RBI waives NEFT, RTGS charges to Promote Cashless Transactions, says FM Nirmala Sitharaman

The Reserve Bank of India  ( RBI ) has waived NEFT, RTGS charges to promote Cashless Transactions.  As per RBI guidelines, banks issue debit cards to customers in accordance with their Board approved the policy. As per Reserve Bank of India’s (RBI’s) Master Direction on Know Your Customer (KYC) dated 25.02.2016 (updated as on May […]

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CBDT Circular granting relief to fresh issue of Shares was applied only once before it’s Withdrawal: FM

The Central Board of Direct Taxes ( CBDT ) had issued Circular 10/2018 dated 31.12.2018 to clarify that provisions of Section 56(2)(viia) of the Income Tax Act, 1961 being anti-abuse provisions shall not be applicable in cases of receipt of shares by the specified company or firm as result of fresh issuance of shares including […]

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Wrong Claim for TDS would not attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that a wrong claim for TDS cannot be a ground to invoke penalty proceedings against the assessee under section 271(1)(c) of the Income Tax Act. The revenue initiated penalty proceedings against the assessee by holding that there was a wrong claim of TDS […]

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Notice Mandatory while detaining Goods not accompanied with E-Way Bill: Gujarat High Court [Read Order]

While granting interim relief to a dealer from Tamilnadu, a two-judge bench of the Gujarat High Court has held that notice under section 129 of the Goods and Services Tax Act is mandatory condition to detain the goods which are not accompanied with E-Way bill during the consignment. While transporting the consignment of betel nuts […]

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New Return for GST Composition Scheme Notified : GSTR 4

Payment to Retiring Partners and Legal Heirs of deceased Partners by Law Firm as per Deed is excludible from Total Income: ITAT [Read Order]

While granting tax relief to a leading law firm in India, the Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the payment made by the assessee-firm to retiring partners and legal heirs of the deceased partners in terms of the Partnership Deed is excludable from the total income of the firm. The assessee, […]

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GST Revenue Collection for the Month of June, 2019 stands at Rs.99,939 Cr

Total gross GST revenue collected in the month of June 2019 is ₹ 99,939crore of which CGST is ₹ 18,366crore, SGST is ₹ 25,343crore, IGST is ₹ 47,772crore (including ₹ 21,980crore collected on imports) and Cess is ₹8,457 crore (including ₹ 876crore collected on imports). The total number of GSTR-3B Returns filed for the month […]

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