Saturday, August 31, 2019
Friday, August 30, 2019
Cash Withdrawals over Rs 1 cr to attract 2% TDS from Sep 1: CBDT
The Central Board of Direct Taxes ( CBDT ) has issued Clarification on applicability of Tax Deduction at Source ( TDS ) on cash withdrawals. In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new Section 194N of the Income Tax Act, 1961, […]
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Thursday, August 29, 2019
Salary to Teachers / Lectures / Staff of College subject to TDS u/s 192, not FTS: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur has held that the salary paid to teachers, lectures and staff by the college would not amount to the fee for technical services and the same is subject to TDS under Section 192 of the Income Tax Act. The assessee runs a college under the name and style […]
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CBDT issues Clarifications on filling-up of the ITR Forms [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has issued Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20. In a circular issued by CBDT has said that, In ITR Form-2 and ITR Form-3, in Part-A General, at column (h), the taxpayer is required to state whether he was […]
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Registration can’t be denied to Charitable Institution merely because It is solely for benefit of Christian Community: Patna HC [Read Judgment]
The Patna High Court has held that, Registration can’t be denied to Charitable Institution merely because It is solely for benefit of Christian Community. The appellant is an educational institution which was granted registration under section 12AA on April 26, 1985. In the year 2011, the income tax department cancelled its registration on the ground […]
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Ex-Gratia Payment to Prematurely retiring Employees Deductible even in the absence of a Scheme: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount of ex-gratia payment to the prematurely retiring employees can be allowed as a deduction under the provisions of Income Tax Act even though there is no such scheme providing the same. After the conclusion of the assessment proceedings, the Assessing […]
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Cenvat Credit allowable to Legal Consultancy Services: CESTAT [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the legal consultancy services can be treated as an input for which cenvat credit is allowable. Appellant, a Software Technology Park duly registered and engaged in the exportation of online information and database access/retrieval services, had filed two refund claims under Rule 5 […]
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Wednesday, August 28, 2019
No differential regime between FPIs, Domestic Investors, says CBDT
The Central Board of Direct Taxes ( CBDT ) said today that an incorrect perception is being created in a section of media as if announcements made by Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs, in a press conference on 23rd August 2019, which brought in a number of responsive structural measures […]
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Transfer of Right to Sue would not constitute Capital Gain: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the assessee cannot be assessed for capital gain on the ground of transfer of right to sue. The assessee, a lawyer by profession, was assessed for the compensation of Rs.900 Lakhs received by the assessee during impugned AY pursuant to certain consent terms as approved […]
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Tuesday, August 27, 2019
Monday, August 26, 2019
CA Inter May 2020 Exam Eligibility: ICAI relaxes requirement to undergo 8 months Study Period to appear in May, 2020 Intermediate Examination
The Institute of Chartered Accountants of India ( ICAI ) has relaxed the requirement to undergo 8 months Study Period to appear in May, 2020 Intermediate Examination in respect of students who have cleared May/June, 2019 Foundation Examinations. In order to mitigate the hardship being faced by the students while registering themselves in Intermediate Course […]
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CBIC extends Due Date for filing GST Annual Return and Reconciliation Statement for FY 2017-18 to Nov 30th
The Central Board of Indirect Taxes and Customs ( CBIC ) has Extended the Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to November 30th 2019. The press release issued by CBIC stated that, “It is hereby informed that the last date for furnishing of […]
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CBDT issues clarification on eligibility of small Start-Ups to avail Tax Holiday
The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crores will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out […]
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Sabka Vishwas – Legacy Dispute Resolution Scheme Notified; To be Operationalized from 1st Sep 2019
In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019. The Scheme would continue till 31st December 2019. The government expects the Scheme to be availed by a large number of taxpayers for closing […]
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Govt. withdraws enhanced Surcharge on Tax payable on Transfer of Certain Assets
In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and Section 112A of the Income Tax Act,1961 from the […]
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Saturday, August 24, 2019
Former Finance Minister Arun Jaitley passes away
Senior Advocate of Supreme Court of India and Former Union Finance Minister and Corporate Affairs Miniter Arun Jaitley dies at 66. He was undergoing treatment at AIIMS New Delhi since August 9. Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney, who was the Minister of Finance and Corporate Affairs of the Government of […]
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Share in Goodwill paid to Legal Heirs of Deceased Partners allowable as Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the payment made to the legal heirs of deceased partners towards share in goodwill is allowable as a deduction under the Income Tax Act, 1961 since the revenue, in the earlier years, had allowed the same. During the course of the assessment proceedings, the Assessing […]
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Friday, August 23, 2019
Thursday, August 22, 2019
Remuneration Paid to Partners can’t be disallowed for want of Registration of Firm: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Remuneration paid to the partners cannot be disallowed for want of Registration of Firm. The assessee, M/s. Tulip Valves and Controls is a Partnership Firm engaged in the business of manufacturing and assembling of valves. The return filed by the […]
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Late Fee not leviable on TDS Statements filed before 1st June 2015: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the late fee under Section 234E of the Income Tax Act, 1961 is not leviable for the TDS statements which had been filed prior to 1st June 2015. the Assessing Officer found that the due date for filing the quarterly TDS and […]
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Wednesday, August 21, 2019
MCA issues Circular to remove Doubts / Ambiguities in “appointed date” and “acquisition date” with respect to Mergers / Amalgamations [Read Circular]
The Ministry of Corporate Affairs (MCA) has issued a circular today clarifying the import of section 232(6) of the Companies Act, 2013, which deals with the requirement of indicating an “appointed date” in the scheme of mergers and amalgamations, which would also be the effective date of the merger/amalgamation coming into force. A view was […]
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Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]
The demise of the Chartered Accountant of the assessee cannot be a ‘reasonable cause’ for not auditing books of accounts under the Income Tax Act, 1961, said the Cochin bench of the Income Tax Appellate Tribunal (ITAT). In the instant case, no audit report has been filed for the assessment year 2009-2010. It is the […]
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Closing Allowance to Employees can’t be Disallowed If Quantifiable: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the closing allowance provided to the employees cannot be disallowed under Section 37(1) of the Income Tax Act, 1961 if the same is quantifiable. The assessee, a District Cooperative Bank, is operating in the District of Bijnor (Uttar Pradesh), filed the income tax return […]
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ICAI will declare Result of May-June 2019 Intermediate Old & New Course Examination on Friday
The results of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in May-June 2019 are expected to be declared on Friday, August 23, 2019 (evening) / Saturday, August 24, 2019. The results and the details of marks of Intermediate Examination (Old Course & New Course) will be hosted on the below mentioned websites: […]
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Tuesday, August 20, 2019
Facility of Blocking and Unblocking of E-Way Bill will come into force on 21st November 2019: CBIC [Read Notification]
The Central Board of Indirect Taxes and Customs ( CBIC ) has again extended the implementation of Facility of Blocking and Unblocking of E-Way Bill to Novenmber 21st 2019. The date of applicability of Rule 138E to 21st day of November, 2019 from existing 21st day of August, 2019. Rule 138E provided that if a […]
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Govt. extends Due date for GSTR-3B for July 2019 to Aug 22
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for GSTR-3B return for July 2019 to August 22nd. GSTR-3B is a monthly return. All regular taxpayers need to file this return till June 2018. Taxpayers can file their return on GST Portal. According to sources, the Notification in this […]
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“Action of Authorities is Nothing short of Extortion”: Gujarat HC slams Sales Tax Authority [Read Judgment]
The division bench of the Gujarat High Court has slammed sales tax authority for collecting a revenue from a private firm Micromax Informatics Limited. The High Court has termed the action of state tax authorities to collect revenue from a private firm as “nothing short of extortion”, and ordered the return of Rs 1.49 crore […]
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Monday, August 19, 2019
CBI arrests Superintendent of GST for accepting Bribe
The Central Bureau of Investigation ( CBI ) had, a few days ago, arrested a Superintendent, GST Division, Khanna (Punjab) for demanding and accepting a bribe of Rs. 50,000/- from the complainant. A case under Section 7 of PC (Amendment) Act, 2018 was registered against a Superintendent, GST Division, Khanna (Punjab) on a complaint. The […]
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ITAT allows Deduction to Harish Salve on Foreign Scholarship to Indian Students
The Delhi bench of the Income Tax Appellate Tribunal (ITAT), has accepted the claim of Senior Advocate Harish Salve for deduction of the foreign scholarship given by him to two Indian students as “expenditure solely and exclusively for the purposes of business”. While allowing the deduction to the lawyer who recently represented India before the […]
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GST Non-filers to face Stern Action: GST Dept
The taxpayers who do not file their GST returns for the period 2017-18 by August 31st will face very consequences including huge penalty, Chief Commissioner of Customs and CGST Visakhapatnam Zone, Naresh Penumaka, has said. This is in the light of revelation that only 80 per cent of traders in Visakhapatnam has filed their GST […]
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Sunday, August 18, 2019
State Govts Deemed to be Registered Dealers for the purpose of ITC: SC Upholds Validity of the Provisions of the TN VAT Act, 2006 [Read Judgment]
The Supreme Court of India upheld the decision of the High Court of Judicature at Madras has dismissed a batch of writ petitions which challenged the constitutional validity of the provisions of the Tamil Nadu Value Added Tax Act, 2006. A White Paper released by the Committee of Finance Ministers in 2005 proposed that Input […]
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Saturday, August 17, 2019
No Arrest on ground of Mere ‘Suspicion’: Gujarat High Court to GST Dept [Read Order]
In an assessee-friendly verdict, a two-judge bench of the Gujarat High Court has restricted the Goods and Services Tax (GST) authorities from arresting a city-based trader Vimal Goswami merely on suspicion of tax evasion. The petitioner approached the High Court apprehending an arrest by the GST authorities invoking powers under section 69 of Central GST […]
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DGGI (HQs) arrests Two Persons in cases of Fraudulent IGST Refund Claims
Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]
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Kerala High Court quashes Govt Order on Puducherry registered Vehicles [Read Judgment]
A single bench of the Kerala High Court recently passed a judgment that clarified the legal stance concerning a debated issue of whether the Transport Authorities and Officers in Kerala can compel owners of those vehicles which are registered in the Union Territory of Puduchheri and being used in the State of Kerala for long […]
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Friday, August 16, 2019
Naturopathy, Yoga, Ayurveda are Health Care Services, No GST: AAR [Read Order]
The Authority for Advance Ruling (AAR), Goa has reiterated that the services like Naturopathy, Yoga, Ayurveda fall under health care. The AAR order also said that such ‘health care services’ rendered at clinical establishments by authorized medical professionals would be exempt from GST. The applicant, Devaaya Ayurveda & Nature Cure Centre providing treatment services to […]
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MCA amends provisions related to Differential Voting Rights under Companies Act
The Ministry of Corporate Affairs has amended the provisions relating to issue of shares with Differential Voting Rights (DVRs) provisions under the Companies Act with the objective of enabling promoters of Indian companies to retain control of their companies in their pursuit for growth and creation of long-term value for shareholders, even as they raise […]
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Thursday, August 15, 2019
ITAT Ahmedabad dismisses over 600 Appeals in One Day
In a major setback to the income tax department, the Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench has dismissed more than 600 appeals in a single day. The cases were dismissed on the basis of recent Circular issued by CBDT on August 8, the Circular had increased the threshold for filing cases in […]
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No GST on Cost of Tools supplied by Original Equipment Manufacturer on Free of Cost: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) has ruled that, Goods and Services Tax (GST) not applicable on cost of tools supplied by Original Equipment Manufacturer on free of cost basis. The applicant is involved in the manufacture and sale of plastic moulds, press tools, jigs/fixtures/ gauges, injection moulded parts and design services, as per […]
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ICAI extends Date for conversion from Earlier Scheme to Revised Scheme to appear in CA Exams November
The Institute of Chartered Accountants of India ( ICAI ) has informed that the cut-off date for date for conversion from Earlier Scheme to Revised Scheme to appear in November Intermediate and Final CA exams. The last date of conversion from Earlier Scheme to Revised Scheme to appear in Intermediate and Final November, 2019 examinations […]
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Wednesday, August 14, 2019
CA Opening in Cummins
The Tata Cummins Private Limited has invited applications for the post of Direct Tax Manager. The Tata Cummins Pvt. Ltd. is a 50:50 joint venture between Tata Motors Limited, India’s largest automobile manufacturer and Cummins Inc., USA, world leaders in design and manufacture of diesel engines. The entity manufactures high performance, reliable and durable mid-range […]
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CBDT takes Further Steps to ensure Transparency in Tax Administration by bringing in concept of DIN
With a view to bringing greater transparency in the functioning of the tax-administration and improvement in service delivery, almost all notices and orders of Income Tax Department are being generated electronically on the Income Tax Business Application (ITBA) platform. However, it has been brought to the notice of the Central Board of Direct Taxes (CBDT) […]
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Competition Law Review Committee recommends ‘Green Channel’ for Combination Notifications to Enable Fast-Paced Regulatory Approvals of Mergers and Acquisitions
Shri Injeti Srinivas, Secretary (Corporate Affairs), today presented the Report of the Competition Law Review Committee to the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman. The Committee consulted various stakeholders, including industry chambers, professional institutes, Government Departments/ Ministries, NGOs and experts. The Committee focused on furthering ease of doing business, encouraging start-ups and meeting […]
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Madras High Court directs GST Authorities to enable facility to Download ‘C’ Form after implementation of GST [Read Order]
The Madras High Court has directed GST Department to enable the facility to Download ‘C’ form after the implementation of Goods and Services Tax (GST). The petitioner M/s.Shir Varalakshmi Company was making inter-state purchases of High-Speed Diesel Oil on concessional rate of tax at 2% by way of ‘C’ forms. After the introduction of ‘Goods […]
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Service Tax Refund to Assessee would amount to Unjust Enrichment If Burden shifted on Customers: Patna HC [Read Judgment]
The Patna High Court has recently held that if the service tax burden has already been shifted to the customers, the assessee cannot claim a refund of the same since it would amount to unjust enrichment. The petitioner had filed a refund application. However, the service tax department denied the claim under the provisions of […]
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No Deemed Dividend If Assessee was not a Shareholder at the Time of Advance: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that deemed dividend cannot be applied when the assessee was not a shareholder at the time of the advance. Assessee is a partnership firm started to be engaged in the business of cotton ginning, pressing and manufacturing. During the course of assessment proceedings, […]
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Sale of Domain Name amount to Sale of Goods, No Service Tax Leviable: CESTAT [Read Order]
The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that no service tax can be levied on the sale of the domain name as it amounts to the sale of goods. The appellant is engaged in the business of providing Internet Services to various customers and registered with the […]
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CCI finds Conduct and Practice of Jaiprakash Associates Limited to be in contravention of Competition Law [Read Order]
The Competition Commission of India (CCI) has found Jaiprakash Associates Limited (JAL) to be in contravention of the provisions of Section 4 of the Competition Act, 2002 (Act) for abuse of dominant position in the market of independent residential units such as villas, estate homes in their integrated township, by imposing unfair/ discriminatory conditions on […]
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Income Tax Department detects Benami business of running of Petrol Outlets in Meghalaya
In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department, NER carried out searches on certain businessmen in Meghalaya found to be involved in running a web of petrol pumps managed and controlled as Benami properties. These persons were depriving the State Government of legitimate revenue by […]
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Income Tax Department conducts Searches in Tamil Nadu net more than Rs 700 cr
The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also […]
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CBDT simplifies the process of Assessment in respect of Startups
The Finance Ministry has simplified the process of assessment in the case of Startup entities. In cases where scrutiny assessments of Startups entities are pending, the CBDT has decided that: i) In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under “limited scrutiny” on the single issue […]
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Tuesday, August 13, 2019
CA Exam Results Out, Ajay Agarwal secures First Rank
The Institute of Chartered Accountants of India (ICAI) has announced the results of the Final Examination (Old course & New Course) and Foundation Examination held in (May-June) 2019. The Institute also published the list of rank holders topped in the CA exam. Ajay Agarwal from Rajasthan, Rajalekshmy from Hyderabad and Umang Gupta from thane secured […]
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CA Exam Results to be announced Today or Tomorrow
The results of the CA exam held in (May-June) 2019 are likely to be declared on Tuesday, the 13th August, 2019 (evening) / Wednesday, the 14th August 2019, the Institute of Chartered Accountants of India (ICAI) informed. The results of the Final Examination(Old course & New Course) and Foundation Examination as well as the All […]
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Saturday, August 10, 2019
Friday, August 9, 2019
Interest from Motor Accident Compensation not subject to Income Tax: Bombay High Court [Read Order]
A two-judge bench of the Bombay High Court comprising Justices Akil Kureshi and S J Kathawalla has held that the income tax should not have been deducted from the interest on the motor accident compensation awarded by the court. The petitioner, an eight-year-old city boy was left maimed for life in a car accident. The […]
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Chartered Accountant Opening in World Bank
The World Bank Group has invited applications from Chartered Accountant for the post of Senior Accounting Assistant. The World Bank group is Established in 1944, is one of the world’s largest sources of funding and knowledge for developing countries. In fiscal year 2018, the WBG committed $67 billion in loans, grants, equity investments and guarantees […]
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Thursday, August 8, 2019
Only about 15% of Taxpayers have filed GST Annual Returns: CBIC Chairman directs to organise Outreach initiatives in Zones [Read Letter]
In a letter wrote by CBIC Chairman Pranab K. Das top officers has requested to organise outreach initiatives in zones and divisions to speed up GST Annual Returns filing. In a letter to all Principal Chief Commissioners and Chief Commissioners of Central Tax, CBIC Chairman Pranab K Das writes that data available till August 3 […]
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ICSI urges Inclusion of Company Secretary in the Definition of ‘Accountant’
The Institute of Company Secretaries of India ( ICSI ) has urged inclusion of Company Secretary in the definition of ‘Accountant’ given under explanation to Section 288 (2) of the Income Tax Act, 1961. The ICSI is a premier professional body established under an Act of Parliament, namely, the Company Secretaries Act, 1980. The ICSI […]
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Finance Ministry issues FAQs of filling-up of Income Tax Return Forms for Assessment Year 2019-20
The Finance Ministry has issued Frequently Asked Questions (FAQs) of filling-up of Income Tax Return Forms for Assessment Year 2019-20. The Income-tax return (ITR) forms for the Assessment Year 2019-20 have been notified on 01.04.2019. Subsequently, queries have been raised by the stakeholders in respect of filling-up of the ITR forms. These queries are primarily […]
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CBDT further enhances Monetary Limits for filing of Appeals by Income Tax Department [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has further enhanced Monetary limits for filing of appeals by the Income Tax Department. There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards […]
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ICAI Notifies UDIN Directions [Read Notification]
The Institute of Chartered Accountants of India ( ICAI ) has notified Unique Document Identification Number ( UDIN Directions). The Notification has said that, In exercise of the powers conferred on it under Item No.(1) of Part- II of the Second Schedule to the Chartered Accountants Act, 1949, the Council of the Institute of Chartered […]
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Rent received by Trust from Shops Purchased out of Surplus Fund is Taxable: ITAT [Read Order]
The rental income received by a Trust from the properties purchased out of the surplus fund is not exempted under the Income Tax Act, 1961, said the Delhi bench of the Income Tax Appellate Tribunal (ITAT). The assessee, Sanatan Dharam Shiksha Samiti, Narwana is a society having object of directing, supervising and looking after Sanatan […]
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Wednesday, August 7, 2019
CBDT extends Time Limit for Processing of ITRs filed with refund claims up to AY 2017-18 till 31-12-2019 [Read Order]
The Central Board of Direct Taxes ( CBDT ) has extended time limit for processing of Income Tax Returns ( ITRs ) filed with refund claims up to AY 2017-18 till 31st December 2019. In a Circular issued by the CBDT has said that, by virtue of its powers under section 119 of the Act, […]
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Tuesday, August 6, 2019
Monday, August 5, 2019
Chartered Accountant vacancy at Ujjivan Small Finance Bank Limited
The Ujjivan Small Finance Bank Limited has invited applications for the post of Regional Accounts Manager. The Ujjivan Small Finance Bank Limited is Ranked 6 in the best companies to work for in India, Ujjivan has touched over 3.7 Million lives across 24 states and union territories since 2005. In 2017, Ujjivan received the banking […]
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CCI imposes Penalty on SAAR IT Resources Private Limited and others [Read Order]
The Competition Commission of India ( CCI ) after detailed inquiry has found SAAR IT Resources Private Limited, CADD Systems and Services Private Limited and Pentacle Consultants (I) Private Limited to be in contravention of the provisions of Section 3(3)(d) read with Section 3(1) of the Competition Act, 2002, for entering into an arrangement to rig […]
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Accounting Advisor Vacancy in Dell
The Dell International Services India Private Limited has invited application for the post of Accounting Advisor. Key Responsibilities You will have an integral role to play in the accounting team. Working with a number of key Dell sites, you will be responsible for preparing income, balance sheet accounts, and other statements. Other duties will include: […]
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Two New Functionalities available in GST Portal
The Goods and Services Tax ( GST ) portal has enabled two new facilities for filing Form GST ITC-04 in the official portal to furnish the details of the goods/ capital goods sent to the job worker and received back or supplied from the premises of the job worker. The existing form had been amended […]
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ICAI likely to announce CA Final Examination Results Next Week
The Institute of Chartered Accountants of India ( ICAI ) likely to announce Chartered Accountants CA Final Examination results on 14th August 2019. In an announcement issued by the ICAI said that, The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in (May-June) 2019 are likely to be […]
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Toll Way Rights are Intangible Assets: ITAT allows 25% Depreciation
The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the tollway charges, being an intangible asset, are eligible for 25% depreciation under the Income Tax Act, 1961. The Assessing officer, while completing the assessment against the assessee, held that the tollway rights are not an intangible asset under section 32(1)(ii) of the Income […]
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Sunday, August 4, 2019
Professional Fee paid for Valuation of Know-How is allowable as Deduction: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid as professional fee for the purpose of valuation of know-how is a deduction allowable under section 37 of the Income Tax Act, 1961. The assessee-Company made payment of `7,50,000/- towards professional fees to M/s. M. N. Dastur & Co. […]
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Saturday, August 3, 2019
Taskforce to Re-Draft Direct Tax Legislation to submit Report on August
The Union Finance Minister has granted a further extension to the task force on Direct Taxes headed by Central Board of Direct Taxes (CBDT). The taskforce can submit their report to draft the new direct tax code 16th August. “Govt grants extension of time to the Task Force for drafting a New Direct Tax Legislation. […]
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GST Returns: GSTN releases Offline Version for Trial Run
The Goods and Services Tax Network (GSTN) has last week released a trial version of offline tools of GST forms related to supply of goods and services. The GSTN recently said that the offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2). These two forms would […]
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Friday, August 2, 2019
Income Tax Dept. conducts Search on a prominent Real Estate Group in Mumbai
The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune. During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and residential blocks, bogus unsecured loans […]
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Insolvency Law vital for stability in Financial Systems: Vice President Inaugurates Insolvency Research Foundation
The Vice President of India, Shri M. Venkaiah Naidu has said the enactment of Insolvency and Bankruptcy Code was one of the success stories of Indian economic reforms and that it played a critical role in reshaping the behaviour of borrowers. Speaking after inaugurating the Insolvency Research Foundation (IRF), here today, the Vice President said […]
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GST Evasion: Central GST Delhi North Commissionerate busts racket of issuance of Fake Invoices without actual Supply of Goods and Services
Central GST Delhi North Commissionerate has busted a racket of issuance of fake invoices without actual supply of goods and services. Two individuals – Asrar Akhtar and Vikas Singh have been arrested in this matter and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. […]
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Thursday, August 1, 2019
Haryana exempts Hrithik Roshan starrer Super 30 from GST
The Haryana State Government has exempted Hrithik Roshan starrer Super 30 from Goods and Services Tax (GST) with immediate effect. The registered taxpayer (multiplex/cinema theatres) will not charge state GST from the customers and the tickets will be sold at a price reducing the amount of state GST. Super 30 is a 2019 Hindi-language biographical film directed by Vikas […]
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ICAI to organise Recruitment drive for CAs and Accountants in Three Cities
The Institute of Chartered Accountants of India ( ICAI ) is organising recruitment drive for Chartered Accountants and Accountants. The recruitment drive will be held on 18th to 21st October 2019 at Chennai, Mumbai and New Delhi. The ICAI is the second largest accounting body globally. It has 34 overseas chapters spread over 16 in […]
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Gujarat HC strikes down CBIC Notification lapsing Unutilized Input Tax Credit [Read Judgment]
The division bench of the Gujarat High Court has recently struck down CBIC Notification lapsing unutilized Input Tax Credit (ITC). The petitioners Shabnam Petrofils Pvt. Ltd have challenged Notification No.20/2018-Central Tax (Rate) dated 26.07.2018 issued by the Government of India, Ministry of Finance, Department of Revenue, by which it is resolved that, the accumulated input […]
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GST Revenue collection crosses 1.02 Lakh Cr in July: Finance Ministry
The total gross GST revenue collected in the month of July, 2019 is ₹ 1,02,083 crore of which CGST is ₹ 17,912 crore, SGST is ₹ 25,008 crore, IGST is ₹ 50,612 crore (including ₹ 24,246 crores collected on imports) and Cess is ₹ 8,551 crore (including ₹797 crore collected on imports). The total number […]
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No GST for Supply of Maritime Products from Bonded Warehouses to Vessels: AAR [Read Order]
The Maharashtra Authority of Advance Ruling has held that, Supply of Maritime Products from Bonded Warehouses to Vessels not liable to Goods and Services Tax (GST). The applicant M/s. Wilhelmsen Maritime Services Pvt Ltd has the largest maritime services network in the world supplying a wide portfolio of maritime goods and Services worldwide to every conceivable […]
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Parliament clears Companies Amendment Bill 2019
The Rajya Sabha Tuesday passed the Companies (Amendment ) Bill 2019, which seeks to amend the Companies Act 2013. The Bill was cleared by the Lok Sabha on July 26. It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so as to fill critical gaps in the […]
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