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Chartered Accountants (Election to the Council) Amendment Rules, 2018

August 23, 2018 732 Views 0 comment Print

G.S.R. 796(E). Central Government hereby makes following rules further to amend Chartered Accountants (Election to the Council) Rules, 2006 namely Chartered Accountants (Election to the Council) Amendment Rules, 2018.

No Tax Exemption if society Fund was used to provide Scholarships to students for Business Need of group entity

August 22, 2018 885 Views 0 comment Print

M/s. Commitment Mortality Vision Education Society Vs ACIT (ITAT Delhi) In the instant case by way of collusion between the FIITJEE Group and the assessee, the funds have been given to the Group entities in the name of disbursement of scholarship etc. This collusion is evident from the statement of Sh. Aseem Gupta as how […]

Penalty cannot be imposed merely because AO did not allow claim of Assessee

August 22, 2018 1164 Views 0 comment Print

Recently, in Aristo Pharmaceuticals Pvt. Ltd. vs. ACIT [ITA No.6680/Mum/2012 with ITA No.5553/Mum/2014 and ITA No.5479/Mum/2015, A.Y.: 2009-10, 2011-12 & 2012-13, decided on 26.07.2018], briefly stated, the assessee-company was engaged in the business of manufacturing and sale of pharmaceuticals products filed its return of income for A.Y. 2005-06 on 31.10.2005

Present Rate of Contribution to EPF, EPS and EDLI with notes

August 22, 2018 31653 Views 1 comment Print

PRESENT RATES OF CONTRIBUTION TO CONTRIBUTION AND ADMINISTRATION ACCOUNTS OF  EPF, EPS AND EDLI BY CONTRIBUTION ACCOUNTS ADMINISTRATION ACCOUNTS EPF EPS EDLI EPF@@ EDLI @@ EMPLOYEE 12% /10% ## 0 0 0 0 EMPLOYER Difference of EE share and Pension Contribution 8.33% ## 0.5% ## 0.50%  !! [w.e.f. 01-06-2018] 0 [w.e.f. 01-04-2017] 10% rate is […]

Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2018

August 21, 2018 4050 Views 0 comment Print

MCA has notified new format of Form No. DIR-3 KYC and extended due date of filing DIR-3 KYC from 31st August, 2018 to 15th September, 2018 vide Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2018.

Duty Exemption on goods imported for Kerala Flood Relief

August 21, 2018 939 Views 0 comment Print

Notification No. 59/2018 -Customs dated 21.08.2018 seeks to exempt BCD & IGST on goods imported for donation for relief & rehabilitation of the people of Kerala affected by the floods upto 31.12.2018. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 59/2018–Customs New Delhi dated the 21st August, 2018 G.S.R. 789(E).- In exercise […]

Import Policy of bio-fuels revised from ‘Free’ to ‘Restricted’

August 21, 2018 1464 Views 0 comment Print

Import Policy of bio-fuels revised from ‘Free’ to ‘Restricted’ and allowed for non-fuel purpose on Actual user basis as per the National bio-fuel Policy, 4 June 2018.

No option to Restaurants to pay GST @ 18% with input tax credit

August 21, 2018 36678 Views 1 comment Print

In re Coffee Day Global Limited (GST AAR Karnataka) The Applicant is in the business of running restaurants under the name and style of Café Coffee Day where non-alcoholic beverages and food items are served. Notification No.46/2017 dated 14.11.2017 provides that restaurants can pay GST @5% (CGST-2.5% and SGST-2.5%), provided they do not avail input […]

Export of Beach Sand Minerals brought under STE

August 21, 2018 3513 Views 0 comment Print

Export of Beach Sand Minerals have been brought under STE and shall be canalized through Indian Rare Earths Limited (IREL). Beach sand minerals, permitted any where in the export policy, will now be regulated in terms of policy under at SI. No. 98A of Chapter 26 of Schedule 2 Export Policy.

GST on Activity of building and mounting of body on Bus Chassis

August 21, 2018 2055 Views 0 comment Print

In re Automobile Corporation of Goa Ltd (GST AAR Goa) Whether the activity of building and mounting of the body on the chassis by the Applicant will result in supply of goods under HSN 8707 or supply of services under HSN 9988. The Activity of building and mounting of the body on the chassis provided […]

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