Sunday, March 31, 2019
Willful Defaulter under RBI Act can’t be represented through Advocate / Chartered Accountants: Madhya Pradesh HC [Read Judgment]
The Madhya Pradesh High Court has held that a ‘willful defaulter’ under the Reserve Bank of India (RBI) cannot be represented through the lawyers or Chartered Accountants. The State Bank of India has issued a notice to the petitioner-Company proposing to declare them as ‘‘wilful defaulter’’ under Master Circular. By way of show cause notice, […]
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GST dept unearths Tax Fraud by Vadodara-based Firm
The Goods and Services Tax ( GST ) department has detected tax evasion by a Vadodara-based firm that was fraudulently claimed input tax credit worth crores. The Firm, KSEG India International was found wrongfully availing input tax credit to the tune of Rs 3.3 crore. The company management showed fake invoices issued by various firms […]
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Federal Tax, State Tax and Medicare-cum-Disability Tax in USA eligible for Credit under Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Hyderabad has held that the federal tax, state tax and medicare-cum-disability tax in USA is eligible for section 91 of the Income Tax Act, 1961. The assessee was employed for a part of the year in USA and paid taxes in USA which includes federal and state with-holding taxes. […]
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Breaking: CBDT extends due date for linking Aadhaar-PAN till 30th Sep; Mandatory to Quote Aadhaar Number while Filing the Return of Income [Read Notification]
The Central Board of Direct Taxes ( CBDT ) has extended the due date for linking Aadhaar number with PAN till 30th September 2019. The CBDT also clarified that, also with effect from 1st April, it is mandatory to quote and link Aadhaar number while filing the return of income. The Notification issued by CBDT […]
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Major GST Changes from 1st April, New Return Form deferred
The Goods and Services Tax ( GST ), still struggling to walk without complexities is again changing its face from tomorrow. The more simplified new GST rules are likely to help a large number of middle-class traders. Apart from this, the reduction in GST on the real estate sector as recommended by the GST Council […]
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Too much Work Pressure on CAs as various Tax Deadlines end Today
As the 2018-19 financial year comes to an end today, the various Tax Compliance Professionals including the Chartered Accountants, Company Secretaries, Cost Accountants and other accounting professionals are under high pressure due to the expiry of due dates to submits various tax documents also ends today. As a result of various tax reforms, the work […]
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UDIN mandatory for GST & Tax Audit Reports from Tomorrow, not applicable to Statutory Bank Audit: ICAI
In a set of Frequently Asked Questions (FAQs) issued by the Institute of Chartered Accountants of India (ICAI) has clarified that though UDIN is mandatory for GST & Tax Audit Reports from Tomorrow, it is not applicable to Statutory Bank Audits. With effect from 1st April 2019, Unique Document Identification Number (UDIN) is being made […]
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CBIC allows Taxpayer to pay SGST using IGST credit before adjusting CGST Liability [Read Notification]
In a bid to aid businesses with better cash flow management, the Central Board of Indirect Taxes and Customs ( CBIC ) has reversed its earlier notification and granted relief to the businesses in terms of using GST credit towards tax payment. “Input tax credit on account of Integrated tax (IGST) shall first be utilised towards payment […]
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Saturday, March 30, 2019
Income Tax, CBIC Offices to remain Open on Sunday
As the current financial year comes to an end on tomorrow, the Income Tax and GST offices under the CBDT and CBIC will remain open on Sunday. Both the tax offices will remain open on Saturday and Sunday as the department’s race against time to meet the revenue collection targets. “As per past practice, all […]
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Chartered Accountants Job at Risk due to Automation
According to new data from the Office for National Statistics (ONS), some 25.6% of UK certified and chartered accountants are at risk of losing their jobs to automation, reported Accountants Today reports. The survey also revealed that additionally, 48.17% of finance officer jobs are also at risk of automation. The analysis by the ONS found […]
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Food Supplied during Social Event at Club attract 12% GST: AAR [Read Order]
The Advance Ruling Authority ( AAR ), West Bengal has held that if the food is supplied by way of or as part of the services associated with organizing social events at the club premises, together with renting of such premises, it would attract 12% GST. The applicant, a non-profit company is engaged in providing […]
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Friday, March 29, 2019
IBBI issues Guidelines Appointment of Insolvency Professionals as Administrators under SEBI
The Insolvency and Bankruptcy Board of India ( IBBI ) has issued guidelines to be followed while appointing Insolvency Professionals as Administrators under the Securities Exchange Board of India (SEBI). The IBBI and the SEBI have mutually agreed upon to use a Panel of IPs for appointment as Administrators for effective implementation of the Regulations. […]
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Applying Individual Tax Rates to AOP can’t be rectified by Invoking S. 154: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Hyderabad bench has held that applying individual tax rates to the AOP is not a mistake apparent on the face of the record and therefore, it cannot be rectified through Section 154 of the Income Tax Act, 1961. The assessee- Trust was formed for the benefit of […]
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Income Tax Dept carries out more Searches in J&K
Income Tax Department carried out search actions at 5 premises located in and around Srinagar on 28th March 2019. Two groups, which connived with local officials in the facilitation of absorption of undisclosed income of undesirable elements in shops, buildings, and land in Srinagar were searched. It has been found in the search that 76 shops built by Srinagar […]
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CBIC lays down Norms for Verification of Applications for granting New GST Registrations [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has laid down the norms for the verification of applications for grant of new GST registrations. The GST Act provides for rejection of application for registration if the information or documents submitted by the applicant are found to be deficient. It is possible that the applicant […]
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ICAI invites Applications from IT Companies to provide New Software For Chartered Accountancy Firms
The Institute of Chartered Accountants of India ( ICAI ) has recently invited an expression of interest (EOI) from the software companies over designing new software for Chartered Accountancy firms and practitioners. As per an announcement, the ICAI, under the Committee for Capacity Building of Members in Practice (CCBMP), has asked the companies to send […]
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Kerala-based Distributor found guilty of GST Anti-Profiteering Charges [Read Order]
The National Anti-profiteering Authority (NAA) has held that the Kerala-based distributor Win Win Appliances guilty of profiteering Rs 32,926 by not passing on GST rate cut benefit to customers. The complainant alleged that the respondent, Win Win Appliances has not reduced the price of mixer-grinder commensurate with the reduction of the Goods and Services Tax (GST) from 28 per […]
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Three Lakh Firms de-registered by MCA under Income Tax Scanner for Evasion during Demonetization
About three lakh firms are under the scanner of the income tax department for indulged in tax evasion and money laundering during demonetization. The Central Board of Direct Taxes (CBDT) has issued directions to income tax offices to probe against those firms who have been de-registered by the government for dubious financial credentials. The CBDT […]
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Conducting Marathon by Trust not a Charitable Activity: GST AAR [Read Order]
The Authority for Advance Ruling (AAR), Tamil Nadu has held that conducting marathon by a Charitable Trust would be subject to GST as the same do not constitute a ‘charitable activity’. The applicant, M/s. Dream Runners Foundation, stated to have engaged in conducting public charitable activities such as Health care, Rural development, Women empowerment, Education […]
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Thursday, March 28, 2019
GSTN Alert: Three New Facilities enabled
The Goods and Services Tax Network (GSTN) has enabled the facilities to file Annual Returns to be filed by normal and composition taxpayers and for revocation of cancellation of registrations. The GST portal, through its official Twitter handle, has informed that the facility to file the annual returns by normal and composition dealers for the […]
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Section 50C can be invoked in the Year in which Sale taken Place: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Delhi has held that the provisions of section 50C of the Income Tax Act, 1961 can be invoked in the year in which the sale had taken place. The Assessing Officer, based on the AIR Information, observed that the assessee had executed one transaction of sale of […]
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CBIC prescribes Procedure for Transfer of Input Tax Credit on Death of Sole Proprietor [Read Circular]
The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified the procedure for the transfer of input tax credit in case of death of sole proprietor. The CBIC circular said that in such cases while filing an application in FORM GST REG-01 electronically in the common portal the applicant is required to […]
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India-USA signs Inter-Governmental Agreement for exchange of Country by Country Reports
India and the United States of America have today, the 27th March 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. The Agreement was signed by Shri P.C.Mody, Chairman, Central Board of Direct Taxes and Mr. Kenneth I. Juster, Ambassador of the United States of America to India on behalf of the two countries. […]
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CBIC extends Due Date of FORM GST ITC-04 in respect of Goods dispatched to a Job Worker [Read Notification]
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for furnishing of FORM GST ITC-04 for the period July 2017 to March 2019 till 30th June 2019 in respect of goods dispatched to a job worker or received from a job worker, during the period. FORM GST ITC-04 […]
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Rent received from Letting out Shop Rooms in Mall constitute “Business Income”: Kerala High Court [Read Judgment]
“Shopping is no longer mere purchasing products. Shopping malls have transformed what was once an activity merely based on need and necessity to an experience of enjoyment and entertainment.” A two-judge bench of the Kerala High Court has held that the rent received by the Company from letting out the shop rooms in a mall […]
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Cost Accountants Institute notifies Election Dates [Read Notification]
As the present (four-year) term of the Nineteenth Council will come to an end on July 21, 2019, the Institute of Cost Accountants has declared the election dates to select its new torchbearers for the next term. For the purpose of constituting Twentieth Council on July 22, 2019 and four Regional Councils for the term […]
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MakeMyTrip not liable to deduct TDS from Payment Gateway Charges paid to Banks: Delhi HC deletes Addition of Rs. 12.5 Crores [Read Judgment]
In a significant ruling for online travel portals, the Delhi High Court has held that the assessee, Make My Trip was not liable to deduct TDS from the payment gateway charges paid to the Banks. The verdict confirmed the deletion of demand of Rs. 12,52,49,946/- made by the department under section 40(a)(ia) of the Income […]
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Wednesday, March 27, 2019
Remuneration of Chartered Accountants continues to rise
The latest survey Chartered Accountants Australia and New Zealand remuneration survey showed that the remuneration packages of Chartered Accountants Australia and New Zealand members continue to rise on either side of the Tasman, and across all designations. It pays to be based in Sydney or Auckland, work in the corporate sector, and in terms of […]
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Taxability of Interest on Compensation under Motor Vehicle Act: ITAT directs to follow upcoming SC Verdict [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur has directed the Assessing Officer to wait till the Supreme Court pronounce a judgment in Sharda Pareek v. Assistant Commissioner of Income Tax & another, where the question of taxability of interest on Compensation under the Motor Vehicle Act is pending before the Court. The return filed by […]
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Income Tax Dept allows Exemption to 120 Startups
The income tax department has confirmed that it has allowed tax exemption to 120 startups from paying taxes on funds raised from angel investors. An intimation has been sent to the startups in the last few days under a new scheme announced in February, removed a major tax problem faced by the startups that have […]
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GST: Gujarat High Court grants Interim Relief since Notice do not comply Requirements of S. 129 [Read Order]
The Gujarat High Court has granted an interim order allowing release of the vehicle seized by the GST department under sections 129 and 130 of the CGST Act by noting that the notice issued prima facie do not comply the requirements of section 129 of the Act. The department had seized the goods for the […]
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CS Students to undergo One Day Mandatory Orientation Program after registration with ICSI
The Institute of Company Secretaries of India ( ICSI ) has informed that the students registered with the Institute shall undergo one-day mandatory orientation program for the foundation and executive students immediately after their registration. The decision was taken by the Council at its meeting held on 16th March 2019. “The Council approved to conduct […]
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Supplying Electricity to Occupants of Commercial Complex is subject to Service Tax: Calcutta HC [Read Judgment]
The Calcutta High Court has held that the transaction of obtaining high-tension electric supply converting it to low-tension supply, and supplying it to the occupants, raising bills on such occupants and realizing the electricity consumption charges from such occupants, is a service which is exigible to Service Tax under the Finance Act, 1994. The petitioner […]
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Late Filers can still submit their Income Tax Returns till 31st March with a Late Fee of Rs. 10,000: CBDT
The Central Board of Direct Taxes ( CBDT ) has informed that the taxpayers who could not file their income tax returns for A.Y. 2018-19, can still file the same, but with a late fee of Rupees Ten Thousand. The Board also prescribed the following three simple steps to file the returns. Step 1: Register […]
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Tuesday, March 26, 2019
Fund Management activities through Fund Managers registered under SEBI Mutual Funds Regulations not amount to “Business Connection” in India: Govt [Read Notification]
The Central Government has notified that the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 are applicable to the sections 9 and 9A of the Income Tax Act, 1961. With this, the Fund management activity through Fund managers registered under SEBI Mutual Funds Regulations 1996 not to constitute business connection in India The […]
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Mere Suspicion that Expenditure is for Non-Business purposes can’t be Ground for Addition: ITAT [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) has held that addition cannot made merely on the ground that the expenditure is for non-business purposes. During the assessment proceedings, the Assessing Officer has held that the expenses in the profit & loss account are related to such facilities which are certainly […]
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Manufacture of Herbal Products eligible for Income Tax Deduction: Madras HC [Read Judgment]
A two-judge bench of the Madras High Court has held that the manufacture of the herbal products would be eligible for deduction under Section 80IA of the Income Tax Act, 1961. The provision allows deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. The assessees are the […]
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CBI arrests Two GST Officers in a Bribery Case
The Central Bureau of Investigation ( CBI ) has arrested two Superintendents posted at the GST office, Pune (Maharashtra) for demanding and accepting a bribe of Rs. One lakh from the complainant. A case has been registered against the two Superintendents of GST, Pune u/s120-B of IPC and Section 7 of PC Act, 1988 (as […]
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Delay in Statutory Audit is a Reasonable Cause for late filing of Tax Audit Report: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur has held that the delay in the completion of the statutory audit can be a reasonable cause for delay in filing of the tax audit report. Coming to the facts of the case, the C&AG has appointed the statutory auditor of the assessee company on 02.09.2014 and after […]
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TDS deductible on Salary of Missionaries / Nuns: Madras High Court [Read Judgment]
A two-judge bench of the Madras High Court has held that the provisions of the Income Tax Law are apolitical and areligious in character, and salaries and grants-in-aid to nuns and missionaries are liable to attract tax deducted at source (TDS) under the Income Tax Act. The bench comprising Justice Vineeth Kothari and Justice C […]
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ITAT disallows Fake Claim for Deduction as Rent paid to Mother was an afterthought
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has disallowed a fake claim for deduction because it was proved that the rent paid to mother was nothing, but an afterthought to claim tax deduction. The assessee, a salaried employee, claimed deduction on interest on borrowed capital at Rs.8,27,014/- under s.24 of the Act […]
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E-Way Bill Portal enhances New Features
The E-Way Bill portal created for generation of e-way bill across the country has informed that new features has been enhanced to the portal with a view to remove tax evasion attempts. As per a statement issued by the portal, the following features has been enabled. Auto calculation of route distance based on PIN code […]
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Monday, March 25, 2019
Sunday, March 24, 2019
Looking for Tax Savings Schemes this Year? Here They Are..
This is the time most of the taxpayers are looking for suitable tax savings schemes to calculate their tax liabilities and claims which can be made during Income Tax Return (ITR) filing. While the government does take taxes from your income and income from other sources, it also gives the benefit to reduce those taxes by […]
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Addition for Unexplained Share Capital and Share Premium can’t be made prior to 2013 Amendment: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition in respect of share capital and the share premium by treating the same as unexplained cannot be made under Section 68 of the Income Tax Act, 1961 before the amendment to the provision in the year 2013. The assessee filed […]
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Saturday, March 23, 2019
Yes Bank to hire Chartered Accountants to Check Bank Fraud
In the light of increasing number of cases relating to bank frauds, the Yes Bank is hiring Chartered Accountants to check such frauds. Recently, a scam of Rs 13,500 crore was unearthed on state-run Punjab National Bank by accused diamantaire Nirav Modi. According to the bank, the position would require creating scenarios, alerts, and parameters […]
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Friday, March 22, 2019
Asset Management Company eligible to Claim Business Deductions after getting Approval from SEBI to Commence Business: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that an asset management company was not eligible to claim business deductions from the day the Securities and Exchange Board of India (SEBI) granted approval to commence business. The assessee, an asset management company incorporated on 8th August 2011, required to obtain Securities and Exchange Board […]
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Thursday, March 21, 2019
Non-Tariff Charges Except Cheque Dishonour Fee is exempted from GST: AAAR [Read Order]
While re-considering an appeal against the advance ruling, the Appellate Authority for Advance Ruling (AAAR) has held that the non-tariff charges are generally not taxable under the Goods and Services Tax ( GST ) Act, 2017. The appeal filed by the Tata Power Ajmer Distribution (TPADL) challenged the order of the AAR wherein it was […]
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Chartered Accountant guilty of Loan Fraud Case removed from ICAI Rolls
The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has removed a Chartered Accountant from its register after finding him guilty in a loan fraud case. The disciplinary committee found that the CA is guilty of professional misconduct. The proceedings were initiated by the ICAI following the report of economic offenses wing […]
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Govt Notifies TDS Exemption for Interest Payments to HUDCO [Read Notification]
The Central Government last day notified TDS exemption for the interest payments made to Housing and Urban Development Corporation Ltd. ( HUDCO ). A notification issued by the Ministry of Finance said that “In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of Section 194A of the Income Tax […]
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Wednesday, March 20, 2019
Receipt from Keyman Insurance Policy taxable on Receipt Basis Only: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the receipt from the Keyman Insurance Policy is taxable on receipt basis only. The assessee company is a buying Agent in respect of abroad based clients and engaged in the business of Consultancy and Commission Income. The Assessing Officer made an addition […]
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ICSI to launch Placement Portal for Company Secretaries
The Institute of Company Secretaries of India ( ICSI ), according to the recommendation of the Council at its meeting held on 16th March 2019 has decided to launch three portals, including a placement portal for the Company Secretaries. The Council approved developing a Placement portal, a Practising Company Secretaries (PCS) Portal and a Knowledge […]
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Service Tax can’t be levied in the Absence of Consideration: CESTAT [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai bench has held that in the absence of any consideration, service tax cannot be levied under the Finance Act, 1994. The appellants are receiving goods for refurbishing or repair from their customers as and when the need for repairs is felt by the customers of […]
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GST: ITC not available to Ambulance purchased Though It is Obligatory under Factories Act, says AAR [Read Order]
The Authority for Advance Rulings (AAR), West Bengal has held that Input tax credit is not admissible on the ambulance purchased in November 2018, as Section 17(5) of the GST Act, as it stood in the relevant period, blocks any such enjoyment, even if provisioning of ambulance service to the employees is obligatory under the […]
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PMLA Special Court allows Income Tax Dept to auction Paintings and Cars of Nirav Modi
A Special Court constituted under the Prevention of Money Laundering Act ( PMLA ) last day allowed the Income Tax Department (I-T) to auction the paintings and cars of Nirav Modi, the fugitive businessman whom the Scotland Yard arrested on Tuesday afternoon (local time) in London. “A special PMLA court has allowed Income Tax Department’s […]
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Attachment of Property during PMLA investigation valid for 365 Days: Finance Ministry [Read Notification]
The Ministry of Finance has notified that the attachment of property during PMLA investigation to be valid till 365 days instead of 90 days from 20.03.2019. As per the Notification issued last day said that the amendment introduced in the Finance Act, 2019 to make property attachments made by the Enforcement Directorate (ED) under the […]
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Lodging along with Food to Students by a Private Boarding House is a Composite Supply, 18% GST applicable: AAR [Read Order]
The Advance Ruling Authority ( AAR ), West Bengal has held that the lodging along with food supplied to the students by a private boarding house, being a composite supply is not eligible for GST exemption and is taxable at 18% under the GST regime. The Applicant is offering several individual services in two different […]
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Payment to Film Distributors for Exhibition of Film not subject to TDS: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the payment to the film distributors by the assessee for the exhibition of the film would not amount to Fee for Technical services and thus, not subject to TDS under Section 194J of the Income Tax Act, 1961. While concluding the assessment proceedings, the […]
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Discounts granted must be deducted from Invoice Value to avail Input Tax Credit: AAR [Read Order]
The Authority for Advance Rulings (AAR), Tamil Nadu has held that the value of the discounts as per C2FO software which is paid to the suppliers must be deducted from the invoice value for availing Input Tax Credit in view of Section 16 of the CGST Act 2O17/TNGST Act 2O17. The question before the AAR […]
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Tuesday, March 19, 2019
Lok Sabha Elections: Income Tax Department sets up Control Room for North East Regions
The lncome Tax Department (Investigation), NER has prepared itself to deal with any reported movement of unaccounted money ahead of the Lok. Sabha elections. Pursuant to the notifications for tickling Lok Sabha Elections 2019 by the Election Commission of India(ECI), the Investigation Directorate of the Income Tax Department, North East Region (NER) has deployed Surveillance […]
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Section 28(ii)(c) would not attract merely because Agreement contains the Term ‘Agency’: Bombay HC [Read Judgment]
A two-judge bench of the Bombay High Court has held that mere reference of the term ‘agency’ in the agreement itself is not conclusive of the relationship between parties for attracting Section 28(ii)(c) of the Income Tax Act, 1961. The assessee had entered into an agreement with US-based company Sealand Service Inc. by name. Under […]
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Pre-filled Returns: Infosys will not have access to Information of Income Tax Payers, says Dept [Read RTI Reply]
The Directorate of Income Tax (Systems), while answering to an RTI query in connection with the proposed pre-filled income tax returns from the year 2020, clarified that Infosys will not have access to the information of income taxpayers as a pan of Integrated e filing & centralized Processing Centre 2.0 Project. The Central Board of […]
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ICAI -IIM Hyderabad to conduct Residential Training Programme for Chartered Accountants in April
The Institute of Chartered Accountants of India ( ICAI ), as part of the MoU signed with the IIM Hyderabad, is conducting a fully residential training programme for Young Chartered Accountants. The program will be offered at IIMA campus from Sunday, April 07, 2019 to Saturday, May 11, 2019 (both days inclusive). The main objective […]
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ITAT confirms Penalty since Assessee failed to Furnish Audit Report despite CBDT extended Due Date [Read Order]
The Cochin bench of the Income Tax Appellate Tribunal ( ITAT ) has confirmed the penalty since assessee failed to furnish Audit Report despite CBDT extended due date. The assessee M/s.The Vaikom Palliprethussery Service Cooperative Bank Limited Palliprethussery is a Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969. It is engaged […]
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Major Recommendations of 34th GST Council Meeting
The GST Council in the 34th meeting held on 19th March 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on the construction of houses other than the affordable house. […]
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GST Council Meeting: Builders can choose Two Tax Rates for Incomplete Projects
The GST Council meeting through video conference today approved the norms for relief to the realty firms allowed the builders to choose between two different tax rates in case of incomplete residential projects. The new changes and reduced tax rates will be applicable from 1st April. The Council, today decided to give builders the option […]
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IBBI, SEBI sign MoU for better implementation of IBC
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The IBBI and the SEBI seek effective implementation of the Insolvency and Bankruptcy Code, 2016 (Code) and its allied rules and regulations, which have redefined the debt-equity relationship and aims to promote entrepreneurship […]
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ITAT confirms Addition since Share Applicant Entities were Paper Entities [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition under Section 68 of the Income Tax Act since the share applicant entities were paper entities for providing entries to the assessee. While concluding the assessment proceedings against the assessee, the Assessing Officer observed that there is an increase in the […]
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Monday, March 18, 2019
GST: Appellate Authority cannot condone Delay beyond 30 Days, says Allahabad HC [Read Order]
In a significant ruling under GST, the Allahabad High Court has held that the appellate authority is not empowered to condone delay beyond 30 days. The first appeal filed by the petitioner against the order dated 03.12.2018 was beyond the period for which delay may have been condoned, by about nine days. Under section 107 […]
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Tribunal can extend Stay If Non-disposal of Appeal is not attributable to the Assessee: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) said that, Tribunal can extend stay If Non-disposal of appeal is not attributable to the assessee. The application was filed by the assessee M/s Inatech India Pvt. Ltd praying for an order extending the order of stay of recovery of outstanding demand passed […]
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GST Council to form Realty Rules Today
In a major relief to the realty firms, the 34th GST Council Meeting will meet today by Video Conferencing to frame realty rules. The meeting had been approved by the Election Commission. As the date for Lok Sabha elections has been declared, there were reports that the meeting would violate the Code of Conduct rules. The […]
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Supreme Court confirms Addition for Bogus Share Application Money and Premium
In a significant ruling, a two-judge bench of the Supreme Court has confirmed an addition in respect of bogus share application money and premium and bogus capital gain. The Income Tax Department finally won the case after the CIT (Appeal), the Tribunal and the Delhi High Court all decided this matter in favour of the […]
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No TDS on Enhanced Compensation for Compulsory Acquisition of Agricultural Land: ITAT allows Refund [Read Order]
In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that no TDS can be levied on the enhanced compensation for the compulsory acquisition of the agricultural land. The Tribunal further directed the Assessing Officer to refund the TDS amount deducted by the department. The assessee is an agriculturist and inherited […]
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Gold Schemes Offered to Customers not eligible for GST Input Tax Credit: AAR [Read Order]
The Maharashtra Advance Ruling Authority (AAR) has ruled that the companies cannot avail input tax credit under the GST regime in respect of Gold Schemes offered to the customers to promote business. The applicant, Biostadt India Ltd is a company engaged in manufacturing and distribution of crop inputs and hybrid seeds. They launched a scheme, […]
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Rights of Preference Shareholders under the Insolvency and Bankruptcy Code, 2016
In India, there are so many companies which are under the Insolvency and Bankruptcy Code (IBC) and where the shareholders are thinking that to get a fair deal to secure their shares in the companies. Preference shares are considered as quasi-debt instruments since they combine the features of equity as well as debt. On one side, […]
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Sunday, March 17, 2019
ICAI to conduct 3 days Hands on Session on Practical Guide to ISA
The Institute of Chartered Accountants of India ( ICAI ) will conduct a Three-days Hands on Session on Practical Guide to ISA on 22nd, 23rd and 24th March 2019. The Course Duration is 3 Days and Fees is Rs. 5500/- (+ 18% GST) per participant who is a Member ICAI. This session is designed for […]
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New Members appointed to Appellate Authority to hear CA, CS, Cost Accountants Misconduct Cases [Read Notification]
The Central Government has appointed new members to the Appellate Authority to hear and dispose the cases relating to professional misconduct of Chartered Accountants, Company Secretaries and Cost Accountants. The Appellate Authority is established by the Central Government in March 2009 vide its notification in the Official Gazette, in terms of Section 22A(1) of the Chartered […]
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Uttarakhand HC releases Vehicle seized due to Expiry of E-Way Bill [Read Order]
The Uttarakhand High Court has ordered to release a vehicle seized by the GST department due to expiry of the E-way bill. The petitioners were allowed to release the vehicle by furnishing a simple bond. The vehicle was intercepted and seized by the department on the technical ground that the validity of e-way bill had […]
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Mere Execution of Power of Attorney Agent not amount to ‘Transfer’: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Chennai bench has held that mere execution of a Power of Attorney would not amount to transfer of property for determining the capital gain tax liability. The Assessing Officer made an addition in respect of long-term capital gains arising from transaction of property based on a presumption […]
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Saturday, March 16, 2019
ICSI issues Guidelines for CS June Exam [Read Announcement]
The Institute of Company Secretaries of India ( ICSI ) has issued important guidelines pertaining to examination enrollment for June, 2019 which must be followed by the students appearing Examinations. The Students are advised to select the Examination Centre, Combination of Module(s), Medium of Examination (English OR Hindi), etc. carefully. Further, the Students are advised […]
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Maintenance Contracts are Services: AAR
In a significant ruling, the Authority for Advance Ruling (AAR), Maharashtra has held that the supply under annual maintenance contracts (AMCs) are a “composite supply” and classified them as service. The applicant, Cummins India, approached the authority asking for a clarification on applicability GST on the AMCs for diesel and natural gas engines sold by […]
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Friday, March 15, 2019
ITAT confirms Addition Since Land was Non-Agricultural at the Time of Sale [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld an addition made against an agriculturalist for the reason that the land was non-agricultural during the time of sale. The assessee was an agriculturist, had not filed her return of income for assessment year under consideration. The department re-opened the case […]
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GSTN adds New Feature in Portal
The Goods and Services Tax Network ( GSTN ) has updated a new feature in the GST portal in connection with the filing of an application for ITC accumulated due to Inverted Tax Structure. “While filing refund application of input tax credit (ITC) accumulated due to Inverted Tax Structure, the taxpayer can now enter his […]
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Income Tax Dept seizes Rs 1.44Cr Undisclosed Cash in Kashmir
The Income Tax Department has conducted searches at five locations in the J&K region on Friday. According to statement issued by the department, it seized Rs 1.44 crore in undisclosed cash and Rs 2.48 crore worth unaccounted jewellery in searches conducted in five locations in Kashmir in connection with terror funding activities. “The actions are part of […]
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GST Scan Alert: Fraud of Rs 90 crore unearthed, One Arrested
The GST department has arrested one Rajesh Goyal, 42, a resident of New Panchwati Colony in Ghaziabad, for issuing fake invoices of more than Rs 400 crore through 50 shell companies. The office of Director General of GST Intelligence (DGGI) was arrested for attempting illegally avail of or utilize input tax credit to the tune […]
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Addition based on Loose Sheets Scribbling is Invalid: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition made merely on the basis of loose sheets scribbling is unlawful. The assessee is engaged in the business of construction and development of Real Estate. In consequent to a search made on the premises of “Thakkar Group” where the assessee-firm […]
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E-Assessment: CBDT designates Officer for E-Verification [Read Notification]
As part of taking measures to make the tax proceedings easier and hassle-free for assessees with the help of modern technology, the income tax department has proposed to launch e-assessment and verification of returns. In connection with this, the Central Board of Direct Taxes (CBDT) has notified the designated officer for e-verification. On Wednesday, the […]
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India and US to Sign Bilateral Agreement for Exchange of CbC Reports by March-end
Sub-section (4) of Section 286 of the Income Tax Act, 1961 requires that a constituent entity of an international group, resident in India, other than a parent entity or an alternate reporting entity of an international group, resident in India, shall furnish the Country-by-Country (CbC) Report in respect of the said international Group for a […]
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Income Tax Officer arrested for receiving Bribe
The Anti-Corruption Bureau has arrested an income tax officer in a bribery case on Thursday. The officer was caught red-handed while demanding and accepting a bribe of Rs 25,000 from a complainant at Anantapur. Sources said that the accused is A Raja Sekhar, an office superintendent at Ward 3 office, Anantapur. According to reports, one Niranjan […]
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GST: Maharashtra notifies revised Procedure for Application for Advance Rulings and Appeals [Read Notification]
The Goods and Services Tax ( GST ) department, Maharashtra has notified the revised procedure for filing Advance Rulings applications and connected appeals. The notification prescribes the detailed procedure to file applications online by paying a fee of Rs. 10,000/-. The notification stated that the application for Advance Ruling shall not be admitted as per […]
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Income Tax Dept unearths Major TDS Fraud
The TDS wing of the Income Tax Department has detected a large-scale scam in the tax deduction at source in government and private sectors during surveys conducted in February. It was found that Rs. 51 crore had been collected as TDS but not remitted to the government, and that TDS to the tune of Rs. […]
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Partners can’t be Taxed for the Transaction made by Firm: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Pune bench has held that the partners cannot be taxed for transaction made by the Firms. The assessees are partners of a Firm. The assessees were aggrieved by the order of the Assessing Officer wherein they were assessed for the sale consideration received by the Firm. The […]
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Opt for Composition Scheme till 31st March, File ITC-03 before 30th July: GST Portal
The Goods and Services Tax ( GST ) portal has mandated that the taxpayers should opt for composition scheme till 31st March 2019. The portal has also reminded that such taxpayers shall file the stock declaration in ITC-03 before 30-09-19. “Taxpayers should fill CMP-02 before 31-03-19 to opt-in for Composition for FY 2019-20. Thereafter, the […]
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Thursday, March 14, 2019
Election Commission nods to Next GST Council Meeting
The GST Council meeting scheduled to 19th March, Tuesday to form realty rules gets approval from the Election Commission. As the date for Lok Sabha elections has been declared, there were reports that the meeting would violate the Code of Conduct rules. The GST Council, last month, suggested reducing the levy on under-construction residential projects […]
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Finance Ministry notifies Creation of National Bench of GSTAT [Read Notification]
The Ministry of Finance has notified the Creation of the National Bench of the Goods and Services Tax Appellate Tribunal ( GSTAT ) at New Delhi with effect from 14th March 2019. Earlier, GST Council has approved the setting up of GST Appellate Tribunal ( GSTAT ) to provide a higher judicial forum for businesses […]
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CA Exams: ICAI enables facility to Apply for Changes/Corrections in Applications
As the CA exams have been rescheduled to 27th May 2019 to 12th June 2019, the Institute of Chartered Accountants of India ( ICAI ) has enabled the facility to make corrections and changes in the application forms. The CA exams earlier scheduled in May 2019 have been rescheduled in terms of the announcement dated […]
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Non-Competent Fee received from sale of Business Asset taxable as Long Term Capital Gain: Bombay HC [Read Judgment]
A two-judge bench of the Bombay High Court has held that the non-competent fee received by the assessee from the sale of the business assets was not assessable as profits of business under Section 29(va), but the same is taxable as long-term capital gain. The assessee sold its business of manufacturing wheat herbicides for a […]
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When Quantum Addition deleted, Consequent Penalty can’t Survive: ITAT
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that when the quantum addition is deleted by the appellate authorities, the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 for the said quantum addition cannot be survived. The Assessing Officer made an addition of Rs. 3,75,13,010/- under Percentage Completion […]
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Maharashtra issues Ordinance to settle Pre-GST Tax Disputes [Read Circular]
The GST department, Maharashtra has introduced an amnesty scheme to ensure that people who come ahead to settle their disputes will get a waiver in the range of 1 percent to 50 percent in their penalty amount. The underlying objective of the scheme is to offer a window for the closure of pre-GST tax cases. […]
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CBDT notifies Income Tax Exemption to Indian Institute of Science Education and Research [Read Notification]
The Central Board of Direct Taxes (CBDT) has notified exemption to the Indian Institute of Science Education and Research, Bhopal under clause (ii) of sub-section (I) of Section 35 of the Income Tax Act, 1961 (said Act). The exemption shall be available to the Institute from the Assessment year 2018-2019 onwards in the category of […]
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ICAI mandates UDIN for GST & Tax Audit Reports
The Institute of Chartered Accountants of India (ICAI) has announced that in the second phase, the Unique Document Identification Number ( UDIN ) would be mandatory for all the GST and Tax reports. An announcement made by the Institute said that “it has been made mandatory as per the Council decision taken at its 379th […]
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Transitional Credit not allowable to Computers, Laptops used for providing Output Service: AAAR [Read Order]
The Appellate Authority for Advance Rulings (AAAR) has held that the transitional credit under Kerala GST Act is not allowable for computers, laptops etc., which were utilized for providing the output services. According to the applicants, they had in their possession physical stack of goods such as computers, laptops etc., which were utilized by them […]
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Settlement Commission can’t pass Orders with Retrospective Effect: Bombay High Court
A division bench of the Bombay High Court has held that an order/ direction passed by the Settlement Commission with retrospective effect is without jurisdiction. The income tax department was aggrieved by the order of the settlement commission for assessment years 2008-09 to 2013-14. In the application for settlement, the assessee had not disclosed any […]
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Mere Change in ‘Heads of Income’ won’t attract Penalty: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere change in the heads of income would not attract penalty under the Income Tax Act, 1961. The assessee claimed that the transactions relating to mutual fund constituted part of his business and therefore the loss arising out of […]
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Struck Off of Company would not make Income Tax Appeal Infructuous: Supreme Court [Read Judgment]
A two-judge bench of the Supreme Court has held that an Income Tax Appeal would not become infructuous merely due to the reason that the Company’s name was struck down by the registrar of the Companies. The High Court was of the view that since the respondent Company stands dissolved as a result of the […]
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Lok Sabha Polls: Income Tax Officers to monitor Election Expenditure
In order to keep a close watch on election expenditure, the income tax department has deployed around 400 officers in Gujarat. This is to check the flow of black money during the Lok Sabha elections. The Director General (Investigation) Amit Jain said the I-T department has set up a control room at their state headquarters […]
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Wednesday, March 13, 2019
100% Disallowance for Bogus Purchases can’t be made when Sales are not Doubted: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the department cannot make 100% disallowance for bogus purchases in cases where the sales are not doubted. The assessee, a Partnership Firm, engaged in the business of ‘import, manufacturing and trading of cut and polished diamonds filed return on 27-10-2007 declaring total income of Rs.15,93,584/-. […]
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GSTN asks Businesses to download Proposed GST Return Documents
The Goods and Services Tax Network ( GSTN ) has asked the taxpayers to download the new revised GST returns documents. “Proposed Return documents, as approved by the competent authority, can now be downloaded from the Download section of the GST Portal. This is to enable various stakeholders in adapting their systems to make them compatible with […]
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Cost Accountants Institute introduces CMA Course Fee Concession Scheme for Defence Personnel and their Children
The Institute of Cost Accountants of India (ICMAI) has announced a new scheme where a Fee Concession Scheme is allowed for CMA Course for Defence Personnel and their son/ daughter. The ICMAI Chief CMA Amit Anand Apte informed that “To commemorate 75 years of journey of the Institute, I am happy to inform that the Council […]
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CBI arrests then Appraiser of Customs Department
The Central Bureau of Investigation ( CBI ) has arrested an absconding accused, the then Appraiser, Customs Department, Mumbai in a case related to wrongful loss caused to the Customs Department. The accused was absconding for the last about 20 years and was declared a Proclaimed Offender by the Court. The accused was wanted in […]
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GST Dept busts Evasion of Rs. 1289 Crores
The Goods and Services Tax ( GST ) department has unearthed an evasion of Rs. 1289 Crores was raised and around Rs 224 crore illegal input tax credit was availed in the last 18 months after GST regime came in. Reportedly, the fraud involved eight companies. In connection with this, one Nagari Jagan Satya Sridhar […]
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MCA releases National Guidelines on responsible Business Conduct
The Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles are: Businesses should conduct and govern themselves with integrity in a manner […]
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Rental Income from Letting Out Properties by Builder is House Property Income: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) bench has held that the rental income received by the builder cannot be treated as business income and the same must be taxable under the head “Income from House Property” under the Income Tax Act, 1961. The assessee, a firm engaged in the business of builders & developers, received […]
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A Debatable Issue can’t be rectified u/s 154: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Cochin bench has held that a debatable issue cannot be treated as a mistake apparent on the face of the record for rectification under Section 154 of the Income Tax Act, 1961. The Tribunal vide its order dated 5.3.2004 directed to tax receipts from non-members and TMBT’s […]
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Registered Office & Signatory of Shell Companies are Under Scanner: Govt’s Operation Total Cleanup
In a further drive to smooth up the Indian Corporate Sector after taking up diverse stringent actions in opposition to the shell companies keeping in view the ultimate target of preventing the generation and circulation of black money, the Modi Government has taken one very ambitious step of tagging and verification of registered office and […]
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Tuesday, March 12, 2019
No Capital Gain in the Year of entering into Development Agreement where No Actual Allotment took Place: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the tax liability for capital gain cannot arise in the year in which the assessee entered into a development agreement where there was only a promise of allotment of flats was made. The Tribunal clarified that no such tax liability can be imposed when […]
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Re-Assessment can’t be made If AO has no ‘Reason to Believe’ for escapement of Income: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment under section 147/148 cannot be made if the Assessing Officer has no reason to believe that the assessee The Assessing Officer re-opened the assessment against the assessee on the basis of the information got from Director of Income Tax (I&CI) that […]
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Bombay HC holds in favor of Hinduja Hospital and Medical Research Centre [Read Judgment]
The Bombay High Court Bench constituting of Justices S.C. Dharmadhikari and B.P. Colabawalla in the case of Pr. Commissioner of Income Tax v. National Health and Education Society affirmed the orders passed by the lower authorities holding that there existed no ‘question of law’ in the issues before the present Court. The Hon’ble Court affirming […]
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ICAI-CAPA jointly held Roundtable Stakeholder’s meeting on Public Sector Financial Management
The Institute of Chartered Accountants of India ( ICAI ) in collaboration with the Confederation of Asian and Pacific Accountants (CAPA) organized a joint “Roundtable Stakeholder’s meeting on Public Sector Financial Management” in New Delhi on March 11, 2019. The event was inaugurated by Chief Guest Shri Shashi Kant Sharma, Former Comptroller and Auditor General […]
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Govt notifies New GST Returns, applicable from 1st April
The Central Government has notified the new GST returns applicable from 1st April 2019 under which the businesses can report invoices on a continuous basis. The GST Council earlier said that the new revised GST returns would be implemented on a pilot basis from April 1, 2019, and would be mandated across the country from […]
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Pay Advance Tax by 15th March: CBDT
The Central Board of Direct Taxes ( CBDT ) has recently issued an advisory asking the taxpayers to remit the fourth and last installment of advance tax on or before March 15th, 2018. Advance tax means payment of income tax in advance instead of lump sum payment at year end. It is also known as pay […]
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GST on Security and Scavenging Services to Govt not Exempted: AAR [Read Order]
The Authority for Advance Rulings (AAR), West Bengal has held that no GST exemption has been granted to the Security and Scavenging Services to the hospital under the Government. The Applicant is a registered society providing Security Services and Scavenging Services to various hospitals under the State Government as well as the Central Government. Through […]
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GST Scam: Gujarat High Court grants Bail to CA Student [Read Order]
The Gujarat High Court has granted bail to a CA Student, who allegedly impersonated him as a Chartered Accountant and arrested in a GST scam. The accused, alongwith one Hitendra Shah was arrested by the GST department alleging that they were involved in a scam by using bogus bills amounting to Rs. 106.40 crores issued […]
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Rent from Letting Out Industrial Undertaking not eligible for Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cochin has held that the assessee by letting out the industrial undertaking is not having any direct connection with the manufacture or production of an article or thing by the assessee and the same cannot be considered as business income eligible for deduction under Section 80IB of the Income […]
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Monday, March 11, 2019
No Mandatory Training for Renewal of CoP to Cost Accountants: ICMAI amends Notification
The Institute of Cost Accountants of India (ICMAI) has amended its recent notification and announced that the practicing cost accountants need not undergo mandatory training to renew their Certificate of Practice (CoP). The Institute, on February, had amended its guidelines imposing a condition on the Cost Accountants to undergo a six-day training before issuing or […]
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ICAI revises Schedule of CA Exams, extends Last Date for Application
In view of Elections to the 17th Lok Sabha Parliamentary Constituencies across the country, the Institute of Chartered Accountants of India ( ICAI ) has revised the Chartered Accountant Examinations initially scheduled from 2nd May 2019 to 17th May 2019. As per the new schedule, the said examinations shall now be held from 27th May […]
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GST Council to meet Next Week to form Realty Rules
In order to give more clarity on the reliefs granted to the realty sector, the GST Council’s next meeting will be held on 19th March through video conference. The meeting is expected to finalize the rules and regulations for the ongoing under-construction residential projects In the meeting the council is likely to limit the usage […]
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ICAI postpones CA Exams Scheduled in May 2019
The Institute of Chartered Accountants of India ( ICAI ) has postponed CA Final / Inter Examinations. The press release said that, “It is hereby notified for general information that in view of Elections to the 17th Lok Sabha Parliamentary Constituencies across the country, spanning April-May, 2019 , the Chartered Accountants Examinations initially scheduled from […]
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CBDT asks Income Tax Dept to withdraw Appeals by March-end
As part of Government’s policy to reduce tax litigations, the Central Board of Direct Taxes ( CBDT ) has directed the income tax department to withdraw all appeal cases, pertaining to certain monetary limits and parameters, from various courts by this month-end. The Member (Revenue) has recently written a letter to all range heads and […]
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Will ICAI Change CA Exams Dates due to Polls?
As the election dates for Loksabha polls have been declared, the CA aspirants are looking for an extension of the CA exams scheduled in May 2019. Last January, the Institute of Chartered Accountants of India (ICAI) has declared that it would be conducting the examinations for CA Foundation, Intermediate and Final examinations in May 2019. Online […]
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Intra-State Suppliers of Goods / Services shall issue Tax Invoice under Composition Scheme [Read Notification]
The Central Board of Indirect Taxes and Customs (CBIC) has issued an order clarifying that the intra-State suppliers of goods and services to whom the composition scheme is extended shall issue a tax invoice under the GST regime. Earlier, the Board had notified composition scheme for supplier of services with a tax rate of 6% […]
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