Tuesday, April 30, 2019

Income Tax Return Data to be shared with GSTN जानिए कैसे और कोनसा

Income Tax Dept to share Taxpayers Information with GSTN [Read Order]

The Central Board of Direct Taxes (CBDT) has issued an order in connection with sharing the details of the assessees with the Goods and Services Tax Network (GSTN). The move aims at curbing tax evasion by the businesses by cross-checking of information available with both the tax bodies. As per the order issued by the […]

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Financial Assistance by Father with Intention of Welfare of Sons not ‘Benami’: Supreme Court

The Supreme Court in the case of Smt. P. Leelavathi v. V. Shankarnarayana Rao held that the intention of the father to give financial assistance was for the purpose of welfare of his sons and not ‘benami’ Smt. P. Leelavathi instituted the suit against the original defendants (now deceased) for partition and recovery of one-fourth […]

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ICAI opens Registration for Post Qualification Diploma in International Taxation

The Committee on International Taxation of the Institute of Chartered Accountants of India ( ICAI ) has decided to commence the batches of the Post Qualification Course in International Taxation as per schedule. Eminent experts and learned Speakers drawn from all over India will give value addition to the participants. Interested members can register themselves […]

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Monday, April 29, 2019

Acquisition of Tenancy Right not eligible for Capital Gain Exemption: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the acquisition of the tenancy rights would not amount to purchase or construction of a new property and therefore, the capital gain exemptions under sections 54 and 54F of the Income Tax Act, 1961 is not available. The assessee sold certain agricultural […]

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ICSI requests for Standardized Format for reporting under Rule 9A of Companies (Prospectus and allotment of Securities) Rules, 2014 [Read Representation]

The Institute of Company Secretaries of India ( ICSI ) has submitted a representation to the Ministry of Corporate Affairs (MCA) requesting a standardized format for the reporting under Rule 9A of Companies (Prospectus and allotment of Securities) Rules, 2014 Recently, the Ministry had amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 and […]

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Sunday, April 28, 2019

Payment of Wharfage Charges not subject to TDS: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of wharfage charges are not subject to TDS under section 196 of the Income Tax Act, 1961. The assessee was in the business of providing port facilities for shipment of cargo, from its site near Jaigad in Ratnagiri District. The […]

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CL & CGC and ICAI invites Comments on various provisions of the Companies Act, 2013 and Rules

The CL&CGC and the Institute of Chartered Accountants of India ( ICAI ) have invited comments on various provisions of the Companies Act, 2013. “The Companies Act 2013 has been notified by the Ministry of Corporate Affairs in the year 2013. Since then the Government is regularly bringing out updates/clarifications by issuing Notifications, Circulars, Amendment […]

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GST Invoice Biggest Change Coming Soon होने जा रहा है अब तक का सबसे बड़ा ...

Breaking GST News Part 922 ताज़ा जीएसटी समाचार

Face Disciplinary Actions for unscrupulous filing of ACTIVE Forms: ICSI to Members

The Institute of Company Secretaries of India ( ICSI ) has warned the Company Secretaries against unscrupulous INC 22A filing activities and clarified that any such activities would result in disciplinary actions. As per Rule 25A of the Companies (Incorporation) Rules, 2014 inserted through the Companies (Incorporation) Amendment Rules, 2019 and further amended through the […]

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Saturday, April 27, 2019

Bank Fraud: Special Court convicts CA and Five Others for Life Imprisonment

A special court last day had convicted six persons including a chartered accountant, a branch head of a public sector bank to life imprisonment for allegedly committing fraud by taking a loan of Rs 1.5 crore on false documents from the bank. While Manoharlal Ahuja, Amit Ahuja, Mahesh Bohra, Sandesh Nage, Shantilal Chauhan and Bhagwan […]

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CBI arrests Customs Officer in a Disproportionate Assets Case

The Central Bureau of Investigation ( CBI ) has arrested a Preventive Officer of Customs, Goa in an on-going investigation of disproportionate assets case. His father (private person) was also arrested. A case was registered against the Preventive Officer of Customs, Goa u/s 13(2) r/w 13(1) (b) of Prevention of Corruption Act as amended in […]

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Income Tax Department continues Search action in J & K Region

The Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley today. The searches were carried out against a Group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley. It was gathered that the Group charged a huge premium on life-saving drugs which were exclusively sourced through […]

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Friday, April 26, 2019

GST: Govt to launch E-Invoicing to curb Evasion

In order to bring an effective tool to curb tax evasion under the Goods and Services Tax ( GST ) regime, the Central Government is planning to launch the system of electronic invoice. The new system will allow the businesses to issue invoices, or bills, directly via the GST Network, and the data will be […]

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ICAI invites Expression of Interest for Case Study Development in various Elective Subjects of CA Final Course

The Institute of Chartered Accountants of India ( ICAI ) has invited expression of interest from the Chartered Accountants, academicians and stakeholders on case study development in various elective Subjects of CA Final Course. The ICAI, under its New Scheme of Education and Training, has introduced Case-Study and Open-Book based Elective subjects at the Final […]

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Chartered Accountant Vacancies in Air India

The Air India Limited has invited applications for the post of Accounts Executive and Accounts Clerk. No of Vacancies – 61 Accounts Executive Selected candidates will be paid Rs. 45000/- (forty five thousand only) per month (CTC), which is inclusive of Employer’s Contribution towards PF and the same will commence after completion of one year […]

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ICSI cannot charge Fee for providing Copies of Revaluation Papers applied through RTI: Supreme Court

A two-judge bench of the Supreme Court has held that the Institute of Company Secretaries of India ( ICSI ) cannot charge a fee for revaluation if the certified copies were asked through Right to Information Act, 2005. The respondent appeared in the final examination for the Company Secretary course conducted by the ICSI. On […]

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Supply of Ice-Cream Scoop would attract 18% GST: AAR [Read Order]

The Authority for Advance Rulings (AAR), Maharashtra has held that the supply of an ice-cream Scoop would attract 18 per cent Goods and Services Tax (GST). The applicant- Company, Arihant Enterprises, under a franchisee model, sold ice-creams in retail packs (party packs or tubs, typically of 500 grams) and also by way of ice-cream scoops. […]

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Thursday, April 25, 2019

Businesses can apply for Revoking Cancellation of GST Registration till July 22: CBIC [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has allowed businesses to apply for revocation of cancellation of their GST registration till July 22, 2019. The CBIC has also provided to file their pending returns and pay due taxes. These businesses earlier had their GST registrations cancelled due to non-filing of tax […]

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Dev Snacks liable for Profiteering and issuing Incorrect Tax Invoices: NAA directs to deposit Rs. 6,38,153 along with interest [Read Order]

The National Anti-Profiteering Authority (NAA) in the case of Kerala State Screening Committee on Anti-Profiteering v. M/s. Dev Snacks held the respondent liable for anti-profiteering and for issuing incorrect tax invoices in contravention of Section 122 of the Goods and Services Tax Act (GST) The application alleging profiteering was forwarded to the Standing Committee against […]

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GST Portal New Updates April 2019 अपडेट

MCA extends Due Date for Filing ACTIVE Compliant Form [Read Notification]

The Ministry of Corporate Affairs ( MCA ) has extended the last date for filing the ACTIVE Compliant form. Recently, the Ministry had issued Companies (Incorporation) Amendment Rules, 2019 and Companies (Registration offices and Fees) Amendment Rules, 2019 which shall come into force from 25.04.19 with a view to enable common public to be aware […]

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CA Umang V Agrawal nominated as Member of ICAI

CA Umang V Agrawal has been appointed as a member of Research Committee of The Institute of Chartered Accountants of India (ICAI). CA Umang V Agrawal is the immediate Past Chairman of Nagpur Branch of WIRC of ICAI. The Research Committee is a non-standing Committee of ICAI set up in 1955 with a view to […]

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CA Exam: ICAI changes Time for Advanced ICITSS-Advanced IT Test

The Institute of Chartered Accountants of India (ICAI) has changed the exam time for Advanced ICITSS-Advanced IT test to be held on 27th April 2019 for some centres in Mumbai, Chennai, Pune, Rajkot Surat, Thane, Vasai, and Kohlapur. Earlier, the announcement made by the ICAI on 4th April said that the test is scheduled to […]

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CBIC issues clarification on Utilization of Input Tax Credit under GST [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification on the utilization of Input Tax Credit under Goods and Services Tax ( GST ). The issue has arisen on account of order of utilization of input tax credit of integrated tax in a particular order, resulting in accumulation of […]

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A New Dawn in the GST Regime

An interesting conversation between two friends:- Krishna and Arjun Krishna (Fictional Character):- Heyy Arjun,  How are you? You look very worried, kind of disturbing. what happened? I might be able to provide solace to you. Tell me about your problem. Arjun (Fictional Character) :- Hi Krishna, yes I am a bit confused. While GST was […]

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Wednesday, April 24, 2019

CA, CMA and CS Vacancies in NFRA

The National Financial Reporting Authority (NFRA) has invited applications to engage up to 10 Chartered Accountants/Cost and Management Accountants/Company Secretaries on contractual basis. The applicant should possess the following qualification: i. He/she should be a qualified Chartered Accountant/Cost Accountant/Company Secretary having passed the final examination of the Institutes concerned; ii. He/ she should have minimum […]

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Govt can retain Sale Proceeds of Confiscated Goods If Redemption Fine Not Paid: Delhi HC

While overruling a two-judge bench decision rendered in the case of MMTC Vs. Surjit Singh Kanda, the Delhi High Court has held that where the redemption fine in lieu of confiscation is not paid within the time stipulated, the Central Government is entitled to retain the excess auction sale proceeds of the confiscated goods, after […]

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Eway Bill Portal New Changes from April 2019 बड़े बदलाव

E-way bill Generation to be Blocked if GST Returns not filed सरकार का बड़...

Govt. introduces New Enhancements in E-Way Bill System

The Central Government has introduced new enhancements to the E-Way Bill (EWB) system. This new change results from the ease of the process of generation of E-Way Bill system by the taxpayers and the transporters. Major Changes are: Auto calculation of distance based on PIN Codes e-Way bill system has enhanced with auto calculation of […]

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GST Composition & 6% GST Scheme Changed : GSTR 4 to be filed annually

ICAI enumerates Changes in CA Exam from May 2019

The Institute of Chartered Accountants of India ( ICAI ) has enumerated the changes in the exam pattern applicable from coming May 2019 exams. The question papers in respect of the respective papers for old and new syllabus will have two parts, Part I comprising MCQs to the tune of 30 marks ( each carrying […]

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Bombay High Court imposes Fine on Tax Official for Unnecessary Harassment of Assessee

The Bombay High Court has recently imposed a fine of Rs. 50,000 on an officer of the Income Tax Department for passing an order to harass the assessee. The Assessing Officer issued a provisional attachment order ordering to attach the Petitioner’s Bank Account. It was explained that this is to protect the interest of the […]

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Goods can’t be detained for want of Part-B of E-Way Bill in case of Non-Taxable Supply: Gujarat HC

A two-judge bench of the Gujarat High Court has held that the department cannot detain the goods on failure to fill Part-B of the E-way Bill if the supply is not taxable under GST. The petitioners are engaged in the import and sale of dietary food products such as protein powder of different flavours. The […]

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New process to Restore Cancelled GST Registration कैंसलेड GSTIN की बहाल...

Tuesday, April 23, 2019

GST: Due Date for Filing Returns by Composition Dealers Changed [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the new dates for filing returns by the composition dealers in Form CMP-08 and GSTR-4. According to the notification, the composition taxpayers shall furnish a statement, every quarter or, as the case may be, part thereof containing the details of payment of […]

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CBIC notifies CGST (Third Amendment) Rules, 2019 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the third amendment, 2019 to the Central Goods and Services Tax Rules. The amended rules changed the due dates for filing returns by the composition suppliers under the GST regime. It also prescribes the norms for cancellation of GST registration on account […]

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GST ITC utilization Order clarified by CBIC : New circular on rule 88A G...

Non-Filers of GST returns cannot generate E-Way Bill from 21st June: CBIC [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has notified that the persons who failed to file the GST returns properly will not be able to generate the E-way Bills from 21st June 2019. The notification issued by the Board last day clarified that the restrictions imposed by Rule 138E i.e. restriction on furnishing […]

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GSTR 1 Late Fees Changes from 1st April 2019 जीएसटी लेट फीस में बदलाव ...

GST Fraud: Five Arrested for filing Fake Returns

A major GST fraud has been detected by the Delhi Police where five persons are arrested for filing fake returns. The organised gang of fraudsters involved in submitting fake GST returns of different private firms and syphoned off Lakh of rupees, reports said. According to reports, the matter came into light at Jama Masjid area […]

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Pay GST Interest on Gross Tax Liability for Delayed GST Returns

Monday, April 22, 2019

Bombay HC asks CBDT to reconsider Its Proposal to Incentivise CIT (Appeals) to enhance Assessments [Read Judgment]

The Bombay High Court has asked the Central Board of Direct Taxes ( CBDT ) to reconsider its recent action plan to incentivize the Commissioner of Income Tax (Appeals) to enhance assessments and levy penalty. The petitioners, Chamber of Tax Consultants approached the High Court challenging the direction in the Central Action Plan of offering […]

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PAN-Aadhaar Linkage mandatory to file Income Tax Returns: CBDT reiterates

The Central Board of Direct Taxes (CBDT) has once again reiterated that the linking of Aadhaar with PAN Card is a mandatory requirement to file income tax returns. “It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter […]

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No TDS on Broadcast Company on Channel Placement Fees as per subsequent Amendment in Definition of Royalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that Tax Deduction at Source ( TDS ) provision will not be applicable for Broadcast Company on Channel Placement Fees as per subsequent Amendment in Definition of Royalty. The Assesse M/s Asianet News Network P. Ltd has filed return submission on all admission made […]

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GST: Interest payable on Total Tax Liability including a portion of which is liable to be set-off against ITC, says Hyderabad HC [Read Judgment]

A two-judge bench of the Hyderabad High Court has held that the interest under section 50 of the Central GST Act, 2017 is payable on the total tax liability including a portion of which is liable to be set-off against the input tax credit. The petitioner is engaged in the manufacture of MS Pipes and […]

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Advance Tax / Self-Assessed Tax paid can’t adjust against Tax admitted in IDS Declaration: Bombay HC [Read Judgment]

A two-judge bench of the Bombay High Court has held that the advance tax or the self- assessed tax paid by the assessee cannot be set off against tax liability arising IDS declaration for lack of specific provision in the said Scheme. According to the Petitioner, he had already paid a sum of Rs.8,19,465/to the […]

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Review on ICAI Practical Assessment Test by ICAI

Today I have appeared for the PRACTICAL ASSESSMENT TEST LEVEL II conducted by the ICAI, intends to assess the practical learning of article students during the period of Articleship and also to keep a check on Dummy Articles. I have some interesting points to be shared from today’s test: – 25% of Questions in Accounting, Auditing & Corp laws – 50% of […]

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Aswini Homeo Hair Oil exempted from Sales Tax till 1995-96: Supreme Court [Read Judgment]

A two-judge bench of the Supreme Court has held that the product Aswini Homeo Hair Oil is exempted from the levy of Sales Tax for the periods 1994-95 and 1995-96 as per Entry 37 of Schedule-I to The Andhra Pradesh General Sales Tax Act, 1957. In the year 2007, the Andhra Pradesh High Court had […]

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Sunday, April 21, 2019

Income Tax Dept asks Details of Holdings in Unlisted Companies

The income tax department has asked to submit the details of holdings in the unlisted companies, ET reported. According to reports, the investors across the country are alarmed at the Income Tax Department’s move to seek details of investments made in unlisted companies in the tax return forms. The income tax department has asked the […]

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Income Tax Re-Assessment Notice to a Dead Person is Invalid: Bombay High Court

A two-judge bench of the Bombay High Court has held that the income tax notice sent in the name of a dead person is invalid through the information regarding the death was not given to the Assessing Officer before issuing of notice. The assessee, late Shyamsundar Dhumatkar was engaged in his individual business and filed […]

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GST ITC Claim Date extended for FY 2017 -18 : ITC के लिए तारीख बढ़ी

Saturday, April 20, 2019

GSTR 3B Due Date extended

The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing GSTR 3B for the period March for three days i.e., 23rd April 2019. “Due date of filing GSTR-3B for the tax period March 2019 has been extended to 23rd April 2019. The relevant notification is being issued for the […]

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GSTR3B of march 2019 : Date extended

GSTR 3B & ITC Utilization Confusion of Rule 88A CGST : ITC का उपयोग कैस...

GST on Builders and Real Estate Transacctions April 2019 Edition Book

Excise Officer and Chartered Accountant arrested in a Bribery Case

The Punjab Vigilance Bureau, today arrested an Assistant Excise & Taxation Commissioner (AETC) sales tax (GST) mobile wing Harmeet Singh posted at Hoshiarpur and a Chartered Accountant (CA) Raman Sondhi red-handed for accepting a bribe of Rs. 2,00,000/- to settle a GST case. The Vigilance Bureau said that the arrested persons were nabbed red-handed while […]

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Last Date to Claim ITC of FY 2018-19 : कब तक ले सकते हैं ITC ?

Friday, April 19, 2019

MSME Returns: Efficacious or Dissipate

Currently, there are an estimated 42.50 million, registered & unregistered Small and Medium Enterprises in India a staggering 95% of the total industrial units in the country. The SME sector employs about 106 million, 40% of India’s workforce, next only to the agricultural sector and contributes over 30% to the GDP of the country. Micro […]

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RBI releases draft on “Enabling Framework for Regulatory Sandbox”

The Reserve Bank of India ( RBI ) has released a draft on ‘Enabling Framework for Regulatory Sandbox’. In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a […]

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Stock-in-Trade can be considered as Transferred only in year in which Assessee had ‘executed the Sale Deed Transferring the Stock-in-Trade’: ITAT [Read Order]

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) in the case of Shri Challa Ramakrishna Anantapur v. ACIT held that under Section 45(2) stock-in-trade can be considered as transferred only in the year in which the assessee had ‘executed the sale deed transferring the stock-in-trade’. Assessing Officer (AO) brought to assessment Short Term Capital […]

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Thursday, April 18, 2019

Telangana HC upholds Arrest by GST Officials

The Telangana High Court has reportedly dismissed a petition seeking a direction to the Hyderabad GST Commissionerate officials not to arrest them and set aside summons issued. The Writ Petition was filed by Seven Companies i.e., Infinity Metals Products India Limited, Sujana Universal Industries Limited, Hindustan Ispat Private Limited, EBC Bearings India Limited, V.S. Ferros […]

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Amount Reimbursed by ONGC on Account of Service Tax payable by assessee not added under Section 44BB: Uttarakhand HC [Read Judgment]

The Uttarakhand High Court in the case Director of Income Tax International Taxation v. M/s. Schlumberger Asia Services Ltd. held that the amount reimbursed to the assessee (service provider) by the ONGC (service recipient), representing the service tax paid earlier by the assessee to the Government of India, would not form part of the aggregate […]

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CBDT invites stakeholder comments on report pertaining to Profit Attribution to Permanent Establishment in India

The Central Board of Direct Taxes ( CBDT ) places the report of the Committee on Profit Attribution on online public domain and invites suggestions/comments to be furnished electronically within 30 days from the date of publication of the aforementioned document on the website of the Department. The document can be accessed at www.incometaxindia.gov.in and comments […]

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Govt sets up Tribunal to resolve ICAI Election Disputes [Read Notification]

The Central Government, on last Friday, constituted a Tribunal to resolve the disputes relating to the ICAI election held on December 2018. As per section 10A of the Act, in case of any dispute regarding any election under clause (a) of subsection (2) of section 9, the aggrieved person may make an application within thirty […]

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Assessee can’t Challenge Jurisdiction of AO through Writ Petition If Not Objected Initiation of Re-Assessment: Madras HC [Read Judgment]

The Madras High Court has ruled that an assessee cannot challenge the jurisdiction of an assessing officer if objection against re-assessment is not initiated. The assessee M/s Hanon Automotive Systems India Pvt. Ltd. had an income of Rs. 50,000 /- escape assessment. The Assessing Officer was of the view that “On scrutiny of records, it […]

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ITC available on Vehicles Supplied to Customers on Lease Rent subject to Conditions: AAR [Read Order]

The Authority for Advance Ruling (AAR) Madhya Pradesh has ruled that Input Tax Credit (ITC) is available on GST paid on vehicles provided to different customers on lease rent. The Applicant M/s Narsingh Transport, based in Ujjain, is providing ‘Goods Transport Agency Service’. The applicant while purchasing cars for their business purpose i.e. for providing to […]

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MCA withdraws Memorandum restricting Manufacturing and Allied Services in LLPs

The Ministry of Corporate Affairs ( MCA ) has withdrawn office Memorandum restricting manufacturing and Allied Services in Limited Liability Partnerships ( LLP s ). In a communication published in the MCA website said that, “Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding […]

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Penalty Proceedings can’t be initiated without a specific Charge: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) on Thursday ruled that no penalty proceedings can be initiated on a suspected defaulter assessee without specifying the charges levied against him. The aggrieved, Mr. Vivek Chugh had a search and seizure operation carried out in his business as well as his residential premises as […]

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Defect of Manual Filing of Appeal instead of E-Filing is Curable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Jaipur on Thursday allowed an assessee to re-file an appeal which was supposed to be filed electronically but was instead done manually. The Assessee, Mr. Devendra Agarwal, was imposed a penalty of Rs. 1,50,000/- under section 271B of the act. Through his authorized representative (AR) he had requested adjournment […]

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Wednesday, April 17, 2019

ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes [Read Order]

While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records. The assessee, a trust has been getting exemption under section 80G of the Act on a regular basis as per its application for […]

The post ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes [Read Order] appeared first on Taxscan | Simplifying Tax Laws.



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Dispose Pre-GST Cases Soon to Help Businesses: Allahabad HC to State Govt

A two-judge bench of the Allahabad High Court has directed the State Govt to dispose of all the pre-GST cases so that the businesses can plan their business properly. The petitioner-Company, engaged in the manufacture and sales of electric and electronic goods, had availed exemption under Section 4-A of the U.P. Trade Tax Act, 1948. […]

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Tax Lawyers appeals for Summer Vacation in CESTAT [Read Letter]

The Central Excise, Customs and Gold Tribunal Bar Association has submitted a representation before the Central Excise, Customs and Service Tax Appellate Tribunal (CESTAT) demanding vacations in summer and winter. The Supreme Court as well as Delhi and various other High Courts traditionally observe one month (four weeks) of Summer Vacation and two weeks of […]

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CBDT revises Salary TDS Certificate in Form 16 to curb Evasion by Salaried Class [Read Notification]

The Central Board of Direct Taxes (CBDT) has revised the form 16 providing salary TDS certificate which provide details of salary along with the tax deducted at source (TDS) of each its employee. The Income Tax Act requires every employer to issue such a certificate. The form would also include segregated information regarding deductions under various tax […]

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GST Exemption for Sub-Contractors involved in Construction of Indo-Nepal border: AAR refers Matter to Appellate Authority [Read Order]

Owing to the difference in opinion among the Authority for Advance Ruling ( AAR ), Uttarakhand, the matter, whether Sub-contractors involved in the construction of Indo-Nepal border road are entitled to GST exemption, was put forward for reference to the Appellate Authority for hearing and decision. The Assessee M/s NBHPC Ltd. was subcontracted a road […]

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No GST on Interest-Free Security Deposit for Lease: AAR

The Authority for Advance Rulings ( AAR ), Maharashtra has held that the Goods and Services Tax ( GST ) cannot be levied on the interest-free security deposit, given for leasing a commercial property. However, if at the time of completion of lease tenure, the entire deposit or a part of it is withheld and […]

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Tuesday, April 16, 2019

Next GST Practitioner Exam in June 2019

ICAI goes Digital, won’t accept Cheques/ DDs beyond 6th May

As part of converting to the digital platform and to go user-friendly, the Institute of Chartered Accountants of India ( ICAI ) will not accept payment in cash or any other physical form beyond 4th May 2019. “The ICAI has been continuously evolving ways to automate and re-engineer processes in order to make transactions easier […]

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GST Practitioners Exam Date announced, Register till 4th June

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central GST Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018. The GSTPs enrolled on the […]

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Supreme Court refuses to stay HC Order quashing Criminal Proceedings against Chidambaram’s Kin [Read Order]

The Supreme Court has, today refused to stay Madras High Court order quashing criminal prosecution against Karti Chidambaram and Nalini Chidambaram, son and wife of Congress leader P Chidambaram. The issue relates to alleged non-disclosure of overseas assets and bank accounts held by Chidambaram’s wife, son Karti and daughter-in-law Srinidhi. Earlier, the Madras High Court […]

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Receipt from Patients Shared with Consulting Doctors in a Fixed Ratio subject to TDS: Bombay High Court [Read Judgment]

The Bombay High Court has held that the sharing of receipts received from patients with consultant doctors in the fixed ratio was liable for Tax Deduction at Source ( TDS ) under Section 194J of the Income Tax Act, 1961 as the same would constitute professional fees. Justice Akil Kureshi and Justice M S Sanklecha […]

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ICAI declares Dates for next Examination of Certificate Course on Forex & Treasury Management

The Institute of Chartered Accountants of India ( ICAI ) has declared that the next Examination of Certificate Course on Forex & Treasury Management will be held on 18th and 19th May 2019 (Saturday and Sunday). As per an announcement of the ICAI, 75% attendance in classes is mandatory for appearing in the exams i.e. […]

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Opportunities to Indian Chartered Accountants increased in Foreign Countries in Last 3 Years

The Chartered Accountants in India got more opportunities in the foreign countries in the past three years as the Institute of Chartered Accountants of India (ICAI) signed a number of MoUs with the accounting bodies of foreign countries. The MoU signed with the Institute of Chartered Accountants in England & Wales (ICAEW) in last month […]

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Monday, April 15, 2019

CBDT fixes deadline to dispose Demonetization Cases

The Central Board of Direct Taxes ( CBDT ), in its action plan for the current quarter from April- June 2019, has set 30th June 2019 as the deadline to dispose of all the cases related to demonetisation “where assessment is required to be framed,”. On 8th November 2018, the Central Government banned higher value currency […]

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Online Journals supplied to IIM not subject to RCM under GST: AAAR [Read Order]

The Appellate Authority for Advance Ruling (AAAR), Karnataka has held that the supply of online journals and periodicals to the IIM Bangalore is exempted from reverse charge mechanism under GST. It was argued that the applicant qualifies as an ‘educational institution’ as defined under clause 2(y) of the Notification No. 12/2017 Central Tax (Rate) dated […]

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No Capital Gain when new Partner bring Cash by way of Capital Contribution and Retiring Partners take Cash and Retire: Bombay HC

The Bombay High Court on March 26th earlier this year ruled that when new Partner brings Cash by way of Capital Contribution and Retiring Partners take Cash and Retire, No Capital Gain happens. The assessee Electroplast Engineers, a partnership firm, had filed the return of income for the assessment year 2010-­2011. The assessee was engaged […]

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Kerala implements Amnesty Scheme to settle Pre-GST Arrears [Read Circular]

In a bid to reduce litigations and to recover the arrears after the GST rollout, the Kerala Government has implemented the Amnesty scheme for the assessees under the earlier VAT, Kerala General Sales Tax Act and other taxes enabling them to settle the tax disputes by waiving interest and penalty. Under the scheme, all arrears […]

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ICAI to provide Technical Support to ICA Nepal

The Institute of Chartered Accountants of India ( ICAI ) and the Institute of Chartered Accountants of Nepal (ICAN) had entered into an MoU that was approved by the Union Cabinet chaired by Hon’ble Prime Minister of India Shri Narendra Modi and later on formally signed and exchanged by both the Institutes in his august […]

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Saturday, April 13, 2019

Educational Cess is Additional Surcharge, must be deleted as per India-UAE DTAA: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Hyderabad, on March 29th earlier this year passed an order to delete Educational Cess from assessment as it is an additional Surcharge as per the INDIA-UAE Double Taxation Avoidance Agreement (DTAA). The Appellant R.A.K. Ceramics, UAE, filed a rectification petition under section 154 in respect of levy of surcharge […]

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Subsidy Received under Grain Distillery Scheme is Capital Receipt: ITAT [Read Order]

In a series of cross-appeals, The Income Tax Appellate Tribunal (ITAT) Pune on April 4th, ruled that subsidy received under Grain Distillery Scheme should be classified as Capital Receipt. The assessee, M/s. Alkoplus Producers Pvt. Ltd., is engaged in the manufacturing of extra neutral alcohol from grain (jawar). The only issue raised by the Revenue […]

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New GST Books in April 2019 नई जीएसटी किताबें

GST Dept can’t detain Vehicle for Deficiency in Lorry Receipt: Gujarat HC grants Interim Relief [Read Order]

A two-judge bench of the Gujarat High Court has granted interim relief to a dealer where the Goods and Services Tax (GST) department had detained the goods for deficiency in the Lorry Receipt. The department had seized the vehicle on the ground that the lorry receipt issued by the transporter is photocopy without the computerized […]

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Friday, April 12, 2019

No Additional Fee Pending Deployment of DPT-3 Form, Affidavit of First Director/ Subscriber Not Required for INC-9: MCA [Read Circular]

The Ministry of Corporate Affairs ( MCA ) has said that affidavit of the first Director/ Subscriber is not mandatory for filing INC-9. It further said that the only declaration by the first subscriber(s) and director(s) in INC-9 is mandatory and affidavit is NOT required to be filed. The Ministry, in a statement, said that […]

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Deduction for Leave Travel Concession not available to Bank Employees on Foreign Travels: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Shri Rajeshkumar Navnitlal Dani v. ITO vide its order dated April 10, 2019, held that LTC can be claimed only towards proceeding on leave to any place in India. The Assessee, an employee of Bank of Baroda, has availed Leave Travel […]

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ITAT gets Third Bench in Pune Zone

The President of Income Tax Appellate Tribunal ( ITAT ), P P Bhatt, inaugurated the third court-room in the Pune zone on Friday. The Income Tax Appellate Tribunal,  the second appellate forum under the income tax law, is a quasi-judicial institution set up in January 1941 and specializes in dealing with appeals under the Direct […]

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Total 1.21 Businesses registered under GST, says GSTN Chief

Prakash Kumar, the CEO of the Goods and Services Tax Network (GSTN), on Friday, said that a total of 1.21 crore businesses have been registered under the new GST regime rolled out from 1st July 2017. “We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far,” he […]

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Income Tax Law does not bar Partners to draw Remuneration from More than One Firms: ITAT

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the income tax law does not prohibit a partner from drawing remuneration/ salary from more than one partnership firm. During the course of the assessment proceedings, the Assessing Officer disallowed the remuneration/ commission paid to two women partners who also derived remuneration from another […]

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GSTN recognizes Contributions of ICAI under GST

The Goods and Services Tax Network ( GSTN ) on the occasion of its foundation day on 5th April 2019 felicitated The Institute of Chartered Accountants of India (ICAI) in recognition of its contribution and support in the development of GST ecosystem. It was presented by Shri. Navin Kumar, Chief Guest, former Chairman, GSTN in […]

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UDIN for GST & Tax Audit Report mandatory : Procedure

Chartered Accountant Vacancy in IIM Ahmedabad

The Indian Institute of Management, Ahmedabad has invited applications from Chartered Accountant for the post of Chief Financial Officer (CFO). CFO will play multiple roles like controller of accounts and head of finance, treasury, cash and tax management. The selected candidate will provide overall strategic leadership and play a key role in building and improving […]

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Thursday, April 11, 2019

AA deletes Order holding CS Guilty of Misconduct since No Opportunity given on Question of Quantum of Punishment

Order holding CS guilty of misconduct set aside as no opportunity was provided on the question of quantum of punishment irrespective of admission of guilt. Disciplinary proceedings were initiated against the Company Secretary, i.e, Ms. Gayathri Pasarakayala on a complaint lodged by the complainant wherein it was alleged that three Secretarial Compliance Certificates were issued […]

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Long-Term Employees Benefits Deductible while Computing Book Profit: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the long term employees benefits such as gratuity, leave encashment, ex-gratia & bonus etc., are deductible while assessing the book profit under Section 115JB of the Income Tax Act, 1961. The appellant had provided for the long term employees benefits inter alia […]

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ICAI issues FAQs on UDIN for GST and Tax Audit

The Institute of Chartered Accountants of India ( ICAI ) has issued a set of Frequently Asked Questions (FAQs) on the application of UDIN on the GST and Tax Audits. Recently, the ICAI’s 379th Council Meeting held on 17th and 18th December 2018 made UDIN mandatory for all Tax Audit Reports issued under IT Act, […]

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CBDT clarifies Search conducted on Cost Accountant of MP Galla Jayadaev

The Central Board of Direct Taxes ( CBDT ) last day came with a clarification in connection with the search proceedings conducted on the Cost Accountant of MP Galla Jayadaev in Vijayawada. The Income Tax Department conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. A […]

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Salaried Class asked to show Interest Income Break-Up in IT Return This Year

Unlike from the past years, the salaried class are asked to show the break up of the interest income received last year while filing the income tax returns for the year 2018-19. The new option in the ITR-1 made it difficult to claim wrong tax breaks relating to interest income as the income tax department […]

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Charitable Donations cannot be included in Assessable Value while determining Excise Duty: SC [Read Judgment]

The Supreme Court has held that charitable donations charged in invoice while selling goods cannot be included in the assessable value while determining excise duty. The appellant-assessee M/s D.J. Malpani, manufacture goods falling under Chapter 24 of the Schedule of the Central Excise Act, 1944. While selling goods, the appellant-assessee charged the customers invoices for […]

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Wednesday, April 10, 2019

11 CHS Members including Four CAs booked for alleged Misappropriation of Rental Income

In a case relating to alleged misappropriation of rental income of Rs 1.15 crore accruing to Namaskar co-operative housing society, the rabale police have booked 11 members including four chartered accounts ( CAs ), reports Mirror Now. According to a report in Mumbai Mirror, the FIR was lodged on Saturday evening after the Joint Registrar […]

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Income Tax Return ITR 4 Sugam AY2019 20 online Filing : Presumptive busi...

IT Deduction available on purchase of Two Residential Houses even If Investment is not made out of Capital Gain: ITAT [Read Order]

In an assessee-favour ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the deduction under section 54 is available on the purchase of two residential houses by the assessee from the capital gain earned from the sale of the old asset. The bench further clarified that such deduction would be available even […]

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GST Evasion: Dept recovered Rs. 360 Crores in Gujarat in 1470 Cases

Over 1470 GST evasion cases have been registered by the tax department in Gujarat wherein the department recovered around Rs 360 crore. According to a report in FE, a senior official in the state GST department said that the authorities had also arrested 14 businessmen for tax evasion. The biggest case of evasion was registered […]

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GSTR 7 Date Extended for March 2019 अंतिम तिथि बढ़ी

GSTR 1 Date Extended for March 2019 अंतिम तिथि बढ़ी

CBIC extends Due Date for Forms GSTR-1 and GSTR-7 [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due dates for Form GSTR-1 and GSTR-7 to April 13 and April 12, 2019, respectively. The Notification said that “the details of outward supply of goods or services or both in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017 […]

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ICAI issues FAQs on Valuation [Read FAQs]

The Institute of Chartered Accountants of India ( ICAI ) has issued a Frequently Asked Questions (FAQs) on Valuation. The role of the valuation professionals has become dynamic and they are required to sharpen their skills and perform their duties with due diligence and to abide by the Code of Conduct prescribed by ICAI Registered […]

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Refund Authority cannot rectify Mistakes of Importer under Customs Act: Madras High Court [Read Judgment]

A two-judge bench of the Madras High Court has held that a mistake committed by the importer can be corrected under Section 154 of Customs Act by the assessing officer and not by the refund authority. The assessee-Company filed a bill of entry in order to import chemicals. The duty was paid on the goods […]

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Tax Dept to scrutinize Mismatch in Income Tax and Service Tax Returns

The Revenue department has directed the officers to scrutinize the mismatch between the turnover numbers declared by the businesses in their income tax and service tax returns for the years 2015-16 and 2016-17. A letter written by the Chairman, Central Board of Indirect Taxes and Customs (CBIC), P K Das said the field formation that […]

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RBI Circular struck down, CG along with RBI to Authorize Insolvency: Supreme Court [Read Judgment]

The Supreme Court in the case of Dharani Sugars and Chemicals Ltd. v. Union of India and Ors. vide its judgment dated 2.04.2019 struck down the circular issued by the RBI dated 12.02.2018 and that authorization from the Central Government is necessary for RBI to direct insolvency process. The constitutional validity of Sections 35AA and […]

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Tuesday, April 9, 2019

‘Reason to Believe’ a mandatory requirement to conduct Search and Seizures under GST: Allahabad HC [Read Order]

The Allahabad High Court has recently held that the  ‘reasons to believe’ are mandatory to conduct search and seizures procedure adopted as per the State GST Acts. The Assessee, Rimjhim Ispat Limited, had their factory premise being subjected to a search party, consisting of the Officers of U.P. GST/Commercial Tax Department. It has further been […]

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ICAI to conduct Four Weeks Residential Programmes for Young CAs and Students

The Institute of Chartered Accountants of India ( ICAI ), under the Board of Studies, has announced a four-week residential programme on Professional Skills Development for the students who have passed Chartered Accountancy Intermediate/ IPCC/ PCC/ PE-II examination and pursuing last year of article training or completed Article ship training. Separate programmes will be conducted […]

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Sale of Client Relationship and Goodwill by CA Firm constitute ‘Capital Gain’: ITAT [Read Order]

While granting the deduction claim under Section 54EC of the Income Tax Act to a Chartered Accountants Firm, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of client relationship and goodwill by the firm was of capital asset under section 2(14), which is chargeable to tax under the […]

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Income Tax Dept to monitor Social Medias to catch Evaders

As part of the new ‘Project Insight’, introduced by the Government to unearth undeclared income or illegal wealth and nab tax evaders, the income tax department may access the information of evaders from their Facebook and Instagram accounts to identify mismatches between spending patterns and income declaration, ET reported. Recently, the introduced ‘Project Insight’ to […]

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Madhya Pradesh Raids: Election Commission asks Explanation from CBDT Chief and Revenue Secretary

Following the income tax raids on the close aides of Madhya Pradesh Chief Minister Kamal Nath and others, the Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes ( CBDT ) on Tuesday to discuss ongoing income tax raids. The EC asked the Board Chief whether the raids comply with […]

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Monday, April 8, 2019

Madhya Pradesh Raids: Election Commission asks Explanation from CBDT Chief and Revenue Secretary

Following the income tax raids on the close aides of Madhya Pradesh Chief Minister Kamal Nath and others, the Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes ( CBDT ) on Tuesday to discuss ongoing income tax raids. The EC asked the Board Chief whether the raids comply with […]

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Income Tax Return Forms for Salaried Class, Professionals and self-employed individuals available for E-filing

The Income Tax Department has informed that the tax return forms i.e, ITR-1 and ITR-4 for the salaried persons, Professionals, and self-employed individuals are available in the official portal for e-filing. It also said that the other forms for Companies and other entities will be available in the portal shortly. “ITR 1 & 4 for […]

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Rs 281 Crore Racket of Slush Funds detected in Madhya Pradesh Raid, says Income Tax Dept

Following a massive raid in the Madhya Pradesh before the Lok Sabha polls, the income tax department, on Monday claimed that it has detected a “widespread and well-organized” racket of the collection of unaccounted cash of about Rs 281 crores. The raids were conducted on the close aides of Madhya Pradesh Chief Minister Kamal Nath […]

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ITR 4 Sugam AY 2019-20 Key Changes आयकर रिटर्न फॉर्म ITR4 सुगम

GST Evasion: Firm booked for Non-payment of Tax

The Goods and Services Tax ( GST ) department has booked 12 outlets of a firm manufacturing illegal tobacco after the same was raided by officials of the directorate general of GST, Lucknow unit on Friday. The firm was illegally manufacturing tobacco from various secret premises along with goods to their dealers at Bareilly, Shahjhanpur, […]

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CBIC allows Service Providers to Opt for Composition Scheme till 31st April [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) has allowed the service providers with turnover of up to Rs. 50 lakh time till 30 April to opt for the composition scheme and pay 6% GST. The option to pay Goods and Services Tax (GST) at reduced rate of 6% would be effective from the beginning of the […]

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New Android App launched for CA Students

In a first time in the history of Chartered Accountancy education, an android app has been launched by ATC (Any Time Classes) providing simplified, interactive & engaging learning technique such as after effects, 2D, 3D, graphic and animation. Speaking on the occasion PS Rathore (Founder & Chairman- ATC) stated that he was very excited about […]

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Old Jewellery found in Locker can’t be treated as Undisclosed Income: ITAT deletes Penalty [Read Order]

In an assessee-friendly ruling, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the old jewellery found in the locker of the assessee and the family members cannot be treated as undisclosed for the purpose of levying penalty. The department recovered some jewellery from the assessee during the course of search […]

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Sunday, April 7, 2019

GST dept probe on Mismatch in Sales Tax Return and E-Way Bill

In a bid to curb tax evasion, the Goods and Services Tax ( GST ) officers have started investigating the mismatch in the details shown in the Sales Tax Returns and E-Way Bill by the Companies. The E-way Bill was launched on 1st April last year as a measure to avoid tax evasion. Under the […]

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Income Tax Officers Raid Homes of Madhya Pradesh CM Kamal Nath’s former Officers

The income tax officers have conducted a raid on at least 50 locations in Delhi and Madhya Pradesh including the homes of Madhya Pradesh Chief Minister Kamal Nath’s Kamal Nath’s former private secretary and former advisor this morning in connection with an alleged hawala case. According to sources, Rs. 9 crores have been recovered from […]

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ITR 3 AY 2019-20 Big Changes in Business Income Tax Return आयकर रिटर्न फ...

Saturday, April 6, 2019

GST Portal issues Advisory to Taxpayers on Invoice Series to be used wef 1st April, 2019

The Goods and Services Tax ( GST ) portal has issued an advisory to all the taxpayers on invoice series to be used from 1st April 2019. “Attention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have […]

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How to opt new 6% GST scheme : CBIC New Circular :नई 6% जीएसटी योजना

ITR 2 AY 2019- 20 (FY 2018-19) Key Changes and New Rules आयकर रिटर्न ITR...

Lok Sabha Election 2019: GST Changes proposed by Parties in their Manifestos

Before the Lok Sabha election, the national parties have unveiled their election manifestos proposing some major changes in the existing laws and policies. The NDA Government, on 1st July 2017, introduced the Goods and Services Tax ( GST ) which changed the entire face of the indirect tax regime. Since from its rollout, the GST […]

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Jharkhand High Court refuses to stay Service Tax Audit post GST [Read Judgment]

Following the decisions of the High Courts of Calcutta and Gauhati, a two-judge bench of the Jharkhand High Court has refused to stay the proposal to initiate the service tax audit after the rollout of Goods and Services Tax ( GST ) regime. In the present writ petition, the petitioner, a society registered under the […]

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Friday, April 5, 2019

GST: Karnataka to physically verify Taxpayers

In a bid to curb tax evasion, the Karnataka Commercial Tax Department to start verification of registered GST dealers manually to determine the genuineness of the documents. The move may initiate a beginning of ‘inspector raj’ in the new Goods and Services Tax regime. Reportedly, this directive could be precedence and other states may follow […]

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Large Investments in Aditya Birla Telecom through Mauritius Entity not a Colorable Device to evade Tax: Bombay HC

The High Court of Bombay has ruled that Large investments in Aditya Birla Telecom through Mauritius Entity is not an instance of a colourable device to evade tax. While granting relief to the company, the Tribunal held that Aditya Birla Group’s telecom unit did not violate rules while receiving an investment of Rs 2,098.25 crore […]

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GST Invoice Advisory by GSTN :जीएसटी इनवॉइस नए वित्त वर्ष के लिए

3297 Offers made during Campus Placement Programme for Young CAs: ICAI Chief

Around 3,297 offers from various companies has been made during the 49th campus placement programme conducted for yound chartered accountants, said CA. Prafulla P. Chhajed, President of the Institute of Chartered Accountants of India (ICAI). “49th campus placement programme for the newly qualified Chartered Accountants was organized during February-March 2019 at 17 centres across the […]

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ITAT deletes Addition against Tata Sons assessing Rs 759 crore as Income [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has quashed an order assessing Rs 759 crore as income in the hands of Tata Sons as due provisions were not followed as regards jurisdiction over the assessment and transfer of the case. The Company filed its income tax returns for the year 2003-04 declaring […]

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Another Objective of DeMo Fails: Digital Transactions to go Expensive as Banks to Charge for UPI Transactions

In a setback to all persons using BHIM, Phone Pe, Google Pay etc., the Banks are going to charge a specific amount for such digital transactions. Kotak Mahindra bank has already announced that it’s going to levy charges on UPI transactions, the instant payment service provided by various wallets will no longer be free of […]

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Tamil Nadu Govt notifies Documents to be carried by Transporter on Expiry of E-Way Bill [Read Notification]

The State Government of Tamil Nadu has notified the list of documents to be carried by the transporter when the E-Way Bill expires. The Notification issued on Tuesday said that the person-in-charge of a conveyance transporting goods, which are brought from other States into the State through multimodal transport, to tarry the following documents subject […]

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Thursday, April 4, 2019

Cost Accountants Institute to revamp CAT Course

The Institute of Cost Accountants of India (ICWAI) has decided to bring reforms in the Certificate in Accounting Technicians (CAT) Course. As part of this, the Institute has recently approved the revised syllabus to the course. Further, the Institute has started online admissions and promotional activities to the course. “I am glad to inform you that the Council […]

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Delhi HC stays Notification cancelling F Forms issued by Dealers [Read Order]

A two-judge bench of the Delhi High Court has stayed the notification issued by the State Government cancelling form F issued by a dealer in Delhi. The cancellation was purportedly under rule 8(10) of CST (Delhi) Rules which allows commisisoner to cancel forms of particular series, design or colour. The Petitioner, a registered dealer located […]

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CBDT notifies Income Tax Return Forms for AY 2019-20 [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for the year 2019-20. Last year, the Government brought numerous reforms in the tax return forms. One of the major reforms made in the notified ITR Forms is the designing of a one-page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can […]

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Vadam / Papad made-up of Maida exempted from GST: AAR

The Tamilnadu Advance Ruling Authority has exempted Vadam/Papad made of Maida from GST. The order was based upon the application for advanced ruling by one M/s. Subramani Sumathi who are manufacturers of Maida Papad based in washermenpet, Chennai. The asessee’s application for advanced ruling seek knowledge regarding the rate of tax for vadams made of […]

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CBI arrests Two Income Tax Officers in a Bribery Case

The Central Bureau of Investigation ( CBI ) has arrested two Income Tax Officers posted in Ward 7(1)(4) and Ward 7(1)(3) at Koramangala, Bangalore in a bribery case of Rs.14 lakh. A case was registered under section 120 B of IPC and 7 of PC Act, 1988 (as amended in 2018) on 03.04.2019 against an […]

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Commissioner of Customs can recover Movable and Immovable Properties of Defaulters: CESTAT

The Mumbai bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has held that the Commissioner of Customs has the power can recover both the movable and immovable properties of the defaulters. M/s. Ansar & Co., the appellant have imported and cleared citric acid monohydrate BP-80 vide Bill of Entry No.4019 […]

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ICAI announces Exam Date for Advanced Integrated Course on Information Technology and Soft Skills

The Institute of Chartered Accountants of India ( ICAI ) has announced the exam date for the Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode. An announcement made by the ICAI has said that the Advanced ICITSS – Adv. IT Test – in […]

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ICSI to grant CS Course Fee Concession to Widows and Wards of Martyrs

The Institute of Companies Secretaries of India (ICSI) has decided to grant concession in fee to widows and wards of martyrs and permanent disability and premature retirement/ short service from military / para-military forces who wants to pursue CS Course. As per the decision taken by the Council at its meeting held on 16th March […]

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Courts should Strictly Interpret Penal or Taxation Statutes: Supreme Court [Read Order]

A two-judge bench of the Supreme Court has held that the Courts should interpret the penal or taxation statutes strictly. The appellant is a manufacturer and registered dealer of the cashew kernels cashew shell oil, etc. the appellant contended that the levy of sales tax under Section 6B of the Act, on the total turnover […]

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Chartered Accountant Vacancies in IDBI Bank

The IDBI bank has invited online applications from eligible Indian citizens for the various posts. No of Posts: 40 Last date to Apply: 08 – 04 – 2019 How to Apply: Candidates are required to apply Online through website www.idbi.com. (Careers/ Current Openings). No other means/ mode of application will be accepted. Candidates are required […]

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