"28 May 2019" Archive

RBI extends RTGS Timings for Customer Transactions

RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 (28/05/2019)

RBI decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm  with effect from June 01, 2019. RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 Date: May 28, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS Madam / Dear Sir, Real...

Read More

Kerala Flood Cess – FAQs

Kerala Government has issued notification declaring that the Kerala Flood Cess (KFC) will be levied from 1st June 2019 i.e. all the intra-state supplies of goods and services made by registered person to un-registered persons (subject to exemption specified) will be subjected to KFC....

Read More
Posted Under: Fema / RBI |

Homeopathic Hair Oil exempted from Tax till 1995-96 under APGST Act, 1957: SC

Commissioner of Commercial Taxes Vs M/s. Aswini Homeo Pharmacy (Supreme Court)

Commissioner of Commercial Taxes Vs Ms Aswini Homeo Pharmacy (Supreme Court) The fact that the respondent is using the Homeopathic Pharmacopoeia referred to earlier in manufacturing of the hair oil has not been traversed by the appellant. Neither has the Commissioner dealt with that contention of the respondent nor was such a plea taken b...

Read More

GST: Section 129(1)(b) applies to transporter as person interested in goods

Daily Express Vs Assistant State Tax Office (Kerala High Court)

Daily Express Vs Assistant State Tax Office (Kerala High Court) We cannot accept the argument of the appellant for the reason that Section 129(1) makes it adequately clear that any person who is interested in the goods shall be liable under Section 129(1)(b). Particularly, a reading of Section 129(6) would indicate that where a person [&h...

Read More

REITs and InvITs – The new superstar on the block

The real estate and infrastructure sectors are the backbone of any successful economy. In order to provide impetus to these sectors, the government introduced the concept of REITs and InvITs in India. REITs and InvITs have been creating quite a buzz in recent times, especially because of the first ever listing of REIT in India. In this ba...

Read More
Posted Under: Fema / RBI |

Tribunal can examine a question of law, even though raised for first time before it

CIT Vs. State Bank of India (Bombay High Court)

CIT Vs. State Bank of India (Bombay High Court) Whether on the facts and circumstances of the case, the Tribunal was correct in law, in admitting the additional ground of appeal when the assessee had not raised this issue before the Assessment Officer or the Commissioner of Income Tax (Appeals) ? Tribunal has jurisdiction to […]...

Read More

Kerala Flood Cess

The Kerala government has decided to levy a cess called Kerala Flood Cess for the purposes of providing reconstruction, rehabilitation and compensation needs which had arisen due to the massive flood which occurred in the State of Kerala in the month of August, 2018, for a period of two years, with effect from 1st June 2019. […]...

Read More
Posted Under: Fema / RBI |

“Jugaad” to resolve issues of 2017-18 Outward Supplies mistakes in GSTR-9?

In GSTR-9, every registered person has to provide details of outward supplies, inward supplies and inward supplies on which tax is payable on reverse charge basis (RCM) and determine the tax liabilities as appearing in financial statement of 2017-18 of the tax payers....

Read More
Posted Under: Fema / RBI |

Free GST Accounting & Billing Software for MSMEs

As per directions of GST Council, GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual turnover under Rs 1.5 Cr, in a financial year. This facility is made available to the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who...

Read More
Posted Under: Fema / RBI |

Kerala Flood Cess – Highlights

Kerala state government has issued notifications dated 25th May 2019 to levy the Kerala Flood Cess (‘Cess’) w.e.f. 1st June 2019 on the value of supply of goods or services or both....

Read More
Posted Under: Fema / RBI |

GST Audit basic Document Requirements

GST Audit Document Requirements for GST Audit of Financial Year 2017-18. ♦ Audited Financial Statements ♦ Purchases Bill from 1st July 2017- 31st March 2018 ♦ Sales Bill from 1st July 2017- 31st March 2018 ♦ Refund documents (if applied for) ♦  GSTR 3B of all Months from 1st July 2017- 31st March 2018 ♦ […]...

Read More
Posted Under: Fema / RBI |

How a Company can get registered under MSME

What is Micro, Small and Medium Enterprises? MSME is classified under two categories. Manufacturing Enterprise Service Enterprise They are defined in term of investment in plant and Machinery/Equipment- Enterprises Micro Small Medium Manufacturing Rs. 25 Lakh More than Rs. 25 Lakh but less than Rs. 5 Crore More than 5 Crore but less than ...

Read More
Posted Under: Fema / RBI |

6 Suggestions for Amendments in Income Tax Act by BCAS

Bombay Chartered Accountants' Society has made a Representation on 'Suggestions for Amendments in the Income Tax Act', on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India....

Read More
Posted Under: Fema / RBI |

GSTR 9 Inward Side: Focusing on Table 6J & Table 8D difference

This Article Analyse All Possible Scenarios When There is Mismatch Of ITC Between Books & GSTR 3B Filed. Also Solutions Are Provided When There Is Difference Of Claimed ITC & ITC Reflected In GSTR 2A. Mainly It Is Focusing On Table 6J and Table 8D Difference Where Even Help Menu In GSTR 9 Guideline Is Also Silent. Hope [&hellip...

Read More
Posted Under: Fema / RBI |

Distribution of IPL Tickets to Customers to improve Business Relations is allowable as Expenditure: ITAT

M/s. EPE Process Filters & Accumulators Pvt Ltd. Vs DCIT (ITAT Hyderabad)

M/s. EPE Process Filters & Accumulators Pvt Ltd. Vs DCIT (ITAT Hyderabad) Assessee’s submissions in support of its claim u/s 37 of the Act are that it has purchased the IPL cricket match tickets to distribute them amongst its long standing customers to garner their goodwill and improve its business relations and therefore, it is [&h...

Read More

GST exempt on sale from Duty Free shops; Accumulated unutilized ITC refundable

Atin Krishna Vs U.O.I. (Allahabad High Court)

GST on goods supplied to and from Duty Free Shops is rightly conferred and the claims of any accumulated unutilized ITC are refundable to respondent....

Read More

Lost your phone? Know what to do

If you ever lose your phone; hurdles, measures and precautions to be taken in order to reduce your struggles and inconvenience This article is crux of an experience (sort of a nightmare) which I had when I lost a phone along with a SIM card which is used for all business purposes, for all personal […]...

Read More
Posted Under: Fema / RBI |

Period of holding to count from the date of provisional allotment letter

DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata)

The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property. ...

Read More

SEBI Discussion Paper on Framework for Regulatory Sandbox

Participants in the capital market in India have been early adopters of technology. SEBI believes that encouraging adoption and usage of financial technology (‘FinTech’) would have a profound impact on the development of securities market. FinTech can act as an instrument to further develop and maintain an efficient, fair and transpar...

Read More
Posted Under: Fema / RBI |

No deduction u/s 48 for clearing off mortgage created by assessee prior to transfer of land

Smt. D. Zeenath Vs ITO (Madras High Court)

Smt. D. Zeenath Vs ITO (Madras High Court) Conclusion: Assessee created mortgage after acquiring the property and clearing off of the mortgage debt prior to transfer of the property would not entitle her to claim deduction under section 48 as there was only a mere application by the owners themselves of the profits realized on […]...

Read More

Amendment in procedure to implement Section 51A of Unlawful Activities (Prevention) Act, 1967

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2019/69 (28/05/2019)

In view of the reorganization of Divisions in the Ministry of Home Affairs and allocation of work relating to countering of terror financing to the Counter Terrorism and Counter Radicalization (CTCR) Division, the Government has modified the earlier order dated August 27, 2009 by the order dated March 14, 2019...

Read More

SC denies bail in Circular Trading / Fraudulent GST ITC Claim case

P.V. Ramana Reddy Vs Union of India & Ors. (Supreme Court of India)

Supreme Court has upheld Telangana High Court judgment in the case of P.V. Ramana Reddy Vs Union of India & Ors. that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion....

Read More

Order No. 03/104 of 2019 Transfers & Postings of 36 Income Tax Officers

Order No. 03/104 of 2019 (28/05/2019)

ORDER No. 03/104 of 2019- The transfers and postings of the following Income Tax Officers are hereby ordered with immediate effect and until further orders....

Read More

Order No. 02/104 of 2019 Transfers & Postings of 24 Income Tax Officers

Order No. 02/104 of 2019 (28/05/2019)

ORDER No. 02/104 of 2019 The transfers and postings of the following Income Tax Officers, presently posted on in-situ basis, are hereby ordered with immediate effect and until further orders....

Read More

Order No. 01/104 of 2019 Transfers & Postings of 77 Income Tax Officers

Order No. 01/104 of 2019 (28/05/2019)

ORDER No. 01/104 of 2019 The transfers and postings of the following Income Tax Officers, presently posted on in-situ basis, are hereby ordered with immediate effect and until further orders....

Read More

Comparison of Section 112 & 112A of Income Tax Act

Similarity between Section 112 and Section 112A of Income Tax Act, 1961- 1. Both sections covers following Long Term Capital Asset. 2. Both sections determine tax on long term capital gains and falls under chapter XII of the Income Tax Act, 1961....

Read More
Posted Under: Fema / RBI |

What is Blockchain Technology?

A blockchain is a growing list of records, called blocks , which are linked using cryptography. Each block contains a cryptographics hash of the previous block a timestamp and transaction data. By design a block chain is resistant to modification of the data . It is an open distributed ledger that can record transaction between […]...

Read More
Posted Under: Fema / RBI |

All about filing of ITR-3 for A.Y. 2019-20

Instructions for filling out FORM ITR-3 for A.Y. 2019-20 These instructions are guidelines for filling the particulars in Income-tax Return Form-3 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. ...

Read More
Posted Under: Fema / RBI |

Procedure in cases of manufacturing or other operations in bonded warehouses

Public Notice No. 50/2019-JNCH (28/05/2019)

Procedure to be followed in cases of manufacturing or other operations undertaken in bonded warehouses under section 65 of the Customs Act-reg. OFFICE OF THE COMMISSIONER OF CUSTOMS, NS-I,III &V (APPRAISING MAIN (IMPORT) JAWAHAR LAL NEHRU CUSTOM HOUSE, NHAVA-SHEVA TAL-URAN, / RAIGAD —400707, MAHARASHTRA (e-mail- appraisingmain.jnchi...

Read More

Form DPT 3- What is it, who should file it and due date of filing?

What is Form DPT 3, who should file it and due date of filing Form DPT 3 In order to safeguard the interest of deposit holders or creditors of the Company, the Central Government in consultation with the Reserve Bank of India (RBI) notified in the Companies (Acceptance of Deposits) Amendment Rules, 2019 to amend the Companies (Acceptan...

Read More
Posted Under: Fema / RBI |

GST Registration Limit of 40 Lakh in UP for exclusive goods suppliers

Notification No.- KA.NI-2-807/XI-9(47)/17- U.P. Act-1-2017-Order-(35)-2019 (28/05/2019)

UP GST notifies that Any person, who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees as the category of persons exempt from obtaining GST registration. Uttar Pradesh Shasan Sansthagat Vitta, Kar Evam Nibandhan Anubhag-2 In pursuance of the provision of clause (3)...

Read More

Client due diligence norm under Money Laundering Act amended

G.S.R. 381(E) (28/05/2019)

Govt. amends client due diligence norm under Money Laundering Act vide Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2019 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th May, 2019 G.S.R. 381(E).—In exercise of the powers conferred by sub-section (1) read with clauses (i), (...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30