The Authority for Advance Rulings (AAR) has held that no Goods and Services Tax (GST) shall be applicable to the books sold to Madrassas as it is exempted under the Act. The applicant is in the business of carrying out manufacturing, designing, printing all types of confectionaries, brochures, stickers, aseptic bags, Tin containers, leaflets, posters, […]
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Thursday, April 30, 2020
Supply of Power Packs, Freight & Insurance Charges would Form a part of Value of Supply of Power Packs: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) ruled that the Supply of power packs, freight & insurance charges would form a part of the value of supply of power packs. The supply of commissioning or installation services supplied by the applicant are independent services and are not covered undersupply of power packs. The applicant, M/s […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2KRk9q2
Algeria waives Customs Duties and VAT on Pharmaceutical Products
Algeria has temporarily suspended the imposition of customs duties and Value-Added Tax(VAT) on the imports of pharmaceutical products and medical equipment to combat the fast-spreading novel coronavirus. The government would approximately spend $100 million on the medical products being imported from China. Algeria as of 29th April 2020, has reported 3,848 COVID-19 cases with 444 […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Wjkozv
MCA extends Deadline of Filing of Form NFRA-2 [Read Circular]
The Ministry of Corporate Affairs ( MCA ) has extended the filing of Form NFRA-2. In a Circular issued by MCA said that, In continuation of the Ministry’s General Circular No. 7/2020 dated 05th March 2020 and after due examination, it has been decided that the time limit for filing of Form NFRA-21 for the […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3f5M6rM
CMA Examinations for June 2020 postponed
The Institute of Cost Accountants of India has postponed the CMA Examinations for June, 2020 term due to the outbreak of Novel Coronavirus (COVID-19) and subsequent lockdown situation in the country. The Foundation, Intermediate and Final examinations that were scheduled from 11th – 18th June, 2020 will now commence from 20th July, 2020. The ICMAI […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2yZ7wWY
Prime Minister holds Comprehensive Meeting to discuss strategies on Boosting Investment in India
PM Shri Narendra Modi today held a comprehensive meeting to discuss strategies to attract more foreign investments into India as well as to promote local investments in order to give a boost to the economy against the backdrop of the COVID-19 Pandemic. It was discussed that a scheme should be developed to promote more plug […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Sm7UFP
5 percent GST is applicable on Poha Bran: AAR [Read Order]
The Karnataka Authority of Advance Ruling ( AAR ) ruled that 2.5% Central Goods and Service Tax (CGST) and 2.5% of Karnataka Goods and Service Tax (KGST) i.e. a total of 5% of GST is applicable on Poha Bran. The applicant, M/s Basaveshwara Corporation is a private firm and is registered under Goods and Service […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2zBD4T9
ICSI postpones CS Examination June 2020 Session
The Institute of Companies Secretaries of India ( ICSI ) has postponed the CS Examination June 2020 session. The Institute of Company Secretaries of India, after due consideration of the prevalent situation and subsequent lockdown, due to COVID-19, has decided to postpone its Examinations (June – 2020 session) of Foundation, Executive and Professional Programme and […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2z1fA9F
CA / CWA / CMA vacancy in Accenture
The Accenture has invited applications from eligible candidates for the post of Client Financial Management Analyst. The Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology, and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2KJO3fx
5% GST is applicable on Branded Fried Gram: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) ruled that the puffed gram called ‘fried gram’ is exempted from tax under Central Goods and Service Tax (CGST) Act and Karnataka GST Act if in case they are not branded and put up in unit containers. However, if they are branded and put up in unit containers, […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2WbgfgN
Software sold without Customization qualifies as ‘Supply of Goods’: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) ruled that the supply of software which is not designed and developed specifically to any customer and sold without customization qualifies as “supply of goods” and “supply of computer software as goods”. The applicant, M/s Solize India Technologies Private Limited is engaged in the purchase of software from […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35kqzXP
HCL hiring Chartered Accountant
The HCL Technologies has openings in Noida for the post of senior analyst and invited application from eligible candidates. The HCL Technologies Limited is an Indian multinational information technology service and consulting company headquartered in Noida, Uttar Pradesh. It is a subsidiary of HCL Enterprise. Job Description: Making collection calls to the customers, emailing/faxing invoices, […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3d4C5tl
No IGST applicable on Testing Services performed in Laboratory outside India: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) ruled that the testing services performed by the laboratories outside India are exempted from Integrated Goods and Service Tax (IGST). The applicant, M/s DKMS BMST India Foundation registered under GST Act, 2017. The applicant is the non-profit organization facilitating the treatment of blood cancer and other blood disorders […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35je0w6
Spain notifies Urgent Tax Measures to survive COVID-19 Crisis
Last week, Spain notified, new fiscal measures to support the economy and employment affected by the pandemic. The measures were approved by the Royal Decree-Law 15/2020. The additional measures adopted to date include the following: Value-Added Tax (VAT) Measures: Imports and intra-Community acquisition of certain health products and supply of goods listed in the Annex […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2xlxB25
ITAT deletes addition for Unexplained Jewellery supported by Purchase Bills and Books of Accounts [Read Order]
The Income Tax Appellate Tribunal (ITAT) deleted the addition by Commissioner of Income Tax (CIT)(A) on account of unexplained jewellery in the light of the fact that the jewellery seized was supported by purchase bills and Books of Accounts. The assessee is an individual and derives income from salary and other sources. Search and seizure […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3cYka7q
Wednesday, April 29, 2020
COVID-19: Madras HC issues notice to Centre on Plea seeking Removal of GST on Masks
The Madras High Court on Tuesday issued notice to the Union government on a Public Interest Litigation (PIL) seeking removal of the 18% Goods and Service Tax (GST) on sanitizers and 5% GST on masks in these difficult times due to the COVID-19 pandemic or at least for next few months. A division bench of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2VS6dlX
‘Want of Cross-Verification Details’ can be No Ground to Withhold Refund for infinite period: Telangana HC [Read Judgment]
The High Court of Telangana held that ‘want of cross-verification details’ can be no ground to withhold a refund for an infinite period. The petitioner, M/s ACC Limited was assessed to Sales tax during the years 1979-80 and 1980-81 on the turnover relating to packing material i.e gunnies under the Andhra Pradesh GST Act, 1957 […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2YuVMqf
China extends VAT Exemption on Small Business Loan Interest
China has prolonged the Value-Added Tax (VAT) exemptions on the interest income from loans to small businesses. The announcement affirms the extension of preferential tax policies relating to the financing of micro and small businesses, sole proprietors, and farmers. Many of the policies were introduced in 2017 and was about to end on 31st December […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Sj62xE
MCA defers Registration of Independent Directors details in Data Bank [Read Notification]
The Ministry of Corporate Affairs ( MCA ) has deferred the registration of details of Independent Directors in ID Data Bank by two months. The Ministry of Corporate Affairs, with the objective of strengthening the institution of Independent Directors under the Companies Act, had launched the Independent Director’s Databank in accordance with the provisions of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2KJ8Zn1
SC directs Income Tax Dept to refund Rs.733 Crores to Vodafone within 4 weeks
A two-judge bench of the Supreme Court has directed the income tax department to refund an amount of Rs.733 Crores to Vodafone within four weeks subjected to any proceedings that the Revenue may deem appropriate to initiate in accordance with the law. The appellant-Vodafone Idea Ltd. is engaged in providing telecommunication services in different circles. […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3aQDOAK
PILCOM liable to pay TDS on Payments made to Foreign Sports Associations during ICC World Cup: SC [Read Judgment]
The Supreme Court has held that the payment made to the Non-Resident Sports Association is deemed to accrued or arisen in India so was liable to deduct Tax at Source in terms of Section 194E of the Income Tax Act, 1961. The assessee, Pak-Indo-Lanka, Joint Management Committee (PILCOM) which is a Committee formed by the […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2xm124c
ICAI releases Exposure Draft on COVID-19 related Rent Concessions
The Institute of Chartered Accountants of India ( ICAI ) has released the Exposure Draft on COVID-19 related Rent Concessions. As a result of the deadly COVID-19 pandemic, many lessors around the world have provided, or are expected to provide, rent concessions to lessees, as a relief. Such rent concessions are particularly prevalent for leases […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Slbwbn
Rule 9 (1)(e) of the Customs Valuation (Determination of Price) of Imported Goods Valuation Rules, 1988 can’t be Automatically applied to every Import which has surface features of a Turnkey Contract: SC [Read Judgment]
The Supreme Court of India held that Rule 9 (1)(e) of Customs Valuation (Determination of Price) of Imported Goods Valuation Rules, 1988 can not be automatically applied to every import which has surface features of a turnkey contract. The cases involving the importation of turnkey projects and the entire contract value have to be treated […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3d1qJ9w
Chartered Accountant Vacancy in Mr. Cooper
Cooper has invited applications from eligible candidates for the post of Manager for Internal Auditing. Mr. Cooper, formerly Nationstar Mortgage Holdings Inc. was founded in 1994 and is headquartered in Dallas, Texas, area. Nationstar Holdings consists of Nationstar Mortgage, which provides servicing and origination for homeowners throughout the United States, and Xome, which provides technology […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35eMSyh
ICAI unveils Exposure Draft on Interest Rate Benchmark Reform-Phase 2
The Institute of Chartered Accountants of India ( ICAI ) has unveiled the Exposure Draft on Interest Rate Benchmark Reform-Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16). In 2018, International Accounting Standards Board (IASB) decided to add a project to its work plan to consider the financial […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3aNOyQD
Chartered Accountant vacancy in Shriram Life Insurance Company Limited
The Shriram Life Insurance Company Limited (SLIC) has invited applications from eligible candidates for the post of Senior Executive/Assistant Manager. The Shriram Life Insurance Company Limited (SLIC) is a part of Rs.1, 40,000 Crores financial services conglomerate Shriram Group, in association with the Sanlam Group of South Africa. Shriram Life is a profit-making Life Insurance […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2WaDEim
ITAT issues Standard Operating Procedure for Hearing through Video Conference [Read Circular]
The Income Tax Appellate Tribunal (ITAT) on Monday issues Standard Operating Procedure for Hearing through Video Conference. In pursuance to the Office Order of Hon’ble President, ITAT dated 16th April 2020, wherein the Zonal Vice Presidents were advised to take all precautionary steps for opening the offices of ITAT, and also to take up the […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35eBRNr
ITAT upholds Addition of 12.5% for taking Bills without Delivery of Goods [Read Order]
The Income Tax Appellate Tribunal (ITAT) upheld the decision of CIT(A) where 12.5% for taking bills without delivery of goods. The assessee, Vijay B Shah (HUF) is engaged in the trading of iron and steel. The Assessing Officer has reopened the assessment on getting information regarding assessee taking accommodation purchase bills. The Assessing Officer made […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3cUGzTd
CBDT notifies Amended DTAA Protocol Between India And Austria [Read Notification]
The Government of India has notified the protocol amending Double Taxation Avoidance Agreement (DTAA) with Austria, notifies that the date of entry into force of the said amending Protocol is the 1st May 2020. The Protocol was signed between the Sushil Chandra, Chairman of Central Board of Direct Taxes (CBDT) for the Republic of India, […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Wb32V4
Tuesday, April 28, 2020
GST Provision for Inter-Transfer of Balances lying in E-Cash Ledger applicable from 21st April: CBIC [Read Notification]
The Central Board of Indirect Taxes and Customs (CBIC) notified 21 April 2020 as an effective date for Rule 87(13) of Central Goods and Service Tax (CGST) Rules and Form GST PMT-09. In last July, the CBIC introduced the above rule regarding inter-transfer of balances lying in E-cash ledger where a registered person may, on […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2y8C6xp
CS Examinations: ICSI Extends Temporary Relaxation for Pre-Examination Test and One Day Orientation Programme for Enrollment to June2020 Session
The Institute of Companies Secretaries of India (ICSI ) has extended the Temporary Relaxation for Complying with the Requirement of Pre-examination Test and One Day Orientation Programme for Enrollment to June 2020 Session of CS Examinations. As per the guidelines, to enrol for June 2020 Session of CS Examinations, the students are required to comply […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2ybyHhf
No Capital Gain Tax on Amount Received by Retiring Partner: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2ShSZNb
Fees including Free of Charge should not be Mentioned by Chartered Accountants in any Advertisement of Services: ICAI
The Institute of Chartered Accountants of India ( ICAI ) has said reiterated that, Fees including Free of Charge should not be Mentioned by Chartered Accountants in any Advertisement of Services. The ICAI has issued Advisory on Mentioning Fees in Advertisements issued by Members due to certain concerns have been raised by members as to […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2yRBlsI
Non-Competent Fee paid by Coca Cola to Bottlers amount to Capital Expenditure, No Depreciation allowable: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount of non-competent fees paid by M/s Hindustan Coca Cola company would be treated as capital expenditure for which depreciation under section 32 of the Income Tax Act, 1961 is not available The Company claimed deduction of Rs.50,64,83,985/- as non-compete fee […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35e95fI
Finance Ministry notifies Foreign Exchange Management (Non- debt Instruments) (Second Amendment) Rules, 2020 [Read Notification]
The Ministry of Finance issued a notification on Monday, to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and the amendment came to be known as the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020. The notification omitted the explanation given under Rule 7. In the principal rules, after rule 7, the “7A […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2YkOHbH
Chartered Accountant vacancy in Credit Suisse
The Credit Suisse has invited applications from eligible candidates for the post of Junior Accountant. Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, and have a global reach with operations in about 50 countries and employ more than 45,000 people from over 150 different nations. Embodying […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2YgCLYe
3 IRS Officers stripped of their Charge for Creating panic with Tax Hike Report, COVID-19 cess
The three officers Prashant Bhushan of 1988 batch IRS, Prakash Dubey of 2001 batch, and Sanjay Bahadur of 1989 batch IRS officers have been identified as the key accused of the tax hike hoax incident. The Central Board of Direct Taxes (CBDT) on Monday filed a charge sheet against three Indian Revenue Service (IRS) officers […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2KDZTb1
India signs $1.5 billion loan with ADB to support India’s COVID-19 immediate response
The Government of India and the Asian Development Bank (ADB) today signed a $1.5 billion loan that will support the government’s response to the novel coronavirus disease (COVID-19) pandemic, focusing on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2yQfcLc
Wipro hiring Chartered Accountants
The Wipro has invited applications from eligible candidates for the post of Financial Analyst. The Wipro is an Indian multinational corporation that provides information technology, consulting, and business process services. It is headquartered in Bangalore, Karnataka, India. Job description Have a handful of experience to work on Private Equity / Real Estate / Hedge Fund […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Wa1eM6
KPMG hiring CA for Statutory Audit
The KPMG Global Delivery Center has invited applications from certified CA with 5+ years of experience into the Statutory Audit. The KPMG Global Delivery Center(GDC) is a robust global delivery platform comprising of a talent pool of 1,400+ professionals in Bangalore & Kochi. GDC provides Audit & Advisory professional services to KPMG US & Canada […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3aJt4Ef
Monday, April 27, 2020
COVID-19: CBDT defers furnishing of GST & GAAR details in Form 3D till March 31, 2021 [Read Circular]
The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their Income Tax audit report the details of the Goods and Services Tax (GST) and the General Anti-Avoidance Rules (GAAR) due to COVID-19. The reporting requirement of these details in income tax audit form has been kept […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3eYX02I
CBIC issues Guidelines for conducting Customs hearings via Online [Read Instructions]
The Central Board of Indirect Taxes and Customs (CBIC) issued the guidelines for the conduct of personal hearings in the virtual mode under Customs Act, 1962. With an objective to create a virtual customs working environment and at the same time ensuring social distancing, reducing physical presence and usage of ICT systems, the Central Board […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2SdhxXg
IBBI amends the Insolvency and Bankruptcy Board of India Regulations, 2016 [Read Notifications]
The Insolvency and Bankruptcy Board of India (IBBI) four notifications to amend the provisions of the Insolvency and Bankruptcy Board of India Regulations, 2016. The board notified Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020; Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Y9QvEc
Tax Authorities can’t give their Own Interpretation to Legislative Provisions: Supreme Court [Read Judgment]
The Supreme Court held that the Tax Administration Authorities cannot give their own interpretation to legislative provisions on the basis of their own perception of trade practice. The respondent-assessee Bombay Machinery Store had purchased electricity motors and its parts in the said financial year out of the State and sold them to purchasers within the […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35cDcED
CBIC issues Advisory to File FORM GST PMT 09 to Transfer/ Shift Money Available in Electronic Cash Ledger
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Advisory to File FORM GST PMT 09, to transfer/shift the money available in Electronic Cash ledger, between various major and minor heads of GST. Taxpayers deposit money using challan and the paid amount gets credited in the particular head in the Electronic […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2W00xVP
GST REFUND MODES- EPCG, Advance Authorisation or Deemed Export? – Via Customs
The article has tried to analyze the export transactions which requires re-engineering since different cost implications when different options under custom and GST laws are combined. Options under domestic GST can be combined to achieve maximum refund under exports by tax management. Tax Management implies well timed and regular adherence to the tax laws and […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2Yapkt1
COVID-19: RBI revises Guidelines for Statutory Branch Audit of Public Sector Banks for FY 2019-20 [Read Circular]
The Reserve Bank of India ( RBI ) has revised the guidelines for the Statutory Branch Audit of Public Sector Banks for FY 2019-20 on account of COVID-19. The Norms on eligibility, empanelment, and appointment of Statutory Branch Auditors of Public Sector Banks applicable for the which inter alia states that “Statutory branch audit of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/35aXe2a
Legal Vacancies at Uttar Pradesh Public Service Commission
The Uttar Pradesh Public Service Commission has invited for the various post under Combined State and Upper Subordinate Services, Uttar Pradesh. The Uttar Pradesh Public Service Commission is the state agency authorized to conduct the Civil Services Examination for entry-level appointments to the various Civil Services of Uttar Pradesh. The agency’s charter is granted by […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2zxLcUJ
RBI announces ₹ 50kcr Special Liquidity Facility for Mutual Funds
Heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to the closure of some debt MFs and potential contagious effects therefrom. The stress is, however, confined to the high-risk debt MF segment at this stage; the larger […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2SbeZcd
CMA/CIMA/CA Intern opening in Hewlett Packard Enterprise
The Hewlett Packard Enterprise has invited application from eligible CMA/CIMA/CA Intern applicants. The Hewlett Packard Enterprise (HPE), we live by three core values that drive our business: Partner. Innovate. Act. These values combine to help us create important work all over the world to advance how people live and work. The Finance team at HPE […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2VJ1Fye
GST Applicable on Extra Services provided along with Accommodation Services as Independent Services: AAR [Read Order]
The Authority of Advance Ruling (AAR) clarified that the extra facilities provided to the customers along with the accommodation services would be subject to Goods and Service Tax (GST) as independent services. The applicant, re Srisai Luxurious Stay LLP, is a Limited Liability Partnership, which is not registered under the provisions of the Goods and […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2KGFcLy
CA / CMA / CA-Inter vacancy in DuPont
The DuPont has invited applications from the candidates who are eligible for the post of Senior Accountant. The DuPont de Nemours, Inc., commonly known as DuPont, is an American company formed by the merger of Dow Chemical and DuPont on August 31, 2017, and then subsequent spinoffs of Dow Inc. and Corteva. Prior to the […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2SbBSwt
GST Dept issues Advisory for Conducting Personal Hearing via Video Calling App [Read Advisory]
The Commissioner of Customs and Central Tax (Appeals) issued a circular for conducting personal hearing through video Calling App amid COVID-19 lockdown. The circular stated that the personal hearing was not taken up due to the lockdown. However, in order to mitigate the inconvenience caused, the Commissioner of Customs and Central Tax (Appeals) has decided […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2S66MpV
Finance Ministry directs Hearing of Cases in DRT through Video Conferencing amid COVID-19 lockdown
In the wake of Coronavirus Lockdown, the Ministry of Finance, on Friday issued a notification seeking to implement the online hearing of the Debt Recovery Tribunal (DRT) through video conferencing. With the outbreak of COVID-19, social distancing became the need of an hour but to as to curb in the hindrances in the working of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2VH8BM1
CA / CMA / CPA vacancy in Swiss Reinsurance Company Ltd
The Swiss Reinsurance Company Ltd has invited applications from eligible candidates for the post of Financial Analyst. The Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zurich, Switzerland. It is the world’s second-largest reinsurer. It acquired GE Insurance Solutions in 2006. Founded in 1863, Swiss Re operates through […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2W0PSKz
Finance Manager Vacancy in Amazon
The Amazon has invited applications from eligible candidates for the post of Finance Manager. Amazon.com launched in 1995, it was with the mission “to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.” JOB DESCRIPTION .Leading […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3bJ2rAF
COVID-19 Disruptions: ICAI launches Three Virtual Courses to provide Learning Online
The Institute of Chartered Accountants of India ( ICAI ) has launched the three virtual courses to provide learning online due to the COVID-19 pandemic. In these unprecedented times of COVID-19 outbreak, the novel coronavirus has swept over 190 plus countries putting a serious threat to the entire mankind. A potent solution appears to be […]
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No Profiteering If Post Discount Rate remains Same Pre & Post Rate Reduction: NAA dismisses Profiteering Complaint against Somany Ceramics
The National Anti-Profiteering Authority(NAA) ruled that if the post discount rate remains the same pre and post-reduction, it does not amount to profiteering. In this case there has been a reduction in the rate of tax on Ceramics Glazed Wal Tiles, Printex Crema from 28% to 18% as per the Notification by the Central government […]
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Sunday, April 26, 2020
Never asked for a Report from IRS Association, CBDT orders Inquiry
The Central Board of Direct Taxes (CBDT) has said today that there is some report circulating on social media regarding suggestions by a few IRS officers on tackling COVID-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report. No permission was sought by the officers […]
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No need for Separate GST Registration for executing Works Contract: AAR [Read Order]
The Authority of Advance Ruling (AAR) ruled there is no need for a separate Goods and Service Tax (GST) registration in another state for execution of the contract in that state. The Applicant, M/s T & D Electricals is registered under the Goods and Services Act, 2017 and works as a contractor and wholesale supplier […]
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Order passed by AO in absence of valid search is bad in law: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) held that an order passed by Assessing Officer (AO) under Section 153A of the Income-tax Act, 1961 be held bad in law in the absence of any valid search under Section 132 conducted against the assessee. Aggrieved by the order of the AO, the assessee preferred an appeal before […]
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Assessee only needs to Prove the Source of Credit entries and not Source Creditors’ Credit: Allahabad HC [Read Judgment]
The High Court of Allahabad held that assessee only needs to prove the source of credit entries and he is not required to prove the source of the source or the creditors’ credit. The assessee, M/s Kesharwani Sheetalaya Sahsaon Allahabad is a partnership firm having sixteen partners engaged in the business of cold storage. For […]
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Saturday, April 25, 2020
Chartered Accountant opening in Boeing India Private Limited
The Boeing has invited applications from eligible candidates for the post of Finance Planning and Analyst to support and coordinate activities necessary for the company’s growing Engineering and Technology Organization in Bangalore. The Boeing India Private Limited is the world’s largest aerospace company and leading manufacturer of commercial airplanes and defense, space and security systems. […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2VAIeav
Chartered Accountant Vacancy in Novartis
The Novartis has invited applications from eligible candidates to the post of Senior Manager. The Novartis was created in 1996 through the merger of Ciba-Geigy and Sandoz and has a rich history spanning over 200 years. Novartis apply our expertise in science and innovation to society’s biggest health challenges. Responsibility is a core part of […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2zpGRTr
GST applicable to Sub-Leasing Services: AAR [Read Order]
The Karnataka State Authority for Advance Ruling (AAR) has recently ruled that the sub-letting and sub-leasing services provided by a tenant would be subject to Goods and Services Tax (GST). The ruling was delivered while considering an application by a tenant, a GST registered proprietary concern wherein the applicant said that he sub-let about 42 […]
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Excess of Income over Expenditure in the Hands of Company is Taxable: Supreme Court [Read Judgment]
The Supreme court of India held that excess of income over expenditure in the hands of a company is taxable. The assessee, Yum! Restaurants (Marketing) Private Limited was incorporated by Yum! Restaurants (Marketing) Private Limited (YRIPL) as its fully owned subsidiary after having obtained approval from the Secretariat for Industrial Assistance (SIA) for the purpose […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/3aATUP4
Income Tax Provision granting Tax Incentive to Employers under Leave Encashment Scheme is Constitutionally Valid: SC [Read Judgment]
A three-judge bench of the Supreme Court while upholding the constitutional validity of Section 43B(f) of the Income Tax Act, 1961 pertaining to certain deductions to be only on actual payment in respect of any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee, has […]
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15th Finance Commission holds meeting with its Advisory Council
The Fifteenth Finance Commission (XVFC) had online meetings with its Advisory Council on 23-24 April, 2020 and discussed various issues confronting the Commission now. The meeting, chaired by Shri N. K. Singh, Chairman XVFC was attended by all members and senior officials of the Commission. From the Advisory Council, Dr.Sajjid Z Chinoy, Dr.Prachi Mishra, Mr. Neelkanth […]
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Addition made by Dept is Invalid in view of Quashing of Penalty Proceedings: SC [Read Judgment]
The Supreme Court, on Friday, held that that the addition under section 68 of the Income Tax Act, 1961 is needed to be quashed since the appellant or assessee, in subsequent and separate penalty proceedings offered an explanation and caused to produce affidavits and record statements of the concerned unregistered dealers and established their credentials […]
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Friday, April 24, 2020
In a First, ITAT holds hearing through Video Conferencing [Read Order]
A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web-based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal. The petition was heard by a two-member bench of the ITAT […]
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5% GST applicable on Leasing of Satellite Transponder: AAR [Read Order]
The authority of Advance Ruling (AAR) ruled that @5% Goods and Service Tax (GST) applicable to the leasing of satellite transponder and not on the leasing of satellite transponder services. The applicant, M/s New Space India Limited is a commercial arm of Indian Space Research Organisation (ISRO) and is a Government of India Company (CPSE) […]
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Electronic Cards can be issued for Overdraft Accounts: RBI [Read Circular]
The Reserve Bank of India( RBI ) has permitted banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions. The card shall be issued for a period not exceeding the validity of the facility and shall also be subject to […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2zoHVac
UAE Exchange can’t be Taxed through It’s Liaison Office in India as it does not constitute ‘PE’: Supreme Court [Read Judgment]
In a significant ruling, a two-judge bench of the Supreme Court has granted relief to UAE Exchange by holding that its liaison office in India would not constitute a “Permanent Establishment” for the purpose of taxing the former as per the provisions of the Income Tax Act, 1961 and the relevant Double Taxation Avoidance Agreements […]
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GST not leviable on Government Subsidy to Farmers: AAR [Read Order]
The authority of Advance Ruling (AAR) ruled that the subsidy Amount received by farmers from the government cannot be covered under the ‘Value of taxable supply’. The applicant, MeghaAgrotech Private Limited is engaged in the business of manufacturing and supplying of LLDPE Pipes and micro-irrigation systems and its accessories. Under PMKSY Scheme, Karnataka Government departments […]
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ITC allowable on ‘Second Hand Gold Jewellery’ only If Purchased from GST Registrants: AAR [Read Order]
The Authority of Advance Ruling (AAR) ruled that Input Tax Credit can be claimed on the ‘second-hand gold jewellery’ only in the case if it is purchased from a registered person under Goods and Service Tax (GST). The applicant, M/s Attica Gold Private Limited is a private company, which is engaged in the business of […]
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DGFT extends Import Validity period and Export Obligation period in Advance Authorizations / DFIA [Read Circular]
The Directorate General of Foreign Trade (DGFT), issued a notification, extending the import validity period and the export obligation period for existing Advance Authorizations (AAs)/DFIA expiring from February to July 20 has been granted. The notification providing extension in the import validity period and the export obligation period for existing Advance Authorizations (AAs)/DFIA was issued […]
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Covid-19: Poland announces VAT Relief for School Equipments
The Education Ministry of Poland announces tax relief for school equipment and the provision of learning platforms. The tax relief propounds 0% VAT rate for donations of laptops and tablets to schools with an intention to support schools, colleges, and other educational institutes that have opted to teach online during the pandemic. The government wants […]
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Czech Republic announces VAT Exemption on Gratuitous Supplies for Covid -19
The Finance Ministry of the Czech Republic announced the Value-Added Tax (VAT) exemption on Gratuitous goods and services to combat COVID-19. The General Financial Directorate (GFD) has clarified the details of situations qualified under the regime. The goods and services applicable under the regime are those relating to the Integrated Rescue System, the Army of […]
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IBBI notifies Governance Structure of Registered Valuers Organisations [Read Circular]
The Insolvency and Bankruptcy Board of India (IBBI) issued a circular notifying the governance structure of the Registered Valuers Organisations (RVOs). The Board empowered under clauses (e), (g) and (i) of rule 14 of the Companies (Registered Valuers and Valuation) Rules, 2017 issued the circular on Thursday seeks to address All Recognised Registered Valuer Organisations […]
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Bank have Priority over Tax Dues: Hyderabad HC allows SBI to claim Income Tax Refund credited to Defaulters [Read Judgment]
The High Court of Hyderabad upheld the claim of the State Bank of India (SBI) over the income tax refund credited in the defaulters’ bank account with them and held that bank credits have priority over the government dues including the service tax dues as per section 31-B of the Recovery of Debts and Bankruptcy […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2VBPxit
LLB openings in Delhi Electricity Regulatory Commission
The Delhi Electricity Regulatory Commission has invited applications from eligible candidates to consider filling up the post of Joint Director (Law). The Govt. of India had enacted the Electricity Regulatory Commissions Act, 1998 (No.14 of 1998) on 2nd July 1998 with the objective of providing for the establishment of a Central Electricity Regulatory Commission and […]
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Interest Income earned from Investments with Treasuries and Banks Taxable as Business Income: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) held that the interest income earned from investments with treasuries and banks is part of banking activity and the interest income is eligible to be assessed as `income from business’, instead of `income from other sources’. The assessee, M/s. Enadimangalam Service Co-operative Bank Limited is a co-operative society registered […]
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from Taxscan | Simplifying Tax Laws https://ift.tt/2yAxn7z
No Addition against Donations made out of Deductible Business Expenditure: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) has held that the genuineness of the donations made out of business receipts which are allowable as expenditure under the provisions of the Income Tax Act, 1961 cannot be suspected. A survey operation under Section 133A of the Act was carried out at the business premises of M/s Bhandari […]
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Deduction allowable If Sum written off as Bad Debts offered to Tax Earlier: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), while allowing the benefit of deduction to the assessee on account of bad debts has held that the deduction is allowable if the sum written off as bad debts were already included as income of the assessee in the earlier previous years. The assessee, M/s Xalted Information Systems Pvt. […]
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Thursday, April 23, 2020
Company Secretary vacany in Ansal Housing
The Ansal Housing has invited applications from candidates who are eligible for the post of Executive Company Secretary. The Ansal Housing design, build & market residential and commercial complexes of international quality while assuring the highest possible level of satisfaction for our valued customers. Over the last 30 years, they have already completed the development […]
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Chartered Accountant vacancy in Instacar Technologies Private Limited
The Instacar Technologies Private Limited has invited applications from eligible candidates for the post of finance manager to take care of our financial activities to boost the entire business. The Instacar Technologies Private Limited is a Private incorporated on 04 August 2016. It is classified as a Non-government Company and is registered at Registrar of […]
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Govt notifies List of Reporting entities to undertake Aadhaar Authentication Service under PMLA, 2000 [Read Notification]
The Ministry of Finance on Wednesday, issued a notification in the Official Gazette of India stating the list of reporting entities to undertake Aadhaar Authentication Service under Section 11A of the Prevention of Money-laundering Act, 2002. The Central Government on being satisfied that the reporting entities comply with standards of privacy and security under the […]
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Fresher Mart is hiring Company Secretary
Fresher Mart is hiring a company secretary with 1 – 5 years of experience. Fresher Mart is the fastest growing human resource management solutions provider in India. Headquartered in Gurgaon and also offers best-in-class services in recruitment and selection to over 60+ clients across the country to a clientele including leading MNCs and large Indian […]
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Company Secretary Intern vacancy in Morgan Stanley Advantage Services Pvt. Ltd.
The Morgan Stanley Advantage Services Pvt. Ltd. has invited applications from eligible candidates with 0-2 year experience. The Morgan Stanley Advantage Services Pvt. Ltd is an American multinational investment bank and financial services company headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City. With offices in more than 42 countries […]
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Wrong Classification of Income won’t alter True Character of Income: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore held that the nature of income has to be decided on commercial principles and a wrong classification would not alter the true character of income. The assessee, M/s Cessna Garden Developers Pvt. Ltd is engaged in the development of the Special Economic Zone (SEZ). The assessee has derived […]
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Preliminary Expenditure like Membership and Subscription charges are Capital in Nature: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) ruled that the payment of membership and subscription charges are preliminary expenditure which is incurred by Philips and after the setting up of business it will be paid by the clients. The ITAT said that expenditure incurred by the assessee can be treated as preliminary expenditure for the purpose […]
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No Section 194C TDS on Reimbursement of Vehicle Expenses: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) held that Section 194C of the Income Tax Act, 1961 relating to Tax Deducted at Source (TDS) is not applicable to reimbursement of vehicle expenses. A vehicle was provided by the assessee to the concerned parties and assessee was to bear the vehicle expenses actually incurred by the cab […]
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Intention of Assessee while Leasing Out of Property relevant to decide Tax Liability: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the intention of the assessee during letting out of the property is significant to determine whether such income is taxable as rental income or business income under the provisions of the Income Tax Act, 1961. The assessee, a Limited Liability Partnership Firm, […]
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Industrial Policies can’t Hit by Doctrine of Promissory Estoppel, says SC [Read Judgment]
The Supreme Court of India held that the industrial policies or notifications cannot be hit by the doctrine of promissory estoppel. The court was of the view that industrial policies or notifications are issued in the public interest and in the interest of the Revenue and they seek to achieve the original object and purpose […]
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Indiabulls Housing Finance gets relief on NCD dues by Delhi HC [Read Order]
The Delhi High Court in the Indiabulls Housing Finance vs. Security Exchange Board of India provides relief to the Indiabulls Housing Finance on Non-Convertible Debentures (NCD) dues. The court granted permission to Indiabulls Housing Finance, a non-banking financial company, to not pay its dues to debenture holders including fund houses, interest, and principal. This will […]
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Wednesday, April 22, 2020
Madhya Pradesh HC grants Bail to alleged GST Offender, kept in Jail with COVID-19 Infected Persons [Read Order]
The Madhya Pradesh High Court on Tuesday granted bail to an accused person arrested in a GST evasion case by considering that he was kept in the jail wherein COVID-19 infected persons were found. The accused was involved in a GST fraud case worth rupees 6.5 crores. The department arrested him in November 2019 for […]
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Delhi HC denies Relief from Compulsory Pre-Deposit on Income Tax Appeal [Read Order]
The Delhi High Court has recently denied relief to the assessee from the payment of the compulsory 20% deposit in the Bogus Cash Credit Case. The petitioner, Jindal ITF Ltd. filed a writ petition seeking quashing of the order passed by the respondents, Principal Commissioner of Income and Deputy Commissioner of Income Tax and to […]
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Chartered Accountant Trainee vacancy in Tata AutoComp Systems Ltd
The Tata AutoComp Systems has invited applications from eligible candidates with an experience of 0-1 year. The Tata AutoComp Systems, promoted by the Tata Group, provides products and services to the Indian and Global automotive OEMs as well as Tier 1 suppliers. Tata AutoComp Systems has 9 joint ventures in partnership with leading Global Auto […]
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Fresher CA vacancy in Nomura Services Indian Pvt Ltd
The Nomura Services Indian Pvt Ltd has invited applications from eligible candidates (fresher’s only). The Nomura Services Indian Private Limited (“NSIPL”) was incorporated on 4 August 2009, Tax team at Powai, Mumbai supports different regions in the Direct, Indirect & Transfer pricing streams. AeJ, EMEA and US Corp tax support Singapore, Hong Kong, Australia, Malaysia, […]
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Banks and NBFCs should carry out Money Laundering Risk Assessment Periodically: RBI
The Reserve Bank of India ( RBI ) said that, Banks and NBFCs should carry out Money Laundering Risk Assessment Periodically. The RBI has amended the KYC master direction whereby it has been specified that the Banks and NBFCS shall carry out ML and TF risk assessment exercise periodically. The Master Direction on KYC dated […]
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Interest received on Interbank Exposure of Primary (Urban) Co-operative Banks shall not be recognized as Income: RBI
The Reserve Bank of India ( RBI ) has said that, Interest received on Interbank Exposure of Primary (Urban) Co-operative Banks shall not be recognized as Income. The imposition of All-inclusive Directions (AID) on an Urban Co-operative Bank (UCB), inter alia, restricts the bank from discharging its liabilities except as permitted by RBI. This impacts […]
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CBDT clarifies Direct Tax Vivad se Vishwas Scheme, 2020, withdraws Circular
The Central Board Direct Tax (CBDT) issued a clarification on Direct Tax Vivad se Vishwas Scheme, 2020 wherein the Board has updated the Frequently Asked Questions (FAQs)issued after the introduction of the same. Pursuant to Budget announcement, the Finance Minister announced the `Vivad se Vishwas’ Scheme to provide for dispute resolution in respect of pending […]
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COVID-19: SEBI issues One-Time relaxation with respect to validity of SEBI Observations [Read Circular]
The Security and Exchange Board of India (SEBI) issued a one-time relaxation with respect to the validity of SEBI Observations amid Coronavirus. The Board under Section 11(1) of the Securities and Exchange Board of India Act, 1992, on Tuesday, extended the validity of regulatory approval for launching initial public offering and rights issues by six […]
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COVID-19: SEBI relaxes ICDR Regulations, 2018 in respect of Rights Issue [Read Circular]
The Security and Exchange Board of India (SEBI), on Tuesday, relaxed Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018 in respect of Rights Issue. The Board issued a circular under Section 11(1) of the Securities and Exchange Board of India Act, 1992, which pertained to certain provisions of the SEBI (ICDR) Regulations, 2018 in […]
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CA- Inter/ CMA- Inter openings in Indian Oil
Indian Oil has invited online applications from eligible candidates to the post of Assistant Officers. Candidates should apply through On-line mode only. No other means or mode of application will be accepted. As India’s flagship Oil & Gas major, Indian Oil Corporation Limited has been fulfilling the energy needs of the nation for over six […]
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Commerce Ministry revises Timelines for Sunset Review Investigation for Anti-dumping Duty
Vide Trade Notice No. 02/2017 dated 12th December 2017, the Directorate General of Trade Remedies (DGTR), Ministry of Commerce and Industry had prescribed the procedure and timelines for initiating an Anti-dumping Sunset Review investigation (SSR) under the Customs Tariff Act 1975 and the Anti-dumping Rules. The said notice prescribed a minimum time of 270 days […]
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COVID-19: MCA eases AGM Deadline for the Companies [Read Circular]
The Ministry of Corporate Affairs (MCA) issued a circular, on Tuesday easing the deadline for holding Annual General Meeting (AGM) for certain sections of the companies due to the outbreak of COVID-19. Under the Companies Act, 2013, companies have to hold their Annual General Meetings (AGMs) within nine months from the end of their financial […]
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Activity of Transportation of Iron Ore can’t be treated as GTA Services: CESTAT [Read Order]
The Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) has recently held that the activities of transportation of iron ore being one of the conditions in the contract with the raising contractors, who do not issue any document/consignment note, cannot be treated as GTA services, as defined under Sec.65(105)(zzp) read with Sec.65(50b) of the Finance […]
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GST Interest Liability is Automatic, Leviable only after Completion of Adjudication Proceedings: Jharkhand HC [Read Judgment]
The JharkhandHigh Court, on Tuesday, held that the Interest liability under Section 50 of the Central Goods and Service Tax (CGST), 2017 is automatic, but its computation and demand can be raised only after the completion of the adjudication proceedings under the Central Goods and Services Tax Act, 2017. The petitioner, a partnership firm, filed […]
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CBIC extends Period for submission of Bond till May 15, 2020 [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) extended relaxation for submission of Bond till May 15, 2020. The Central Board of Indirect Taxes and Customs (CBIC) issued a notification on Tuesday reviewing the circular pertaining to the measures to facilitate trade during the lockdown period. The circular was issued for the purpose of […]
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Tuesday, April 21, 2020
ICSI – RVO introduces 50 hrs. Online Educational Course
The COVID-19 pandemic has brought in a paradigm shift in the process of learning and education. Virtual classrooms have become today’s reality and to stay ahead of the curve, Institute of Company Secretaries of India – Registered Valuers Organization (ICSI-RVO) is introducing 50 hours Online Educational Course on “Valuation of Securities or Financial Assets” from […]
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IL&FS Case: Bombay HC Quashes Criminal complaint against ex-IFIN Auditor Deloitte, BSR [Read Judgment]
The Bombay High Court has quashed criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile auditors of Infrastructure Leasing and Financial Services Ltd (IL&FS). and its non-bank lending arm for alleged collusion in falsifying books. The high court while upholding the constitutional validity of Section 140(5) of the Companies Act, observed […]
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IGST Refunds: CBIC allows SB005 Error Correction for the SBs filed upto Dec 31st [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has allowed the SB005 error correction for the SBs filed up to December 31st, 2019 for IGST Refunds. There are still numerous Shipping Bills having invoice mismatches between the GST returns data and the customs data presented along with the Shipping Bills resulting in […]
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CBIC enables Form PMT-09 for Shifting Wrongly Paid Input Tax Credit
The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the Form PMT-09 for shifting the wrongly paid the Input Tax Credit ( ITC ). The CBIC has recently introduced Form PMT-09 (i.e. a challan) for shifting wrongly paid Input Tax Credit. This enables a registered taxpayer to transfer any amount of […]
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Loss due to Currency Fluctuation is Capital Loss: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) held that loss caused due to currency fluctuation on the conversion of USD (US Dollar) into Swiss Franc is a capital loss for the purpose of Income Tax Act, 1961. The appellant company, M/s. Acalmar Oils & Fats Ltd. purchased crude palm oil from Acalpo Wilmar Pte Ltd. for […]
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CESTAT quashes Demand for Cost Recovery Charges as the Levy is Illegal [Read Order]
The Custom, Excise and Service Tax Appellate Tribunal (CESTAT) held that no Cost Recovery Charges are applicable unless a separate custom officer is posted. The appellant, Goodearth Maritime Limited was appointed as Custodian of the goods meant for loading of salt for export or import and coastal movement under Section 45(1) of the Customs Act, […]
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CA Opening in Raycon Infrastructure Pvt. Ltd
The Raycon Infrastructure Pvt. Ltd has invited applications from the eligible candidates with the experience of 2- 4 years. The Raycon Group, a joint venture with a globally active German group founded in 1834 with interest spanning real estate investment and development, offshore wind energy market, venture funds and shipping. Since its commencement, the Raycon […]
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Legal Vacancies at Geeta Institute of Law
The Geeta Institute of Law has invited applications from candidates eligible for the position of Professor/Associate Professor/Assistant Professor (Law). The Geeta Institute of Law (GIL) was established in 2007. The institute was granted affiliation by the Kurukshetra University, Kurukshetra in 2007 and affiliation has been approved by the Bar Council of India. Eligibility: Qualification as […]
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E-mails for facilitating faster refund can not be misconstrued as harassment: CBDT
The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting the outstanding demands of the start-ups, today stated that these observations are completely unfounded and are a total misrepresentation of facts. The CBDT […]
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Larsen & Toubro Limited hiring Chartered Accountants
The Larsen & Toubro Limited inviting applications from eligible candidates with an experience of 0-3 years. Larsen & Toubro Limited, commonly known as L&T is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra, India. It was founded by two Danish engineers taking refuge in India. Job description: Position: Chartered Accountant-Chennai (Corporate Audit Services, Chennai), […]
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Monday, April 20, 2020
COVID-19: ICAI waives off Condonation Fee for CA Students
The Institute of Chartered Accountants of India ( ICAI ) has waived off the Condonation Fee for CA Students. Due to the ongoing period of lockdown amid COVID-19, the ICAI said that, students are facing problems in online filing of various application forms related to practical training within prescribed time and such delay is causing […]
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Benefit of Tax Reduction includes Base Price and Tax Amount: NAA [Read Order]
The National Anti-Profiteering Authority (NAA) ruled that the benefit of tax reduction includes base price and tax amount. The Applicant has alleged profiteering, in respect of restaurant service supplied by the respondent franchisee i.e. M/s Subway Systems India Pvt. Ltd. It was alleged that despite the reduction in the rate of Goods and Service Tax […]
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Digital Court Hearings in India
The unprecedented outbreak of the COVID-19 urged the adoption of ‘social distancing’ in various countries. Amidst the lockdown and quarantines, various sectors implemented the ‘work from home’ policy, ensuring a healthy, safe and flexible working environment. The case of the Supreme Court and High Courts in India isn’t any different. At this extraordinary stage, it […]
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Chartered Accountant Vacancy in IndusInd Bank Limited
The IndusInd Bank Limited has invited applications from eligible candidates to the post of Business Support Manager. The IndusInd Bank Limited is an Indian new generation bank in Pune, established in 1994. The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister […]
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Chartered Accountant vacancy in EY
The EY has invited application from a qualified Chartered Accountant with post qualification experience between 0 to 4 years. The Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms […]
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NAA imposes Penalty on Dealers for increasing Base Price of Dettol despite GST Rate Reduction [Read Order]
The National Anti-Profiteering Authority (NAA), while imposing a penalty on a dealer who did not pass the GST rate reduction benefit to the customers, ruled that the benefit of tax reduction should be passed on to the consumers only by the way of rate reduction. The Applicant filed an application before the Standing Committee on […]
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CESTAT cancels Summer Vacation 2020 [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has cancelled the Summer Vacation 2020. Consequent to lockdown declared by the Government of India, there has been no sitting of the Benches at the Principal Bench and in all Regional Benches of the Tribunal from 16 March 2020. The CESTAT President has, therefore, […]
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ICAI invites suggestions from members on Draft Valuers Bill, 2020
The Institute of Chartered Accountants of India ( ICAI ) has invited suggestions from CA Members on Draft Valuers Bill, 2020. The Ministry of Corporate Affairs had constituted an eight-member Committee of Experts to examine the need for an institutional framework and development of valuation professions, under the Chairpersonship of Shri M. S. Sahoo, Chairperson, […]
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Demystifying GST Provisions for Resolution Professional
Being insolvent is not a crime; it can be for reasons like the change in the market dynamics or change in the regulations or change in consumer habits or reasons beyond anyone’s control. There was no timebound manner for resolution of insolvency, and it used to take ages. As a part of ease of doing […]
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NAA finds Subway Franchisee for Profiteering for non-passing of GST Rate Reduction Benefit and Hiking Food Price [Read Order]
The National Anti-profiteering Authority (NAA) found a Subway Franchisee guilty for not passing the GST rate reduction benefit to the consumers. The complaint against the respondent-restaurant, N Rai Delights LLP, was that after the GST rate reduction in November 2017 where the rates were decreased to 5% from 18%, they did not pass the benefit […]
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Job Opening for Lawyers in NLSIU Bangalore
The Centre for Environmental Law, Education, Research and Advocacy [CEERA], National Law School of India University (NLSIU), Bangalore is calling for applications for the position of Two Research Fellows at their Centre at NLSIU Campus, Nagarbhavi, Bengaluru. The National Law School of India University (NLSIU) is a public law school and a National Law University […]
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Customers are entitled to Benefit of Tax Rate Reduction by way of Reduced Prices: NAA [Read Order]
The National Anti-Profiteering Authority ( NAA ) ruled that the customers are entitled to the benefit of the reduced tax rates by the way of reduced prices. The report submitted by the DGAP allegedly stated that despite the reduction in the rate of Goods and Service Tax (GST) from 18% to 5%, the Respondent had […]
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Sunday, April 19, 2020
No TDS applicable Payments to Shipping Agents of Non-Resident: Gujarat HC
The High Court of Gujarat held that no Tax Deducted at Source (TDS) is applicable on export freight to shipping agents of the non-resident. The respondent-assessee, Summit India Water Treatment filed its return of income for the assessment year 2013-14. The Principal Commissioner of Income Tax invoked the power of revision under Section 263 of […]
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Department can Proceed against Directors only on Failure to Recover Tax from Company: Gujarat HC [Read Judgment]
A two-judge bench of the Gujarat High Court has held that the tax recovery from the directors of a private company is possible only when the department fails to recover the same from the Company as this is the pre-condition for invoking section 179 of the Income Tax Act, 1961. In the present case, the […]
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CA /CFA / CA -Inter / ICWA-Inter vacancy in Wells Fargo & Company
The Wells Fargo & Company invites application from CA /CFA / CA -Inter / ICWA Inter with 6-8 + years of experience. Wells Fargo & Company is a leading global financial services company headquartered in San Francisco (United States). Wells Fargo has offices in over 30 countries and territories. Business outside of the U.S. mostly […]
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Services of CAs should be treated as “Essential Services” for exemption during COVID-19 Lockdown: ICAI to Maharashtra CM [Read Representation]
The Western India Regional Council of Institute of Chartered Accountants of India (ICAI), on Friday wrote a letter to the Chief Minister of Maharashtra, Uddhav Thackeray on the subject-matter that services provided by Chartered Accountants (CAs) should be considered as ‘Essential Services’ amid COVID-19 lockdown. The letter while elaborating on the importance of Goods and […]
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MHA prohibits Supply of Non-Essential Goods by E-Commerce Companies amid Lockdown
Supply of non-essential goods by e-commerce companies will remain prohibited during the lockdown period, the Ministry of Home Affairs (MHA) said on Sunday. The government had earlier eased restrictions on e-commerce companies. The move allowed the e-commerce companies to resume operations before the lockdown ends on May 3, 2020. Earlier the Ministry of Home Affairs(MHA) did […]
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CBDT revises Income Tax Return Forms to enable Taxpayers avail benefits of Timeline extension due to COVID-19
The Central Board of Direct Taxes ( CBDT ) has revised Income Tax Return Forms to enable Taxpayers to avail benefits of timeline extension due to COVID-19. In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to COVID-19 pandemic situations, the Central Board […]
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No Special Relief in Bail Procedure due to COVID-19: Punjab and Haryana HC denies Bail in GST Offence Case [Read Order]
The High Court of Punjab and Haryana rejected the bail application of a person accused of the creation of bogus invoices and other documents and held that there cannot be any special relief in the procedure due to the coronavirus outbreak. The petitioner, Rajinder Bassi had allegedly forged bills and other documents in furtherance of […]
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Saturday, April 18, 2020
GST Dept issues Circular addressing issues related to Refund of Excess Balance in Cash Ledger [Read Circular]
The Data management of GST & Central Excise issued the circular addressing issues related to the Refund of Excess Balance in Cash Ledger. The Principal Additional Director General of System and Data Management, on Friday, issued the circular addressing to Principal Commissioners or Commissioners, all Goods and Service Tax (GST) Zones and Central Board of […]
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Legal Openings in Delhi Development Authority
The Delhi Development Authority has invited applications from eligible candidates to the post of Senior Law Officer and Legal Assistant. The Development Authority was created in 1957 under the provisions of the Delhi Development Act ”to promote and secure the development of Delhi. In order to plan Delhi and to check its rapid and haphazard […]
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Madras HC issues Guidelines for E-Filings and E-Stamping amid COVID-19 lockdown [Read Notification]
The High Court of Madras on Friday issued the additional guidelines for the E-filings and E-stamping amid COVID-19 lockdown. The notification is issued as a measure by the Chief Justice of Madras High Court to combat the spread of COVID-19 and confining the court to hearing only cases of urgent nature. The hearing of cases […]
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Govt Amends the extent FDI Policy for curbing opportunistic Takeovers/Acquisitions of Indian Companies due to the current COVID-19 pandemic
The Government of India has reviewed the extant Foreign Direct Investment(FDI) policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017. Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry has issued […]
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Gujarat HC strikes down VAT Provision permitting Revision of Old Assessments [Read Judgment]
A two-judge bench of the Gujarat High Court struck down Section 84A of the Gujarat Value Added Tax (GVAT) Act on the grounds that it was ultra vires the Constitution of India. The bench was considering a bunch of petitions filed by various dealers including, Reliance Industries Limited challenging the constitutional validity of Section 84A […]
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COVID-19 Lockdown: IBBI notifies Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 [Read Notification]
The Insolvency and Bankruptcy Board of India (IBBI), on Friday, issued Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020. The Insolvency and Bankruptcy Board of India (IBBI) seeks to amend liquidation process regulations by inserting a new regulation 47A into the principal regulations called Insolvency and Bankruptcy Board of India (Liquidation […]
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COVID-19: ICSI extends Last Date for Submitting Quarterly Training Report
The Institute of Company Secretaries of India (ICSI) has issued a notification on extending the last date for submitting the Quarterly Training Report. Due to lockdown in the country on account of the COVID 19, the last date of submission of the first quarterly progress report (January to March 2020) of the trainees undergoing their […]
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Amazon is Hiring CA/CPA/CWA
The Amazon is hiring CA, CPA or CWA with outstanding communication and analytical skills as well as a passion for process improvement and problem-solving to the post of Accounting Assistant. Amazon.com launched in 1995, it was with the mission “to be Earth’s most customer-centric company, where customers can find and discover anything they might want […]
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Delhi Govt extends Time-Limit for Filing VAT Returns due to COVID-19 Lockdown [Read Order]
The Government of Delhi, on Friday issued an order which extended the time-limit for Filing VAT Returns due to COVID-19 Lockdown from March 31, 2020, to June 30, 2020, for filing of online or hard copy of the fourth-quarter return for the year 2019-20. Due to the outbreak of novel coronavirus the Ministry of Home […]
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Group of Citizens agitating for their Rights without a Political Goal can’t be denied Foreign Contribution, says SC [Read Judgment]
Last month, while reserving its order, the Supreme Court said that the voluntary organizations which have absolutely no connection with any kind of politics cannot be denied access to foreign contribution. The appellant, Indian Social Action Forum (INSAF) is a registered society involved in resisting globalization, combating communalism and defending democracy. In the Writ Petition […]
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Karnataka extends Time Limit for Tax Proceedings amid COVID-19
The Government of Karnataka on Friday issued four notifications pertaining to the removal of difficulties amid lockdown. The notification seeks to extend time limitation mostly by 6 months for assessments, reassessments, appeals, rectification, and revisions. Firstly, the government issued Karnataka Tax on Professions, Trades, Callings, and Employments (Removal of Difficulties) Order, 2020 and inserted “Provided […]
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COVID-19: SIAM seeks 10% GST Cut on all Vehicles
The COVID-19 outbreak has almost destroyed the market, Amidst the crisis, the Indian automobile industry SIAM requested the government’s assistance and support to empower them to navigate these difficult circumstances by reducing the GST rates by 10% and introduce an incentive-based system in the sector. Following the request of the Federation of Automobile Dealers Associations […]
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Friday, April 17, 2020
CBIC processes 12923 GST Refund applications involving claims worth Rs 5575 Cr amid Lockdown
CBIC said that it is fully committed to helping the GST taxpayers in the present COVID-19 situation. Since 30th March 2020, CBIC has processed 12923 refund applications involving claims worth Rs. 5575 Cr. While in the last week itself, CBIC has processed 7873 claims worth.. 3854 Cr. CBIC said that a trade and business-friendly measure […]
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RBI announces Second set of Measures to preserve Financial Stability and help put Money in the hands of needy and disadvantaged
It is with these words that the Governor of the Reserve Bank of India (RBI) Shaktikanta Das began his statement, wherein he announced a set of nine measures to revive the struggling domestic economy. This follows the earlier set of measures announced by RBI on March 27, 2020. Making the announcements through an online address, […]
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Allahabad HC grants Anticipatory Bail to Accused of GST Offence [Read Order]
The High court of Allahabad granted anticipatory bail to a person accused of wrongful availment of Input Tax Credit (ITC) under Goods and Service Tax (GST). The applicant, ManmohanLalmanAgarwalapproached the High Court for an anticipatory bail in the event of their arrest in connection with the offense punishable under provisions of the GST Act. The […]
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Sponsorship and Endorsement expenses borne by Importer cannot include in Assessable Value: CESTAT [Read Order]
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that Sponsorship and endorsement expenses borne by importers when not includible in the value of imports. The assessee, Adidas India is engaged in importing and selling Adidas brand products i.e. footwear, garments and sportswear goods imported from Adidas International Trading BV, Netherlands. It also transpires […]
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Chartered Accountant Vacancy in EY
The EY has invited application from a qualified Chartered Accountant with post qualification experience between 0 to 2 years. The Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms […]
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Coronavirus outbreak: SEBI eases Compliance by Trading Members or Clearing Members
Given the situation arising due to the COVID-19 pandemic and extended lockdown period, the Security Exchange Board of India (SEBI) on Thursday issued Relaxation in timelines for compliance with regulatory requirements by or clearing members. The Security and Exchange Board of India (SEBI) empowered under Section 11(1) of the Securities and Exchange Board of India […]
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SEBI relaxes Time Period for Activities carried out by Depository participants, RTAs / issuers, KRAs, Stock Brokers [Read Circular]
The Security Exchange Board of India (SEBI) on Thursday issued the circular while providing relaxation in time period for activities carried out by depository participants, Registrar and Transfer Agents (RTA) or issuers, KYC Registration Agency (KRA) and stock Brokers. In view of the situation arising due to COVID-19 pandemic and extended lockdown period the Security […]
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Thursday, April 16, 2020
18% GST on Mining Licences till December 2018: AAR [Read Order]
Uttarakhand Authority of Advance Ruling (AAR) observes that Licensing services for the right to use or extract minerals including its exploration and evaluation are classifiable under Service Code 997337, covered under Sr. No. 257 of Annexure appended to Notification No. 11/2017-Central Tax (Rate). The M/s Garhwal Mandal Vikas Nigam (GMVN) services rendered classified under service […]
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SC issues New Procedures for Hearing via Video Conferencing amid Lockdown [Read Circular]
The Supreme Court (SC) has issued a circular detailing the standard operating procedures (SOP) to ease the process of mentioning, e-filing, and video conferencing of hearings amid the lockdown due to COVID-19. The Supreme Court (SC) on Wednesday issued fresh guidelines and standard operating procedures (SOP) to be adopted by advocates and litigants during the […]
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Finance Ministry notifies PML (Maintenance of Records) 2nd Amendment Rules, 2020 [Read Notification]
The Department of Revenue under the Ministry of Finance notified the Prevention of Money-Laundering (PML) (Maintenance of Records) 2nd Amendment Rules, 2020. The Ministry of Finance issued a notification on Monday, in the name of Joint Secretary of the Government so as to amend the Principal Act namely the Money-laundering (Maintenance of Records) Rules, 2005. […]
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5% GST applicable on Licensing Services for extraction of Iron till December 2018: AAR [Read Order]
The Authority of Advance Ruling (AAR) ruled that ‘Licensing services for the right to use minerals including its exploration and evaluation’ is subjected to levy of Goods and Service Tax (GST) @ 5% till December 31, 2018, and thereafter @ 18% under reverse charge basis. The applicant, M/s Cosme Costa and Sons, a partnership firm […]
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Value of Supply under Foreign Currency Billing to be determined as per notified Exchange Rate: AAR [Read Order]
Uttarakhand AAR held that the value of goods supplied within India and billing is done in foreign currency, shall be determined under Rule 34 of Central Goods and Service Tax (CGST) Rules, 2017 and rate of exchange for imported goods as notified by the Board under Section 14 of the Customs Act, 1962 shall be […]
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Supply of Water as a part of Maintenance Service despite Separate Contract, GST applicable: AAR [Read Order]
The Rajasthan Authority of Advance Ruling (AAR) ruled that supply of water as a part of maintenance service despite separate contracts and the Goods and Services Tax ( GST ) would be applicable for such supplies. The applicant, Latest Development Advisory Ltd. is engaged in providing services to the society Resident Welfare Association (RWA) in […]
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Attachment of Property purchased out of Proceeds of Crime, not violative of Right to Property: Madras HC [Read Judgment]
The High Court of Madras held that the attachment property purchased out of the proceeds of crime Section 3 of the Money Laundering Act is cannot be said to be manifestly arbitrary and it is not violative of the constitutional right to property under Article 300A of the Indian Constitution. The petitioner, Triad Trading Services […]
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GST Authorities can’t Arbitrarily Confiscate Godown: Gujarat HC [Read Judgment]
The Gujarat High Court held that Godown of dealers cannot be sealed by Goods and Service Tax (GST) authorities without having reasons to believe that goods stored were liable for confiscation. The writ applicant, AnopsinhKiritsinhSarvaiyaowns a godown which is used by the distinct entities, namely, Ajay raj & Co.; Dharamraj Exports; Kamani Exports; R.L. Enterprise […]
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