Delhi HC dismisses Former Union Minister Jairam Ramesh’s petition against Amendments in PMLA through Money Bill [Read Judgment]

The Delhi High Court has dismissed former Union Minister and Congress MP Jairam Ramesh’s petition against the Amendments in Prevention of Money Laundering Act, 2002 ( PMLA ) through Money Bill. The petition has challenged sections 145, 146, 147, 148, 149, 150 and 151 of the Finance Act, 2015, Section 232 of the Finance Act, […]

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Refund Claims must be sanctioned in Cash after GST Rollout: CESTAT [Read Order]

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Chandigarh bench has held that the authorities cannot credit the refund claims in Cenvat credit account after the rollout of Goods and Services Tax ( GST ) from 1st June 2017. The appellant filed refund claims of unutilized amount lying in their Cenvat credit […]

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Wife added as Co-Owner of Property due to Vastu Reasons: ITAT asks AO to re-consider Deduction Claim [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has asked the Assessing Officer to re-consider a claim for deduction under Section 54F of the Income Tax Act, 1961 where the anme of the wife was added as co-owner of the property due to vastu reasons. The assessee sold a site located at Anjanapura and earned […]

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Distribution of IPL Tickets to Customers to improve Business Relations is allowable as Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench ahs held that the distribution of IPL tickets to the long-standing customers to improve business relation and goodwill would amount to business expenditure for the purpose of tax deduction under Section 37 of the Income Tax Act. During the assessment proceedings, the Assessing Officer noted that the […]

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Insurance Policies for Employees, being Statutory Mandate, eligible for Credit: CESTAT [Read Order]

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai bench has held that the insurance policies taken in the name of employees are eligible for cenvat credit since the same is a statutory mandate. The appellants, engaged in providing Erection and Commissioning or Installation Services [ECIS] in India as well as abroad, sent their […]

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Panel for Direct Tax Code seeks Three-Months Extension

The panel constituted by the Central Government for re-drafting direct tax code sought for a three-month extension from the Finance Minister Arun Jaitley. The committee was formed to submit its recommendations on the drafting of the direct tax code. The tax force, headed by Central Board of Direct Taxes member Akhilesh Ranjan, was asked to […]

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GST: DGGI seizes record of Yarn Firms in Ludhiana

The Director-General of GST Intelligence (DGGI), Delhi, has reportedly the records of many yarn firms into custody with the help of other teams of the DGGI of Northern India. The surveys conducted by the team unearthed the scam and said that many of the firms have taken the input tax credit on the basis of […]

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Ex. Directors of Shivam Water Treaters given 2 days to hand over entire property to RP: NCLT [Read Order]

The Mumbai Bench of the National Company Law Tribunal ( NCLT ) in the case of Asset Reconstruction Co. (India) Pvt. Ltd. v Shivam Water Treaters Pvt. Ltd. vide its order dated 18.02.2019, has provided two days to the Ex-Directors to comply with the directions of the NCLT and hand over the entire property, papers […]

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Refund claim can’t be rejected since Delay was due to Department’s Re-organization after GST: CESTAT [Read Order]

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Chennai bench has held that the service tax refund claim made by the assessee cannot be rejected on account of delay which was caused to department reorganization after the rollout of the Goods and Services Tax ( GST ). The refund application made by […]

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Highest GST Rate on Lodging with Food Supply to Students छात्रों के लिए ...

Income Tax Department hits at Terror Financing activities in J&K Region

The head of a prominent organization allegedly indulging in anti-national activities along with his associates were covered in a sensitive search action by the Income Tax Department today. Search action has been conducted at 4 premises in the Valley and 3 in the national capital. The search action has yielded credible evidence of large scale […]

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Input tax credit on ambulance for Employees ? कर्मचारियों के लिए एम्बुले...

Presumptive Interest Rate u/s 44D applicable to Partners Remuneration from Firm: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a partners’ remuneration from the Firm shall be subject to the application of presumptive interest rate under section 44AD of the Income Tax Act. The assessee received remuneration and interest from partnership firms namely M/s. Kumbakonam Jewellers, M/s. ANS Gupta […]

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Relaxation to Income Tax Returns and Audit Reports filed till February 28th in Kerala

In a recent order, the Central Board of Direct Taxes ( CBDT ) has said that the Income Tax returns and audit reports filed from taxpayers of Kerala till 28th February will be deemed as filed on 31.10.18. Many condonation petitions before the Central Board of Direct Taxes (the Board) under section 119(2) of the […]

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Income Tax Refund to be automatically credited to Bank A/c linked with PAN

The income tax refund process will be issued through online only from March 2019. The amount will be credited to the bank account linked with the Permanent Account Number (PAN). Further, the taxpayers have to pre-validate your bank account with the income tax department e-filing portal to receive a tax refund. It is confirmed that […]

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GST: Delhi Govt targets Rs 29,000 crore Revenue for Next Year

The Delhi Government, while announcing the annual budget, the Deputy Chief Minister Manish Sisodia said that the Government is targeting to achieve revenue of Rs 29,000 crore from the Goods and Services Tax ( GST ). Presenting the budget in the Delhi Assembly, the Deputy Chief Minister said that the introduction of GST as a “significant step in the […]

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Omission by Chartered Accountant Reasonable Cause for not claiming Refund in Time: Delhi High Court [Read Judgment]

A two-judge bench of the Delhi High Court has held that the omission on the part of the Chartered Accountant/ auditor would constitute a reasonable cause delay in claiming the refund by the assessee. The assessee claimed that a sum of Rs.31,25,000/- was inadvertently left out by its auditor/chartered accountant in the calculation while filing […]

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Income Tax Returns, PAN, Foreign Assets Details mandatory for Lok Sabha Election Candidates [Read Notification]

The Government, in order to bring more accountability and transparency in the election process and to make easy verification of the candidates details, mandated that the candidates of election shall declare their income tax returns of the last five years, details of foreign assets and Permanent Account Number (PAN). According to a notification issued by […]

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GST Evasion worth Rs 650 crore unearthed in Maharashtra

The Raigad wing of the Central GST and Central Excise Commissionerate reportedly unearthed Rs 650 crore tax evasion by using fake invoices showing the supply of goods and GST payment of about Rs 110 crore. In connection with this, one Mr. Anand Mangal was arrested and sent to judicial custody until March 8 by a […]

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Income Tax Dept warns Fake Refund Messages of Fraudsters

As part of taking preventive measures to ensure the security of the accounts of the taxpayers, the Income Tax department has recently asked the taxpayers to beware of the fake refund messages sent in the name of the department. In a recent advisory, the department said that the taxpayers should not open any such links asking […]

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Manufacturing Tea Bags attract 5% GST: AAR [Read Order]

The Authority for Advance Rulings (AAR), Haryana has ruled that the manufacturing of tea bags by the contract would be subject to 5% GST. The Applicant is a contract packer of tea bags, seeks a ruling on the classification of the services provided in way of packing of tea bags and the rate of GST. […]

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ICAI issues Advisory on filing of E-Active Form with MCA

The Institute of Chartered Accountants of India ( ICAI ) has issued an advisory regarding the filing of E-Active Form with the Ministry of Corporate Affairs (MCA). Last week, the Ministry of Corporate Affairs had issued Companies (Incorporation) Amendment Rules, 2019 and Companies (Registration offices and Fees) Amendment Rules, 2019 which shall come into force […]

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Credit Card Commission to Banks does not attract TDS: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi benhc has held that the provisions of tax deduction at source (TDS) under section 194H of the Income Tax Act, 1961 are not applicable to credit card commission paid to Banks. The assessee is engaged in the business of running a hotel in the name of ‘Taj Palace’. […]

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4 easy ways to Link Aadhaar with PAN आधार को पैन से जोड़ने के लिए 4 आसा...

Amendment to 80A (5) does not bar the Assessee from Revising the Computation for Deduction made under the provision: Delhi HC [Read Judgment]

The Delhi High Court by its single judge bench of Justice Sanjiv Khanna held that the amended 80A (5) cannot be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with Section 80A (5) of the Income Tax Act. The respondent-assessee is engaged in providing ‘Processing […]

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New Update on GST Portal 25.02.2019 जीएसटी पोर्टल पर नई अपडेट

CBDT prescribes 3 easy Ways to link PAN with Aadhaar: Last Date is 31st March 2019

As it is confirmed that no one can file their income tax returns from next year without linking their Permanent Account Number ( PAN ) with Aadhaar card, the taxpayers who have not done the same can do it till 31st March 2019. Recently, the Central Board of Direct Taxes (CBDT) has announced March 31, […]

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Resolution Plan cannot be challenged before the NCLT on the ground of failure to meet the threshold requirement where the same is purely a business decision: SC [Read Judgment]

The Supreme Court in the case of K. Sashidhar v. Indian Overseas Bank & Ors. held that if the opposition to the proposed resolution plan is purely a commercial or business decision, the same, being non justiciable, is not open to challenge before the NCLT or NCLAT. KS&PIPL was incorporated as a private limited company […]

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GST Returns to be linked with E-Way Bills to curb Evasion

In a bid to tackle the tax evasion among the businesses, the Government is planning to integrate GST returns to the E-way Bills, ET reported. While the full-fledged implementation is starting from 1st July 2019, the pilot run is set to begin in April 2019. While the e-way bill site has seen significant developments in […]

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Absence of New Material and Existence of Identical facts in a series of AYs, similar treatment was to be attributed in the relevant AY: ITAT [Read Order]

The Raipur Bench of Income Tax Appellate Tribunal ( ITAT ) in the case of M/s. Chattisgarh Mineral Development Corpn. Ltd. v. ACIT held that in absence of new material and existence of identical facts and circumstances concerning a transaction in a series of AYs, similar treatment was to be attributed in the relevant AY. […]

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How to Release Goods Seized during search in GST सर्च के दौरान जब्त किए ...

Income Tax Department to share Information with Ministry of Housing and Urban Affairs [Read Notification]

The Central Government today issued a notification empowering the income tax department to share information with the Ministry of Housing and Urban Affairs. The present notification by the Central Board of Direct Taxes (CBDT) specified that the Joint Secretary (PMAY), Ministry of Housing and Urban Affairs, Government of India, as the designating authority for purposes […]

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Tax Deduction available to Legal and Professional Fees paid for Transfer of Shares: ITAT

The Income Tax Appellate Tribunal (ITAT) Mumbai bench has allowed the deduction to the fees paid to legal and professional fees in connection with the transfer of shares. Section 48 (i) of the Act lays down the mode of computation of income chargeable under the head “Capital Gain”. Clause (i) provides for computation of capital […]

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Major Recommendations of the 33rd GST Council Meeting

Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. “Housing for All by 2022” envisions that every citizen would have a house and the urban areas would be free of slums. There are reports of a slowdown in the sector and low […]

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33rd gst council meeting decisions on 24.02.2019 33 वीं GST परिषद की बै...

33 GST council Meeting Press release by Arun Jaitely on 24.02.2019 3 वीं...

GST Council Meet approves 1% Tax on Affordable Houses

The 33rd Goods and Services Tax ( GST ) Council meeting in New Delhi has made some important decisions regarding the real estate sector. Reportedly, the Council has approved the lowest rate of 1% tax on the affordable houses, sources said. According to sources, the non-affordable houses will be charged at 5% GST without the […]

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CBIC constitutes Working Group to facilitates Exports and Tax Evasion

The Central Board of Indirect Taxes and Customs ( CBIC ) has constituted three Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance. The Working Groups will focus on:- improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy […]

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GST Council Meeting today to declare Relief to Real Estate Sector

The most powerful GST Council will meet today to announce relief to the real estate sector and to declare a uniform tax rate on the lottery. Last week, the Group of Ministers headed by Gujarat deputy chief minister Nitin Patel had recommended cutting tax rates on under-construction properties to 5 percent, without input credit, from […]

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Cross Examination should be conducted to Know Genuineness of Transaction: ITAT

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Assessing Officer should allow the opportunity of cross-examination to the assessee to check whether the share transaction is real or not. The Assessing Officer denied the exemption of long term capital gains of Rs. 14,04,752/-, arising on transfer of shares claimed by the […]

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President approves Interim Budget: Finance Act Notified [Read Act]

The President has approved the interim budget 2019 finance bill has been assented to by the President on February 21 thereby making it an Act. By this, the proposals made in the budget announced by Finance Minister Piyush Goyal has become law. The interim budget had proposed on 1st February increased the standard deduction for […]

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Provisos to Section 50C inserted by FA 2017 Retrospectively Applicable: ITAT

The Income Tax Appellate Tribunal (ITAT) by its Pune Bench in the case of Shri Dinar Umeshkumar More, Nashik v. ITO held that provisos to Section 50C inserted by Finance Act, 2017 are retrospectively applicable. The appeal has arisen from the issue of valuation of the property which has been executed by the assessee along […]

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Credit not available on GST paid to Contractor for Hiring Vehicles for Employees: AAR [Read Order]

The Authority for the Advance Ruling (AAR), Haryana has ruled that the company cannot claim input tax credit (ITC) on the GST paid to the contractor for hiring vehicles for the transportation of the employees. The applicant-Company entrusted a contractor, Deep Travels from whom it hired commercially licensed vehicles for providing transportation services to its […]

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How to Reverse Incorrect Input Tax Credit गलत इनपुट टैक्स क्रेडिट को कै...

ICAI to proceed against Chartered Accountant arrested for GST Evasion

The disciplinary directorate of the Institute of Chartered Accountants of India ( ICAI ) has decided to proceed against the Chartered Accountant arrested in Meerut last day for availing fake input tax credit under the GST regime. The Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit, has arrested a Chartered accountant, namely, Gaurav Jindal, […]

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Promoting Cricket is ‘Charitable Activity’ under Section 2(15) and not entitled to relief under Section 11: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Gujarat Cricket Assn. v. J.CIT held that assessee engaged in promoting and developing the game of cricket is engaged in carrying out ‘charitable activity’ within the meaning of Section 2(15) and is not entitled to relief under Section 11. The assessee […]

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Companies incorporated before 31st Dec 2017 need to file ACTIVE Compliant Form: MCA

The Ministry of Corporate Affairs ( MCA ) has further amended the Companies (Incorporation) Rules, 2014 wherein the Ministry has notified the new e-form Active for activation of the company. It is in the light of the recent Sarada Chit Fund scam, the Government is introducing the new form to curb the practice of fake […]

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GSTN Alert: New Functionalities enabled from January

The Goods and Services Tax Network ( GSTN ) has enabled several new functionalities from January 2019 for the taxpayers. They include the following; Taxpayers can furnish details of security/surety in prescribed form ASMT-05. After submitting the form online, they are required to furnish a hard copy of the original bank guarantee/ surety/ security to […]

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Film Production Unit eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai has held that a film production unit is eligible for income tax deduction under section 80IB of the Income Tax Act, 1961. The Assessing Officer observed that the assessee Mr. K.T Kunjumon was producing movies sine Nineteen Eighties and production of a new movie, though it […]

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GST Evasion Alert: Chartered Accountant arrested in Meerut

The Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit, has reportedly arrested a Chartered Accountant for fraudulently availing Input Tax Credit under the GST regime. According to a report in Times Now, Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit conducted searches at multiple locations in Delhi, Mumbai, Raipur, Varanasi, and Moradabad unearthed […]

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GST ITC on employees township & Guest Houses कर्मचारियों के टाउनशिप/ गे...

Jirayat Land is Cultivable Land: ITAT grants Tax Exemption [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the Jirayat land is cultivable land and therefore, can be treated as agricultural land for the purpose of granting exemption under the Income Tax Act, 1961. The assessee transferred “Jirayat land” for development. The department treated the land transferred as barren land. The Tribunal […]

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Provision for Gratuity for Retired Employees Deductible u/s 43B: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin, has held that the provision for gratuity made for the benefit of the retired employees can’t be disallowed under Section 43B of the Income Tax Act, 1961. The Assessing Officer had disallowed the provisions made by the assessee towards gratuity, leave salary, bonus and medical aid of retired […]

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GSTN Suggested ITC utilization on GST Portal जीएसटीएन द्वारा सुझाए गए आ...

Maharashtra Cabinet approves Amnesty Scheme to settle VAT Disputes

The Maharashtra cabinet has last day approved an amnesty scheme to enable the taxpayers to settle the tax disputes before the Goods and Services Tax (GST) came into effect. This is aimed at recovering the revenue that the government was losing due to litigation and clearing backlog of cases, a statement issued by the Chief […]

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Inter-State Supplies to Unregistered Persons shall be inserted in GSTR-3B and GSTR–1: CBIC [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that the persons registered under GST shall mandatorily include the details of inter-state supplies in GSTR-3B and GSTR-1 made to unregistered persons. Under the GST law, the apportionment of IGST collected on inter-State supplies made to unregistered persons in the State where […]

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Seven Years Rigorous Imprisonment to then Assistant Commissioner of Income Tax

The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman(an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, Jamshedpur to undergo seven years Rigorous Imprisonment with fine of Rs.3.5 crore; his mother Smt. Gulab Devi to undergo one-year Rigorous Imprisonment with fine of Rs.10,000/- and two other persons, namely […]

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GST: Anti-profiteering Charges against Mahesh Babu’s Multiplex

The Goods and Services Tax ( GST ) department has proceeded against Mahesh Babu’s multiplex in Hyderabad for not complying with the revised GST rates. The department is currently initiating stringent actions against such multiplexes in the city not decreasing the price of movie tickets. The Rangareddy GST Commissionerate has now detected a case of […]

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33rd GST Council Meeting Outcome 33 वीं GST परिषद की बैठक : परिणाम

GST Council Meeting: Decision on Real Estate Sector Deferred

The Goods and Services Tax ( GST ) Council meeting held today through video conference remained inconclusive after some state finance ministers sought a physical meeting as they felt an issue as crucial as a special scheme for real estate sector should not be discussed through a video conference. The meeting will now take place […]

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Extension of Due date for GSTR 3B for January 2019 जीएसटीआर 3 बी अंतिम त...

Breaking: GSTR-3B Due Date extended for Two Days

The Central Government today extended the due date for filing return GSTR-3B for two days. The GST Council meeting held through video conference today has recommended the same to give relief to the taxpayers. According to sources, the Notification in this regard will be issued shortly. The last date for filing GSTR-3B for the month […]

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Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so as to fill critical […]

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Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit-taking activities in the country launched by rapacious operators, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor […]

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Rajasthan Tax Dept launches Amnesty Scheme for Stamp Duty Evaders

The Rajasthan State Tax department has launched an amnesty scheme for the stamp duty evaders. According to the notification issued by the department, interest and penalty payable on stamp duty shall be remitted in the following cases, namely: cases pending before the Collector (Stamps) up to the date of this notification in which the stamp […]

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ITC Claim on Warehouse constructed using pre fabricated structure वेयरहा...

CESTAT Appeals without Mobile Number and Mail ID of Parties and Advocates may be treated as Defective [Read Notice]

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has informed that in the appeals filed before it, the mobile number and the e-mail IDs of the assessee and the advocates shall be inserted. It was also clarified that the appeals filed without these details would be treated as defective. “If the authorized […]

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GST: Govt forms Committee to tackle E-Way Bill Evasion

In a bid to tackle evasion in the E-Way Bill system under GST, the Government to form a committee of tax officers to suggest steps to deal with bogus e-way bills. There are many instances of bogus e-way bills and fake invoices have come to the notice of the Central Board of Indirect Taxes and Customs […]

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Failure to include Place of Supply and State’s Name in GST Invoice for Inter-State Supply would attract Penalty: CBIC

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that in case of failure to satisfy the mandatory requirement of inserting place of supply and the name of the State in the invoices for inter-State supply would attract penalty under the GST law. A circular issued by the Board last day […]

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GST: Govt to take Lenient Approach on Taxpayers till Election

The Government may take a lenient approach on the taxpayers under the GST towards the businesses till the Loksabha elections. The authorities will, however, continue to collect data on transactions from various sources, which will be useful once enforcement measures are scaled up, reports said. The pause on anti-evasion measures till early July will help […]

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India levies 200% Customs Duty on Goods from Pakistan

On Saturday, the Ministry of Finance has increased the customs duty to 200 per cent on all goods imported from Pakistan, following revocation of the ‘most-favoured nation’ status in the aftermath of the Pulwama terror attack. “India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods […]

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Can you Transfer both GST Ledgers (Cash and Credit) on Merger ? कैश एं...

Compulsory Acquisition of Urban Land eligible for Tax Benefit: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that the compulsory acquisition of urban land is eligible for tax deduction under the Income Tax Act, 1961. The Assessing Officer reopened the assessment against the assessee for the reason that the assessee had not disclosed capital gains tax for land sold to […]

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GSTN Alert: Two New Features added in the Portal

The Goods and Services Tax Network ( GSTN ) has updated two new features in the official website including System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1. At the time of generating E-Way Bill for outward supply, taxpayers enter the details of outward supplies such […]

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No need to issue GST TDS Certificate ? जीएसटी टीडीएस प्रमाण पत्र जारी कर...

New GST Circular for supply of warehoused goods कस्टम वेयरहाउसेड गुड्स ...

New GST Circular for supply of warehoused goods कस्टम वेयरहाउसेड गुड्स ...

New GST Circular on penalty for wrong reporting in GSTR 3B & GSTR 1 जीएस...

Society imparting Training to Students to get Placements eligible for Income Tax Exemption: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a society engaged in providing education/ skill development training to the students to enable them to get placement is eligible for deduction under section 10(23C)(iiiab) of the Income Tax Act. Assessee society is engaged in conducting various short duration training […]

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Chief Accountant couldn’t hand over Assessment Order to Tax Consultant without Malafide: ITAT Condones Delay in filing Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad has held that the delay in filing Appeal can be condoned if the Chief Accountant, without any bad intention, could not hand over the Assessment to Tax Consultant for filing the appeal. The assessee filed the first appeal challenging the Assessment Order with a delay of 136 days. […]

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GST on building used by subsidiary company सहायक कंपनी द्वारा उपयोग की ज...

GST on Security Services & Scavenging Services to Govt सरकार को दी सुरक्...

Modi Attacks on Pakistan Economy मोदी ने पाकिस्तान की अर्थव्यवस्था पर हम...

GST on Renting of Godowns for storage of Agriculture produce गोदामों के...

Businessman jailed for Income Tax Evasion

A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. “The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the Tax Recovery Officer (TRO) from where he […]

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SEBI inserts New Rule allowing Company Secretaries to do Secretarial Audit

The Securities Exchange Board of India ( SEBI ), last week inserted ‘Regulation 24 A’ providing for Secretarial Audit in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 allowing the practicing company secretaries to do Secretarial Audit. The Market regulator also came out with the format for listed entities for preparing their annual secretarial audit […]

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Rent paid in Cash can’t be allowed as Business Expenses without Details: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that in order to get the deduction for rent paid in cash as business expenditure under the Income Tax Act, the assessee needs to produce the details of the premises. The assessee claimed rent expenses of Rs. 54,000/- was paid and claimed as business expenses […]

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GST Threshold Limit raised in Most of the States

The States, except a few including Kerala and Telangana, and two Union Territories have raised the GST threshold limit for mandatory registration for GST for goods suppliers. According to information available with the Finance Ministry, 18 States and two UTs have exercised an option to revise the annual threshold limit; for nine States, the option […]

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Claim of GST ITC on hiring of buses for employees transportation बसों के...

Remit 5% TDS on Rent above Rs. 50,000: CBDT

The Central Board of Direct Taxes ( CBDT ) asked the taxpayers to remit Tax Deducted at Source (TDS) at five percent while paying House Rent above Rs. 50,000. It is mandatory for an individual or Hindu Undivided Family (HUF) paying a monthly rent of more than Rs 50,000 to a person who is an […]

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Shilpa Shetty Kundra gets Tax Relief from ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has deleted an addition against Bollywood actress Shilpa Shetty Kundra and co-owner of IPL Team Rajasthan Royals. The assessee is a film actor. During assessment proceedings, it transpired that the assessee earned exempt dividend income of Rs.9,08,198/- against the investment of Rs.16.87 Crores. The Ld. AO, noticing […]

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When to pay GST and claim ITC on Goods Sold in Transit ? माल ट्रांजिट मे...

Re-appointment of Auditors by Company ceases to fall under Rotation Principles: ICAI withdraws Clarification

The Institute of Chartered Accountants of India ( ICAI ) has withdrawn its recent clarification permitting a Company which ceases fall under the rotation principles under the Companies Act, 2013 to re-appoint an auditor. A Chartered Accountant/ firm, an auditor in a company on which Rules relating to Rotation of auditors were applicable, retired in […]

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Pramod Chandra Mody appointed as New CBDT Chairman

After Mr. Sushil Chandra appointed as Election Commissioner by the Central Government, IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department. PC Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has worked […]

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PAN-Aadhaar Linkage shall be completed till March 2019: CBDT

The Central Board of Direct Taxes (CBDT) has mandated that the linking of PAN with aadhaar should be completed by the taxpayers by 31st March 2019. The constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated […]

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ICMAI to train One Lakh GST Accountants under Govt Funded Programme

Around one lakh students to be benefitted from the Government-funded GST training programme by the Institute of Cost Accountants of India ( ICMAI ). The government is coming out with GST Accountants course and plans to train about 1 lakh GST Accountants over the next one to one-and-half year. Earlier, there were reports that the Central Government and […]

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Customary Bonus not eligible for Deduction u/s 36(1)(ii): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the customary bonus cannot be treated as par with the bonus paid under the Bonus Act and therefore, not attract the provisions of section 36(1)(ii) and Section 43B(C) of the Income Tax Act. The assessee claimed that the outstanding bonus was a customary bonus […]

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ICAI to conduct Common Proficiency Test in June

The Institute of Chartered Accountants of India ( ICAI ) has informed that the Common Proficiency Test will be conducted on 16th June 2019. An announcement issued by the ICAI said that “In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased […]

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GST Appellate Tribunal Formation: Allahabad High Court seeks response from Govt

The Allahabad High Court, on Wednesday, asked the State Government about the steps taken by it for the formation of the GST Appellate Tribunal in the State. Justice Bharati Sapru and Justice Piyush Agrawal was hearing a petition filed by M/s Torque Pharmaceuticals Private Limited, wherein the Court directed that some responsible officers from the […]

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Rent from letting out of Terrace Taxable as House Property Income: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench has held that the rent received from letting out of the terrace shall be taxed under the head “Income from House Property” under the Income Tax Act. The Assessing Officer was of the view that for assessing an income earned in respect of a property […]

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GST on Supplies outside India on direction of Indian Customer भारत से बा...

ICAI extends Last Date for application for Empanelment of Chartered Accountants Firms/LLPs with CAG

The Institute of Chartered Accountants of India ( ICAI ) has informed that the Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for the year 2019-2020 for the purpose of appointment of auditors of Companies can apply till 22nd February 2019. The last date […]

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Profit and Loss adopted in AGM Qualified by Auditors can’t be Altered: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the profit and loss adopted in the annual general meeting (AGM) which was subsequently qualified by the statutory auditors cannot be altered later. The assessee claimed that it had not followed AS – 13 in finalizing the financial statement which […]

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GST on Activities for Mid-day Meal Scheme मिड डे मील के लिए गतिविधियों...

ICAI declares CA Inter/ Final Exam Dates

The Institute of Chartered Accountants of India (ICAI) has declared the dates for CA inter/ final examinations in May 2019. As per the schedule, the CA intermediate exams for old and new scheme will be conducted from 3rd to 17th May 2019. The examinations of CA Final examinations will be held from 2nd to 16th […]

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CBDT Chairman Sushil Chandra appointed as Election Commissioner

Weeks ahead of the 2019 general election in April, CBDT Chairman Sushil Chandra, a 1980-batch Indian Revenue Service (IRS) official has been appointed as the election commissioner. An IIT alumnus, Chandra, prior to his new assignment, was the chief of the central bureau of direct taxes CBDT, the apex policy making body of the Income […]

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Charitable Society eligible for Exemption on Property used as Residence of Chairman: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has granted income tax exemption to a Charitable Society in respect of the property used by the Chairman as the residence. The Assessing Officer has denied exemption under section 11 (2) of the Act by finding that the property in question has been purchased in […]

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ITC claim of CGST Paid in Other State ? अन्य राज्य में सीजीएसटी भुगतान क...

No GST Advance Ruling for Past period Activity ? पिछले अवधि की गतिविधि क...

Power Bank is classifiable as Accumulator not as Static Converter: AAR [Read Order]

The Advance Ruling Authority (AAR), Karnataka has held that the power bank supplied by the Xiaomi Technology India Private Ltd, is classifiable as an accumulator and not as static converter under GST. The Applicant, a leading mobile Company in India, sought for a clarification as to Whether the “Power Bank”, traded by them is classifiable […]

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CBDT forms Committee to examine Suggestions and Issues on Litigation Management [Read OM]

The Central Board of Direct Taxes ( CBDT ) has constituted a committee to examine the suggestions and issues on litigation management emerging from Judicial Conference. As per the discussion held during Judicial Conference held on 04.01.2019, a committee is being constituted to examine the suggestions/issues on litigation management emerging out of the Conference. Shri […]

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No attachment of Bank Accounts if Track record of Tax Payment is Good कब...

Common GST Errors -Part 3 जीएसटी की आम गलतियां भाग 3

Cabinet approves MoU with Saudi Arabia to prevent Customs Offences

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding between India and Saudi Arabia on cooperation and mutual assistance in Customs Matters. The Agreement will help in making available, reliable, quick and cost effective information and intelligence for the prevention and investigation of Customs offences and […]

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Re-imbursement of Salary can’t be disallowed for Non-Deduction of Tax at Source: Bombay HC [Read Judgment]

A two-judge bench of the Bombay High Court has reiterated that the expenses in connection with the reimbursement of salary cannot be disallowed by invoking Section 40(a)(ia) of the Income Tax Act, 1961 on the ground of non-deduction of tax at source. The Assessing Officer disallowed expenses of Rs.4.33 Crore under Section 40(a)(ia) of the […]

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GST Evasion Alert: Three arrested in a Scam worth Rs 478 crore

The Gujarat State Tax department has detected a GST scam of Rs. 478 crore in connection with which three persons have been arrested. Reportedly, the accused created fake companies and bills were issued in their name, over which the accused had claimed Input Tax Credit (ITC), causing losses to the state exchequer. Authorities suspect more […]

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Income Tax Assessment Error caused Loss of Rs. 6000 Cr Tax from Realty Firms: CAG Report

The Comptroller and Auditor General (CAG), in its report tabled in Parliament on Tuesday, found that the income tax department has caused a loss of Rs 6,093 crore to the exchequer due to 1,183 mistakes made in assessing the income-tax returns (ITRs) of real estate companies between financial years 2013-14 and 2016-17. According to the […]

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How to prepare GSTR 1 from Invoices of e-way bill system ईवे बिल से जीएस...

Free Background Material on Import and Export after GST जीएसटी के बाद आय...

Petition in Bombay High Court challenging Constitution of GST Appellate Tribunal [Read Petition]

A petition has been filed before the Bombay High Court challenging the provisions relating to the constitution of Appellate Tribunals under the GST Acts. Petitioner, a practicing Lawyer and the current President of the Sales Tax Bar Association of Maharashtra challenged the provisions relating to the constitution of GST Appellate Tribunals in the Central and […]

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Supreme Court Larger Bench to decide Applicability of Sales Tax on Free Replacement of Defective Parts During Warranty Period

A two-judge bench of the Supreme Court has referred to the issue of leviability of sale tax on free replacement of defective parts during the warranty period. Justices L Nageswara Rao and Sanjay Kishan Kaul were hearing an appeal filed by Tata Motors. The bench doubted the correctness of 2004 judgment in the case Mohd. […]

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Common GST Errors (Part 1) जीएसटी की आम गलतियां

E-Way Bill contains Three GST Invoices: Kerala High Court releases Goods on furnishing Simple Bond [Read Judgment]

In a case where the department detained the vehicle since dealer generated e-way bill showing three invoices, the Kerala High Court held that the goods can be released by furnishing simple bond. Petitioner, Stove Kraft Pvt Limited is a dealer. The goods and vehicle of the petitioner were detained by the GST department on the […]

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Tax Benefit allowable for Selling Multiple Flats to Buy New One: ITAT [Read Order]

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that tax benefit under section 54 of the Income Tax Act is available to the assessee for selling multiple flats to purchase a new one in India, within the stipulated time. Under section 54 of the Income […]

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Free Background Material on GST for Government Officials सरकार के अधिकार...

How to pay demand raised against TDS on sale of property संपत्ति की बिक्...

Only 0.5% of Income Tax Returns selected for Scrutiny: Shiv Pratap Shukla

The level of income tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, said Shri Shiv Pratap Shukla, Minister of State for Finance in a written reply to a Question in Rajya Sabha last day. According to him, as on […]

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Reference of Matter by AO to DVO for valuation of Property is Not Mandatory: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi bench has held that the reference of the matter by the Assessing Officer to DVO for valuation of the property is not mandatory under section 50C of the Income Tax Act. As per the Act, the AO (assessing officer) may refer the matter to DVO (district […]

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GST Council likely to meet on 20th Feb, Main Focus on Relief to Real Estate Sector

The GST Council is likely to meet on 20th February through video conference to discuss the relief to real estate sector, sources said. The Council may consider the proposal made by GoM to slash the tax on cement to 18 percent from 28 percent at its meeting next week along with a ministerial panel report […]

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GST Scam: Madras High Court rejects Plea for Anticipatory Bail

The Madras High Court has rejected anticipatory bail plea of alleged evaders of GST observing that the Central Goods and Services Tax Act was enacted with the laudable object of “one country one tax”. Justice Anand Venkatesh, while dismissing the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act […]

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ICAI elects New President and Vice-President

The Institute of Chartered Accountants of India ( ICAI ) has elected new Torchbearers for the year 2019-20. The tenure of the current President CA Naveen N D Gupta expired this February. Prafulla P. Chhajed, President, ICAI is the crusader of inclusive growth in the accountancy profession, CA. Prafulla P. Chhajed has been elected as President of […]

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ICAI clarifies Using Information Available at Information Utility (IU) Platform for External Confirmations

The Institute of Chartered Accountants of India ( ICAI ) has clarified certain things on using Information available at Information Utility (IU) Platform for External Confirmations by Auditors. Standards on Auditing (SAs) recognize the importance of ‘External Confirmations’ as audit evidence. A recent announcement of the ICAI said that on the matter of External Confirmations, […]

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No Release of Seized Goods based on Simple Bond in GST सिंपल बॉन्ड के आध...

Finance Ministry announces Exam Date for Customs Brokers Licensing Regulations

Computer-based Examination under Regulation 6 of the amended Customs Brokers Licensing Regulations, 2018 will be conducted on 15th March 2019 at designated Examination Centers across India, the Ministry of Finance announced last day. Reference is invited to the Notice dated 27.04.2018 and Corrigendum dated 11.12.2018 inviting applications for the Customs Brokers Examination to be conducted by Directorate […]

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Income Tax Proceedings against Travel Khana is Lawful: CBDT

The Central Board of Direct Taxes ( CBDT ) has clarified that there is nothing illegal in the proceedings by the income tax department against the startup Travel Khana. The CBDT was responding to the media reports that Rs. 36 lakh have been recovered from a startup, namely, Travel Khana as part of the recovery […]

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Delhi HC upholds Misconduct Proceedings against Chartered Accountant for Sexual Harrassment [Read Judgment]

The Delhi High Court has held that the Board of Discipline of ICAI has rightly proceeded against the chartered accountant for sexual harassment though the same was unrelated to professional work. The petitioner, a Chartered Accountant challenged the order of the ICAI Board of Discipline wherein it was held that the petitioner was guilty of […]

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Options to taxpayer to release seized Goods under GST जब्त माल की रिहाई ...

Can you pay Tax & Penalty from ITC Ledger for non-generation of Eway Bil...

CBI Court convicts Income Tax Officer for Five Years

The Special Judge, CBI Cases, Dhanbad (Jharkhand) has sentenced Sh. Swarn Singh, then Assistant Director, Income Tax (Investigation), Dhanbad to undergo five years Rigorous Imprisonment with a fine of Rs. one lakh and Sh. Mrityunjay Kumar Chourasia, a private person to undergo five years Rigorous Imprisonment with fine of Rs. 50,000/- in a bribery case. […]

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Service of Notice for Re-Assessment is not mere Procedural Requirement: ITAT [Read Order]

The Income Tax Appellate Tribunal, Jaipur Bench held in the case Charan Singh Vs. ITO Ward- Bhiwadi that Service of notice for re-assessment is not a mere procedural requirement. The bench clarified that the issuance of notice under section 148 and service of such notice upon the assessee are jurisdictional requirements that must be mandatorily […]

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No E Way bill required for goods purchased for used Personal effects कब ...

No E Way bill required for goods purchased for used Personal effects कब ...

Free Book on Eway Bill by ICAI जीएसटी के तहत ई-वे बिल नि: शुल्क पुस्तक

GST Penalty if vehicle taken wrong route ? अगर वाहन ने गलत रूट लिया तो...

When GST squad officer can not detain the Goods ? कब दस्ते के अधिकारी मा...

New GST Portal Updates as on 11.02.19 जीएसटी पोर्टल पर नई अपडेट 11.02.19

ICAI ARF to reopen Books and Recasting of Financial Statements of IL & FS, IFIN and ITNL

The Institute of Chartered Accountants of India ( ICAI ) has informed that the ICAI ARF assigned the task of reopening of the books and recasting of the financial statements of IL & FS, IFIN and ITNL Infrastructure Leasing and Financial Services Ltd. (IL&FS Ltd.), having over Rs. 91,000 crore in debt, faced severe liquidity crisis from August, […]

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Recredit of Rejected GST Refund Claim to Credit Ledger रिजेक्टेड रिफंड ...

GST on supply goods & services by charitable trust चैरिटेबल ट्रस्ट द्वा...

Indefinite Sealing of business premises under GST is illegal व्यावसायिक ...

No recovery of GST Demand if Stay application filed मांग की वसूली नहीं ...

GST Circular Para Cancelled by High Court उच्च न्यायालय ने जीएसटी सर्कुल...

GST Circular Para Cancelled by High Court उच्च न्यायालय ने जीएसटी सर्कुल...

No Bail under GST if threatened to witnesses गवाहों को धमकी दी तो जीएसटी...

ICAI join hands with LIC to provide Insurance Scheme for Chartered Accountants and Spouses

The Institute of Chartered Accountants of India ( ICAI ), under the Committee for Capacity Building of Members in ICAI, is facilitating ICAI-LIC Group Insurance Scheme for Chartered Accountants Members and their spouse. Members between the age of 18 to 64 can join the scheme. The validity period of the life cover is one year. The […]

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GST Input tax Credit Set off Rules Changed from 01.02.2019

GST Input tax Credit Set off Rules Changed from 01.02.2019

GST Penalty if Wrong Input Tax Credit availed or utilized

GST Penalty if Wrong Input Tax Credit availed or utilized

File Appeal against GST Advance Ruling on GST Portal in ARA 03

File Appeal against GST Advance Ruling on GST Portal in ARA 03

What is the Life of GST Input Tax Credit

What is the Life of GST Input Tax Credit 

Revised List of Inadmissible Input Tax Credits (ITC) Under GST from 01.02.2019

Revised List of Inadmissible Input Tax Credits (ITC) Under GST from 01.02.2019

Updated GST Concept and Status and PPT on 01.02.2019

Updated GST Concept and Status and PPT on 01.02.2019

Reclaim of Input Tax Credit on Part Payment ?

Reclaim of Input Tax Credit on Part Payment ?

Reclaim of Input Tax Credit on Part Payment ? पार्ट पेमेंट पर इनपुट टैक...

Life of GST Input Tax Credit जीएसटी इनपुट टैक्स क्रेडिट का जीवन

File Appeal against GST Advance Ruling online on GST Portal एडवांस रूलिं...

GST Penalty for Wrong Input Tax Credit गलत इनपुट टैक्स क्रेडिट लिया तो क...

GST Penalty for Wrong Input Tax Credit गलत इनपुट टैक्स क्रेडिट लिया तो क...

GSTR 7 (GST TDS Return ) due date extended for jan 2019 जीएसटीआर 7 रिटर...

GSTR 7 (GST TDS Return ) due date extended for jan 2019 जीएसटीआर 7 रिटर...

GSTR 7 (GST TDS Return ) due date extended for jan 2019 जीएसटीआर 7 रिटर...

Breaking: CA Inter/ IPCC, Post Qualification Course Results Out, Check Now

The Institute of Chartered Accountants of India ( ICAI ) has announced the results of the Chartered Accountants Intermediate Exam (Old Course & New Course) held in November 2018. The results and the details of marks of Intermediate Examination (Old Course & New Course) are hosted on the below mentioned websites: icai.org icai.org nic.in The […]

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ICAI to start E-Hearing in Disciplinary Proceedings from Feb 9

The Institute of Chartered Accountants of India ( ICAI ) is gearing up to cross another milestone in its long historical journey towards technological advancement by adopting the e-hearings in its Disciplinary processes which is instrumental in bringing out cost-effective disciplinary mechanism. The newly introduced e-hearings would pave the way for expeditious disposal of Disciplinary cases. The […]

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GoM favors GST-cut of 5% on Residential Properties, 3% on Affordable Housing

The Group of Ministers (GoM), under Gujarat deputy chief minister Nitin Patel, was set up last month to analyze tax rates and issues/challenges being faced by the real estate sector under the Goods and Services Tax ( GST ) regime. The GoM, in its first meeting, decided to recommend a rate reduction on affordable housing […]

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GST Input tax Credit Set off Rules Changed from 01.02.2019 इनपुट टैक्स क...

Cost Accountants need to undergo Mandatory Training get/ renew CoP [Read Notification]

The Institute of Cost Accountants of India (ICMAI) has amended its guidelines imposing a condition on the Cost Accountants to undergo a six-day training before issuing or renewing the certificate of practice. The notification said that “under the Regulation No. 10 of the Cost and Works Accountants Regulation, 1959, the Council of the Institute of […]

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Minister C R Chaudhary enumerates Effect of Angel Tax on Indian Startup Ecosystem

The Government of India has continuously engaged with all stakeholders to address relevant issues related to the Indian Startup eco-system, the Minister of State of Commerce and Industry, C R Chaudhary, said in written replies in the Rajya Sabha on Wednesday. The Department for Promotion of Industry and Internal Trade (DPIIT) issued notification in April […]

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Over 6 lakh Employees under Income Tax Scanner for not paying Tax on HRA

The Income tax department has started investigating on over six lakh salaried persons for tax evasion by misusing the exemptions given as House Rent Allowance (HRA). The Income Tax rules provide relief to salaried employees by not making a large part of the House Rent Allowance (HRA) fully taxable. Under Section 10 (13A) of the […]

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Free Book for GST on Govt Supplies सरकारी आपूर्ति पर जी.एस.टी. : पुस्तक

ITAT Quashes Assessment since Special Audit Reference was Illegal [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that as the special audit reference was illegal, the assessment order is barred by time limitation and hence, liable to be quashed. The return filed by the assessee on 30.09.2008, was subsequently revised on 02.07.2009 and finally on 31.03.2010. The return […]

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CBDT Circular prescribing Monetary Limit for Tax Appeals applies to Wealth Tax Matters [Read Circular]

The Central Board of Direct Taxes ( CBDT ) has clarified that the circular issued by the Board on July 2018 prescribing monetary limits for tax appeals would also apply to matters relating to Wealth Tax. The CBDT Circular issued last day said that “There is no charge under Wealth Tax Act, 1957 w.e.f 1st. […]

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GST Dept levies Rs 19 Lakhs as Penalty since Lorry runs 7 km in Wrong Path: Madras HC reduces Fine

The Goods and Services Tax ( GST ) department has levied a fine of Rs 18,96,000 on a lorry that deviated just seven kilometers from the right path on its way to Tamil Nadu from Pune. When the petitioner approached the Madras High Court challenging the action taken by Tamil Nadu GST department, the fine […]

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Restaurants can not claim Input Tax Credit रेस्तरां जीएसटी इनपुट टैक्स क...

Job Experience as Asst Company Secretary/ Management Trainee not Equal to Company Secretary: Supreme Court [Read Judgment]

A two-judge bench of the Supreme Court has held that the job experience as an Assistant Company Secretary or a Management Trainee cannot be treated as equal to a Company Secretary. The Court was hearing an appeal wherein the issue was whether the appellant fulfilled the eligibility criteria mentioned in the advertisement of having experience […]

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Exam Results for CA IPCC/ Inter to be Declared Tomorrow: Important Things to Remember

The results of the Chartered Accountants Intermediate Exam (Old Course & New Course) held in November 2018 are expected to be declared on Friday i.e. on February 8, 2019 around 6.00 P.M.  The results and the details of marks of Intermediate Examination (Old Course & New Course) will be hosted on the below mentioned websites: icai.org […]

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Amendment to S. 80A(5) does not bar Assessee from revising Computation for Deduction: Delhi High Court [Read Judgment]

The Delhi High Court has held that the amended 80A (5) cannot be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with Section 80A (5) of the Act. The respondent-assessee is engaged in providing ‘Processing Outsourcing Services covered within Section 10A of the Act and […]

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Cabinet approves Abolition of Institution of Tax Ombudsman

The Union Cabinet chaired by Prime Minister  Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The approval comes in the wake of alternative complaint redressal mechanisms chosen by the public and the institution of Ombudsman could not prove to be more effective than regular existing parallel […]

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Abolition of Income Tax Ombudsman & Indirect Tax Ombudsman आयकर और अप्रत...

GST on sweeping service to Govt . सरकार को स्वीपिंग सर्विसेज देने पर पर...

Dept suspects GST Software Loopholes liable for Evasion, Likely to approach ICAI to investe Involvement of CA

The Goods and Services Tax department recently unearthed a scam of Rs 230 crore in Tamil Nadu and suspected that the evasion is due to the loopholes in the GST software. The State Department is investigating a scam involving Salem-based steel traders Mahendra Kumar Singhi and wife Suman, owners of Steel Hypermart India Pvt Ltd, […]

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GST Rate on construction of Private railway siding निजी रेलवे साइडिंग के...

No separate GST Registration required in the state of Supply अलग जीएसटी...

ICSI Board of Discipline dismisses Misconduct Allegations against Former President CS Makarand Lele [Read Order]

The Board of Discipline of the Institute of Company Secretaries of India ( ICSI ) has dismissed a complaint filed against the former President CS Makarand Lele alleging several misconduct charges. A complaint was lodged against CS Makarand Lele alleging that by his influence as a member of the Western India Regional Council, he charged […]

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Input Tax Credit Available on special purpose motor vehicles मोटर वाहनों...

No Compulsory GST Audit of Govt Departments सरकारी विभागों का अनिवार्य ...

PAN-Aadhaar Linkage mandatory for filing Income Tax Returns from AY 2019-20: SC [Read Judgment]

The Supreme Court, on Monday, reversed the Delhi High Court order allowing the taxpayer to file an income tax return without linking PAN with Aadhaar and the rule must be compulsorily followed from the assessment year 2019-20. The High Court vide impugned order dated 24.2.2018 had permitted the respondents, Shreya Sen to file the Income […]

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Wakf Boards get GST, Service Tax Notices

The tax department has issued service tax and GST notices to various Wakf boards for not paying tax on rent received from the properties used for non-religious and non-charitable purposes. Out of the 30 Wakf boards in the country, only two Kerala State Wakf Board and Dawoodi Bohra Wakf, Mumbai have registered under the Goods and Services Tax (GST) regime. “The Department has […]

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GST Amendment for " Import of Services " from 01.02.2019 सेवाओं का आयात ...

Kerala High Court dismisses 3,250 Petitions challenging VAT Assessments post GST [Read Judgment]

The Kerala High Court had dismissed 3,250 petitions challenging the validity of the assessments under the earlier VAT regime after the GST rollout after September 16, 2017. The petitioners contended that the state government has been denuded of its legislative power to enact the Kerala State Goods and Services Act, 2017. As Kerala State GST […]

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Coparcener can’t be Taxed for Capital Gain from Property purchased in his Name out of Income of HUF: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that an individual coparcener who is shown as owner in the sale deed cannot be taxed for Property belong to the Hindu Undivided Family ( HUF ). Assessees is one of the coparceners of a HUF. Out of the income of the family, the father […]

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GST Practitioners can perform more Functions w.e f. 01.02.2019

GST Practitioners can perform more Functions w.e f. 01.02.2019

GST Registration Limit increased for Some States from 01.02.2019

GST Registration Limit increased for Some States from 01.02.2019