The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date to file form GST ITC-04 for the goods or capital goods sent to a job worker for the period July, 2017 to June, 2019 to August 31, 2019. FORM GST ITC-04 must be submitted by the principal every quarter. […]
The post Due Date for Filing form GST ITC-04 Extended [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications for the doubts raised in respect of the processing of refund applications in Form GST RFD-01A submitted by taxpayers which have been electronically transferred to the wrong tax authority. It has been reported by the field formations that administrative assignment of […]
The post CBIC issues Clarification for processing of Refund Applications which are Wrongly Mapped on Portal [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax exemption cannot be denied to a Trust merely because one donation in one year is doubted. While concluding the assessment proceedings against the assessee, the CIT (Exemption) found that the assessee was not carrying out activities in accordance with […]
The post Tax Exemption can’t be denied to Trust Merely because One Donation in One Year is doubted: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The second anniversary of Good & Services Tax ( GST ) will be celebrated tomorrow with Hon’ble Union Minister of State of Finance and Corporate Affairs Shri Anurag Thakur presiding over the event. Shri Subhash C. Garg, Secretary, Department of Economic Affairs, Dr Ajay Bhushan Pandey, Revenue Secretary, Secretaries of the Ministries of Finance, Shri P.K. Das, […]
The post Govt. to Celebrate 2nd Anniversary of GST on 1st July appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing GSTR-3B by registered persons for each month, July-September, 2019, extended to 20th day of succeeding such month. GSTR-3B is a monthly return. All regular taxpayers need to file this return till June 2018. Taxpayers can file their return […]
The post CBIC extends Due date for filing GSTR-3B for July-September, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing TDS return under GST in form GSTR-7 for the period of October, 2018 to July 2019 to August 31, 2019. In a Notification issued by CBIC said that, the time limit for furnishing the return by a registered […]
The post CBIC extends due date for Filing of GSTR-7 for October, 2018 to July, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBIC ) has issued Clarification regarding applicability of GST on additional/penal interest. The Government has Various representations from the trade and industry regarding the applicability of GST on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI). Doubts have been raised regarding the applicability […]
The post CBIC issues Clarification on Applicability of GST on Additional / Penal Interest [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes (CBDT) has extended the scope of functions of the task force on Direct Tax. The committee was formed to submit its recommendations on the drafting of the direct tax code. The tax force, headed by Central Board of Direct Taxes member Akhilesh Ranjan, was asked to submit its suggestions […]
The post CBDT Task Force on Direct Tax entrusted with New Functions [Read Office Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended Due date for filing GSTR-1 by monthly filers for July-September, 2019, to 11th day of succeeding such month. The Government has extended the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax […]
The post CBIC extends due date for filing GSTR-1 for July-September, 2019 [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Central Bureau of Investigation ( CBI ) has today arrested an Assistant Commissioner and a Superintendent, both working in CGST, Patna-II for demanding and accepting a bribe of Rs.2.5 lakh from the complainant. A case was registered against an Assistant Commissioner, CGST, Patna-II and Superintendent, CGST, Patna-II on the allegations of demanding a bribe […]
The post CBI arrests Two GST Officers in a Bribery Case appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Clarification on various doubts related to the treatment of secondary or post-sales discounts under Goods and Services Tax ( GST ). For the purpose of the value of supply, post-sales discounts are governed by the provisions of clause (b) of sub-section (3) […]
The post CBIC issues clarification on Treatment of Secondary or Post-Sales Discounts under GST [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has exempted Non-Resident suppliers supplying OIDAR Services from filing GST Annual Return i.e., GSTR-9 and GSTR-9C. Online Information Database Access and Retrieval services ( OIDAR ) is a category of services provided through the medium of internet and received by the recipient online without […]
The post CBIC exempts Non-Resident suppliers supplying OIDAR Services from Filing GSTR-9 and GSTR-9C appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing of GST Annual Return (GSTR-9). On account of difficulties being faced by taxpayers in furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C, the due date for furnishing these returns/reconciliation statements to be extended till 31.08.2019. […]
The post Govt. notifies Extension of filing of GST Annual Return [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid to a foreign lawyer as the fee for representing before a Foreign Court cannot be treated as Fee for Technical Services. The assessee, Oil and Natural Gas Corporation Limited (ONGC) had engaged Dewey and LeBoeuf International Company LLC, USA […]
The post Fee for Legal Services paid to a Foreign Lawyer for Representation in Foreign Court not FTS: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Goods and Services Tax (GST) department is likely to audit the accounts of the GST dealers on the basis of their risk parameters including their history of tax evasion irregular filing of returns and employing “questionable accountants”. Unveiling the audit plan, the Directorate General of Audit (Indirect Taxes) said the analytics arm of CBIC […]
The post GST dept plans to Audit Accounts of Businesses based on their Tax Evasion History appeared first on Taxscan | Simplifying Tax Laws.
The Designated Court, CBI Cases, Ernakulam (Kerala) has convicted Shri T. Gopalakrishnan, former Superintendent of Central Excise & Customs, Cochin U/s 13(2) r/w 13(1)(e) of PC Act and sentenced him to undergo two years Simple Imprisonment with fine of Rs. 26,50,000/- in a disproportionate assets case. CBI had registered the case against the accused on […]
The post Former Excise, Customs Officer convicted by CBI Court in a Disproportionate Assets Case appeared first on Taxscan | Simplifying Tax Laws.
The Goods and Services Tax ( GST ) department has arrested the owners of eleven companies in a case relating to tax evasion. The arrest was made on the recommendation of the State Excise and Taxation Department as the fake firms were found involved in bogus billing to the tune of Rs 102 crore with […]
The post GST Fraud: Dept arrests Owners of 11 Shell Companies appeared first on Taxscan | Simplifying Tax Laws.
The Reserve Bank of India ( RBI ) today released the Financial Benchmark Administrators (Reserve Bank) Directions, 2019. These directions shall apply to Financial Benchmark Administrators administering ‘significant benchmarks’ in the markets for financial instruments regulated by the Reserve Bank. The identification of a benchmark as a ‘significant benchmark’ shall be based on use, efficiency […]
The post RBI releases Financial Benchmark Administrators (Reserve Bank) Directions, 2019 under section 45 W of the RBI Act, 1934 appeared first on Taxscan | Simplifying Tax Laws.
The Lower House of the Parliament, Lok Sabha has passed a bill to amend the Special Economic Zones Act ( SEZ ), 2005. The Special Economic Zones (Amendment) Bill, 2019, will replace an ordinance promulgated in March. The Special Economic Zones (Amendment) Bill, 2019 was introduced in Lok Sabha by Mr Piyush Goyal, Minister of […]
The post Lok Sabha passes Bill to Amend SEZ Act, 2015 [Read Bill] appeared first on Taxscan | Simplifying Tax Laws.
The Ministry of Corporate Affairs (MCA) has clarified the issues relating to Auditor’s Certificate on Return of Deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014. This has reference to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 and further amendments. The Ministry of Corporate Affairs vide its letter […]
The post Auditor’s Certificate mandatory only in case of Return of Deposits [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that if no business activity or construction is carried out on a piece of land, it can still be treated as stock in trade merely because it is shown as stock in trade in the books of account. The assessee, a builder, paid […]
The post Land cannot be treated as Stock in Trade if No Construction was carried on It: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Ministry of Corporate Affairs ( MCA ) has informed that the facility to file E-ACTIVE form with late fee is available in the official website. Last week, the Ministry had temporarily suspended the facility to identify the non-compliant Companies and Directors. Now the tagging is complete and the forms can be filed by the […]
The post E-ACTIVE Form available in Website for filing with late Fee: MCA appeared first on Taxscan | Simplifying Tax Laws.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld an addition by finding that the share transaction leads to long term capital gain were actually sham transactions to evade income tax. The assessee disclosed long term capital gain of Rs.23,22,498/- earned by sale of equity shares of Kappac Pharma Ltd. During the […]
The post ITAT upholds Addition since Share Transactions are Sham Transaction to evade Tax [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
According to a report in Economic Times, the Central Government may soon impose Goods and Services Tax (GST) on the inter-State services provided by the office of a company in one state to another office. Those eligible can claim the input tax credit and a circular sanctioned by the GST Council which would enumerate the […]
The post GST to be levied on Companies for Inter-State Services appeared first on Taxscan | Simplifying Tax Laws.
The managing director and the general manager of a Sriperumbudur-based automotive parts manufacturing company arrested in Chennai alleging GST evasion involving nearly 40 crore rupees. The GST and Central Excise departments, after a detailed investigation, have arrested two persons who are foreign nationals. Authorities did not reveal the names of the company and the arrested […]
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The Karnataka High Court has held that if the assessee purchaser proves that the seller has already discharged the tax liability, then the department cannot deny the benefit of input tax credit to such buyer. The assessee, a dealer of bags and gift items, availed the credit of input tax paid on the purchases made […]
The post Input Tax Credit can’t be denied to Buyer If Seller discharges Tax Liability: Karnataka HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India (ICAI) is likely to bring modifications in the scope of syllabus of select subjects for the CA Final Exam scheduled in November 2019. According to sources, In paper Financial Reporting, the topics such as Application of existing Accounting Standards i.e., AS 15, 21,23, 25, 27 and 28, Application […]
The post CA Final Exam Syllabus for November may undergo Modifications appeared first on Taxscan | Simplifying Tax Laws.
The Kerala Academy for Skills Excellence ( KASE ) has invited applications for the post of Accounts Officer. Kerala Academy for Skills Excellence (KASE), a Government of Kerala Undertaking is a company incorporated under section 25 of Companies Act, 1956, established as an apex organization for the skill development initiatives in the state of Kerala. […]
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The “Complaint Management System (CMS)” of Reserve Bank of India ( RBI ) was launched by the Governor, RBI today. It is a software application to facilitate RBI’s grievance redressal processes. Members of the public can access the CMS portal at RBI’s website to lodge their complaints against any of the entities regulated by RBI. […]
The post RBI launches Complaint Management System to lodge Complaints against Entities regulated by Reserve Bank appeared first on Taxscan | Simplifying Tax Laws.
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the defect in the notice issued by the income tax department would nullify the entire penalty proceedings against the assessee. A survey under Section 133A of the Income Tax Act was conducted at the business premises of the assessee on 18/03/2008. During […]
The post Defect in Notice would invalidate Penalty Proceedings: ITAT appeared first on Taxscan | Simplifying Tax Laws.
The Advance Ruling Authority (AAR), Kerala has held that the activity of printing of images from digital media would attract 18% Goods and Services Tax (GST). M/s Colortone Process Pvt. Ltd. is engaged in the activity of high-quality digital printing services. The customers provided the content that is to be printed and the applicant is […]
The post Printing of Images from Digital Media attracts 18% GST: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the delay in filing of TDS return because of the sudden resignation of the assessees accountant would constitute ‘sufficient cause’ for such default. The income tax department has initiated proceedings against the assessee, a sole proprietor for delayed filing TDS return. The assessee claimed […]
The post Delay in Filing of TDS due to sudden Resignation of Accountant is ‘Sufficient Cause’: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Kerala State Advance Ruling Authority ( AAR ) has held that it has no jurisdiction to determine the ‘place of supply’ under the Goods and Services Tax (GST) Act. M/s. Sutherland Mortgage Service Inc., USA has branch offices in India at Cochin, Mumbai and Chennai. The applicant is engaged in the business of providing […]
The post Advance Ruling Authority has No Jurisdiction to determine ‘Place of Supply’: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
In a major setback to the NDTV founders after the SEBI order, the Income Tax Appellate Tribunal (ITAT), Delhi bench has upheld the penalty of Rs. 91 crores levied by the income tax department alleging tax evasion on Prannoy Roy and his wife Radhika Roy. The Tribunal the Income Tax finding that during 2009-2011, the husband and […]
The post ITAT upholds Penalty against NDTV Promoters [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs (CBIC) has extended the date from which the non-filers of GST returns would be blocked from generating E-Way Bill. The Government, in a bid to curb tax fraud, had decided to block the taxpayers from generating e-way bill by defaulters. As per Rule 138E, if an assessee, […]
The post Blocking of E-Way Bill for GST Non-filers to be implemented from August: CBIC [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the subsidy received under the technical upgradation fund (TUF) scheme is the capital receipt and therefore, no income tax can be levied on such grant. The assessee treated the amount received under the technical upgradation fund scheme as capital receipt whereas the […]
The post Subsidy received under Technical Upgradation Fund Scheme is Capital Receipt: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
There is a marked increase in the number of the income tax return filed through e-filing. The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18, thereby marking a remarkable increase of 18.65% over previous Assessment Year. A total of 7.19 crore Income Tax […]
The post Income Tax Department issues ₹64,700 Cr Refund in Current Fiscal, says FM Nirmala Sitharaman appeared first on Taxscan | Simplifying Tax Laws.
The Government has proposed to integrate a FASTag Bank Mechanism with e-way bill and Logistic Data Services to track the movement of goods and check GST evasion. The Government is contemplating integration of E-Way Bill mechanism of GST with FASTag System of National Highway Authority of India (NHAI). The aspect of Logistic Databank integration with […]
The post GST Evasion: Govt proposes to integrate FASTag Bank Mechanism with E-Way Bill and Logistic Data Services appeared first on Taxscan | Simplifying Tax Laws.
The Special Task Force of the Uttar Pradesh Police on Friday arrested four persons in connection with a GST fraud case involving evasion of Rs. 60 crores. The officers busted six fake firms which were used by the accused persons to generate e-way bills (GST related challans for transporting consignments) of over Rs 615 crore, […]
The post UP Police arrests 4 Persons for GST Evasion appeared first on Taxscan | Simplifying Tax Laws.
In a big relief IT giant Infosys, the Karnataka High Court has quashed Income Tax Notices against Infosys Limited. The Petitioner has challenged the proceedings initiated by the respondent under Section 147 r/w section 148 of the Income Tax Act, 1961 relating to the assessment years 2004-05, 2005-06 and 2006-07. The Petitioner contended that the […]
The post Karnataka High Court quashes Income Tax Notices against Infosys [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Kerala High Court has recently dismissed the deduction claim made by Harrisons Malayalam wherein it was held that the deduction under Section 36(1)(va) of Income Tax Act cannot be granted if such payment was made after the due date. The assessee company is engaged in the business of manufacture/production of tea and rubber. During the […]
The post No Deduction in respect of Delayed Payment of EPF: Kerala HC disallows Harrisons Malayalam’s Plea appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes (CBDT) has identified certain issues to be kept in mind by the Assessing Officers for the assessment of firms. “Instances have been noticed where the interest in the partnership deed was stated to be below twelve per cent, yet, the same was allowed at the rate of twelve per […]
The post CBDT identifies Issues to keep in Mind by AO for Assessment of Firms [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax department has updated the ITR-5 in order to simplify the disclosure of Long-term capital gain from stocks, mutual funds. The Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual fund. Earlier this month, the Central Board of Direct Taxes (CBDT) had relaxed the rules on how to […]
The post Income Tax Dept simplifies disclosure of LTCG from Stocks, Equity Mutual Funds Simpler, Updates ITR-5 appeared first on Taxscan | Simplifying Tax Laws.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee is not eligible to claim depreciation on office premises granted on the lease as business expenditure if it is already assessed as income from house property against which statutory deduction under section 24 is already allowed. The assessee is a […]
The post Depreciation not allowable on Office Premises Let Out If It is already assessed as House Property Income: ITAT appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Bar, Jalandhar has submitted a pre-budget memorandum to the Finance Minister suggesting changes to be included in the Union Budget 2019. The Income Tax Bar, Jalandhar is a registered body representing Chartered Accountants and Advocates engaged in representation and filing work of Income Tax Returns from Jalandhar, Hoshiarpur, Kapurthala, Nawanshahar, Phagwara etc. […]
The post Tax Practitioners from Jalandhar submits Pre-Budget Memorandum to FM appeared first on Taxscan | Simplifying Tax Laws.
The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a Co-operative Bank. For the relevant A.Y under consideration, the assessee had incurred expenditure for acquisition of three co-operative Banks. […]
The post Penalty can’t be levied for Rejection of Bonafide Claim: Bombay High Court [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The 35th GST Council meeting held last day at New Delhi under the new Finance Minister Nirmala Sitharaman has approved the use of the Aadhaar card for the enrollment on the Goods and Services Tax Network (GSTN). The use of Aadhaar card would doing away with the requirements of various other documents. “In the earlier […]
The post GSTN approves Use of Aadhaar Card for GST Registration appeared first on Taxscan | Simplifying Tax Laws.
The Directorate General of GST Intelligence Hqrs. (DGGI Hqrs.) has arrested one person, namely, Sh. Munish Kumar, Partner of M/s Sushil Kumar Munish Kumar, Hisar, Haryana and controller of M/s Sushil Kumar Munish Kumar & Co., Ahmedabad. Both of the said firms had taken ITC fraudulently to the tune of more than Rs.16 Crore involving invoice […]
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A group of Chartered Accountants have contributed Rs.75 lakh to the Prime Minister’s Relief Fund through Dr Jitendra Singh, Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space. The cheque on behalf of the Chartered Accountants was formally handed over to Dr Jitendra […]
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The 35th GST Council Meeting was held here today under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. This was the first meeting of the Council after the swearing in of the new Government. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur […]
The post GST Rate Changes on EV, Solar and Lottery: Council to take Final Decision in Next Meeting appeared first on Taxscan | Simplifying Tax Laws.
The 35th GST Council Meeting after the swearing in of the new Government passed a resolution acknowledging the stellar role played by Shri Arun Jaitley, the former Chairperson of GST Council and expressed its gratitude and appreciation for the exemplary contribution made by him in making the GST Council a shining example of co-operative federalism that […]
The post 35th GST Council Meeting: E-Invoices Mandatory for B2B Transactions from January appeared first on Taxscan | Simplifying Tax Laws.
The Bombay High Court, while granting relief to Reliance Life Insurance, has held that TDS is not payable by the Company on the payment of outsourcing expenses such as processing charges and business services. The Tribunal had held that tax was deductible from payment of outsourcing expenses such as processing charges and business services etc. […]
The post TDS not payable by Reliance Life Insurance on payment of Outsourcing Expenses: Bombay HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
On issues relating to GST concessions on electric vehicle, charger and hiring of electric vehicle, the the 35th GST Council meeting recommended that the issue be examined in detail by the Fitment Committee and brought before the Council in the next meeting. There were reports that the GST Council Meeting may consider the Government’s proposal […]
The post Slashing GST on Electric Vehicles: GST Covernment refers Matter to Fitment Committee appeared first on Taxscan | Simplifying Tax Laws.
The 35th GST Council Meeting was held here today under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. This was the first meeting of the Council after the swearing in of the new Government. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur […]
The post New GST return System to be introduced in a Phased Manner: GST Council extends Annual Return Due Date appeared first on Taxscan | Simplifying Tax Laws.
The 35th GST Council Meeting was the First Meeting of the Council after the swearing in of the new Government. The Meeting took place in a cordial and professional manner. At the start of the Meeting, the Council passed a resolution acknowledging the stellar role played by Shri Arun Jaitley, the former Chairperson of GST Council […]
The post Key Decisions of 35th GST Council Meet: NAA’s Tenure Extended appeared first on Taxscan | Simplifying Tax Laws.
The Chandigarh bench of the Customs, Excise and Services Tax Appellate Tribunal (CESTAT) has held that Cenvat credit is allowable for courier service since the buyer has not taken delivery of the goods. The tax department denied CENVAT credit on Courier service on the ground that the appellant is selling goods at their factory gate. […]
The post Cenvat Credit allowable for Courier Service on Returning Goods due to Non-Delivery by Buyer: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Tax Bar Association appealed to the Government for an extension of GST return filing for four months. The Association, comprising over 400 members of chartered accountants, company secretaries, cost advocates and tax consultants, said that the government has made the entire GST procedure and filing of returns very “confusing with hundreds of changes in […]
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The Goods and Services Tax Network has issued troubleshoot related to DSC-Part A while filing form GSTR-9C on Goods and Services Tax (GST) Portal. The GSTN has issued following directions for Taxpayers: It may be noted that only PAN-based Class 2 or Class 3 DSC can be used on GST Portal by taxpayers. In case […]
The post GSTR-9C: GSTN issues Troubleshoot related to DSC-Part A while Filing on GST Portal appeared first on Taxscan | Simplifying Tax Laws.
The Maharashtra State Authority for Advance Ruling (AAR) has held that the GST is payable on the advisory and management fee received by the assessee in Indian currency from the domestic contributors for financial services provided to AIF Fund. The applicant, an investment advisory firm, has proposed to set up a new investment vehicle, AIF […]
The post GST leviable on Advisory & Management Fees received in Indian Rupee for Services Provided to AIF Fund: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Banking Personnel Selection ( IBPS ) has invited application from Chartered Accountants for the post of Officer Scale-II (Specialist Officers). The online examinations for the next Common Recruitment Process for RRBs (CRP RRBs VIII) for recruitment of Group “A”-Officers (Scale-I, II & III) and Group “B”-Office Assistant (Multipurpose) will be conducted by […]
The post 24 Chartered Accountant Vacancies in Banks appeared first on Taxscan | Simplifying Tax Laws.
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has declared GST Practitioners Exam Results. NACIN has conducted examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the second proviso to sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017. The examination was […]
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The Pune ITAT, in a recent ruling, held that the tax rates applicable to individuals are also applicable to deities under the income tax law. The assessee is a Trust formed in 1968 and the object of the Trust inter-alia was the maintenance and upkeep of Shri Vijay Durga Devi Devasthan, Keri, Goa. Before the […]
The post Deities are Assessable as per Tax Rates applicable to Individuals: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Bangalore Bench of the ITAT has recently granted relief to the e-com giants Flipkart India by deleting the additions made by the tax department. While completing assessment proceedings against the assessee, the Assessing Officer held that the losses incurred by the Assessee were to create marketing intangibles assets and therefore the loss to the […]
The post ITAT deletes Addition against Flipkart India [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisional jurisdiction under section 263 of the Income Tax Act cannot be invoked by the Commissioner if the assessment in question is already held as bad in law. The question before the Tribunal was that where the assessment order passed by […]
The post Revisional Jurisdiction can’t be invoked against an Illegal Re-Assessment Order: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
With a view to boost the synergy between university education and professional education, the Gujarat University has decided to start a certificate course on Goods and Service Tax ( GST ). This is with an aim to enhance employability and remain relevant, the School of Commerce at the Gujarat University, through two months of the […]
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While dismissing a Writ Petition against Dream11, a fantasy sports platform, the Bombay High Court has observed that It is undoubtedly a game of skill and not a game of chance. The petitioner Gurdeep Singh Sachar claims himself as a public-spirited advocate sought directions to initiate criminal prosecution against the respondent No.3- a Company named […]
The post Dream11 is a Game of Skill and not a Game of Chance, not come under Gambling, attracts 18% GST: Bombay HC appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has Introduced manual checks in IGST refunds aimed at preventing unscrupulous exporters from defrauding the exchequer Some newspapers have highlighted a perceived setback to the automated process of refunds for exporters under GST on account of the introduction of manual checks to curb large […]
The post CBIC introduces Manual Checks in IGST Refunds for preventing Unscrupulous Exporters from Defrauding Exchequer appeared first on Taxscan | Simplifying Tax Laws.
The 20th Meeting of the Financial Stability and Development Council ( FSDC ) was held here today under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman. The FSDC Meeting was also attended by Shri Anurag Thakur, MoS (Finance &Corporate Affairs), Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI); […]
The post Finance Minister Nirmala Sitharaman chairs 20th Meeting of Financial Stability and Development Council ( FSDC ) appeared first on Taxscan | Simplifying Tax Laws.
Introduction India is en-route to turn itself into a 21st-century super-economy fuelled by the unprecedented growth of its business enterprises. The business may grow in two ways – either in an organic way or inorganic. The former refers to the internal forces of the enterprises which are re-organised to bring in development and growth into […]
The post Slump Sale, a Supply of Goods or Service under GST? appeared first on Taxscan | Simplifying Tax Laws.
The Chennai bench of the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the exemption under Section 54F of the Income Tax Act, 1961 has held that the exemption is allowable merely on the basis of the agreement without the evidence of payment of the purchase of new flat. During the year under […]
The post Capital Gain Exemption not allowable merely on basis of Agreement without Payment Evidence: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
While responding to the criticism from various quarters for framing question in its Chartered Accountancy (CA) exam about “Namo and Raga” by asserting that the organisation has no political affiliations, the Institute of Chartered Accountants of India ( ICAI ) clarified that it is an independent agency. The ongoing examination for Chartered Accountants (CA), conducted […]
The post ICAI clarifies Namo Raga Controversy in CA exam Question Paper appeared first on Taxscan | Simplifying Tax Laws.
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that notional rent cannot be applied to determine house property income towards an old non-habitable house which is not capable to let out. The assessee inherited a house from his mother. The Assessing Officer demanded tax from the property under the head “income […]
The post An Old, Non-Habitable House can’t be subject to Tax on Notional Rent basis: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Infosys India Limited has invited applications from Chartered Accountants for the post of Associate Finance. Skill(s): Financial Accounting Experience Range: 01-03 years Primary Location: Bangalore\ Location(s): Bhubaneswar Interview location: Kolkata Job location: Bangalore Educational Requirements: Associate Chartered Accountant Responsibilities Reviewing and analyzing all business contracts Monitoring and controlling corporate budgets Managing investor relations Preparing and filing […]
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The Central Board of Indirect Taxes and Customs ( CBIC ) has notified a set of regulations before confiscation of goods and for issuing the notice for non-payment of duty or interest under section 28 and 124 of the Customs Act, 1962. The regulations are applicable with effect from 18th June 2019. “These regulations shall […]
The post CBIC Notifies Regulations for Issuing Supplementary Notice for Customs Act Violations [Read Notification] appeared first on Taxscan | Simplifying Tax Laws.
The Ministry of Corporate Affairs ( MCA ) has informed that the facility to file the E-ACTIVE forms have been temporarily stopped to complete tagging of non-compliant companies and Directors. However, the same shall be restored soon with a facility to file with fees, the Ministry said in a statement. “The Tagging of non-compliant Companies/Directors […]
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While rejecting a plea by a real estate developers, the National Anti-profiteering Authority ( NAA ) has held that since flats are sold in installments without waiting for project completion, the buyers too cannot be made to wait endlessly to receive the benefit of input tax credit. A complaint was lodged against the builders for […]
The post Flat Buyers cannot wait Endlessly to get Input Tax Credit: NAA to Builders [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the compulsory acquisition of the urban agricultural land is eligible for tax exemption under Section 10(37) of the Income Tax Act, 1961. The assessee along with her husband, was in possession of 47.54 Ares of land in Vizhinjam village which was subsequently […]
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The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that an assessment cannot be re-opened without the approval of the designated authority under the Income Tax Act, 1961. The Assessing Officer initiated re-assessment proceedings against the assessee in the year 2014 by recording reasons and satisfaction that income has escaped assessment within […]
The post Re-Assessment without Approval of Designated Authority is without Jurisdiction: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Competition Commission of India (CCI) is conducting a Market Study on E-commerce in India. In view of the rapid growth of E-Commerce and the rising importance of online trade in a large number of goods and services in India, the study will allow the CCI to develop a better understanding of the functioning of […]
The post CCI begins Market Study in E-Commerce in India, findings expected at end of August appeared first on Taxscan | Simplifying Tax Laws.
The Central Government has ordered compulsory retirement of fifteen Senior Indirect Tax Officers for charges of Corruption, Criminal Conspiracy, Disproportionate Assets Case etc. The government compulsorily retired CBIC Principal Commissioner Anup Srivastava (1984-batch IRS), as well as commissioners Atul Dikshit (1988-batch IRS), Sansar Chand (1986-batch IRS), G Shree Harsha (1991-batch IRS), and Vinay Brij (1995-batch […]
The post Central Govt orders Compulsory Retirement of 15 Senior Indirect Tax Officers for Charges of Corruption, Criminal Conspiracy, Disproportionate Assets etc [Read Full List] appeared first on Taxscan | Simplifying Tax Laws.
The GST Council is likely to extend the tenure of the National Anti-profiteering Authority (NAA) till 30 November 2020, which dealt with customer complaints regarding not receiving tax cut benefits. The Council at its 35th meeting is scheduled on June 21st, under new Finance Minister Nirmala Sitharaman, is also likely to consider a proposal to set […]
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The Central Board of Indirect Taxes and Customs (CBIC) has introduced a mechanism to verify the IGST payments for goods exported out of India. A circular issued by the Board in this regard on Monday amended the existing norms for claiming IGST refunds is fully automated as provided under Instruction 15/2017-Cus dated 09.10.2017. The circular […]
The post CBIC introduces Mechanism to verify IGST Payments for Goods Exported out of India [Read Circular] appeared first on Taxscan | Simplifying Tax Laws.
In an interim order, Jharkhand High Court has directed to maintain status quo on Service Tax Enquiry / Audit against the assessee post implementation of Goods and Services Tax ( GST ). The Petitioner submitted that We find from the text of the said notice that this was in relation to an enquiry or audit […]
The post Post-GST Service Tax Enquiry / Audit against the assessee: Jharkhand High Court directs to maintain Status-Quo [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Kerala State Assembly has passed a resolution against the Central Government’s move to impose uniform tax rate on the State-run lotteries and other State lotteries. The resolution adopted by the Assembly urged the Centre to desist from the move and to continue the status-quo. The monsoon session of the Assembly, on Monday passed the […]
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The Ludhiana bench of the ITAT has held that the one-time settlement of debt by the bank cannot be treated as perquisite from the business under section 28(iv) of the Income Tax Act, 1961 if such loan granted to the assessee was a separate transaction. Assessee is a Proprietor of M/s Mack Hosiery, which concern […]
The post One-Time Settlement of Debt by Bank not Perquisite from Business If Loan granted to Assessee was a Separate Transaction: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Chennai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax cannot be levied on recharge coupons received from DTH operators. The appellants are engaged in activities of rendering services to DTH broadcasting service providers such as, Sun Direct Private Ltd. Appellant installs the DTH instruments including cards […]
The post Distributors not liable to pay Service Tax on Recharge Coupons received from DTH Operators: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai bench has held that the Swachh Bharat Cess paid on input services has to be available as Cenvat Credit and the same can be discharged by utilising Cenvat Credit. The question before the Court was that whether the appellant is entitled for refund of Swatchh […]
The post Swachh Bharat Cess paid on input services available as Credit: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The price for movie tickets in the Kerala State to become expensive from today as the Government allowed the local bodies to collect entertainment tax on the same in addition to GST. Though a government order in this regard was issued a few days ago, the local bodies were not able to impose the same […]
The post Movie Tickets to be Expensive in Kerala from Today as Govt allows Local Bodies to collect Entertainment Tax appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has postponed CA exams on account of the cyclone at some centres to be held on 24th June 2019. It was earlier scheduled on 13th June 2019. In a statement issued by ICAI said that, It is hereby informed that the exams in respect of […]
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The Bombay High Court has allowed Deduction under Section 80IA of the Income Tax Act for Container Freight Station run by Logistic Park. The division bench comprising of Justice S.J Kathawalla and Justice Akil Qureshi was considering the question “Whether on the facts and in the circumstances of the case and in law, the Income […]
The post Bombay HC allows Deduction for Container Freight Station run by Logistic Park [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Tamil Nadu Chamber of Commerce has sought abolition of the higher slab of 28% Goods and Services Tax ( GST ) under the new tax regime. The Chamber suggested that the 28% slab must be applied only on sin or luxury items. In a press statement issued here, the Chamber said the highest tax […]
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The Income Tax Appellate Tribunal (ITAT) Delhi bench has held that the capital gain exemption under section 54 of the Income Tax Act, 1961 should be given to more than one houses when the property of an HUF is sold. Before the Tribunal, the assessee contended that the explanation “a” residential house used in the […]
The post When HUF’s Property is sold, Capital Gain Exemption must be given to More than One Houses: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
Tax practitioners from Gujarat requested the State and the Central Governments to further extend the due date for filing annual returns under the Goods and Services Tax (GST) regime. According to them, it is not possible to file GSTR-9, the annual return of GST within the set deadline of June 30 and so the deadline […]
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The Bombay High Court has directed the Commissioner to pass a reasoned order within 2 weeks on why the C forms are not being issued despite withdrawal of the circular. Earlier, the Commissioner of Maharashtra State had issued Circular 47T of 2018 saying that C form cannot be issued for post GST period due to […]
The post Bombay High Court asks Reason from Dept for Non-Issuance of C Forms Post-GST [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Maharashtra State Cabinet has decided to exempt power infrastructure like electricity poles, transformers, substations etc from property tax. The state cabinet has amended Section 128 (a) (2) of Maharashtra Municipal Corporations Act, 1949 to exempt electricity poles and infrastructure from property tax. In a note issued by State Cabinet said that, “Maharashtra State Electricity […]
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The Institute of Chartered Accountants of India ( ICAI ) has waived the condonation fee on all application forms with transaction dates between 01st April 2019 to 30th June 2019 and submitted online by 31st July 2019. Recently, the ICAI’s Members and Student services have been made online, in digitized form on a new platform […]
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The Securities Exchange Board of India ( SEBI ) has barred Prannoy Roy and his wife Radhika Roy from holding any directorship in New Delhi Television Ltd. (NDTV) for a period of two years. The SEBI also restrained Prannoy and Radhika from occupying the position as any Key Managerial personnel in any other listed company […]
The post SEBI bars Prannoy Roy and Radhika Roy from NDTV Director board for 2 Years [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Allahabad High Court has recently upheld a First Information Report (FIR) against GST evaders under the Criminal Procedure Code. An FIR was lodged against the petitioner alleging that the dealer fraudulently, with a dishonest intention, by submitting false documents, with an intention to evade taxes, obtained registration, thereafter, took inward supply and passed on […]
The post Allahabad High Court upholds FIR filed against GST Evaders [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
With a view to make GST offences a predicate offence punishable with rigorous imprisonment and fine, the Central Government may soon bring such offences under the stringent Prevention of Money Laundering Act. The proposal regarding the same is likely to be discussed at the GST Council meeting scheduled on 21st June. The proposal had been […]
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The Goods and Services Tax ( GST ) portal has issued advisories for resolving the issued faced by the taxpayers and tax professionals in filing their Form GSTR 9. Regarding the filing of GSTR 9, the GST portal issued the following clarification. Some taxpayers have reported that figures of Input Tax Credit (ITC), as pre-populated […]
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The Bombay High Court has recently ruled that the defense of financial difficulties cannot be invoked by the assessee when the assessee failed to remit the service tax amount collected from the customers to the Government exchequer. The CESTAT had earlier held that the appellant was aware of his responsibility for payment of service tax […]
The post Financial Difficulties not a Defense If Assessee failed to pay Service Tax Collected from Customers to Govt: Bombay HC [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Direct Taxes ( CBDT ) has issued a detailed guidelines for compounding offences under the direct tax law replacing the old guidelines issued in the year 2014. The guidelines, issued on Friday have exclusion provisions, under which, offences done under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Act, 2015, […]
The post CBDT issues Norms for Compounding of Offences under Direct Tax Law, 2019 [Read Guidelines] appeared first on Taxscan | Simplifying Tax Laws.
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held here today her 6th Pre-Budget Consultation Meeting with the leading Economists in connection with the forthcoming General Budget 2019-20. The main areas of discussion during the aforesaid Meeting included boosting Economic Growth, Job Oriented Growth, increased Macro-economic Stability, Fiscal Management including the ideal […]
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The income tax department has announced that the ITR-5 for filing this year would be updated soon to compute long term capital gain on the sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid. “In case of long term capital gains (LTCG) arising on […]
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The Punjab State Government has extended the last date of filing professional returns to June 30th, 2019. The president of Punjab Tax Bar Association, Ashok Juneja reportedly said that “The Punjab government has imposed a new tax called the Punjab State Development Tax Act 2018 (PSDTA). This act came into effect on April 19 last […]
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The Government is looking to constitute a national institute for Valuers similar to the Institute of Chartered Accountants of India (ICAI). A similar attempt was made way back in 2008. “We now feel that we have enough critical mass to once again make an attempt to have a national institute for the valuers’ profession on […]
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The GST Council meeting tentatively scheduled at 20th June may remove more goods from the higher tax slab of 28% prior to Budget presentation next month. The Council may also discuss to review the GST structure and to bring a new return filing system. This GST council meeting will be the first meeting to be […]
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Against the alleged high-handedness of the GST Officer in Ludhiana, about 100 tax professionals (advocates) went on strike today. The strike was against SK Garg, in-charge of the GST Ludhiana 1 alleging that ever since the officer joined the department about a month ago, the working has come to a standstill. About 70 advocates were […]
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The Income Tax Appellate Tribunal (ITAT), Bangalore has held that the deduction from capital gain under section 54F of the Income Tax Act is allowable on the cost of construction of the additional floors in the newly purchased residential house. The assessee sold an industrial unit and invested the sale consideration for the purchase of […]
The post ITAT allows Sec 54F Relief for Additional Floors of New House [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Central Board of Indirect Taxes and Customs ( CBIC ) has informed that it has enabled the Online Query Reply facility for the IEC holders and Custom Brokers in ICEGATE portal. “Online Query Reply facility is available to IEC holders and Custom Brokers under ICEGATE website login,” CBIC tweeted last day. ICEGATE (Indian Customs […]
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The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4%(employers’ contribution being reduced from 4.75% to 3.25% and employees’ contribution being reduced from 1.75% to 0.75%). Reduced rates will be effective from 01.07.2019. This would benefit 3.6 crore employees and 12.85 lakh, employees. The reduced […]
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The National Anti Profiteering Authority ( NAA ) has dismissed profiteering charges against Bharati Telemedia Private Limited for not passing on GST rate cut benefits to its consumers. The complainant filed an application before the Standing Committee on Anti-profiteering under Rule 128 of the CGST Rules, 2017, by the Applicant No. 1, against the DTH […]
The post NAA dismisses Profiteering Charges against Bharati Telemedia [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
A two-judge bench of the Bombay High Court comprising Justices Akil Kureshi and S J Kathawalla held that the provisions of TDS would not be applicable to payments made for the reimbursement of costs. Earlier, the Income Tax Appellate Tribunal had held that there is no requirement to deduct tax at source on reimbursement of […]
The post TDS not applicable to Payment made for Reimbursement of Costs: Bombay High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
While clarifying the rumors of arrest of a Chartered Accountant along with the Charity Commissioner in Surat is not a CA registered with ICAI, said the Surat branch of Western India Regional Council (WIRC) of Institute of Chartered Accountants of India. The ICAI has clarified that Manish Pachhigar, the person caught accepting bribe along with […]
The post Person nabbed with Charity Commissioner in Bribery Case is not CA: ICAI appeared first on Taxscan | Simplifying Tax Laws.
The West Bengal Authority for Advance Rulings (AAR) has held that the drainage of channels and riverbeds is an exempt supply under the Goods and Services Tax ( GST ) regime. The Applicant got a contract for resectioning of river Jamuna from the upstream of Charghat Bridge to the downstream of Ghonja Haspur Bridge. They […]
The post Drainage of Channels and Riverbeds is Exempted from GST: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that tax payable for technical services of testing is performed outside the country if the results of testing are used in India. The assessee is incorporated in Finland and is a tax resident of the same. The assessee is a worldwide leader in providing innovative […]
The post Tax payable in India even if Technical Services of Testing is performed outside India: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her third Pre- Budget Consultation Meeting with the stakeholders from the Financial Sector and Capital Markets here today. The main areas of discussion during the Meeting included issues relating to the Capital Markets, Financial Sector, Non-Banking Financial Companies (NBFCs) and Alternative Investment Funds […]
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The Madras High Court, in a recent ruling, held that the revenue cannot take the defence of non-co-operation of the assessee during the assessment period to justify the Assessment order. The petitioner undertakes contracts for Engineering, Procurement, Erection and Commissioning and Operation and Maintenance of wastewater treatment plants and common effluent treatment plants (CETP). The […]
The post Non Co-operation of Assessee not ground to justify Assessment: Madras High Court [Read Judgment] appeared first on Taxscan | Simplifying Tax Laws.
The Authority for Advance Rulings (AAR), West Bengal has held that the GST paid on the purchase of motor vehicles for supplying rent-a-cab service is not admissible for credit in terms of section 17(5)(b)(i) of the GST Act. The applicant claimed that she supplies rent-a-cab service, as defined in the Finance Act, 1994. She refers […]
The post No Input Tax Credit on Motor Vehicles purchased for Rent-a-Cab Service: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants in India ( ICAI ) has submitted Pre-Budget Memorandum 2019. A meeting was held on June 12, 2019 with Shri Pramod Chandra Mody, Chairman, CBDT (Central Board of Direct Taxes) at New Delhi wherein President, ICAI submitted ICAI’s Pre-Budget Memorandum 2019. The said meeting was attended by CA. Prafulla Premsukh Chhajed, President, ICAI, CA. […]
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The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) Impact: The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion and profit shifting strategies […]
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The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019). The Bill will be introduced in ensuing session of the Parliament. After the amendment of sub-section […]
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The West Bengal Authority for Advance Rulings (AAR) has held that the Notification on TDS is applicable on exempt supplies. The Applicant is stated to be providing conservancy/solid waste management service to the Conservancy Department of the Howrah Municipal Corporation (HMC). The applicant wanted to know whether HMC, is bound to deduct TDS while paying […]
The post TDS Notification not applicable to Exempt Supplies: AAR [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income received from Fit-out Hire Charges would constitute “business income” under the income tax law. The assessee is in the business of “IT & ITES related services.” While filing the income tax returns for the relevant year, the assessee has shown income from […]
The post Rent from Fit-out Hire Charges are Business Income If there is Two Separate Agreements: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Institute of Chartered Accountants of India ( ICAI ) has postponed some papers of the CA exam in respect of certain papers scheduled on 13th June 2019 at Bhuj, Bhavnagar, Gandhidham, Jamnagar, Junagadh and Rajkot stand postponed, on account of the cyclone. The papaers are (i) Group II Paper 5- Advanced Management Accounting of […]
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The re-elected NDA Government, with a view to remove corruption in the Government sector, has asked 12 senior income tax officers to resign. Sources in the Finance Ministry have told India Today TV, “Twelve senior officers with the ranks of Chief Commissioner, Principal Commissioners and Commissioner of Income Tax Department compulsorily retired under Rule 56 […]
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In a significant ruling, the Telangana High Court has held that the arrest and coercive measures can be initiated by the GST department before the assessment is not prohibited under the law. Before the High Court bench comprising Justices M S Ramachandra Rao and A Rajasheker Reddy, the petitioners claimed that the power of arrest […]
The post GST: Telangana High Court says Arrest / Coercive Measures before Assessment not Prohibitted [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
The Reserve Bank of India ( RBI ) has constituted committee to review the ATM interchange Fee Structure. It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with […]
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