Friday, May 31, 2019
GST Appellate Tribunal to be set up in Lucknow: Allahabad High Court [Read Order]
In a petition filed by the Oudh Bar Association, Lucknow Bench of the Allahabad High Court has directed the Government to form the new GST Appellate Tribunal bench in Lucknow. Justices Devendra Kumar Arora and Alok Mathur on Friday quashed the modified order of the Uttar Pradesh government, to set up the GST Tribunal in […]
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Major GST Scam unearthed in Hyderabad
The Central Goods and Services Tax ( GST ) department has made four arrests in a major scam involving raising fake GST invoices and claiming Input Tax Credit (ITC) from the Government. Last year, the department had recorded around 150 cases over fake GST invoices in Hyderabad city. One Amit Mittal, the proprietor of Aavya […]
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New FM Nirmala Sitharaman to present Budget on July 5
Smt. Nirmala Sitharaman assumed charge as the Union Minister of Finance & Corporate Affairs today is likely to present the budget for the year 2019-20 on July 5. She was greeted at the office in North Block by Minister of State for Finance & Corporate Affairs designate, Shri Anurag Singh Thakur, Finance Secretary Shri Subhash […]
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Subscription Fee to access an Online Database is Business Income, Not ‘Royalty’ or FTS: ITAT [Read Order]
The Mumbai ITAT has recently held that the subscription fee charged by the assessee-Company to access an online database must be treated as business income and not as royalty or Fee for Technical Services (FTS) under the Income Tax Act. The assessee, Elsevier Information Systems GmbH, is a German- based who maintains an online database […]
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GST 2.0: Punjab CM suggests 101 Reforms in existing Law
Without wasting even a day, Chief Minister of Punjab, Captain Amarinder Singh, has written to the Prime Minister Shri Narendra Modi has to the ball rolling on economic reforms by suggesting 101 GST reforms. In his letter, CM has written that, with such an overwhelming mandate for the new Government, and consistent support from Congress, […]
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GST Interest on Late Payers: Delhi High Court stays Proceedings [Read Order]
A two-judge bench of the Delhi High Court has stayed proceeding against M/s Landmark Lifestyle for late payment of interest on gross tax liability on Goods and Services Tax ( GST ). The bench comprising Justice S Muralidhar and Justice Asha Menon was hearing a petition by a Delhi based firm, Landmark Lifestyle. Before the […]
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Thursday, May 30, 2019
ICAI to upgrade Digital Skills of Chartered Accountants Professionals
With an aim to provide heightened focus of Chartered Accountants who are in Practice on various emerging Professional Opportunities such as RERA, Ind AS, Companies Act, 2013, Artificial Intelligence, Blockchain, Cyber Security and Data Analytics (ABCD of Technology), GST, Registered Valuers, Forensic Audit, International Taxation, Insolvency Practice, PSU & Bank Audit etc, the Professional Development […]
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File SFT Forms till 31st May: CBDT
The Central Board of Direct Taxes ( CBDT ) has reminded that the last date for filing forms for Statement of Financial Transactions (SFT) is 31st May 2019. Under the Income Tax law, the following entities are bound to file SFT forms. i.e, (i) Sub Registrar (ii) A Co-operative Bank (iii) A Banking Company (iv) […]
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Income Tax Evasion through Shell Companies: Tax Dept trains Officers
In a move to detect black money through the shell companies, the income tax department has decided to focus and enhance the skills of Assessing Officers. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which […]
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Wednesday, May 29, 2019
CBI convicts Income Tax Officer in a Bribery Case
The Special Judge, CBI Cases, Jodhpur (Rajasthan) has sentenced Sh. Mukesh Kumar Meena, then Inspector of Income Tax, Jodhpur to undergo four years Rigorous Imprisonment with fine of Rs. 20,000/- in a bribery case. CBI had registered a case on 15.12.2015 on a complaint against Sh. Mukesh Kumar Meena, Inspector of Income Tax, Ward No. […]
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Supreme Court allows Arrest of GST Evaders without Anticipatory Bail [Read Order]
A vacation bench comprising Chief Justice Ranjan Gogoi and Justice Aniruddha Bose has permitted the GST Officers to the tax evaders without anticipatory bail. According to the order, such evaders can be arrested even without FIR. The bench also issued notice to the Centre and sought its reply on a batch of pleas challenging the […]
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Remuneration to Director in proportion to his Experience which has no bearing on his shareholding is not Dividend: ITAT [Read Order]
The Delhi ITAT, in a significant ruling, held that the remuneration paid to Director of company in commensuration with his experience which has no bearing on his shareholding, cannot be construed as ‘dividend’ under the Income Tax Act. The assessee company engaged in the business of Management Consultancy Services, filed its return for relevant AY. […]
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GSTN offers Free Accounting and Billing Software to MSMEs
The Goods and Services Tax Network ( GSTN ) has started providing Billing and Accounting software to the Micro, Small and Medium Enterprises (MSMEs) As per directions of GST Council in January, GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual […]
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Tuesday, May 28, 2019
RBI notifies revised Voluntary Retention Route for Investments by Foreign Portfolio Investors and opens allotment ‘on tap’
The Reserve Bank of India ( RBI ) introduced the Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs) on March 01, 2019. Limits for investment in debt by Foreign Portfolio Investors (FPIs) were offered for allotment ‘on tap’ during March 11 – April 30, 2019. Based on the feedback received, and in consultation with […]
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RBI releases draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies” for public comments
The Non-Banking Financial Companies (NBFCs) play an important role in the financial system of the country, particularly in delivering credit to the last mile, including the retail as well as MSME sectors. NBFCs’ ability to perform their role effectively and efficiently requires them to be financially resilient, well-regulated and properly governed so that they retain […]
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Monday, May 27, 2019
GST: E-Invoice to Customers to be a Reality Soon [Read Office Memorandum]
The Companies registered under the Goods and Services Tax ( GST ) may have to issue an E-Invoice to its customers as part of Governments initiatives to curb tax evasion. The move will enable the tax department to track the transaction on a real-time basis. A recent ET report cited a government official privy to […]
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Income Tax Alert: ITR-5 available for E-filing
The income tax department has enabled the ITR-5 for e-filing by the tax payers. This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). The ITR-2 Form is an Income Tax Return form used by Indian citizens, as well as Non Residents to file their T “ITR 1, 2, […]
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GST: Kerala to Impose Flood Cess from June [Read Notification]
After a long time since it got approval from the GST Council, the Kerala Government has decided to impose one per cent cess on the goods and services supplied within the State to final customers from June to provide relief and rehabilitation to those affected by flood in the state last year. The cess would be imposed […]
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Arrest of GST Evaders: Supreme Court Upholds Telangana HC Order [Read Order]
In a significant ruling, the Supreme Court has upheld the order of the Telangana High Court where the Court given a green signal to the GST officials to arrest the tax evaders. The Petitioners challenged the summons issued by the Hyderabad GST officials and the searches conducted by the latter at their respective offices. While […]
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Section 80G Approval can’t be denied on Ground that Society is not engaged in Charitable Activities: ITAT [Read Order]
The ITAT Mumbai bench, while ruling in favour of Shiv Raj Sharma Shiksha Samit, held that the benefit of Section 80G under the Income Tax Act, 1961 cannot be denied to society solely for the reason that it is not involved in charitable activities. The assessee society is providing relief to the poor by way […]
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ICAI allows Students to submit Observations on CA Exam Question Papers
The Institute of Chartered Accountants of India ( ICAI ) has allowed the candidates appearing in the CA examination scheduled in November to submit their observations on the question paper, if any by 18th June 2019. The candidates can submit the same by way of email or letter. The observations should be submitted to the […]
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ICSI to receive Fees Only through Online Mode
In a significant move, the Institute of Company Secretaries of India ( ICSI ) has decided to receive fee from its members and students through online mode only from 1st June 2019. “A landmark date is coming. ICSI will move closer to a step total digitization by accepting fees of members through online mode only,” […]
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GST Council may Meet Next Week
The apex policy-making body, the Goods and Services Tax ( GST ) Council may meet as early as next week after the approval from the new finance minister. Tax structure for solar projects, uniform tax rate on state-organized and state-authorized lotteries, taxing non-potable alcohol besides certain changes in the law, extension for the National Anti-profiteering […]
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GST not Leviable on ‘Duty Free’ shops: Allahabad High Court [Read Order]
In a significant ruling, the division bench of the Allahabad High Court has held that, Goods and Services Tax ( GST ) not leviable on duty free shops. The petitioner Mr. Atin Krishna submitted that due to the misinterpretation of the provisions of CGST/SGST/IGST Acts, the public exchequer is being made to suffer huge financial […]
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Sunday, May 26, 2019
Self-Occupied Property cannot enter into the block of Depreciable Asset: ITAT rejects Sonu Nigam’s Plea
The Income Tax Appellate Tribunal (ITAT), Mumbai bench recently rejected Bollywood singer Sonu Nigam’s plea by holding that the self-occupied property cannot enter into the block of a depreciable asset. The assessee sold a flat for a sum of Rs. 161,75,480/- out of which the appellants 50% share was Rs.80,87,740/-. The Assessing Officer observed that […]
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Saturday, May 25, 2019
CBDT Task force on Direct Tax Code gets one more Extension
The Union Finance Minister Arun Jaitley, in a meeting held with the top officials, granted a further extension to the task force on Direct Taxes headed by Central Board of Direct Taxes ( CBDT ). The taskforce can submit their report to draft the new direct tax code till July. The committee was formed to […]
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GST Fraud: Top Management of M/s Manpand Beverages Ltd arrested in Fake Invoice
The Central GST Commissionerate Vadodara has arrested Top Management of M/s Manpand Beverages Ltd, Savli, Vadodara in fake invoice GST fraud. Multi locational searches were conducted on various premises of M/s Manpasand Beverages ltd. on 23/0S/2019. The searches resulted into unveiling of a huge racket of creating fake/dummy units for availing fraudulent credit and committing […]
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Friday, May 24, 2019
CBDT issues Notification for Amendment of Form No 15H of the Income Tax Rules, 1962 [Read Notification]
Sub-section (1C) of Section 197A of the Income Tax Act, 1961 (the Act) read with rule 29C of the Rules, inter alia, provides that no deduction of tax shall be made in case of a resident individual, who is of the age of sixty years or more, if he furnishes a declaration in Form 15H […]
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CBDT extends due dates of TDS Compliance in respect of Deductors in Odisha [Read Order]
With a view to redressing genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone “Fani” hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deductors in the State of Odisha. […]
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ICAI invites applications to empanel Resource Persons for Mock Tests for New Chartered Accountants
The Institute of Chartered Accountants of India ( ICAI ) through its Committee for Members in Industry (CMI&B) organizes Campus Placement Programme for the benefit of newly qualified Chartered Accountants twice a year at select centers across the country. In order to provide an extra edge to NQCAs, it is proposed to conduct mock interview […]
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Supreme Court stays HC Order on Black Money Law
The Supreme Court, on Tuesday stayed the order of the Delhi High Court wherein it was held that the black money law enacted in 2016 could not be allowed to operate with retrospective effect from July 2015 to book and probe offenders. A two-judge bench headed by Justice Arun Mishra also stayed the May 16 […]
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CBDT condones Delay in Filing of Audit Report by Trust for AYs 2016-17 and 2017-18 [Read Circular]
The Central Board Direct Taxes ( CBDT ) has condoned delay in filing of Audit Report (Form 10 B) by Trust / Institutions for the Assessment Years 2016-17 and 2017-18. Under the provisions of section 12A of Income-tax Act, 1961 where the total income of a trust or institution as computed under the Act without […]
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Thursday, May 23, 2019
Salary paid to Employees of University not subject to TDS: ITAT [Read Order]
The salary paid to the employees of the University would not be subject to Tax Deduction at Source ( TDS ) as the university can be deemed as a ‘State’, ruled the Income Tax Appellate Tribunal (ITAT), Cochin. The assessee university discharged the TDS liability on the payments made to employee on the Death cum […]
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Wednesday, May 22, 2019
Service Tax not applicable on payments by NHAI to Toll Operators allowing Free access to Roads during Demonetisation period: CBIC [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that, Service Tax not applicable on payments by NHAI to toll operators allowing Free access to Roads during Demonetisation period. The CBIC Circular said that “Service by way of access to a road or bridge on payment of toll charges” is included in the […]
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Finance Commission may not recommend Extension of GST Compensation
Reportedly, the request of the State Governments to extend the period of GST compensation beyond five years is likely to be rejected by the 15th Finance Commission. According to the Commission, the tax buoyancy will take care of the current shortfall in revenue in some states. To compensate these states, an additional tax by the […]
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Chartered Accountant Vacancies in SBI
The State Bank of India ( SBI ) has invited applications for the posts of Manager Analyst and Deputy General Manager (Asset Liability Management). Education Qualifications Manager Analyst – Chartered Accountant (CA)/ MBA(Finance) or Equivalent/ PGDM(Finance) or Equivalent. Deputy General Manager (Asset Liability Management) – MBA (Finance) or equivalent / Chartered Accountant. FRM Certification and […]
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GST: Input Tax Credit allowable on Debt Settlement, says AAR [Read Order]
In a significant ruling, the AAR, West Bengal has held that the companies are eligible to claim the input tax credit even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books. The State bench of the West Bengal Advance Ruling Authority was hearing a case relating […]
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Assessing Officer cannot re-consider Grounds of Addition which are already negated by Appellate Forums: ITAT [Read Order]
The Assessing Officer, on remand by the writ court to consider the matter afresh, is not permitted to reconsider the grounds of addition which is already negated by the appellate forums, ruled the Income Tax Appellate Tribunal (ITAT), Delhi bench. During a survey conducted by the Revenue Department, the assessee surrendered an amount of Rs. […]
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Tuesday, May 21, 2019
‘Blocked Credits’ under GST: Delhi High Court issues Notice to Centre, State
The Delhi High Court, on Monday issued a notice to the Centre and the State Governments while admitting a petition praying to resolve the issues relating to ‘blocked credits’ under the Goods & Services Tax (GST) regime, which is affecting hotels and malls. Under section 16 of the GST Act, credit is allowable on inputs […]
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Delhi High Court rejects Strict Interpretation for Requirement of License / Certificate under Electricity Act [Read Judgment]
The Delhi High Court in the case of Commissioner of Trade and Taxes v. Schneider Electric India Pvt. Ltd. holding in favor of the assessee allowed exemption of supply of electrical equipments to buyers ruling that “unlike and exemption granted through a notification, the effect of the rule is to exclude a species of transaction […]
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Income Tax Dept proposes Amendment in Tax Audit Form [Read Draft Notification]
The Central Board of Direct Taxes (CBDT), the apex income tax body has proposed an amendment to the Tax Audit Form in 10B. Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof […]
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NAA penalizes VTWO Ventures for Profiteering, Issuing Incorrect Invoices [Read Order]
The National Anti Profiteering Authority ( NAA ) vide its order dated 10.05.2019 in its case of Kerala State Screening Committee on Anti Profiteering v. M/s VTWO Ventures held M/s VTWO Ventures guilty of anti-profiteering and is directed to deposit the profiteered amount along with interest along with a penalty under Section 122 for deliberately […]
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GST Practitioners Exam: NACIN issues Guidelines
Prior to the GST Practitioners examination in June, the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has issued detailed guidelines for the candidates. All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. The link of the portal shall be provided […]
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Airtel liable to pay Property Tax for Laying of Underground Cable: Chhattisgarh High Court [Read Judgment]
The Chhattisgarh High Court has held that the petitioner Bharati Airtel Limited is liable to pay property tax in respect of or otherwise relating to underground cable laid for the purpose of providing telephone services or other telecommunication facilities. The petitioner has been granted a licence by the Government of India to establish, maintain and […]
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Cash Loan from Parents and Brother for purchasing House for whole Family do not attract Penalty: ITAT
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the cash loan received from the parents and brother of the assessee for the purchase of the house for the whole family cannot be penalized under Section 271D of the Income Tax Act. The assessee is an individual deriving income from salary […]
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GST paid on Construction of Immovable Property intending to Let Out not eligible for Input Tax Credit: Odisha HC
The Odisha High Court, in a significant ruling, held that input tax credit is not available in respect of GST paid while constructing the immovable property intending to let out for rent. The petitioner contrasted an immovable property intending to let out the same for rent. The petitioner claimed that input tax credit can be […]
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Monday, May 20, 2019
CA / CMA Vacancies in BHEL
The Bharat Electronics Limited (BHEL) has invited applications from CA / CMA for the post of Management Industrial Trainee. Bharat Electronics Limited a Navratna and India’s premier professional Electronics Company intends to engage Two Management Industrial Trainees with CMA / CA (intermediate) qualification for Machilipatnam Unit. Eligibility Candidates should have registered with ICMAI / ICAI […]
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No Stay on IGST Levy on Ocean Freights: Gujarat HC Order grants specific Relief to Petitioner Only [Read Order]
The interim stay order passed by the Gujarat High Court, in a petition filed by Ghanshyamlal and Company stayed the impugned demand where the petitioners challenged the vires of IGST related notification. Earlier, there were reports stating that the High Court has stayed the levy of Integrated Goods & Service Tax (IGST) on ocean freight. […]
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ICAI Chief enumerates Influence of ICAI in Recent Developments in GST
The Goods and Services Tax (GST) was rolled out in July 2017. The complex and not so ‘simple’ tax is now running without many glitches due to the active participation of compliance professionals. Recently, the President of the Institute of Chartered Accountants of India ( ICAI ), CA. Prafulla P. Chhajed has enumerated the recent […]
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GST Council may consider Proposal for National AAAR Next Month
Next month, the Goods and Services Tax ( GST ) Council is likely to consider the proposal for forming an Appellate Authority for Advance Ruling (AAAR) at the national level. The move to set up a national bench aims at removing uncertainty created by the advance rulings of different State benches, According to sources, the […]
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Non-filing of Income Tax Return can’t be a ground to deny Capital Gain Exemption: ITAT [Read Order]
The benefit of the capital gain exemption cannot be denied to a taxpayer on the ground that the income tax return is not filed declaring such income, said the Income Tax Appellate Tribunal (ITAT), Bangalore bench. The assessee sold a residential property but had not filed a return of income for the relevant assessment year. […]
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Sunday, May 19, 2019
Demise of Mother not a reason to Condone Delay of 259 Days: Chhattisgarh High Court
A division bench of the Chhattisgarh High Court has held that the demise of the mother cannot be said to be a reason for condoning the delay of 259 days in filing an appeal since the assessee was carrying on business these days. The appellants are supplying bed-rolls and newspapers as required by the award […]
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Diagnostic Centres need not obtain GST Registration: AAR Kerala [Read Order]
The Kerala State Authority for Advance Rulings (AAR) has ruled that the diagnostic centres, being part of health care services need not be registered under the Goods and Services Tax ( GST ). The applicants are running a diagnostic centre. They claimed that the services provided by them would amount to health care services and […]
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Friday, May 17, 2019
Seat of the Tribunal to decide the Appellate Court u/s 260A and 269: Bombay HC [Read Judgment]
The Bombay High Court in the case of PCIT v. M/s. Sungard Solutions (I) Pvt. Ltd held that the seat of the Tribunal would decide the jurisdiction of the Court to which the appeal would lie under the Act. The issue in the present case is with respect to the maintainability of the present appeal […]
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Tribunal confirms Disallowance since Sham Transactions under the garb of Donation was used for Evasion [Read Order]
A division bench of the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Assessing Officer was rightly disallowed deduction claim since their involved sham transaction under the garb of donation. The assessee is carrying his business through sales commission agents for procuring orders and other business-related activities. The assessee paid commission to […]
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CBI arrests GST Inspector for accepting Bribe
The Central Bureau of Investigation has arrested an Inspector, E-way Bill Team-II, Central GST, Noida (Uttar Pradesh) for demanding and accepting a bribe of Rs. 30,000/- from the complainant. A case was registered against the accused on a complaint alleging that the accused demanded a bribe of Rs. 30,000/- from the complainant for release of […]
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CA Exam Updates: ICAI shifts Venues in Bangalore
As the CA Inter/ Final exam dates are coming closer, the Institute of Chartered Accountants of India ( ICAI ) has shifted some venues in Bangalore. The institute cited unavoidable circumstances for the venue shift. Admit cards already issued would remain valid despite the new venues the institute said in two different announcements. “In partial […]
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CA Vacancy in Tata Steels
The Tata Steel group is hiring Chartered Accountants for the post of Accounts Manager. Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum (mtpa). It is now the worlds second-most geographically-diversified steel producer, with operations in 26 countries and a commercial […]
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Delhi HC restrains Income Tax Department from action against Gautam Khaitan [Read Order]
The Delhi High Court has restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. Khaitan is one of the accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. He has challenged the legality of various provisions of […]
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Thursday, May 16, 2019
RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’
The Reserve Bank of India ( RBI ) has today placed on its website the “Payment and Settlement Systems in India: Vision 2019 – 2021”. The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, […]
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Goods can’t be detained for Defect in E-Way Bill since there is No Supply: Gujarat High Court [Read Order]
A two-judge bench of the Gujarat High Court comprising Justice Harsha Devani and Justice Bhargav D Karia has held that the GST department cannot detain the goods on ground of defect in E-way Bill as there is no supply. The GST department, in the present case, had released the goods belongs to the petitioners on […]
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ICAI issues FAQs on Banning of Unregulated Deposit Schemes Ordinance [Read FAQs]
A set of Frequently Asked Questions (FAQs) has been issued by the Institute of Chartered Accountants of India (ICAI). The ‘Banning of Unregulated Deposit Schemes Ordinance, 2019’ is the government’s endeavour to bridge the regulatory gap in the wake of difficulties faced in investigating of Ponzi-schemes, and the ordinance has been promulgated with an objective […]
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Free – Distribution of Toothbrushes in Combo Pack not attract Excise Duty: CESTAT
No excise duty can be levied on the free-distribution of toothbrushes in the combo pack under the Central Excise Act, 1944, said the Customs, Excise, Service Tax Appellate Tribunal (CESTAT). The appellants are engaged in the manufacture of Tooth Brushes falling under chapter 96 of the First Schedule to Central Excise Tariff Act, 1985. The […]
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GST: Simplified Single Return is ready to Rollout in July
In a move to ease the compliance burden on the taxpayers and to facilitate input tax credit in a fast manner, the Central Government has finally moved ahead with the single monthly return system under the Goods and Services Tax ( GST ) regime. In last May, the Government announced a three-phase plan to address […]
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12% GST applicable of Dues If Completion Certificate was issued by 31st March, says CBIC
12 percent GST would be applicable on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, The Central Board of Indirect Taxes and Customs (CBIC), while issuing a set of Frequently Asked Questions (FAQs) last week. According to the FAQs, the builders who have received […]
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Finance Commission holds meetings with Finance Ministry Officials
The Finance Commission held consultations with senior officials of the Ministry of Finance yesterday on the overall economic situation and key economic variables. These discussions are credible to the ongoing work of the Commission to reach an appropriate conclusion on both the vertical and the horizontal devolution. Apart from the Commission’s Chairman & Members Shri […]
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CBIC launches New Project for online writing of Annual Performance Appraisal Report
Online writing of APARs in SPARROW for IRS (C & CE) Officers has already been implemented w.e.f. 2016-17. As part of CBIC’s constant endeavour for better HR management, online writing of APARs in SPARROW has now been launched for over 46,000 Group B & C officers of CBIC, working in its various formations all across […]
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Wednesday, May 15, 2019
TDS not applicable on Sale of Property if Sale Consideration of each Co-owners does not exceed Rs. 50 Lakhs: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jodhpur has held that the provisions of TDS would not applicable on the sale of property if the sale consideration do not exceed Rs. 50 lakhs. The assessee-Company purchased a residential property for Rs. 60 lakhs from two people Shri Anant Ram Kumawat and Smt. Seema Kumawat who jointly […]
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GST: Anti-profiteering Watchdog may get an Extension
The National Anti-profiteering Authority (NAA), which was formed to protect the consumers from exploitation from the businesses under GST may get an extension of two years, ET reported. The Authority (NAA) is the institutional mechanism under GST law to check the unfair profit-making activities by the trading community. The Authority’s core function is to ensure […]
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CBDT again defers GST Reporting in Tax Audit Report [Read Order]
The Central Board of Direct Taxes ( CBDT ) has extended the due date for filing Form 3CD for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR. Tax Auditors of a certain class of Assessees shall file Form 3CD in […]
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Sale of Software not Royalty as per Indo-Ireland DTAA: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), has held that the sale of the software would not constitute ‘royalty’ as per the Double Taxation Avoidance Agreement (DTAA) between India and Ireland. The assessee company,“M/s Ixia Technologies International Limited” is a non-resident foreign company registered in Dublin, Ireland. The principal line of activity […]
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GST Practitioners Exam to be held on 14th June and 12th December
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax ( GST ) Practitioners in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017. […]
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Postponement of Papers of CA Exam May 2019: ICAI clarifies
The Institute of Chartered Accountants of India ( ICAI ) has clarified certain things relating to the Chartered Accountant exam to be held in June this year. The May 2019 had been postponed by the Institute to June due to Lok Sabha polls. A few days ago, the ICAI had further postponed some of the […]
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Default Assessment Order was passed Only to defeat VAT Refund Claim: Delhi HC orders to disburse Refund with Interest
A two-judge bench of the Delhi High Court has quashed the default assessment orders issued by the VAT authorities which was found to be passed only to defeat the VAT refund claim. The bench also ordered the authorities to disburse the refund amount along with interest under Section 42 of the DVAT Act. The petitioner […]
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Tuesday, May 14, 2019
Monday, May 13, 2019
CA Exams May 2019: ICAI again shifts Venue
The Institute of Chartered Accountants of India ( ICAI ) has announced that due to unavoidable circumstances, the venue of Foundation, Intermediate, Intermediate (IPC) and Final Examinations scheduled to be held from 27th May 2019 to 13th June 2019 in respect of the candidates at Beawar City (Rajasthan) has been shifted. “Accordingly, candidates of CA […]
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ICSI issues Practical Questions for Advance Tax Laws
For the students who are preparing for Company Secretaries examination, the Institute of Company Secretaries of India ( ICSI ) has issued a set of practical questions Advanced Tax Laws (Indirect Taxation – GST and Customs Law) Paper. “These Practice Questions will serve as a handy reference material for the purpose of examination and will […]
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GST Tran-1 directory not mandatory, Centre-State seeks time to File Counter before Calcutta HC [Read Petition & Order]
Petitioner Rudra Autoparts Distributor filed writ petition before Calcutta High Court praying to allow filing of form GST Tran-1 to enable it to claim transitional credit of eligible duties in respect of inputs held in stock on the appointed day in terms of Section 140(3) of the Central Goods and Services Tax Act, 2017 read […]
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Customer Relationship Rights are ‘Goodwill’: ITAT allows Depreciation [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bengaluru bench has held that the depreciation under Section 32 of the Income Tax Act, 1961 is allowable on the customer relationship rights since the same would amount to goodwill. The assessee is a subsidiary of Incap OYJ (Incap Finland) and is engaged in the business of manufacturing of […]
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Sunday, May 12, 2019
GST Tribunal: Delhi High Court bars Appointment of Members without Prior Approval [Read Order]
While granting an interim order in a writ petition filed by the Bharatiya Vitta Salahkar Samiti & Anr, the Delhi High Court has directed the Central Government to not proceed with the appointment of members to the Goods and Services Tax (GST) Appellate Tribunal without prior intimation, till the next date. An order passed by […]
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Contract for Construction of Nuclear Fuel Complex for provision of Electricity is ‘Works Contract’ subject to 18% GST: AAR [Read Order]
The Rajasthan Authority for Advance Ruling [AAR] in an application filed by M/s Tata Projects Ltd. held that the works contract service for construction of Nuclear Fuel Complex supplied by the applicant for the provision of electricity shall be subject to 18% GST. The issue before the present Authority was the determination of the liability […]
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Saturday, May 11, 2019
CBIC extends Due Dates for GSTR-1 and GSTR 3-B in Odisha [Read Notifications]
In a major relief to the businesses in the cyclone-ravaged areas of Odisha, the Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due dates for filing of GSTR-1 and GSTR-3B for the month of April in Odisha. A Notification issued by the Board has said that “Provided that the return […]
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Friday, May 10, 2019
CBIC extends Due Dates for filing ER-1 and 2
The Central Board of Indirect Taxes and Customs ( CBIC ) has notified that the due date for filing of Central Excise Returns in forms ER 1 and ER 2 in respect of April 2019 month has been extended from 10 May 2019 to 10 June 2019, in view of ongoing migration/ integration of ACES […]
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Commerce Ministry requests MCA to ease Compliance, exclude Certification of Returns by CA / CS [Read Letter]
The Ministry of Commerce and Industry, in the light of letter received from the Federation of All India Vyapar Mandal has requested the Ministry of Corporate Affairs (MCA) to take measures to ease compliance under the Companies Act including change in last date of various forms and to exclude the Chartered Accountants and Company Secretaries […]
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Authorities to Wait for Confiscation Order If Search and Seizure Challenged: Allahabad High Court [Read Judgment]
The Allahabad High Court in a writ petition Rimjhim Ispat Ltd. v. State of U.P. partly holding in favour of the appellant held that even though there was no stay order restraining the respondents from passing the confiscation order, the respondent authorities should have awaited the outcome of the challenge made to the search by […]
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Conducting Programmes by Pharma Companies for Brand Promotion Expenses is Business Expenditure: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that conducting various programmes by the pharmaceutical companies for the purpose of brand promotion expenses is business expenditure under the provisions of the Income Tax Act, 1961. The assessee, engaged in the business of trading and marketing of medicines, incurred expenses […]
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S. 12AA Registration can’t be denied merely because Assessee established to comply with CSR obligations: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the registration under Section 12AA of the Income Tax Act, 1961 cannot be denied to the applicant merely because it was established to comply with the Corporate Social Responsibility ( CSR ) obligations. The assessee-Company made an application to obtain registration under […]
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Thursday, May 9, 2019
Income Tax Alert: ITR-2 & 3 available in Portal for E-filing
The Income Tax department has enabled the facility to file ITR 2 and 3 in the official portal. “ITR 1, 2, 3 & 4 for AY 2019-20 is now available for e-Filing. Other ITRs will be available shortly,” the department said in a statement. The ITR-2 Form is an Income Tax Return form used by […]
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Gifts and Presents by way of Cash can’t be allowed as Business Expenditure: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the gifts and presents given to the customers by way of cash cannot be allowed as business expenditure under the provisions of the Income Tax Act, 1961. The assessee claimed that the Diwali gifts and presents given by them in […]
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GST Council extends Due Dates for Realty Firms to opt for New Tax Rates
The Goods and Services Tax ( GST ) Council has extended the due dates for the realty firms to opt for opting for the new tax rates applicable to them from 1st April 2019. “The date for exercising the option for residential real estate project to either stay at old GST rate (8% or 12% […]
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Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be availed in case of purchase of land before the sale of the residential unit. In the instant case, the Commissioner of Income Tax, while invoking his revisional […]
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Finance Commission meets Bankers and Financial Institutions in Mumbai
The Chairman, Shri N.K. Singh, Members and Senior Officials of the 15th Finance Commission met a large group of Bankers and Heads of Financial Institutions in Mumbai today. Salient points raised by banks during their meeting with 15th Finance Commission on 9th May 2019. In the context of making the borrowing costs of State Governments aligned to their […]
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ICSI issues Four Auditing Standards on Audit Engagement
The Council of the Institute of Company Secretaries of India ( ICSI ) has approved the issuance of four ICSI Auditing Standards and the same were released on May 6, 2019, at the ICSI House, New Delhi. The Standards are required to be observed by the Company Secretaries undertaking Audits. The Standards seek to promote […]
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ICAI to conduct Investor Awareness Programs
The Institute of Chartered Accountants of India ( ICAI ) under the aegis of Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs (MCA) is conducting Investor Awareness Programs through its Committee on Capital Market and Investors Protection. The Ministry of Corporate Affairs had appointed The Institute of Chartered Accountants of India the […]
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Delhi HC quashes proceedings since Pre-Notice Consultation was mandatory for Demands above Rs. 50 Lakhs [Read Judgment]
A two-judge bench of the Delhi High Court, while annulling the Service Tax proceedings, held that since the demand is above Rs. 50 lakhs, a pre-notice consultation was mandatory as per the Master Circular issued by the Central Board of Excise and Customs (CBEC). The Petitioner provides computer data processing software, which is used by […]
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Finance Commission meets Eminent Economists in Mumbai
The Finance Commission met with eminent economists in Mumbai on 8th May 2019, during its two-day visit to the city. The economists put forth a diverse array of issues for the consideration of the Commission; the salient issues are the following: There is a need to adopt a total view on the borrowing requirements of […]
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Hostel Service with a Tariff of a unit of Accommodation below Rs. 1000/ day is exempt from GST: AAR
The Chattisgarh Authority of Advance Rulings in an application filed by M/s Shri. Kamal Kishor Agrawal for Ramnath Bhimsen Charitable Trust held that a provision of hostel service where the tariff of a unit of accommodation is below Rs. 1000/day is exempt from GST. The issue before the Authority is two-fold. The first one being, […]
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Wednesday, May 8, 2019
Refund under Gujarat Textile Policy available to be adjusted towards Taxes: Gujarat High Court [Read Judgment]
The Gujarat High Court in the case of Khushbu Vinyl Pvt. Ltd. v State of Gujarat ruling in favour of assessee quashed and set aside the order passed by the Deputy Commr of Commercial Tax, restored the Certificate of Entitlement and directed the respondents to work out the amount of refund that petitioners would be […]
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Service Tax paid under Mistake can’t be refunded under Finance Act, 1994: CESTAT [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Hyderabad has held that the refund of the service tax paid by mistake cannot be processed under the Finance Act, 1994. The appellant is engaged in the business of exploration of mineral oil and natural gas. During the relevant period, they availed services of M/s B.J. […]
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Revisional Jurisdiction can’t be exercised on an Issue not covered in Re-Assessment: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the Commissioner of Income Tax cannot invoke revisional jurisdiction under Section 263 of the Income Tax Act in respect on an issue which was not addressed in the Re-assessment. The assessee had furnished the original return of income on 16.08.2010. later, a […]
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GST: CBIC issues FAQs on Real Estate [Read FAQs]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a set of Frequently Asked Questions (FAQs) wherein it was clarified that a home buyer cannot decide which GST rate will be applicable on the amount remaining on an under-construction flat. The Finance Ministry had lowered the rate of GST on real estate sector […]
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GST Dept directs Tata Sons to Pay Rs 1,524 crore
The Directorate General of GST Intelligence (DGGI) directed the Tata Sons to pay GST worth Rs 1,524 crore. The demand has been raised against the payment made to Japanese firm NTT DoCoMo in 2017. 18% GST is applicable on such transaction, the office said. Tata Sons had paid the amount to NTT Docomo in a […]
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Mistake committed by Advocate is a ‘Reasonable Cause’ to condone Delay in Filing Appeal: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jodhpur bench has held that the mistake committed by Advocate is a reasonable cause for condonation of delay in filing appeals. The Assessing Officer passed an assessment order against the assessee on the ground that the assessee was enjoying the taxable income from capital gains for the year under […]
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Builder not liable to pay Deemed Rent on Unsold Flats: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that since the unsold flats amount to stock-in-trade in the hands of the builder, no deemed rent can be derived from the same under the head “income from house property.” The assessee is in the business of Civil Engineers, Builders and Developers. The assessee, during […]
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CBIC organises meeting of Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation in Kochi
The Central Board of Indirect Taxes and Customs ( CBIC ) is organising a meeting of the Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation (WCO) in Kochi from 08thto 10th May 2019. India is hosting this meeting in its capacity as Vice Chair of the Asia Pacific region that […]
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Purchase of Licensed Software not Royalty under both Income Tax Act and Indo-USA DTAA: ITAT
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the purchase of the licensed software would not amount to royalty and under the Income Tax Act, 1961 and the Double Taxation Avoidance Agreement (DTAA) between India and USA. The assessee claimed a deduction of expenditure incurred on the purchase of licensed […]
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CBI books Customs, GST Officials for Helping in Smuggling Gold
The Central Bureau of Investigation ( CBI ) in a smuggling case, has charged three Customs and GST officials based in Bengaluru for allegedly helping smugglers bring gold from Dubai in the form of paste. On receiving information that Directorate of Revenue Intelligence officials had intercepted six international passengers who were handing over smuggled gold […]
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ICSI Members mandatorily provide PAN details at the time of making payment of Annual Membership Fee
The ICSI Council in its meeting held on 4 th – 5 th May, 2019 decided that, member are required to provide the details Permanent Account Number ( PAN ) at the time of making payment of Annual Membership Fee. The Members shall be required to provide the details of their PAN mandatorily and Aadhaar […]
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Tuesday, May 7, 2019
ICSI to bring Major Changes in CS Examination
The Institute of Company Secretaries of India ( ICSI ) has decided to bring a catena of changes in the CS Examinations. It has been decided by the Council in its meeting held on 4th – 5th May, 201 that w.e.f. December 2019 Examination session, the following papers of the Executive Programme (New Syllabus) will […]
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TDS Certificate in Part B of Form 16 can be download from TRACES portal: CBDT
The Central Board of Direct Taxes (CBDT) has said that all deductors to issue the TDS certificate in Part B of Form no. 16 by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192 of Chapter XVII-B […]
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ITAT asks Vodafone Idea Ltd to pay Rs. 60 Lakhs to Income Tax Dept for Stay on IT Order [Read Order]
While granting an interim relief to the Vodafone Idea Ltd, the Income Tax Appellate Tribunal (ITAT), Chandigarh has asked the Company to pay an amount of Rs. 60 lakhs for staying the demands in respect of the eight assessment years from 2005-06 from 2012-13. The department was of the view that the discount extended to […]
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80IA(4)(i) Deduction can’t be denied on Ground that assessee deducted TDS under Section 194C: ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Porel Dass Water and Effluent Control Pvt. Ltd, v ITO held that the assessee cannot be a denied S. 80IA(4)(i) deduction on the ground that it deducted TDS as per provisions of Section 194C of the Income Tax Act. The Assessing […]
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CA Exam: Admit Cards released, some Candidates shifted to Other Cities
The Institute of Chartered Accountants of India (ICAI) has released the admit cards for the CA exam 2019 to be held in June. The ICAI admit cards for May exams with their photographs and signatures on them, are hosted on icaiexam.icai.org. ICAI foundation course examination under the revised scheme as per syllabus contained in the scheme […]
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Amazon invites Application from CAs for Financial Analyst
The Amazon India has invited applications from the Chartered Accountant for the post of Financial Analyst. Name of the Post: Financial Analyst Qualification: Chartered Accountant Experience required: 4-5 years Key Responsibilities: Build financial analysis models driving operational decisions across the Amazon network Working on cost out initiatives Working on long range plan, annual budgets etc Automate existing […]
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Monday, May 6, 2019
CA / CFA Vacancies in SBI
The State Bank of India ( SBI ) has invited Online applications from Indian citizens for appointment to the Specialist Cadre Officers posts on a contract basis. Name of the Posts: Senior Executive (Research Analyst – Equity Research) & Senior Executive (Research Analyst – Forex/ Interest Rate markets/ Macro-economic Research). No of Posts: 4 Educational […]
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Delhi HC directs GST Council to review Tax Structure for Solar Projects [Read Order]
In an Interim Order, the Delhi High Court has directed Goods and Services Tax Council ( GST Council) review the Tax Structure of Solar Projects. The Petition was filed by the Solar Power Developers Association (SPDA) that challenges the new tax formulation structure for solar projects. Last December in its 31st GST Council Meeting, the […]
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Transfer of Residential Property need not include Transfer of Land in order to claim Capital Gain Exemption u/s 54: Bombay HC [Read Judgment]
The Bombay High Court has held that in order to avail the benefit of capital gain exemption under Section 54 of the Income Tax Act transfer of land is not necessary along with the transfer of residential property. The assessee, a co-owner of a flat situated at Napean Sea Road, Mumbai received the same under […]
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E-Filing of Income Tax Returns registers an Increase of 19%, says Finance Ministry
There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns (ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue because the figures for F.Y. 2017-18 and F.Y. 2018-19 are not directly comparable. It is stated that during F.Y. 2017-18, out of a […]
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Channel Subscription Fee paid to Cable Operator under Contract not FTS, attract TDS u/s 194C: Bombay High Court [Read Judgment]
A two-judge bench of the Bombay High Court has held that the subscription fees paid to the cable network operator /MSO /DTH Operators attracts TDS liability under Section 194C of the Income Tax Act. The Income Tax Appellate Tribunal (ITAT) held that the channel subscription fees paid to cable operators/MSO/DTH Operators, were payments for work […]
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Cost Accountants Institute extends Time for CEP Credit Hours for Renewal of Certificate of Practice [Read Notice]
The Institute of Cost Accountants of India (ICWAI) has extended the time for CEP Credit Hours for the renewal of Certificate of Practice (COP) for the year 2019-20. As per the Guidelines for Mandatory Training for all Members of The Institute under Continuing Education Programme, it is mandatory for the members holding Certificate of Practice […]
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GST relief for Flat Buyers, AAR says 12% Tax Applicable on Preferential Location Charges [Read Order]
The Authority for Advance Rulings (AAR), West Bengal has held that the services such as preferential location and facilities like car parking in apartments should be treated as “composite construction service” and attract the same levy as construction. The ruling will enable the builders to charge 5% GST on services bundled with affordable homes and […]
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Tax Reference can be filed in Hindi with Authentic English Translation: Patna HC [Read Judgment]
The Patna High Court has held that Writ Petitions of Tax Reference cases can be filed in Hindi along with the Authentic English Translation. The High Court was considering a writ for release of the petitioner from judicial custody and to declare the detention order dated 16th April 2015 as invalid in proceedings arising out […]
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IEC Holders can Now Register with GSTIN, No Digital Signature required: CBIC [Read Advisory]
In a bid to simplify auto registration for the IEC holders, the Central Board of Indirect Taxes and Customs ( CBIC ) has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same. The facility is now […]
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Sunday, May 5, 2019
TDS u/s 194I must be Deducted by Tenant before remitting Rent: Allahabad High Court [Read Judgment]
A two-judge bench of the Allahabad High Court has held that the TDS under Section 194I of the Income Tax Act, 1961 must be deducted by the tenant before remitting such rent. The bench comprising Justices Bharati Sapru and Vivek Varma was hearing an appeal where the Revenue Department challenged the action of ITAT in […]
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GST: E-Invoices mandatory for B2B Transactions from September
As part of taking stringent measures to crackdown tax evasion under the GST regime, the Government is likely to implement e-invoices mandatory for B2B transactions. Consequently, all invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal. Reportedly, the revenue secretary is monitoring the progress of […]
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Saturday, May 4, 2019
5759 New Chartered Accountants got Placements with Avg Salary of 7-8.5 Lakh in last 3 Campus Placement Drives: ICAI
The Institute of Chartered Accountants of India ( ICAI ) has said that 5759 New Chartered Accountants got placements in various companies with an average Salary of 7.4 to 8.5 Lakhs in the last 3 Campus Placement Drives conducted in January and March this year. Over 69 years ago, ICAI was established with about 1700 […]
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Gold Bangles brought into India without Declaration is Smuggled Goods: CESTAT [Read Order]
In a significant ruling, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), while upholding the order for confiscation held that the gold bangles brought into the country without declaring them cannot be called bona fide personal baggage but only smuggled goods. The appellants claimed that the gold bangles were given by their daughter while […]
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Discounts by E-Com Portals: ITAT refuses to recall Order favoring Flipkart [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has refused to recall its order passed in last year April holding in favour of the E-commerce giants Flipkart wherein the Tribunal quashed a109.52 crore tax demand from the income tax department against the Company. Earlier, the department took a view that e-commerce companies should […]
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Pay Excise Duty and Service Tax Dues through Easiest Portal: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has said that the excise duty and the service tax dues can be made through the easiest portal. “E-payment of central excise duty which is due by 6th may 2019 can be made as usual through easiest portal http://bit.ly/2JfkiDY of service tax dues can also be made […]
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Friday, May 3, 2019
Dr. Krishnamurthy Subramanian appointed as Member of 15th Finance Commission’s Advisory Council
The Chief Economic Advisor, Government of India, Dr Krishnamurthy Subramanian had been included as Member of the Advisory Council of the Fifteenth Finance Commission. It may be recalled that on 16th April, 2018 the Fifteenth Finance Commission had constituted an Advisory Council with the following Members: Dr. D.K. Srivastava. Dr. Indira Rajaraman. Dr. Arvind Virmani. Dr. […]
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