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Portfolio Management Fees allowable as an expenditure

February 2, 2019 15765 Views 0 comment Print

Shyam Sunder Duggal Vs ACIT (ITAT Mumbai) The only grievance of the assessee is that the Ld.CIT (A) has wrongly confirmed the addition of Rs. 7,77,000/- made by the AO by making disallowance of fees paid to Portfolio Managers. As is clear from the record that the assessee paid Rs. 7,77,744/- to PMS providers and […]

CBIC amends 5 GST Circular due to amendment in CGST Act wef 01.02.2019

February 1, 2019 29391 Views 0 comment Print

Consequent to the GST Amendment Acts, the following circulars issued earlier under the CGST Act, 2017 are hereby amended with effect from 01.02.2019, to the extent detailed in the succeeding paragraphs.

FCRA: AIIB, NDB & EBRD not to be treated as international organisations

February 1, 2019 780 Views 0 comment Print

Foreign Contribution (Regulation) Act, 2010 – Central Government hereby specifies that the following international organisations shall not be treated as ‘foreign source’ (i) Asian Infrastructure Investment Bank (AIIB) (ii) New Development Bank (NDB) (iii) European Bank for Reconstruction and Development (EBRD)

RBI Ombudsman Scheme for Digital Transactions, 2019

January 31, 2019 2514 Views 0 comment Print

 RESERVE BANK OF INDIA The Reserve Bank introduces Ombudsman Scheme for Digital Transactions As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against System Participants as defined in […]

Export Policy for Export of bio fuels from EOU/ SEZ / DTA Reg.

January 31, 2019 699 Views 0 comment Print

Trade and industry are informed that export of bio fuels for non-fuel purposes from EOU/SEZ will be regulated as under:- (i) The export would be in accordance of the para 6.01 of FTP for EOU and / or Rule 26 of SEZ Rules, 2006 (for SEZ units);

GST advance ruling cannot be sought on activity undertaken in Past

January 31, 2019 2820 Views 0 comment Print

In re Shyam Singh Champawat, M/s Laxmi Machinery Store (GST AAR Rajasthan) The questions sought by the applicant are related to activity undertaken in past-period thus not eligible for advance ruling as per Section 95(a) of CGST/RGST Act, 2017 and hence no ruling is given. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING,RAJASTHAN Note: […]

Notification No. 07/2019-Customs (N.T.) Dated 31st January 2019

January 31, 2019 1374 Views 0 comment Print

Tariff Notification No. 07/2019-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 07/2019-CUSTOMS (N.T.) New Delhi, 31st January, 2019 11 Magha, 1940 (SAKA) S.O. … […]

Custom duty on Electric Vehicle & its specified part & raw material for manufacture of Lithium ion cells

January 29, 2019 7077 Views 0 comment Print

Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 to prescribe effective BCD rate on Electric Vehicle (EV) and their specified part and raw material for manufacture of Lithium ion cells vide Notification No. 03/2019-Customs dated 29th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 03/2019-Customs New Delhi, the […]

Tea bag manufacturing service classifiable under SAC 9988

January 28, 2019 4584 Views 0 comment Print

In re Vedika Exports Tea Pvt Ltd (GST AAR West Bengal) The Applicant makes a composite supply to Hindustan Unilever Ltd, where the service of manufacturing tea bags from the physical inputs owned by the latter is the principal supply. It is classifiable under SAC 9988 and taxable at 5% rate under Sl No. 26(f) […]

ICAI Revises Procedure for providing certified copies of evaluated answer-books

January 26, 2019 12189 Views 0 comment Print

An examinee may apply seeking inspection/certified copies of answer books, within 30 days from the date of declaration of respective result(s), with the applicable fee, online at http://icaiexam.icai.org and pay the applicable fee online. There is no provision for submission of such requests with late fee. Physical applications for Final/Intermediate and Foundation will not be entertained.

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