Wednesday, July 31, 2019
Notice for Reassessment invalid If it is not served, rules Bombay HC [Read Order]
The division bench of the Bombay High Court has recently ruled that, Notice for the reassessment under Section 148 of Income Tax Act invalid if issued but not served properly. The petitioner is an individual, a widowed lady. She has been allotted a Permanent Account Number by the Income Tax Department. However, according to her, […]
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Finance Ministry extends time of the Task Force for drafting New Direct Tax Legislation
A Task Force was constituted by the Government in November, 2017 to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic need s of the country. It was required to submit its report by 31st of July, 2019. The Government has allowed the Task Force to […]
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Income Tax Dept conducts Search on group connected with VVIP Chopper Scam
The Income Tax Department conducted search action on 24th July, 2019, on a Hyderabad based group engaged in the business of conducting seismic data analysis. The assesse group indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. The surplus funds thus generated amounting to […]
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Benami Amendment Act, 2016 can’t be applied Retrospectively: Rajasthan High Court
The Rajasthan High Court, in a recent ruling, has held that the newly enacted Benami Amendment Act, 2016 cannot be applied retrospectively. The income tax department has been rampantly invoking the law ‘retrospectively’ to slap notice, confiscate property, and initiate prosecution on the ground that the prime intention of the original Benami Act of 1988 […]
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Tuesday, July 30, 2019
GST Glitches still exists: CAG Report
In its report on Goods and Services Tax ( GST ) for the period 2017-18 tabled before the Parliament on Tuesday, the Comptroller and Auditor General of India (CAG) has said that system-validated input tax credit through invoice matching is not in place and a non-intrusive e-tax system still remains elusive after two years of […]
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Contention that No Consideration was received from Transaction can’t be a Reason to waive Pre-Deposit: Bombay HC [Read Order]
The Bombay High Court has held that the assessees’ contention that he received no consideration and no tax could have been demanded from him is a subject matter of the Appeal proceedings and cannot be a ground for lifting the rigour of the requirement of deposit of 20% of the disputed tax pending appeal. Re-assessment […]
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Monday, July 29, 2019
Delhi High Court orders to Pay Rs. 50,000 as Compensation for Delayed DVAT Refund / Interest [Read Judgment]
A two-judge bench of the Delhi High Court has ordered the Delhi VAT department to pay Rs. 50,000 as compensation if the department delayed the DVAT refund amount with interest within the due date prescribed by the Court. The Petitioner, a registered dealer under the Delhi Value Added Tax Act, 2004 (DVAT Act), filed a […]
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Govt notifies Due Date Extension for CMP-08 for Composition Dealers [Read Notification]
In a major relief to the composition taxpayers, the Central Government has notified the due date extension for for furnishing FORM GST CMP-08 for the quarter April -June 2019 till 31.08.2019 On Saturday, the Goods and Services Tax ( GST ) Council had extended the due date for filing return by the composition taxpayers to […]
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SC Stays High Court Order disallowing Deduction on the basis of Completion Certificate issued after cut-off date by Local Authority
The Supreme Court has recently stayed an order of the Madhya Pradesh High Court wherein it was held that issuance of completion certificate, after the cut off date by the Local Authority but, mentioning the date of completion of project before the cut off date, does not fulfill the condition specified in clause (a) of […]
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ICMAI requests Govt to allow Cost Accountants to appear as Authorized Representatives under Income Tax Law [Read Representation]
The Institute of Cost Accountants of India (ICMAI) has requested the Central Government to include the cost accountants fraternity to appear as authorized representatives under the Income Tax Act, 1961. “With the intention of the Government to re-draft the present Income–tax Act, by way of enacting new Direct Tax Law keeping in mind tax system […]
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Disallowance of Expenditure is not Concealment of Income: ITAT deletes Penalty [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that mere disallowance of expenditure claimed in the return would not amount to ‘concealment of income’ for the purpose of imposing penalty under section 271(1)(C) of the income tax act. During the assessment proceedings, the assessee claimed deduction of deferred revenue expenditure of […]
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Waste Management Service to Municipality exempted from GST, No TDS: AAR [Read Order]
The Advance Ruling Authority (AAR), West Bengal has held that the waste management service provided to the municipality is exempted from the Goods and Services Tax ( GST ) and therefore, TDS. The applicant, Time Tech Waste Solutions Private Limited sought for a clarification regarding whether the TDS notifications under GST is applicable to supply […]
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Income Tax Department detects Foreign Assets in recent search
The Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amounts of undisclosed income over […]
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Companies need to give Details of ‘complained product’ only before Anti-profiteering authorities: Delhi HC [Read Order]
In a significant ruling granting relief to the Companies, a two-judge bench of the Delhi High Court has held that a company is required to give information to the Director-General of Anti-profiteering (DGAP) only about the ‘complained product’ and not about every product it produces. A complained product refers to a product against which complaint […]
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Re-Assessment on the basis of Documents already in hand of AO not Valid: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the Assessing Officer cannot invoke the provisions of section 147 and 148 to make re-assessment on the basis of facts and documents which are already available with him. The Assessing Officer has reopened assessment beyond the period of four years from the […]
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Sunday, July 28, 2019
JW Marriot Hotel slapped with Rs. 25000 Fine for Illegal GST Collection from Actor Rahul Bose
The Chandigarh Excise and Taxation Department, after a viral video of banana bill uploaded by actor Rahul Bose, has imposed a fine of Rs 25,000 on the hotel for charging ‘illegal tax‘ in the name of GST on two bananas. On Saturday, the Chandigarh authorities fined the hotel for violating Section 11 of the Central […]
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Vagueness and Ambiguity in recording of Satisfaction would nullify Penalty Proceedings: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the vagueness and ambiguity in recording of satisfaction would nullify the entire penalty proceedings under section 271(1)(c) of the Income tax Act. During the course of re-assessment proceedings, the Assessing Officer made addition of Rs.46,66,665/- on account of amount received by the assessee by […]
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Saturday, July 27, 2019
Key Decisions of 36th GST Council Meeting: Tax on EVs Reduced
The 36th GST Council Meeting was held here today Via Video Conference under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and other senior officials of the […]
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GST Council extends Due Date for filing Return by Composition Taxpayers
The Goods and Services Tax ( GST ) Council has extended the due date for filing return by the composition taxpayers to 31st August 2019. The due date was on 31st July. “The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 […]
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Friday, July 26, 2019
Toll Tax in Highways: Telangana High Court asks to produce List of Exempted Dignitaries
While considering to grant an interim relief in connection with a writ petition filed by advocates D Vidyasagar and S Naresh, the Telangana High Court has directed the petitioners’ counsel to furnish the list of government officials, politicians and other dignitaries who were exempted from paying toll tax on highways. The petitioners prayed before the […]
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CA Answer Sheet Controversy: ICAI to proceed against Delinquent Examiner
While nullifying the rumors regarding news reports on possession of answer books of CA exams by unauthorised person, the Institute of Chartered Accountants of India ( ICAI ) has clarified that has already initiated steps to proceed against the delinquent examiner and person in illegal possession of the answer books. Earlier there were news reports […]
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No Deduction since Sale was made in Cash under Unregistered Deed: ITAT [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal ( ITAT) has held that the deduction under section 54B and 54F of the Income Tax Act is allowable when the sale in question is made under an unregistered deed where the payment was made in cash. The assessee have purchased land on 23rd September, 2009 […]
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GST leviable on Contribution made by RBI and Public Sector Banks to NIBM [Read Order]
The Authority for Advance Ruling (AAR), Maharashtra has held that GST can be levied on the contribution to the National Institute of Bank Management ( NIBM ) by the member banks like the Reserve Bank of India and the Public Sector Banks. Before the authority, the National Institute of Bank Management has contended that the […]
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Thursday, July 25, 2019
Law does not Prohibit Share Purchase in Cash: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the law does not prohibit the Share Purchase in cash. The assessee, in her return for the relevant assessment year, claimed exempt income u/s 10 (38) of the Act in respect of long term capital gain derived from the sale of listed […]
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CGST Commissionerate, Gurugram arrests Three persons for committing Offences under CGST Act
CGST Commissionerate, Gurugram, Haryana has arrested three persons namely, Sh. Sh. Anil Kumar, S/o Sh. Balwan Singh, R/o VPO Jevra, Tehsil Barwala, Dist.- Hisar, Haryana, Sh.Bhikaram, S/o Sh. Babu Ram, R/o 415, Gali No. 28 C-1 Block, KhajuriKhas, Delhi-110094 and Sh. Kuldeep Sharma, S/o Sh. Ramesh Sharma, R/o Gali No. 4, Kakroi Road, Sonipat Haryana. […]
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Finance Minister asks Tax Officers to deal firmly with Tax Evaders
The Union Minister of Finance & Corporate Affairs Smt Nirmala Sitharaman exhorted the Income Tax officers to be prompt in redressing the grievances of the tax payers and expand the tax base in a non-intrusive manner. Addressing officers at the Income Tax day celebrations here today, the Finance Minister asked the department to firmly deal […]
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GST Council Meet postponed to July 26th
The GST council meeting via a video conference scheduled today has been postponed to July 26th. The meeting was about to finish the unfinished agenda of the last council meeting. Some states express reservations on rate reduction in the Fitment Committee. Some states express reservations w.r.t. to existing large scale investment in petrol, diesel cars […]
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Gujarat High Court orders Tax Dept to pay 9% Interest on Delayed IGST Refund [Read Order]
In a significant ruling, a two-judge bench of the Gujarat High Court has directed the GST department to pay 9% interest on the for the default of delayed refund of IGST. The petitioners contended that there is a substantial delay in making payment of the refund of the Integrated Tax paid on the export of […]
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Wednesday, July 24, 2019
GST Council to meet Today: Tax Rates on EVs and Lottery to be finalized
The 36th Meeting of the GST Council scheduled to be held today through Video Conference. The Council, in the meeting, may finalize the issues on electronic vehicles and lotteries. It may also consider the proposal to ease tax issues for the solar sector. The previous Council meeting held on June 21, had deferred these two […]
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IBBI amends Insolvency Professionals Regulations, 2016 and Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016
The Insolvency and Bankruptcy Board India (IBBI) notified regulations related to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019, and the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019. The salient amendments effected by the Insolvency and Bankruptcy Board of India […]
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Govt. issues strict direction to deal with Fugitive Economic Offenders
The Government issued directions to deal with wilful bank loan defaulters or fugitive economic offenders. For this a Look Out Circular (LOC) can be opened by the Bureau of Immigration in respect of Indian citizens and foreigners on the request of an authorized originator, which includes an officer not below the rank of Deputy Secretary […]
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Palm Oil Fruit is also Fruit: CESTAT allows GTA Exemption [Read Order]
While granting GTA exemption to palm oil manufacturers, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Hyderabad bench has held that the palm oil fruit should also be treated as fruit for the purpose of availing the exemption. The appellants are manufacturers of crude palm oil by extracting the same from the fruits of […]
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Mere Existence of Mixed Fund do not Automatically attract Disallowance u/s 14A: Gujarat High Court [Read Judgment]
A two-judge bench of the Gujarat High Court has held that the mere existence of mixed fund would not automatically attract disallowance under section 14A of the Income Tax Act, 1961. During the relevant year, the assessee made disallowance under section 14A on a suo motu basis and filed its return. The Assessing Officer even […]
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CAIT demands HRD Minister to include GST in Curriculum
The Confederation of All India Traders (CAIT) has demanded the Human Resource Development Minister Ramesh Pokhriyal ‘Nishank’ to add GST in curriculum in view of the recent changes in the indirect tax system in the country. In a recent communication, the traders body has requested Mr Pokhriyal to remove disparity in current educational syllabus pertaining […]
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GST applicable on Whole Amount of Maintenance Charges collected by RWA If It exceeds Rs. 7500: CBIC [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that the Goods and Services Tax (GST) will be levied on the whole amount of maintenance charges collected by the Residence Welfare Associations (RWA) if such amount exceeds Rs. 7500/-. While clarifying the issues regarding monthly subscription/contribution charged by a Residential Welfare Association, the […]
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Govt. takes Steps to reduce Incidence of Frauds in Banks
The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued “Framework for timely detection, reporting, an investigation relating to large value bank frauds” to Public Sector Banks (PSBs), for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, […]
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Tuesday, July 23, 2019
Finance Bill 2019 empowers RBI to supersede the Board of an NBFC
Amendments to give more powers to RBI to regulate NBFCs form part of Finance Bill, 2019, which has been introduced in the ongoing Budget Session 2019 of Parliament. The proposed amendments would empower RBI to supersede the Board of an NBFC or remove its director(s), amalgamate or reconstruct or split an NBFC in public interest […]
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Banks collected Rs 9,721 cr in Minimum Balance Penalty
According to Reserve Bank of India (RBI) guidelines, banks do not have any Minimum Balance requirement for Basic S – avings Bank Deposit accounts (BSBD), including accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY). As on March 2019, there were 57.3 crore BSBD accounts across the country, including 35.27 crore Jan-Dhan accounts. Hence, for […]
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CBDT continues follow up in cases connected with J&K Bank
The Central Board of Direct Taxes ( CBDT ) has been actively pursuing leads found in the actions taken against the J&K Bank and its erstwhile Chairman, Sh. Parvez Ahmad. In another such follow-up action, a search and seizure operation has been conducted on a Group that is in the business of providing security to […]
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Income Tax Department to celebrate Aaykar Diwas 2019
The Central Board of Direct Taxes (CBDT) and all field offices will be observing and celebrating the 159th Income Tax Day i.e. AaykarDiwas on 24th July, 2019. It was on 24th July, 1860 that Income Tax was introduced for the first time in India by Sir James Wilson to compensate for the losses incurred by […]
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Income Tax Return filing Date Extended [Read Order]
The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns to 31st August 2018 from this July 31st. As the due date has been coming closer, the Board had received several requests from the tax practitioners body and the Institute of Chartered Accountants of India (ICAI) requesting a […]
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ICMAI gets New President and Vice President
The Institute of Cost Accountants of India ( ICMAI ) has elected CMA Balwinder Singh and CMA Biswarup Basu as the new President and Vice President of the Institute. CMA Balwinder Singh is a Fellow Member of the Institute of Cost Accountants of India. He is also Fellow Member of the Institute of Chartered Accountants […]
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Monday, July 22, 2019
Inter-Ministerial Committee on Virtual Currencies submits Report and Draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’
The Government had constituted an Inter-Ministerial Committee (IMC) on 2.11.2017 under the Chairmanship of Secy (EA), with Secy (MeiTY), Chairman (SEBI) and Dy. Governor, RBI as Members, to study the issues related to virtual currencies and propose specific action to be taken in this matter. The Group’s report, along with a Draft Bill has been […]
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Bombay HC allows dept to conduct Service Tax Audit post implementation of GST [Read Order]
The Bombay High Court has allowed the Service Tax Department to conduct Service Tax Audit on post Implementation of Goods and Services Tax ( GST ). The petition sought a declaration that Respondents do not have power under Rule 5A of the Service Tax Rules, 1994 read with Section 174(2)(e) of the Central Goods and […]
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GST Council to meet on July 25 to decide on Tax Cut on Electronic Vehicles
The Goods and Services Tax ( GST ) Council to meet on July 25th to decide on Tax Cut on Electronic Vehicles. The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services in solar power generating systems and wind turbine projects for […]
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Purchase of Multiple Flats can’t be treated as a Single Transaction in TDS Statement: ITAT rejects Builders Plea [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), while disposing of a bunch of appeals, held that a builder cannot treat the purchase of multiple flats as a single transaction for the purpose of filing of TDS Statement. The assessee company is engaged in the business of real estate construction and development. During […]
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Interest on Late deposit of VAT, Service Tax, TDS are allowable Business Expenditure: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the interest paid by the assessee on late deposit of VAT, Service Tax, TDS etc, is not penal in nature, allowable as business expenditure under section 37(1) of the Income Tax Act, 1961. The assessee filed its return of income for the A.Y. 2014-15 […]
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Filing of Form 3CB Audit Report with Form 3CD is Sufficient Compliance: ITAT deletes Penalty [Read Order]
While deleting a penalty order passed under Section 271B of the Income Tax Act, the Income Tax Appellate Tribunal ( ITAT ), Kolkata bench has held that the filing of form no. 3CB audit report with form no. 3CD is sufficient compliance. The sole grievance of the assessee was that the Assessing Officer was erred […]
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Deposits collected by Finance Company are Capital Receipts: Supreme Court [Read Judgment]
A two-judge bench of the Supreme Court comprising Justice R F Nariman and Justice Sanjiv Khanna held that the deposits collected by a finance company are capital receipts and not revenue receipts. The bench also held that the primary liability and onus is on the Dept to prove that a certain receipt is liable to […]
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Sunday, July 21, 2019
Inadvertent and Bonafide Error in Return won’t attract Penalty: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an inadvertent and bonafide error in return would not attract penalty under section 271(1)(c) of the Income Tax Act, 1961. The assessee disclosed the deduction pertaining to ‘building premises’ under the head ‘block of assets’. During the course of assessment proceedings, the […]
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Saturday, July 20, 2019
Growing Hybrid Seeds is Agricultural Activity: ITAT allows Tax Exemption [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the activity of growing of hybrid seeds can be treated as an agricultural activity and therefore, the income received from the same is exempted under the Income Tax Act, 1961. The assessee is engaged in the activity of growing hybrid seeds. The […]
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CBIC allows Refund Application for Tax Periods 01.07.2017 to 31.03.2018 in FORM GST RFD-01A for IGST paid on Export Services & Supplies made to SEZ [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has allowed Refund Application for Tax Periods 01.07.2017 to 31.03.2018 in FORM GST RFD-01A for IGST paid on Export Services and Supplies made to SEZ. Certain registered persons, while filing the return in FORM GSTR-3B for a given tax period, committed errors in declaring […]
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Credit on Construction Services: A Building ‘Block’ of Jurisprudence
“There are no facts, only interpretations” -Friedrich Nietzsche It is not far-fetched to say that law and love are analogous. In fact, law is a step ahead of love. While it is said that every love has one soul with two bodies; similarly, every law also has a single soul i.e. the written law with […]
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Karnataka High Court grants Anticipatory Bail against arrest under GST for Alleged Bogus Billing / Trading [Read Order]
The Karnataka High Court has granted Anticipatory bail against arrest under GST for alleged bogus billing / Trading. The Petitioners are husband and wife and they are the Directors of M/s. Steel Hypermart India Private Limited and M/s.Singhi Buildtech Private Limited. It is further alleged that the said Companies have been involved in circular bill […]
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Friday, July 19, 2019
No Registration needed When It Supply only Exempted Supplies: AAR [Read Order]
The West Bengal Authority of Advance Ruling ruled that, Supplier is not required to get registration when it supply only exempted supplies. The Applicant is stated to be providing conservancy/solid waste management service to the Bally Municipal Corporation, which has been merged with the Howrah Municipal Corporation in terms of State Government Notification No. 428lMAlOlC4l1M-3612014 […]
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No TDS liability on Cooperative Society under GST from payment made to it by Vendors for Providing Taxable Goods: AAR [Read Order]
The Authority for Advance Ruling, Rajasthan has ruled that, TDS provision are not applicable to a cooperative society registered under the Rajasthan State Co-operative Society Act, 2001 under GST from the payment made to it by vendors for providing/ procuring taxable goods and services for making its supplies. The applicant deals in manufacturing of Milk, […]
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DGGI Headquarters arrests one person for issuing Bogus Invoices without Supply of Goods
The Directorate General of GST Intelligence Hqrs. (DGGI Hqrs.) has arrested one person, namely, Shri Anupam Singla son of Shri Krishan Kumar Singla, permanent resident of Sirsa, Haryana, who had created about 90 fake firms for the purpose of issuing bogus invoices without the supply of goods thereon. During the search conducted at the Delhi […]
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Goods Sent / Taken out of India for Exhibition or on Consignment basis for Export Promotion not to be treated as Supply: CBIC [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued the clarification in respect of goods sent/taken out of India for exhibition or on a consignment basis for export promotion. The CBIC clarified that the activity of sending / taking the goods out of India for exhibition or on consignment basis for […]
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CBIC issues Clarification on doubts related to Supply of Information Technology enabled Services [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications on doubts related to Supply of Information Technology enabled Services ( ITeS services ). In the Circular CBIC said that, The definition of intermediary inter alia provides specific exclusion of a person i.e. that of a person who supplies such goods […]
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Lok Sabha passes Finance Bill
A Bill to amend tax and other laws including SEBI Act, the RBI Act, the CGST Act and the PMLA Act, was passed on Thursday in the Lok Sabha by voice vote. Moving the Finance (No. 2) Bill, 2019 in the Lower House, Finance Minister Nirmala Sitharaman said amendments were being made in five major […]
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Input Tax Credit available on Cash Carry Vehicles: Bombay HC quashes AAAR Order
A division bench of the Bombay High Court comprising Justice MS Sanklecha and Justice MS Sonak has set aside an order of the Maharashtra Appellate Authority for Advance Ruling (AAAR) wherein the authority had held that no input tax credit is available on the purchase of ‘cash carrying’ motor vehicles. The bench was hearing a […]
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SCN issued in a Template-Like Manner can’t be challenged through Writ Petition: Madras HC [Read Judgment]
The Madras High Court has held that a show-cause notice which is issued in a template-like manner cannot be challenged before the Court through a writ petition. The assessee-company exports software & ITeS services and is registered as an STPI under the Software Technology Park Scheme. The return filed by the assessee was rejected by […]
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Maruti Dealer eligible to obtain Input Tax Credit on Purchase and Use of Demo Vehicles: AAR [Read Order]
The Authority for Advance Rulings (AAR), Goa has, while considering an application by a dealer of Maruti Suzuki held that the dealer can obtain input tax credit on the purchase and use of demo vehicles under GST. The applicant is an authorised dealer for Maruti Suzuki India Ltd. for sale of motor vehicles and spares […]
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Thursday, July 18, 2019
DGGI Gurugram Zone arrests Two Businessmen for Fraudulent issuance of around Rs 40cr of Input Tax Credit
The Gurugram Zonal Unit of the Directorate General of GST Intelligence ( DGGI ) has arrested two businessmen, namely, Sh. Anil Kumar Jain of M/s Jatalia Global Ventures Ltd, Delhi, and Sh. Manoj Garg of M/s Manoj Cables Ltd. Delhi, today in a case of fraudulent issuance of Input Tax Credit invoices without actual supply […]
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No Due Date Extension? Income Tax Dept mandates filing of ITR on 31st July
The Income Tax Department has issued an advisory mandating the filing of income tax returns ( ITR ) by 31st July. This hints at no further extension of the last date to the taxpayers. The advisory said that “File your income tax return on or before 31st July. Avoid Last-minute rush.” As per reports, over […]
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GST: CBIC extends due date for Filing FORM GST CMP-08 [Read Notification]
The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the extension for filing returns by the composition dealers in Form CMP-08. According to the Notification, “Provided that the due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter April, […]
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No Plan to make Foreign Language Course mandatory: ICAI
The Institute of Chartered Accountants of India ( ICAI ) has clarified that the Institute has no plan to make foreign language course mandatory for the chartered accountants and students. The ICAI had initiated foreign language courses in German, French and Spanish to overcome the language barriers while dealing with foreign companies and also to […]
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CA EXams: Result of CPT held in June, 2019 declared
The Institute of Chartered Accountants of India ( ICAI ) today announced the result of Common Proficiency Test ( CPT ) exam held on June 16, 2019. The result analysis of the CPT Examination in terms of total pass percentage & gender-wise details are mentioned below. GENDER No. of candidates appeared No. of candidates passed Pass % MALE […]
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Cabinet approves Amendment in the Terms of Reference for the Fifteenth Finance Commission
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposed amendment to enable Fifteenth Finance Commission to address serious concerns regarding the allocation of adequate, secure and non-lapsable funds for defence and internal security of India. The Fifteenth Finance Commission has been constituted by the President on 27th November 2017 in pursuance […]
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Wednesday, July 17, 2019
GST Evasion: Dept. arrests one person for taking ITC fraudulently to the tune of more than Rs 5.06 Cr
The Directorate General of GST Intelligence (DGGI),Gurugram Zonal Unit, Gurugram has arrested one person namely Shri Ajit Jindal, Proprietor of M/s. Shree Balaji Enterprises, A-43, SaraswatiVihar, North-West, Delhi-110034. The above said Firm had taken ITC fraudulently to the tune of more than Rs 5.06 crore involving invoice value of Rs28.11 crore on the strength of […]
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CBDT issues clarification on incorrect reports in Social Media pertaining to difficulty in filing of Income Tax Returns
The Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20. There were reports in social media that the taxpayers […]
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Cabinet approves extension of the term of the Fifteenth Finance Commission up to 30th November, 2019
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the extension of the term of Fifteenth Finance Commission up to 30th November, 2019. It will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2025. Background: The […]
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Income Tax Returns can be filed till 31st July: Will Govt extend Due Date?
As the due date for filing of income tax returns by individuals and entities comes closer, the tax payers are expecting an extension of the last date. As per reports, over 1.46 crore income tax returns have been filed so far, of which 90.8 lakh have been filed by individuals with total income up to […]
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Tuesday, July 16, 2019
GST Intelligence Wing, Gurugram arrests One Person for taking ITC fraudulently for more than Rs 5.06 Crore
The Directorate General of GST Intelligence (DGGI),Gurugram Zonal Unit, Gurugram has arrested one person namely Shri Ajit Jindal, Proprietor of M/s. Shree Balaji Enterprises, A-43, SaraswatiVihar, North-West, Delhi-110034. The above said Firm had taken ITC fraudulently to the tune of more than Rs 5.06 crore involving invoice value of Rs 28.11 crore on the strength […]
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Deduction can’t be denied on ground that Entire Agricultural Land not used for Cultivation: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune has held that the provisions of Section 54B of the Income Tax Act cannot be denied for the reason that the entire agricultural land should be used for cultivation for claiming benefit under such provision. The assessee sold agricultural land at Gut No.247 at Titoli for Rs.50 lakhs […]
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Pre-Deposit Requirement can’t be Waived since Its’ Constitutional Validity is Upheld: Bombay HC [Read Judgment]
A two-judge bench of the Bombay High Court, while dismissing a bunch of petitions, held that the requirement of pre-deposit to file an appeal before the authorities and Tribunal cannot be waived since the constitutionality of the provision is already upheld by the High Court in Haresh N. Vora vs. Union of India. The bench […]
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NAA dismisses Complaint since GST Reduction was not granted to Product which Respondent alleges Profiteering [Read Order]
The National Anti-profiteering Authority ( NAA ) has dismissed a complaint as it was found that the rate reduction was not granted to the product in question as alleged by the complainant. The applicant alleged that the respondent had maintained the same selling price of Rs.6,869/- for the product “HP V202b 19.5 inch Computer Monitor” […]
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ITR Filing now on the cloud with TaxCloud India
During tax filing season, most people turn to Chartered Accountants to do their filing for them. This puts the onus of error-free filing on the CAs. TaxCloud India offers an all-round solution for the problems a CA might face during filing. It saves time and effort by automating most of your work. TaxCloud India, as […]
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Sale Proceedings need not be Invested in Specified Govt Scheme New Property is purchased within Three Years: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no need to invest the sale proceedings in the specified Government schemes when the assessee has purchased the new property within three years of the sale of the old asset. The Assessing Officer, during the proceedings, found that the assessee […]
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Hotel, GST Officer slapped with Rs. 15,000 for collecting GST on Curd
The district consumer redressal forum in Tirunelveli has imposed a fine of Rs. 15,000 on a restaurant and the assistant commissioner for state GST (SGST) in the commercial tax department, Tirunelveli for for charging Rs 2 as Goods and Services Tax (GST) on curd and Rs 2 as packing charge. The forum, while slapping a […]
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Monday, July 15, 2019
Delay in Filing Appeal due to Non-Communication of Order to Trustee constitute ‘Sufficient Cause’: Bombay High Court [Read Judgment]
A two-judge bench of the Bombay High Court has held that the delay in filing of the appeal before the Tribunal due to non-communication of the same to the Trustee would constitute ‘sufficient cause’ to condone the delay. The appellant, a Charitable Trust challenged an order demanding service tax for operating commercial training or coaching […]
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Patiala House Court denies Bail in Bogus GST Billing / Wrongful ITC Claim Case [Read Order]
The Patiala House Court has recently denied bail in Bogus billing or wrongful Input Tax Credit claim case. The accused is involved in the fraudulent evasion of taxes to the tune more than Rs. 20 Crore and he is involved in wrongful availing of the input tax credit by way of issuing invoices of three […]
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RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings
The Reserve Bank of India has released the draft report of the Internal Working Group on “Comprehensive Review of Market Timings”. Comments on the draft report are invited from market participants and other interested parties by July 31, 2019. Feedback on the draft report may be forwarded to: The Chief General Manager, Reserve Bank of India […]
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Sunday, July 14, 2019
Income Declaration Scheme: Payments made by declarants on 3rd October, 2017 shall also be deemed to have been paid by due date for Third Installment, says CBDT [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has clarified that, all payments made/effected by the declarants on 3rd October, 2017 shall also be deemed to have been paid by the due date for the third instalment i.e. 30th September, 2017 under Income Declaration Scheme ( IDS ). Under the Income Declaration Scheme, 2016 […]
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Saturday, July 13, 2019
Chartered Accountant booked for aiding Trader in Export Fraud
A chartered accountant has been arrested in Mumbai for allegedly aiding and abetting a businessman in an export fraud of Rs 118 crore. The arrest was recorded by the prevention of smuggling and customs fraud unit of Directorate of Revenue Intelligence (DRI) on Thursday. In June, the officials had arrested a business man Radha Madhav […]
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Friday, July 12, 2019
Delhi High Court admits Petition by Banks challenging Tax on Minimum Balance [Read Order]
A two-judge bench of the Delhi High Court, on Monday agreed to hear a petition filed by 13 banks against the tax department challenging notices imposing 38,000 crore as service tax on minimum balance. Show cause notices were issued to banks demanding tax from the banks for “treating the commitment of customers to maintain minimum average balance (MAB) in […]
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ICAI to announce Results of Common Proficiency Test in Next Week
The Institute of Chartered Accountants of India ( ICAI ) has announced that the results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019 at around 6.00 P.M. and the same will be available on the following websites: 1. icaiexam.icai.org 2. caresults.icai.org 3. […]
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Tuesday, July 9, 2019
CA, CS, CMA Vacancy in IBM
The IBM has invited applications from CA, CS and CMA for the position of Transformation Leader. IBM Services is a team of business, strategy and technology consultants that design, build, and run foundational systems and services that is the backbone of the world’s economy. IBM Services partners with the world’s leading companies in over 170 […]
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Monday, July 8, 2019
Penalty can’t be levied for Lack of Evidence supporting HRA Claim If Assessee admitted Fault: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty order under section 271(1)(c) of the Income Tax Act by holding that the same cannot be imposed for want of evidence to support the claim for House Rent Allowance (HRA) if the assessee agreed for the addition. The appellant is an […]
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Non-Production of Audit Report in Prescribed Format would attract Penalty: ITAT
The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the non-production of the audit report in the prescribed format can be a reason to impose a penalty under Section 271B of the Income Tax Act, 1961. The assessee filed a belated return without filing the audit report as required under section […]
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Gujarat HC partly strikes down Press Release extending Last Date to avail Input Tax Credit in respect of Invoices or Debit Notes [Read Judgment]
A two bench of the Gujarat High Court comprising Justices J B Pardiwala and A C Rao has set aside the press release dated 18th October 2018 as the same found to be illegal to the extent that its para-3 purports to clarify that the last date for availing input tax credit relating to the […]
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Govt continuously taking Measures to Enhance Technology backbone of Income Tax Dept: Minister Anurag Singh Thakur
The Government is continuously taking several initiatives to enhance the technology back bone of the Income Tax Department (ITD), said Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in a written reply to a question in Lok Sabha last day. ITD is having a dedicated directorate called ‘Directorate of System’ which […]
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CBI files Case against former CIT(A) for passing Orders beyond Jurisdiction
Central Bureau of Investigation ( CBI ) has registered a case U/s 120-B, 420, 468 of IPC and Section 7 of P.C.Act 1988 (As amended in 2018), against the then Commissioner of Income Tax (Appeal)-I, Noida with additional charge of Commissioner of Income Tax (Appeal)-II Noida and others. It was alleged that the accused while […]
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8 out of 10 Chartered Accountants got Pay Hike in Ireland
According to a survey from the Chartered Accountants Leinster Society, eight out of 10 accountants received a “significant” pay hike in the past three years, and average pay for a chartered accountant in Leinster grew 3.1pc to €112,580 last year. The figures take into account perks such as a car allowance and bonus. Pay rises […]
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Sec 50C can’t be invoked on Brokerage Costs incurred on Sale Consideration by Purchaser: ITAT [Read Order]
The Ahmedabad bench of the ITAT has held that Section 50C of the Income Tax Act, 1961 cannot be invoked in case of brokerage costs incurred on the sale consideration by the purchaser. The assessee, an individual, sold immovable property located at Paldi, Ahmedabad for a consideration of Rs.51 Lakhs vide sale deed registration with […]
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CA / US CPA / ACCA Vacancy in KPMG
The KPMG has invited applications for the post of Senior Associate. KPMG is a leading professional services firm comprising over 174,000 professionals who work together to deliver value in more than 155 countries through in-depth industry insights in Audit, Tax & Advisory. KPMG Global Delivery Center (GDC) is a robust global delivery platform comprising of […]
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Cancer Treatment is a ‘Reasonable Cause’ to Condone Delay: ITAT
The Income Tax Appellate Tribunal (ITAT), Chennai bench has condoned the delay of 229 days in filing the first appeal by observing that the delay was due to cancer treatment of the assessee. The appellant is an individual, deriving income under the head ‘’income from salaries”. During the relevant period. the Assessing Officer disallowed the […]
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CBIC issues clarification on Provisions in the Cenvat Credit Rules 2004 regarding Reversal of Credit [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification on the provisions in the Cenvat Credit Rules 2004 regarding reversal of credit. In the Circular issued by in Q & A format said that, regarding the reversal under rule 6 (3) of the Cenvat Credit Rules 2004, on a […]
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Sunday, July 7, 2019
Uttarakhand likely to introduce ‘ Green Tax ’ for Tourists
The Uttarakhand State Government is likely to introduce compulsory ‘Green Tax’ for Tourists for visiting Uttarakhand soon. Whether you are visiting the place for adventure sports, or going on a Char Dham Yatra, or even for those you are planning big fat wedding events with the Himalayas in the backdrop, everyone might end up adding the said […]
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Unsold Flats / Bunglows can’t be Taxed on Notional Basis from Developer: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the developer cannot be liable to pay income tax on the deemed rent from the unsold flats/ bungalows since the same is treated as stock-in-trade. During the course of assessment proceedings, AO noticed that assessee had ready possession of six unsold flats/bungalows but had […]
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Capital Gain won’t attract on Sale of FSI / Transfer of Developmental Rights: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of FSI/ Transfer of Developmental Rights would not attract capital gain under the Income Tax Act, 1961. During the relevant assessment year, the assessee has sold TDR/FSI development rights for Rs.2.50 crore which was claimed as exempt from income tax. […]
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Actor Shilpa Shetty gets Tax Relief from Tax Tribunal
Income Tax Appellate Tribunal (ITAT), Mumbai bench has granted tax relief to the actor Shilpa Shetty, who was a brand ambassador for IPL team Rajasthan Royals. Mrs Shetty had declared a taxable income of Rs 7.6 crore, but after assessment, the Income Tax authorities redetermined it at Rs 13 crore, adding Rs 5.4 crore as […]
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Friday, July 5, 2019
Govt announces Tax Relief for Start-Ups under Budget 2019
Several of the tax proposals announced by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today, are aimed at promoting investments in Sunrise Advanced Technology industries and in Start-ups. To boost economic growth and Make in India, a Scheme is to be launched to […]
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Budget 2019: Govt. proposes creation of Social Stock Exchange under SEBI for listing Social Enterprises and Voluntary Organizations
Creation of a social stock exchange has been proposed by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today. The Finance Minister said that it is time to take our capital markets closer to the masses and meet various social welfare objectives related to […]
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Budget 2019: No Scrutiny to check the Valuation for ‘Angel Tax’ in Start-Ups and their Investors
The Start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums. This has been proposed in the Union Budget 2019-20 presented by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the […]
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Budget 2019: Additional Deduction of up to Rs.1.5 lakh for Interest Paid on Loans for Purchase of Affordable House
The effective tax rates for the higher income group individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above is proposed to be increased by around 3 percent and 7 percent respectively. Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance and Corporate […]
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Pre-Filled Tax Returns to be made Available to Taxpayers to Improve Accuracy and Reduce Time to File a Tax Return: FM Nirmala Sitharaman
The Finance Minister said that pre-filled tax returns will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, and dividends etc. and tax deductions. She further said that Information regarding these incomes will be collected from the concerned sources such as Banks, Stock exchanges, mutual funds, […]
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Budget proposes 2 % TDS on Cash Wthdrawal exceeding Rs. 1 cr in a year from Bank Account to Encourage Digital Payments
The Union Budget today proposed to levy TDS of 2 per cent on cash withdrawal exceeding Rs. 1 crore in a year from a bank account. This is in continuation of a number of initiatives taken in the recent past for the promotion of digital payments and less cash economy, and to promote digital payments […]
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Budget 2019 announces Tax Relief for Individuals
The effective tax rates for the higher income group individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above is proposed to be increased by around 3 percent and 7 percent respectively. Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance and Corporate […]
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Budget 2019: Govt to consider issuing Aadhaar Card for NRIs with Indian Passports
The Union Finance Minister proposed to consider issuing Aadhaar Card for Non-Resident Indians with Indian Passports. She also proposed to launch a Mission that will integrate India’s traditional artisans and their creative products with global markets. Wherever necessary patents and geographical indicators, will be obtained for them. India’s soft power is appreciated in so many […]
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Union Budget proposes 25 % Corporate Tax extended to Companies with Annual Turnover up to Rs. 400 crore
The Union Budget 2019-20 has proposed to extend the lower rate of 25 % Corporate Tax to all companies with annual turnover up to Rs. 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs. 250 crore. Presenting the General Budget 2019-20 in the Parliament today, the Union Minister […]
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Budget 2019: Important GST and Indirect Tax Amendments
Further simplification of the GST processes, increasing Special Additional Excise duty and Road and Infrastructure Cess on petrol and diesel by one rupee each, hike in Customs Duty on Gold and precious metals to 12.5% and imposing nominal basic excise duty on tobacco products and crude are among the salient proposals pertaining to the Indirect […]
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Budget 2019: Key Tax Proposals
In a 2:10 hour budget speech, the Union Finance Minister Nirmala Seetharaman has made some significant proposals for tax matters. Some of the key proposals are the below. No Income Tax for Income below 5 Lakhs/ Year 2% TDS on Cash Withdrawals above 1 Crore 3% Surcharge on Income above 2 Crore E-filing would ease […]
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Thursday, July 4, 2019
Union Budget 2019 – Live Blog
#BudgetScan : Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament. #Budget2019 @nsitharaman @ianuragthakur — Tax Scan (@tax_scan) July 5, 2019 Copies of #Budget2019 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today. #BudgetScan — Tax Scan (@tax_scan) July […]
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Nirmala Sitharaman to present her Maiden Budget Today, Hands over Budget copy to President
The Union Finance Minister Nirmala Sitharaman is all set to present her first budget today. The Union Budget Speech 2019 is expected to begin at around 11:00 am. Ahead of the Budget speech, the Finance Minister has handed over a copy of the Union Budget to the President. Finance Minister used a bahi khata (ledger) to carry […]
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ICSI introduces OMR Sheet for CS Exam December
The Institute of Company secretaries of India ( ICSI ) has decided to introduce OMR sheet for three subjects in CS examination scheduled on December 2019. As per an announcement made by the Institute, the examination for following three subjects in Executive Programme (New syllabus) shall be conducted in MCQ based OMR format w.e.f. December […]
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Debt Recovery Mechanism strengthened with the Enactment of IBC, says Economic Survey
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in Parliament today. Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal. […]
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Key Highlights of Economic Survey 2018-19 [Read Full Text]
The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman tabled the Economic Survey 2018-19 in the Parliament today. The Key Highlights of Economic Survey 2018-19 are as follows: Shifting gears: Private Investment as the Key Driver of Growth, Jobs, Exports and Demand The survey states that pathways for trickle-down opened up during the last […]
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Can Nuns and Priests to pay Income Tax for Salary from State-funded or Private Institutions? SC to decide
The Supreme Court has agreed to hear the challenge of whether nuns and priests be asked to pay Income Tax if they draw their salary from state-funded or privately managed institutions? The Petitioners the Immaculate Conception Society Madurai and Others have approached the Apex Court with a plea to exempt them from paying Income Tax. […]
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SC dismisses Contempt Petition against Hasmukh Adhia and Ajay Bhushan Pandey
The Supreme Court of India has dismissed the contempt petitions filed against Former Revenue Secretary Hasmukh Adhia and present Revenue Secretary Ajay Bhushan Pandey. The Supreme Court bench comprising of Justice UU Lalit and Justice Vineet Saran observed that no contempt has been made out. The petitions were filed by a Former IRS Officer SK […]
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Labour Services availed to Forest Department for Environment Protection are Exempted from GST: AAR
The Authority of Advance Ruling, Kerala has ruled that Supply of providing labour services for setting up fire lines in forests, Labour services for plantation of trees in forests, labour services for RIL / river maintenance, labour services of clearing truck paths in forests are exempted from GST. The applicant is providing various labour services […]
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Wednesday, July 3, 2019
ITAT upholds Penalty leviable on Surrender made on Account of Discrepancy in Stock [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh bench has held that the penalty under Section 271AAB of the Income Tax Act was rightly imposed in the case where the assessee surrendered the short stock not accounted. The department initiated a search against the assessee under section 132 of the Act. During the course of the […]
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RBI imposes Monetary Penalty on Four Banks
The Reserve Bank of India ( RBI ) has, by an order dated June 25, 2019, imposed monetary penalty on four banks for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards and Opening of Current Accounts, as detailed below: Sl. No. Name […]
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Service Providers can opt for Composition Scheme till July 31: CBIC [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended by three months till July 31 the deadline for service providers with a turnover of up to Rs 50 lakh to opt for the composition scheme and pay six per cent Goods and Services Tax (GST). The Circular said that, “a registered […]
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RBI Constitutes Working Group to Review Regulatory and Supervisory Framework for Core Investment Companies
In August 2010, the Reserve Bank of India ( RBI ) had introduced a separate framework for the regulation of systemically important Core Investment Companies (CICs) recognising the difference in the business model of a holding company relative to other non-banking financial companies. Over the years, corporate group structures have become more complex involving multiple […]
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Share Purchase as per Order of Company Court constitute Dividend, not Capital Gain: Madras High Court dismisses Cognizant’s Plea [Read Judgment]
The Madras High Court has held that the shares purchased pursuant to the order of Company Court would not amount to capital gain and rather to be treated as a dividend. The assessee, engaged in the business of development of computer software and related services & export, bought back its own shares. Thereafter, during the […]
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Income of Non-Resident Investor from Off-Shore Investments through AIFs not Taxable in India: CBDT [Read Circular]
The Central Board of Direct Taxes (CBDT) has clarified that the income received by a non- resident investor from off-shore investments routed through the Category I or Category II AIF is not taxable in India as per provisions of Section 5(2) of the Income Tax Act, 1961. The Board has issued a clarification regarding taxability […]
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