"04 January 2019" Archive

8 Point CBDT strategy for maximization of direct tax collections

F. No. 380/02/2018-IT (B) (04/01/2019)

With a view to maximize tax collections in general and collections under Regular Assessment in particular, the following strategies need to be implemented in this quarter: (a) Targeted recovery surveys in potential cases where high amount of recovery is likely. Sale of attached properties in appropriate cases by TROs to recover confirmed ...

Read More

CBI arrests an Income Tax Officer and Two others in a Bribery Case

The Central Bureau of Investigation has arrested an Income Tax Officer(ITO), Income Tax Department, Fatehabad (Haryana) and two private persons in a bribery case of Rs.50,000/-. A case was registered against the Income Tax Officer and a CA(Private person) on a complaint alleging that the ITO, Income Tax Department, Fatehabad has demanded ...

Read More
Posted Under: Income Tax |

Income from Flats / Shops held as Stock-in-Trade is Business Income

Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai)

Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai) If a immovable property in the shape of flats / shops is held as stock-in-trade, then it becomes part of trading operations for the assessee and as a natural corollary, any income derived there-from would be Business Income and not Income from House Property. FULL [&hellip...

Read More

S. 80HHB Sub-contractor for refinery shut down outside India is a Foreign Project

M/s. SPIC Jel Engineering Vs ACIT (Madras High Court)

M/s. SPIC Jel Engineering Vs ACIT (Madras High Court) CIT (A) had gone through the agreement and the drawings, which were enclosed as annexures and found that the nature of work carried on by the assessee, as a sub-contractor, for the refinery shut down clearly comes within the scope of foreign project, more specifically, assembly [&helli...

Read More

Two years of insolvency and Bankruptcy Code (IBC)

The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...

Read More
Posted Under: Income Tax |

Income / Losses declared by Investor Companies not a Sole Criterion to examine Creditworthiness

Psychotropics Leasing & Finance (P) Ltd. Vs ITO (ITAT Delhi)

Psychotropics Leasing & Finance (P) Ltd. Vs ITO (ITAT Delhi) The ld. CIT(A) appears to have stressed on the fact that the impugned share holders has shown meager income in their return of income. In our opinion, the income/losses declared by the investor companies is not a sole criterion to examine the creditworthiness of the [&hellip...

Read More

GST Council: 31 Meetings, 918 decisions & 294 notifications so far

The GST Council has met 31 times so far. Till the 30th GST Council Meeting, a total of 918 decisions have been taken and 294 notifications have been issued by the Central Government. In the 31st GST Council Meeting held on 22nd December, 2018, a total of 29 decisions were taken which have been implemented through the issuance of the requi...

Read More
Posted Under: Income Tax |

Reassessment initiated for second time is valid if based on new Tangible Materials

A. Sridevi Vs ITO (Madras High Court)

A. Sridevi Vs ITO (Madras High Court) Admittedly, the original return filed by the assessee did not reflect the subject matter income, namely, the advance made by the assessee to the said Nagarajan of a sum of Rs.2.75 crores. When the earlier reopening proceedings was initiated with issuance of notice under section 148, the assessee [&hel...

Read More

GST Late Fees Fiasco And Solution

When goods and service tax was introduced in India in July 2017 and first returns were filed in the Month of Aug. 2018, the first most controversial aspect of the GST was surfaced in the form of GST Late fees. ...

Read More
Posted Under: Income Tax |

Govt collects Rs. 612653 crore as Indirect Tax during April-Nov, 2018-19

The total net indirect tax collection (inclusive of CGST, IGST and GST-Compensation Cess) in the current financial year during April-November, 2018-19 is Rs. 6,12,653.47 crore....

Read More
Posted Under: Income Tax |

Rationalization of procedures in handling EODC requests under Advance/EPCG Authorizations.

Trade Notice No. 41/2018-2019-DGFT (04/01/2018)

It has been decided that in the Redemption/EODC requests, wherever non-EDI Shipping Bills have been declared to be used by the applicant, all RAs while issuing the Redemption Letter/EODC shall make the following remark in the covering letter/certificate itself...

Read More

TDS on Salary for FY 2018-19 – Major/important Points to Remember

CBDT Circular No.1 of 2019 (04/01/2019)

CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act, 1961. Some of the major / important points to remember are; 1. Standard Deduction u/s 16(ia). […]...

Read More

Year End Review – 2018- Ministry of Finance 

The Indian Government has made significant strides in the last 4 years in taking India to new heights in terms of the welfare of the citizenry, the overall structure& growth of the economy, and creating a strong presence as an emerging global power. To fuel such achievements, the Government has worked tirelessly for shouldering a [&he...

Read More
Posted Under: Income Tax |

Import of capital goods for generation, transmission and distribution of power not permitted

Policy Circular No. 15/2015-2020-DGFT (04/01/2019)

Sr. No. 12 in the Appendix 5F of the FTP 2015-20 did not permit the import of any kind of capital goods for generation, transmission and distribution of power. ...

Read More

RBI Limiting Liability of Customers in Unauthorised Electronic Payment

RBI/2018-19/101 DPSS.CO.PD.No.1417/02.14.006/2018-19 (04/01/2019)

. For the purpose of this circular, electronic payment transactions have been divided into two categories: i. Remote /Online payment transactions (transactions that do not require physical PPIs to be presented at the point of transactions e.g. wallets, card not present (CNP) transactions, etc.)....

Read More

Additional Disclosures by Stock Exchanges for commodity derivatives

Circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/201 9/08 (04/01/2019)

Securities and Exchange Board of India  CIRCULAR SEBI/HO/CDMRD/DNPMP/CIR/P/201 9/08 January 04, 2019 To, The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges having commodity derivatives segment Dear Sir / Madam, Sub: Disclosures by Stock Exchanges for commodity derivatives 1. SEBI vide circular SEBI/HO/CDMRD...

Read More

Penalty U/s. 271D for Contravention of section 269SS not leviable if assessee provides reasonable cause

Baldev Singh Vs Addl. CIT (ITAT Chandigarh)

The assessee in the present case has also raised the plea of reasonable cause, that the person advancing the loan was agriculturist and had no bank account. Accordingly, we delete the penalty levied under sections 271D and 271E of the Act....

Read More

Anti-dumping duty on import of Methylene Chloride

Notification No. 01/2019-Customs (ADD) (04/01/2019)

Notification No. 01/2019 - Customs (ADD) dated 04.01.2019 Seeks to impose anti-dumping duty on imports of 'Methylene Chloride originating in or exported from European Union and United States of America...

Read More

Exempting Pulses from Import

The Government has restricted import of pulses like tur, moong and urad since August, 2017 with annual Quota Restriction of 5 lakh MT (2 lak MT for tur, 1.5 lakh MT each for urad and moong) in order to stabilise the prices and protect the interest of the farmers....

Read More
Posted Under: Income Tax |

Interest will accrue on specified date if any agreement specify such date

Credit Suisse Finance (India) P. Ltd. Vs DCIT & vice-versa (ITAT Mumbai)

Credit Suisse Finance (India) P. Ltd. Appeal: When An Instrument Or An Agreement Stipulates That Interest Shall Be Payable At A Specified Date, Interest Does Not Accrue To Holder Thereof On Any Date Prior Thereto...

Read More

डीलर्स में असंतोष बढ़ रहा है सरकार को जीएसटी लेट फीस लौटा देनी चाहिए

जीएसटी के दौरान रिटर्न देरी से पेश किये जाने के लिए लेट फीस के प्रावधान बनाये गये थे उनके बारे में जीएसटी विशेषज्ञ प्रारम्भ से ही ...

Read More

GST Stakeholders: Happy New Year

This is no time to admire or criticize GST but to address the implementation issues including the technical glitches it is confronted with. As the data would reveal, the high-empowered Council, GST Council, which takes decisions under GST regime has had 31 meetings so far including 7 in 2018 itself, more than the average board meetings, a...

Read More
Posted Under: Income Tax |

Notification related to 31st GST Council Meeting recommendations

Notification related to recommendations made during 31st Meeting of the GST Council The CBIC has issued Notification related to recommendations made during 31st Meeting of the GST Council from 67/2018 to 79/2018 also ‘Removal of Difficulty Orders’ from Order No. 2/2018 to Order No. 4/2018. In these article we will read the de...

Read More
Posted Under: Income Tax | ,

GST on TCS – Recent Clarification and its Legality

Government has clarified as under with respect to the correct valuation methodology for ascertainment of GST on Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961:...

Read More
Posted Under: Income Tax |

Inter-state Supply or intra-state Supply of goods – Scope and meaning of the term “Supply involves movement of goods”

Inter-state Supply or intra-state Supply of goods - Scope and meaning of the term Supply involves movement of goods. As we all know, the fundamental power to levy taxes on sale of goods lies with the States. ...

Read More
Posted Under: Income Tax |

NBFC- Loan Company

Non-Banking Financial Companies (NBFC) are commercial establishments which provide financial services and banking facilities without meeting the legal definition of Banks. However, they are covered under the Banking regulations as laid down by the Reserve Bank of India, and also provide banking services like loans and credit facilities. A...

Read More
Posted Under: Income Tax |

Taxation of Charitable and Religious Trusts

The trust is an obligation annexed to ownership and arising out of confidence reposed in and accepted by the owner for the benefit of another. The person who reposes the confidence is called the ‘author of the trust’; the person who accepts the confidence is called the ‘trustee’ and the person who is benefited is [...

Read More
Posted Under: Income Tax |

Market intermediaries to submit report to SEBI on AI & ML applications

Circular No. SEBI/HO/MIRSD/DOS2/CIR/P/2019/10 (04/01/2019)

As most AI / ML systems are black boxes and their behavior cannot be easily quantified, it is imperative to ensure that any advertised financial benefit owing to these technologies in investor facing financial products offered by intermediaries should not constitute to misrepresentation...

Read More

Precaution to be Taken While Cash Transaction

I would like to highlight on a very important topics CASH TRANSACTION in business as well as other contexts. CASH Payment is common practice in business. Either in small or large business, CASH is very important part of business. Hence it is very important to understand and take precaution while making the payment to someone […]...

Read More
Posted Under: Income Tax | ,

Affordable Housing in India and Section 80-IAB

The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IAB which allowed 100% deduction on profits generated by developer or builder of affordable housing project....

Read More
Posted Under: Income Tax |

Probate of Will or Will for Transmission of Securities held in demat

Circualr No. SEBI/HO/MIRSD/DOP/CIR/P/2019/05 (04/01/2019)

Succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925 has been prescribed as documentary requirement for transmission of securities held in physical mode....

Read More

Recent Changes in GSTR form 9 & Form GSTR 9C

Audit by Tax Authorities under Section 65 The Commissioner or any officer authorised by him, by way of a general or a specific order, may now undertake audit of any registered person for part of financial year also Revision ( Rule 109B inserted) Where the Revisional Authority decides to pass an order in revision under […]...

Read More
Posted Under: Income Tax |

CBDT Withdraws Circular No. 10/2018 – What made them withdraw?

Circular No. 02/2019-Income Tax (04/01/2019)

CBDT Withdraws Circular No. 10/2018 dated 31.12.2018 on applicability of section 56(2)(viia) of the Income-tax Act, 1961 for issue of shares by a company in which public are not substantially interested. It is learnt that Same is been withdrawn considering the Negative Impact it may have on National Herald case involving Mrs Sonia Gandhi ...

Read More

7 ULIP Plan Charges That You Need to Know

Investing your hard-earned money is something that everyone should do. There are so many benefits of investing that it makes no sense not to get started. And when it comes to investing, new-age ULIPs have known to garner investor’s attention these days....

Read More
Posted Under: Income Tax |

जीएसटी- राजस्थान सरकार भी अन्य सरकारों की तरह ई-वे बिल पर छूट दे

जीएसटी के दौरान ई –वे बिल का एक प्रावधान है जिसके अनुसार 50 हजार से अधिक के माल की सप्लाई पर ई –वे बिल जारी करना होता है और इस प्रावधा...

Read More
Posted Under: Income Tax |

Bank A/c Not Required For GST Registration

Requirement of bank account details has been removed at the time of GST Registration. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field. GST Registration: List of Documents for different types of entities...

Read More
Posted Under: Income Tax |

Tax benefits available for home loans

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligible items like Public Provident Fund, Employee Provident Fund, life insurance premium, National Saving Certificates Equity Linked Saving Scheme etc. ...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031