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Penalty U/s. 271AAA not leviable on Failure to ask question regarding manner of earning of income

October 6, 2017 1437 Views 0 comment Print

The present appeal by the Revenue is directed against the order of the Commissioner (Appeals)-II, Ahmedabad [CIT(A) in short] dated 30-9-2013 for the assessment year (AY) 2010-11 wherein penalty imposed under section 271AAA of the Income Tax Act, 1961 (hereinafter referred to as the Act) Rs. 20 lakhs was deleted by the Commissioner (Appeals).

Final occupation date to calculate Purchase date for section 54F exemption allowed

October 6, 2017 8688 Views 0 comment Print

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act.

Adding of new directors when all existing directors stand vacated

October 6, 2017 8901 Views 4 comments Print

Addition of names of the newly appointed Directors in the MCA database in the Companies where all the directors stand vacated due to disqualification under section 164(2)(a) r/w 167(1) of the Companies Act, 2013-reg

Deal cancellation compensation expense cannot be claimed from Capital Gain

October 6, 2017 6654 Views 0 comment Print

Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property

Disposal of grievances related to EPPO registered at Pgportal.gov.in

October 6, 2017 20334 Views 20 comments Print

1. A grievance registered through this portal is required to be disposed of within thirty days of its lodgement. 2. A grievance is taken as disposed of only after the satisfaction of the person who lodged the grievance is ascertained and recorded.

Government notifies Sovereign Gold Bond Scheme

October 6, 2017 1107 Views 0 comment Print

G.S.R.—- (E) –– In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: 1. Short title and commencement.- (i) This scheme may be called the Sovereign Gold Bond Scheme., (ii) There will be a distinct Series for every week which will be indicated on the Bond issued to the investor., (ii) It shall come into force on the date of its publication in the Official Gazette.

Sovereign Gold Bonds Scheme, Operational Guidelines

October 6, 2017 948 Views 0 comment Print

This has reference to the GoI notification F.No.4(25)-B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06 2017 on the Sovereign Gold Bonds,. FAQs in this regard have been placed on our website (www.rbi.org.in). Operational guidelines with regard to this scheme are given below

MVAT: Advance Ruling Authority Notified

October 6, 2017 1149 Views 0 comment Print

No. VAT/AMD.2015/1A/15/ADM-8.—In exercise of the powers conferred by sub-section (3) of section 55 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State hereby amends the Notification No. VAT/AMD-2015/1A/15/ADM-8, dated 9th May 2016

GSTR-2 How to create, Submit and file details of inward supplies

October 6, 2017 21969 Views 2 comments Print

To create, submit and file details for the inward supplies in the GSTR-2 following steps needs to be taken: 1. Login and Navigate to GSTR-2 page 2. Generate GSTR-2 Summary 3. Enter Details in various tiles 4. Preview GSTR-2 5. Acknowledge and Submit GSTR-2 to freeze data 6. File GSTR-2 with DSC/ EVC 7. View […]

Recent 62 FAQs on Goods & Services (GST)

October 5, 2017 7515 Views 2 comments Print

Q 1. What is the GST rate for rice bran? Ans: 1. Rice bran falls under HS code 2302., 2. Rice bran for use as aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed attracts Nil GST., 3. Rice bran for other uses attracts 5% GST.

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