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Archive: December, 2018

Posts in December, 2018

Functionality of Withholding of Income Tax Refund u/s 241A- Reg.

December 14, 2018 5598 Views 0 comment Print

ITBA-ITR Processing Instruction No. 5 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/112/16-17/ Dated: 14.12.2018 To All Principal Chief Commissioners of Income-tax/CCsIT All Principal Director Generals of Income Tax /DGsIT All Principal Commissioners of Income-tax/CsIT/CsIT(Admin & TPS) All Principal Directors of Income Tax/DsIT Madam/Sir, […]

Custom Tariff Notification No. 98/2018, Dated: 14.12.2018

December 14, 2018 1341 Views 0 comment Print

Notification No. 98/2018-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance

Online exam under Customs Brokers Licensing Regulations from Year 2019

December 14, 2018 8355 Views 4 comments Print

CBIC has decided that the written examination under regulation 6 of the Customs Brokers Licensing Regulations, 2018 will be held online from the year 2019 onwards. The online examination will be conducted by National Academy of Customs, Indirect Taxes and Narcotics (NACIN).

Maharashtra Goods and Services Tax (Amendment) Act, 2018

December 14, 2018 2871 Views 0 comment Print

(1) This Act may be called the Maharashtra Goods and Services Tax (Amendment) Act, 2018. (2) Section 1 shall come into force at once. (3) Save as otherwise provided, remaining sections shall come into force on such date as the Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Ordinance and any reference in any such provision to the commencement of this Ordinance shall be construed as a reference to the coming into force of that provision.

Internal Audit Procedure of Registration Process of Charitable Trusts

December 14, 2018 3717 Views 0 comment Print

It has been recommended by the Hon’ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit.

Bogus donation racket under section 35(1)(ii)- CBDT Advisory

December 14, 2018 27540 Views 6 comments Print

It emerges that the above Trust was earlier approved under section 35(1}(ii} of the Act which expired on 31.03.2006. Thereafter ,this entity, being not recognized for purpose of section 35(1)(ii) of the Act, is not eligible to raise donations for undertaking scientific research however, the Trust has raised substantial donations over the last six years on the basis of a forged certificate while the donors have irregularly claimed weighted deduction u/s. 35(1)(ii) of the Act on donations made to the Trust.

Anti-dumping duty on Uncoated Copier Paper from Indonesia, Thailand & Singapore

December 13, 2018 1038 Views 0 comment Print

Seeks to levy definitive anti-dumping duty on the imports of  Uncoated Copier Paper  originating in or exported from Indonesia, Thailand and Singapore vide Notification No. 57/2018-Customs (ADD). MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 13th December, 2018 Notification No. 57/2018-Customs (ADD) G.S.R. 1203(E).—Whereas, in the matter of import of ‘Zeolite 4A’ [Detergent grade] (hereinafter […]

Clarification on clubbing of investment limits of Foreign Portfolio Investors

December 13, 2018 828 Views 0 comment Print

Clubbing of investment limit for FPIs will be on the basis of common ownership of more than 50% or based on common control. However, clubbing of investment limit of FPIs having common control shall not be done in case of (a) FPIs which are appropriately regulated public retail funds or (b) FPIs which are public retail funds majority owned by appropriately regulated public retail funds on look through basis or (c) FPIs which are public retail funds and investment managers (IMs) of such FPIs are appropriately regulated.

Measuring Financial Capability of the Street Vendors

December 13, 2018 858 Views 0 comment Print

Reserve Bank of India today placed on its website a Working Paper titled Measuring Financial Capability of the Street Vendors under the Reserve Bank of India Working Paper Series*. The Paper is authored by D.V. Ramana and Silu Muduli.

Compliance Guide for E-Commerce Sellers: TDS vs TCS

December 13, 2018 31110 Views 2 comments Print

E-commerce platforms have been a major boon for new and budding companies, providing pan India customer base and a host of other services in helping them grow. However, working with e-commerce platforms attract lots of compliance issues and complexities which one might be caught unaware.

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