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ICAI extends last date for making online claim of CPE hours

June 6, 2018 10041 Views 0 comment Print

Extension of last date for submission of Self Declaration form for claiming CPE Hours under Unstructured Learning Activities for the Calendar Year 2017- from 31st May, 2018 to 30th June, 2018

Processing of IGST refund claims stuck due to SB003 error & Extension of date for cases having SB005 error

June 6, 2018 14655 Views 0 comment Print

Apart fromSB005 errors, IGST refunds are also stuck on account of SB003 error on the customs side. This error occurs when there is a mismatch between GSTIN entity mentioned in the Shipping bill and the one filing GSTR-1/GSTR-3B.

Central Bank Watch: Preparing for a hike

June 5, 2018 702 Views 0 comment Print

Abheek Barua* We have argued “Hike the interest rate now“, 1st June, 2018) that the current macroeconomic situation warrants a policy rate hike. Rising and more dispersed core inflation, the immediate and possible second-round effects of the fuel price increases and the pressure on the rupee; all call for a 25 basis point hike in […]

Expenditure on removal of encumbrance includible in cost of new house property

June 5, 2018 3324 Views 0 comment Print

While computing exemption under section 54F, expenditure incurred towards vacating the new house property from tenants were includible as part of its cost, because existence of encumbrance was specified in the purchase agreement and original cost of acquisition was much lower than fair market value of the house property due to such attached illegal occupation.

Govt notifies Officer competent for compounding under Foreign Contribution (Regulation) Act, 2010

June 5, 2018 2097 Views 0 comment Print

Central Government hereby specifies the officer, who may, before institution of any prosecution under Foreign Contribution (Regulation) Act, 2010, compound the specified offences.

Corporate Social Responsibility (CSR)- Brief Summary of Provisions

June 5, 2018 122353 Views 10 comments Print

Background: Before enactment of Companies Act, 2013 Corporate Social Responsibility (CSR) expenditure is at the discretion of the corporate however after enactment of Section 135 of Companies Act 2013 such expenditure is made mandatory for certain corporate (Criteria given below).

No loss of files of Nirav Modi/ Mehul Choksi in Scindia House fire

June 4, 2018 10053 Views 0 comment Print

News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.

GST Payable on Transportation charges even if transporter is not a GTA

June 4, 2018 18537 Views 0 comment Print

Whether transportation charges received by the applicant are liable to GST, especially when the applicant is not a goods transport agency (GTA)

Ground & technical handling services rendered to other airlines in India- Taxation

June 3, 2018 1716 Views 0 comment Print

DCIT Vs. M/s. KLM Royal Dutch Airlines (ITAT Delhi) The technical handling services rendered by the assessee to the other airlines in India held to be part of the business of the assessee from the operation of aircraft in international traffic. In DCIT vs. KLM Royal Dutch Airlines [ITA No: 3819 /Del/2015, (A.Y. 2009-10) & […]

ICAI issuing GST invoice only in members name in their Individual capacity

June 2, 2018 4317 Views 2 comments Print

While remitting my membership and COP fees online I tried to key in GST number of the Partnership firm in which I am whole time partner in practice. However I am getting invalid GSTN registration detail message. kindly clarify.

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