"13 September 2019" Archive

Some Facts Related To Fugitive Economic Offenders Act, 2018

Since last 15 years we have witnesses various scams and frauds by various political and businessmen have done. The fugitives, whether they are politicians or businessmen has run away with hard earn money of general public. Even we have saw for then the rules and regulations of our country has been amended or interpreted such […]...

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Posted Under: Fema / RBI |

SAT Order – PWC Satyam Case

It is ripe time for ICAI to take initiative and show leadership in conveying and educating the investors, regulators and other stakeholders about the need to constructively assess the performance/review conducted by the auditor and then come to conclusion whether the auditors have failed to take reasonable procedures to identify the fraud...

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Posted Under: Fema / RBI |

Infringement of Trademark

Trademark infringement in India is defined under Section 29 of the Trademarks Act, 1999. To put it in a similar way it is a situation when an unauthorized person uses a trademark that is ‘identical’ or ‘deceptively similar’ to a registered trademark, it is known as infringement. There are two kinds of Trademark Inf...

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Posted Under: Fema / RBI |

CBI arrests CGST Superintendent for accepting bribe of Rs. 3 Lakh

Central Bureau of Investigation has arrested a Superintendent, working in the office of Central Goods and Services Tax, Meerut (Uttar Pradesh) for demanding and accepting a bribe of Rs. three lakh from the complainant....

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Posted Under: Fema / RBI |

Reimbursement of SGST applicable on tickets of Mission Mangal movie

Trade Circular No. 48T of 2019 (13/09/2019)

You are aware that Mission Mangal movie which is based on the Mangalyan mission of Indian Space Research Organisation (ISRO) is released throughout India. Our scientists, mainly women scientists, have given their valuable contribution to the success of this mission....

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Deduction under section 80C of Income Tax Act

Deduction under chapter VIA covers all the allowable deduction to be made while computing the total income. When we talk about the permissible deduction under chapter VIA, the first and the most popular section that comes to the mind is deduction under section 80C, which is taken up and explained thoroughly in the current article. Catego...

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Posted Under: Fema / RBI |

Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Circular No. 31/2019-Customs (13/09/2019)

Clarification as to what should be the basis for waiver of Bank Guarantee to be executed with Customs in the Goods and Services Tax (GST) regime under AA, DFIA and EPCG schemes in respect of manufacturer exporters/service providers....

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘...

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HC to ITAT: Mention citation and no general observations in order

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court)

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court) HC held that impugned order of the Tribunal after recording that the issue stands covered by various decisions of the Supreme Court and the various High Courts cases observes ‘admittedly, there are contrary decisions where it is held that interest paid on delayed […]...

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PM launches National Pension Scheme for Traders and Self Employed Persons

National Pension Scheme for Traders and Self Employed Persons Yojana is a government scheme meant for old age protection and social security of Small Scale Traders and Retailers....

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Posted Under: Fema / RBI |

Reassessment proceedings invalid if officer issuing notice & recording reasons are different

Pankajbhai Jaysukhlal Shah C/o. Meena Agency Ltd. Vs ACIT (Gujarat High Court)

Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]...

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Concept of Aggregate Turnover in GST

Aggregate Turnover for Audit : Registered persons with an aggregate turnover exceeding the prescribed GST audit limit of Rs 2 Crore during a financial year are liable for GST Audit....

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Posted Under: Fema / RBI |

Section 44AD: Mere submission of Balance sheet not proves Maintenance of Books of Accounts

Mr. Pradeep Jain Vs ITO (ITAT Delhi)

Mr. Pradeep Jain Vs ITO (ITAT Delhi) The assessee has filed the return of income for assessment year under appeal declaring income of Rs.9,63,920/-, out of which, income was declared at Rs.9 lakhs under section 44AD of the I.T. Act, 1961. In subsequent A.Y. 2016-2017 also, assessee declared income under section 44AD of the I.T. […]...

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Diamond, base metals & alloys in liquid assets list by SEBI

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2019/100 (13/09/2019)

Currently the list of commodities/commodity groups permitted as Liquid Assets consists of Bullion, Steel and Agricultural commodities. Considering the introduction of compulsory delivery based Diamond and Base metal derivatives contracts and feedback received from the stakeholders, it has been decided to include Diamond, Base metals and A...

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Multilateral Instruments – Key Articles Simplified

Base Erosion Profit Shifting (‘BEPS’) Action Plan Weakness of international tax system created several opportunities for tax payers for shifting profits to tax friendly jurisdictions. To create transparency, exchange of information and to avoid treaty abuse, G20 leaders endorsed BEPS Action Plan and developed the same with Organisatio...

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Posted Under: Fema / RBI |

Annexure I to Appendix 2A revised- Procedure for import of various items under TRQ

Public Notice No. 33/2015-2020-DGFT (13/09/2019)

DGFT hereby amends Annexure I to Appendix 2A laying down the procedure for import of various items under Tariff Rate Quota under different Trade Agreement, (Para 2.107) of the Handbook of procedure (2015-20) as in Annexure-I....

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Enlistment under Appendix 2E of Expo Overseas Entrepreneurs Association

Public Notice No. 32/2015-2020-DGFT (13/09/2019)

M/s Expo Overseas Entrepreneurs Association (EOEA), Indore, Madhya Pradesh is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential)....

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Blocked Credits under GST

ITC of tax paid on almost every inputs and input services used for taxable supply of taxable goods or services or both is allowed under GST except a small list of items provided u/s. 17(5) of CGST Act....

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Posted Under: Fema / RBI | ,

DGFT imposes MEP of US$ 850 per metric tonne on export of onions

Notification No. 19/2015-2020-DGFT [S.O. 3285(E)] (13/09/2019)

Export of all varieties of onions, as described above, will be allowed only on Letter of Credit (LC) subject to a Minimum Export Price (MEP) of US$ 850 F.O.B per Metric Ton till further orders....

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MCA’s revised framework on Debenture Redemption Reserve: A relaxation or confusion?

Precedents of issue of debentures in India The requirement of creation of a Debenture Redemption Reserve is unique to India and is globally unheard of. This was inserted in India around the year 1998 in pursuance of recommendation of Committee formed under the chairmanship of Justice D.R. Dhanuka. Apparently, the very motivation for havin...

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Posted Under: Fema / RBI |

Interest paid on delay in paying customs duty is deductible

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai) The facts in brief are that the Collector of customs levied customs duty and penalty on the goods imported by the assessee in F.Y. 1988-89 vide order dated 28th January 1994 and subsequently, levied interest for not paying the customs duty and penalty in time. […]...

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Notification No. 65/2019-Customs (N.T.) dated 13th September 2019

Notification No. 65/2019-Customs (N.T.) [G.S.R. 654(E).] (13/09/2019)

Notification No. 65/2019-Customs (N.T.)- Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana...

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Tariff Notification No. 64/2019-Customs (N.T.) dated 13.09.2019

Notification No. 64/2019-Customs (N.T.) [S.O. 3271(E).] (13/09/2019)

Tariff Notification No. 64/2019-CUSTOMS (N.T.) dated  13th September, 2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 64/2019-CUSTOMS (N.T.) N...

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Penalty u/s 271(1)(c) cannot be levied if more than one legal view is possible

M/s. Nortel Networks India Pvt. Ltd. Vs DCIT (ITAT Delhi)

M/s. Nortel Networks India Pvt. Ltd. Vs DCIT (ITAT Delhi) In the instant case, the assessee has offered Explanation as why the transaction of loss of security was claimed as business loss. This Explanation has not found to be false by the Assessing Officer. Further, the assessee substantiated the Explanation by way of filing relevant [&he...

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All about Section 185 of Companies Act, 2013

Section 185 explains Provisions under Company Law Related to Direct or Indirect Loan or Advances to Directors by Company.  Loan or advances include loan represented by a book debt, to any of the directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection […]...

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Posted Under: Fema / RBI |

Procedure against Refusal to Transfer Shares | Companies Act 2013

Procedure Against Refusal To Transfer Shares Under The Provisions Of Section 58 Of The Companies Act 2013. The member of a public company can transfers his shares voluntarily at any time as per the provisions specified by the Articles of the Association of the Company, if the company refuse to transfer shares than the member […]...

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Posted Under: Fema / RBI |

Requirement of Accounting & Funding Arrangement for Gratuity Benefits

This article is an attempt to give clarity about requirement of Accounting and Funding Arrangement for Gratuity Benefits. Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years, -...

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Posted Under: Fema / RBI |

Eligibility in Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 [SVLDRS, 2019]

ELIGIBILITY/INELIGIBILITY UNDER SVLDRS, 2019 Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019  CATEGORY OF APPLICATION > Litigation  i. SCN involving Duty along with Interest/ Late fee/ penalty (if any) – 124(1)(a)  Case I SCN Received before 30 June 2019; Final Hearing has not taken place as on 30 June 2019 ELIGIBLE.  ...

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Posted Under: Fema / RBI |

Comments on Exposure Draft of Standards on Internal Audit-SIA 350 and 390

A review of all the audit workpapers shall be carried out, to ensure these are sufficient and appropriate to allow the reviewer to arrive at the same conclusions, and formulate similar observations, as done by the audit staff. The documentation shall record the evidence of the supervision and review conducted, including the performance of...

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Posted Under: Fema / RBI |

GST ANX-1 and ANX-2 Offline Tool of New Return

Welcome to GST ANX-1 and ANX-2 Offline Tool of New Return A. Introduction to New Return Offline Tool (Trial) :  What are the Offline Tools planned under New Return? In the proposed system of new GST Return filing, a normal taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or […]...

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Posted Under: Fema / RBI |

ACIT (e-Verification), Delhi designated as authority U/s. 143(2) R.W. Rule 12E

Notification No. 65/2019- Income Tax [S.O. 3279(E)] (13/09/2019)

CBDT notifies Assistant Commissioner of Income-tax (e-Verification), Delhi, to act as prescribed Income-tax Authority for the purpose of Section 143(2) of Income Tax Act, 1961  read with rule 12E of the Income-tax Rules, 1962 vide Notification No. 65/2019- Income Tax dated 13th September, 2019. MINISTRY OF FINANCE (Department of Revenue)...

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CBDT notifies tolerance range for wholesale trading & for other cases

Notification No. 64/2019- Income Tax [S.O. 3272(E).] (13/09/2019)

Notification No. 64/2019- Income Tax provides for tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for assessment year 2019-20. It is certified that none will be adversely affected by the retrospective effect being given to the notification. MINISTRY OF FINANCE (Department of Revenue) New Delhi...

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