"28 December 2018" Archive

Live Video Lectures by ICAI for CA Students

Hello CA Students, Recently the Board of Studies of the Institute of Chartered Accountants of India – ICAI launched Live Video Lectures for the students of Intermediate and Final levels of CA course on Pan India basis. (Only for NEW Syllabus) Announcement Link: https://www.icai.org/new_post.html?post_id=14781  https://resource.cdn.icai...

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Posted Under: CA, CS, CMA |

GST in Case of Work Contract Services

♦ What is Works Contract under GST ? A contract of works, may relate to both immovable and immovable property. E.g. if a contractor, takes a contract for the building work, it would be a works contract in relation to immovable property. Similarly, if a composite supply in relation to movable property such as fabrication/painting/annual...

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Posted Under: CA, CS, CMA |

Submit Forms 15G and 15H by year end but take certain care

Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]...

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Anti – Profiteering Under GST – Issues & Challenges

1. The provision in the Central GST Act – Section 171, mandates that benefits arising due to either lower tax rates or more tax credits being available in the GST regime should be passed on to the consumer by way of commensurate reduction in prices. Let us understand anti profiteering with an example… 2. Reduction […]...

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Posted Under: CA, CS, CMA |

Document related to transactions recorded in books cannot be considered as incriminating material

Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi)

Advocate Akhilesh Kumar Sah Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) Lord Krishna Dwellers case: Purchases of land reflected in the seized sale deeds duly recorded in the regular books of account, documents seized relating to same during the course of search cannot be considered as incriminating material, enabling AO to procee...

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Scope of Form GSTR–9C A Million Dollar Question ??

INTRODUCTION 1. What is the real scope of FORM GSTR–9C ? This is a million dollar question. This is because the views on the issue are clearly divided amongst the professionals. On one side the said Form is viewed as a mere number crunching exercise. On the other side it is viewed as a full-fledged […]...

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Posted Under: CA, CS, CMA |

Goods Return – Can It Happen On A Commercial Credit Note & Its Implications ?? 

Two kinds of credit notes can be issued by a supplier. One is the tax credit note wherein the tax amount reflected on the credit note is sought as an adjustment in the output tax liability. In other words, the output tax liability is sought to be reduced by issuing such tax credit note. ...

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Posted Under: CA, CS, CMA |

FAQs on GST updated till 15th December 2018

FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES TAX (GST)-3rd Edition: 15th December, 2018- (Note: Changes announced in GST Council meeting held on 22nd December, 2018 are being incorporated and the updated edition will be uploaded shortly)...

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Posted Under: CA, CS, CMA |

Notification No. 101/2018-Customs (N.T.) dated 28th December 2018

Notification No. 101/2018-Customs (N.T.) [S.O. 6359(E)] (28/12/2018)

Amendment to Notification no. 62/94-Customs (N.T.) dated 21.11.1994 in respect of Dahanu Port, Maharashtra vide Notification No. 101/2018-Customs (N.T.) dated 28th December, 2018...

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CBIC allows operations U/s. 65 to continue in public bonded warehouses up to 31.01.2019

Circular No. 53/2018-Customs (28/12/2018)

CBIC has decided to allow operations under section 65 to be continued in public bonded warehouses up to 31st January 2019, in respect of such operations and for such operators, who had been permitted such facility by jurisdictional authorities, as on the date of issue of Circular 38/2018-Customs dated 18.10.2018....

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