannot doubt share premium if he accepts receipt of share capital as genuine

December 5, 2018 1980 Views 0 comment Print

Once receipt of share capital had been accepted as genuine within the ken of section 68 there was no reason for AO to doubt share premium component received from the very same shareholders as bogus in view of the fact that assessee had duly discharged burden cast on it to prove genuineness of transaction and identity and creditworthiness of share subscribers.

No TDS on Payment to Amazon for Web-Hosting as same is not Royalty

December 5, 2018 37011 Views 1 comment Print

EPRSS Prepaid Recharge Services India Pvt. Ltd. Vs ITO (ITAT Pune) Tribunal further observed that there was no amendment in the DTAA between the two countries analogous to the Explanation 5 to section 9(1) of the Act and accordingly Amazon was not chargeable to tax in respect of Web hosting charges received from the assessee […]

ICAI demands apology from ET for publishing alleged derogatory article

December 5, 2018 1755 Views 3 comments Print

Please refer to the article titled ICAI is dead. How a ministry report put the final nail in the coffin written by N Sundaresha Subramanian and Muskan Khan and published in the ET Prime dated 22nd November, 2018

Consequences of not filing GST Annual Return

December 5, 2018 42624 Views 3 comments Print

Applicable provisions in respect of Consequences of not filing GST Annual Return under CGST Act, 2017: Sec 46, Sec 47(2), Sec 2(112), Sec 125 and Sec 149 of Central Goods and Services Act, 2017 Section 46 Notice to return defaulters.- 46. Where a registered person fails to furnish a return under section 39 or section […]

RBI Guidelines on Loan System for Delivery of Bank Credit

December 5, 2018 6066 Views 0 comment Print

With a view to enhance credit discipline among the larger borrowers enjoying working capital facility from the banking system, delivery of bank credit for such borrowers shall be as under:

General Bond (Form B-17) to be executed by the EOUs

December 5, 2018 7065 Views 0 comment Print

CBIC hereby notifies Form B – 17 General Bond (with Surety/Security) to be executed by the Export Oriented Units /Units in the Electronic Hardware Technology Park/Software Technology Park/ Bio-Technology Park vide Notification No. 1/2018-Central Excise (N.T) Dated 5th December, 2018.

GSTP Exam- candidates enrolled up-to 4.12.2018 can register

December 5, 2018 816 Views 0 comment Print

For the GST Practitioners examination, candidates enrolled up-to 4.12.2018 (11.59.59 PM) will be eligible to register, instead of 26.11.2018, notified earlier. The registration window will also remain open till 7.12.18 (11.59.59PM), instead of 5.12.18 (11.59.59PM) notified earlier.

FAQs on GST Registration by Input Service Distributor

December 5, 2018 3750 Views 0 comment Print

A. FAQs on GST Registration by Input Service Distributor Q.1. Who are Input Service Distributors? Ans. Input Service Distributor (ISD) under GST includes ♣ an office of the supplier of goods and / or services which ♣ receives tax invoices issued by the supplier towards receipt of input services and/ or goods and ♣ issues […]

GST Advance ruling cannot be given on transaction prior to date of Application for Advance Ruling

December 5, 2018 1464 Views 0 comment Print

In re KEI Industries Limited (GST AAAR Rajasthan) As the question posed by the party is related to the supplies undertaken by him, prior to the date of filing of the Application for Advance Ruling, so no ruling is given on the question . Also Read AAR Ruling- Electric cables cannot be treated as accessories […]

DGFT notifies Revised Regional Authorities and their Jurisdiction

December 5, 2018 972 Views 0 comment Print

Revised territorial jurisdiction of the Regional Authorities of DGFT and the jurisdiction is notified with immediate effect vide Public Notice No. 56/2015-2020-DGFT dated: 05.12.2018.

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