"12 February 2019" Archive

Taxation of Digital Businesses

The Government has not held any consultation regarding taxation of digital businesses as such. However, to address the challenges posed by the enterprises who conduct their business through digital means and carry-out activities in the country remotely, the following measures have been taken:...

Read More
Posted Under: Income Tax |

ICAI ARF to reopen books & recast financials of IL&FS, IFIN & ITNL

ICAI ARF assigned the task of reopening of the books and recasting of the financial statements of IL&FS, IFIN and ITNL from Financial Year 2012-13 to Financial Year 2017-18...

Read More
Posted Under: Income Tax |

Registration for Practical Training Assessment Test on 10.03.2019: ICAI

The next practical training assessment test is being scheduled on March 10, 2018. The students who have completed their 1st/ 2nd year of practical training during the second/ third/ fourth quarter of 2018, i.e. April-June, 2018, July-September, 2018 and October-December, 2018 are eligible to appear in this test....

Read More
Posted Under: Income Tax |

E-Capsule Compiler for Quick Revision of CA Final & Intermediate Course

E-Capsule Compiler for Quick Revision The Board of Studies has recently launched e-Capsules on ICAI Cloud Campus which are a compilation of subject-wise capsules published in “The Chartered Accountant Student” – a monthly journal released by the Board of Studies. The capsules have been started in the Students’ Journal from Apr...

Read More
Posted Under: Income Tax |

Educational Material on Ind AS 111 Joint Arrangements

Educational Material on Indian Accounting Standard (Ind AS) 111, Joint Arrangements  This Educational Material on Ind AS 111, Joint Arrangements will provide guidance to the stakeholders in how an entity that is a party to a joint arrangement to determine the type of joint arrangement by assessing its rights and obligations and to accou...

Read More
Posted Under: Income Tax |

ICAI Elects New President & Vice President for the Year 2019-20

Today, on February 12, 2019, ICAI elected its new Torchbearers CA. Prafulla P. Chhajed as the President and CA. Atul Kumar Gupta as the Vice-President for year 2019-20. ...

Read More
Posted Under: Income Tax |

Income Tax Refund and Return filed during last 3 Financial Years

The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: – S.No. Financial Year Total Number of Income Tax Returns filed Percentage increase over previous Financial Year (a) (b) (c) (d) 1 2015-...

Read More
Posted Under: Income Tax |

Indefinite Sealing of the premises under GST law is illegal: Delhi HC

Ms Napin Impex Private Ltd. Vs Commissioner Of DGST, Delhi & Ors (Delhi High Court)

Ms Napin Impex Private Ltd. Vs Commissioner Of DGST (Delhi High Court) The brief facts are that the petitioner is a registered dealer, which trades inter alia in PVC raisins and other food items such as beverages. The petitioner alleges that its premises were visited by the Revenue authorities on 29.08.2018 when the DGST officials direct...

Read More

Overcoming failures- Inspiration can come only from within!

As Thomas A Edison once said I have not failed I have found 10000 ways that won’t work. What is failure? Dictionary defines failure as a state of not meeting desirable or intended objective. If we try to understand this meaning we can draw a conclusion that the result of our effort was not as per our defined objective....

Read More
Posted Under: Income Tax |

Cancellation of Bail for offence under GST justified if petitioner threatens witness

Rajesh Jindal Vs The Commissioner of Central Tax GST Delhi (West) (Delhi High Court)

Rajesh Jindal Vs Commissioner of Central Tax GST Delhi (West) (Delhi High Court) Counsel for the respondent says that statements have been recorded inter alia of one Sh. Deepak Taneja and Sh. Ravinder Tyagi, both of whom have stated, giving specifics, that the petitioner has threatened them since they were made dummy directors by the [&he...

Read More