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80 Vacancy with MCA for CA, CS and CMA

July 11, 2018 6348 Views 0 comment Print

Ministry proposes to engage a total number of 80 Young Professionals (41 Chartered Accountants/Cost Accountants and 39 Company Secretaries) at different places as indicated at enclosed Annexure.

GST Rate on Work Contract Services pertaining to railways by sub-contractor

July 11, 2018 29343 Views 0 comment Print

In re Shree Construction (GST AAR Maharashtra) Q. No. 1 : What Tax rate to be charged by the sub contractor to main contractor on Works Contract Services ( WCS) pertaining to railways original works contract? Answer : The tax rate to be charged by the sub-contractor to the main contractor would be @ 6% […]

GST on liquidated damages to be awarded by ICC

July 11, 2018 7035 Views 2 comments Print

In re M/s. North American Coal Corporation India Private limited (GST AAR Maharashtra) 1. Whether liquidated damages that may be awarded to the Applicant by the International Chamber of Commerce (“ICC”) qualifies as a ‘supply’ under the Goods and Services Tax (“GST”) law, thereby attracting the levy of GST ? Answer – The consideration that […]

SEBI modifies Stress testing method for credit risk for commodity derivatives

July 11, 2018 771 Views 0 comment Print

Vide circular SEBI/HO/CDMRD/DRMP/CIP/P/2016/86 dated September 16, 2016, SEBI had continued norms related to, inter-alia, Settlement Guarantee Fund (SGF) and Stress test to determine adequacy of SGF prescribed by erstwhile Forward Markets Commission for National Commodity Derivatives Exchanges.

Reassessment not valid if Notice under section 143(2) not issued

July 10, 2018 7506 Views 1 comment Print

The issue of notice under section 143(2) in reassessment proceedings, prior to finalizing re-assessment order, cannot be condoned by referring to section 292BB and it was fatal to the order of reassessment.

Registration U/s. 12AA cannot be denied for non filing of Income Tax Return

July 10, 2018 2874 Views 0 comment Print

It cannot be concluded on the basis that the assessee had not filed its income tax returns in earlier years that the activities of the assessee were not genuine. There was no dispute that the objects of the assessee-society were not charitable or the activities of assessee were not being carried on in accordance with the stated objectives of imparting education for which it was established. Mere generation of surplus from year to year could not be basis to hold that assessee existed for the purpose of making profit. Therefore, denial of registration was not justified.

KYC updation for all directors of all companies

July 10, 2018 13797 Views 7 comments Print

MCA introduced the KYC norms for all directors of all Companies. To implement this, MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 effective from 10th July, 2018. In this write up we discussed about the various practical aspects of the Companies (Appointment and Qualification of Directors) fourth amendment Rules, 20181

Extend GST Registration time for delay due to unavoidable circumstances: HC

July 9, 2018 759 Views 0 comment Print

Although the petitioner enjoys provisional registration, the final registration could not have done as the office of the petitioner is located at a very remote area. Such area had faced various political problems over a considerable period of time, preventing the petitioner from taking appropriate steps with regard to obtaining of final registration.

Anti-dumping duty on High Tenacity Polyester Yarn

July 9, 2018 3000 Views 0 comment Print

Notification No.35/2018-Customs (ADD) seeks to to impose definitive anti-dumping duty on imports of High Tenacity Polyester Yarn (HTPY) from China PR.

Export duty on export of Iron Ore by MMTC Limited reduced

July 9, 2018 1644 Views 0 comment Print

Notification No. 51/2018-Customs Seeks to amend the notification No. 27/2011-Customs dated 01 st March, 2011 so as to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2021.

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