"13 November 2019" Archive

PML (Maintenance of Records) Fifth Amendment Rules, 2019

Notification No. G.S.R. 840(E) (13/11/2019)

Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019. notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason and it is not regarding the change of address in Aadhaar […]...

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6 Recent Updates in GST till 12th November 2019

Government has made Document Identification Number (DIN) mandatory to be mentioned an all communications issued by officers of CBIC to taxpayers and other concerned persons. The Punjab and Haryana High Court vide order dated 04.11.2019 has directed Goods and Services (GST) Department to allow filing or revising Form TRAN-1 either electron...

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Posted Under: Fema / RBI | ,

Bogus invoices without actual movement of goods- HC denies Bail

Mukat Behari Sharma Vs Union of India (Rajasthan High Court)

Learned counsel for the Union of India has opposed the petition and has submitted that the offence committed by the accused is serious in nature. In-fact, the accused had issued bogus invoices without actual movement of goods which led to involvement of fraudulent input taxes amounting to Rs.40.58 crores. Admittedly, company has deposited...

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Rajasthan HC grants Bail to Accused in alleged ITC Fraud Case

Rakesh Kumar Khandelwal Vs Union of India (Rajasthan High Court)

Rakesh Kumar Khandelwal Vs Union of India (Rajasthan High Court) Petitioner has placed before the Court various Tax Invoices and e-Way Bills through which purchases have been made by the firm and the record of the Department from which it is revealed that Firms were in existence. As per Rules 25 of the GST Rules, […]...

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Open GST Portal to allow Form TRAN-1 filing electronically or Accept Manually: HC

M/s Arora & Co Vs Union of India & Ors. (Delhi High Court)

The factual position in the present case is not any different and thus, we allow the present petition and direct the respondents to either open the online portal so as to enable the petitioner to file the Form TRAN-1 electronically, or to accept the same manually on or before 20.11.2019....

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Generation and quoting of DIN on communication to taxpayers

GST Circular No. 122 dated 05.11.2019 ♠ Generation and quoting of Document Identification Number (DIN) on any communication issued by the officers of the CBIC to tax payers and other concerned persons ♠ To begin with, w.e.f 8th November, 2019, DIN would be used for any search authorisation, summons, arrest memo, inspection notices, an...

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Posted Under: Fema / RBI |

Duties And Responsibilities of Tax Deductor Under GST Act, 2017

OVERVIEW OF PROVISIONS RELATING TO TAX DEDUCTED AT SOURCE UNDER GST TDS UNDER GST  COMES INTO FORCE FROM 1ST OCTOBER, 2018 ♦ Section 51 governing tax deduction at source has come into force w.e.f 1st October, 2018. ♦ All the DDOs who are required to make payment to suppliers against procurement of taxable goods /services or both a...

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Posted Under: Fema / RBI |

FAQs- NRI Life Insurance

Q.1 Who is an NRI? Ans. An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]...

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Posted Under: Fema / RBI |

India-Switzerland discuss enhanced cooperation in fight against tax evasion

Fighting the menace of Black Money stashed in offshore accounts is a key priority area for the Government of India. Following the agreement between Prime Minister Shri Narendra Modi and Swiss President Mr Ueli Maurer for enhanced cooperation in the fight against tax evasion, the two sides have worked closely for expeditious information ex...

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Posted Under: Fema / RBI |

Two Years Imprisonment to Then Central Excise Commissioner

The Additional Special Judge for CBI Cases, Visakhapatnam has convicted Sh. Surender Pal Singh @ S.P.Singh (an IRS officer of 1973 batch), the then Commissioner, Central Excise, Port Area, Visakhapatnam and sentenced him to undergo two years Rigorous Imprisonment with a fine of Rs.20,000/- in a CBI case. CBI had registered this case on 09...

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Posted Under: Fema / RBI |