Author Archives: CA Satbir Singh

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Gift received from HUF would be exempt from tax u/s 56(2)(vi) of Income Tax

ITAT Mumbai DCIT Vs Ateev V. Gala  Appeal Number : ITA NO.1906/Mum/2014 Date of Judgement/Order : 19/04/2017 Related Assessment Year : 2010-11 Issue Whether gift received from HUF by a member of HUF falls under the definition of “relative” as provided in the Explanation to clause (vi) of sub section (2) of section 56 of… Read More »

Final GST Registration Rules Approved by GST Council 18.05.2017

CHAPTER— REGISTRATION [ Final GST Registration Rules 2017 as approved by GST Council 18.05.2017 ] 1. Application for registration (1) Every person (other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect tax at source under section 52 and a person supplying online information… Read More »

Direct Taxes Law & Practice (Professional Edition) 2017 Book Vinod K Singhania & Dr. Kapil Singhania

Direct Taxes Law & Practice (Professional Edition) by Dr. Vinod K Singhania & Dr. Kapil Singhania (Author) With : Case Studies, Tax Planning ****As Amended by Finance Act 2017 Price Rs 2475 Click to buy online Hardcover: 2368 pages Publisher: Taxmann Publications Pvt. Ltd.; Asst. Year 2017-18 & 2018-19 edition (2017) Author : Vinod K Singhania  Kapil Singhania Edition… Read More »

Final GST Payment of Tax Rules approved by GST Council 18.05.2017 Download Print

Chapter- — PAYMENT OF TAX [ Final GST Payment of Tax Rules 2017 as approved in GST Council meeting held on 18.05.2017 ] 1. Electronic Liability Register (1) The electronic liability register specified under sub-section (7) of section 49 shall be maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late… Read More »

GST: No scope for rethinking July 1 deadline, says Arun Jaitley

The finer points of India’s new tax regime are in place and the government is adamant on its timely roll-out. Speaking to CNBC-TV18, Finance Minister Arun Jaitley said,”I think we are in a state of readiness. Minister after Minister has met me from the states and said do not blink, stick to July 1.” He… Read More »

Category: GST

Real estate transaction disclosures in India

Real estate transaction disclosures The draft income computation and disclosure standards concerning real estate transactions is based on a guidance note issued on real estate transactions issued by the Institute of Chartered Accountants of India in 2012. Read a May 2017 report [PDF 372 KB] of KPMG

Unrealised foreign exchange loss on a loan obtained for Asset purchases in India

Unrealised foreign exchange loss, loan to purchase of assets in India The Chennai Bench of the Income Tax Appellate Tribunal held that an unrealised foreign exchange loss on a loan obtained for the purpose of asset purchases was a “revenue loss” and therefore was allowable as deduction. The case is: Hyundai Motor India Ltd. Read a May… Read More »

Intern visa guidelines by Govt of India

Intern visa guidelines  The Government of India issued comprehensive guidelines for the intern visa program when the individual is sponsored by an Indian company or an educational institution or a non-governmental organisation. Read a May 2017 report [PDF 304 KB] of KMG

Expenditure disallowed on dividend income subject to dividend distribution tax -Sec 14A

Expenditure disallowed, dividend income subject to dividend distribution tax The Supreme Court of India agreed to the disallowance of an expenditure under Section 14A of the Income-tax Act, 1961 with respect to dividend income that is subject to the dividend distribution tax. The case is: Godrej & Boyce Manufacturing Company Limited. Read a May 2017 report [PDF… Read More »

Levy of penalty for failure to file audit report under Income Tax for international transaction

Levy of penalty for failure to file audit report The Mumbai Bench of Income-tax Appellate Tribunal upheld a penalty levy for the taxpayer’s failure to file an audit report with respect to its international transaction of receiving foreign remittance from its non-resident Indian director (also a beneficial shareholder) on account of share capital and share premium.… Read More »

Matching input tax credit under GST

Matching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read a May 2017… Read More »

Service Accounting Code with Services Classification under GST – Approved by GST Council – 19.05.2017 Download

Services Classification under GST with Service Accounting Code The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%.  The information is being uploaded immediately… Read More »

New GST rules provide clarity on 3 issues

On Thursday, the GST Council approved all eight rules, clearing the ground for the rollout of the goods and services tax (GST). A preliminary reading of these rules reveals three significant changes.  [ Final GST Rules Approved by GST Council Meeting held on 18.05.2017 ; Download ] First, the final rules have clarified on the valuation of… Read More »

Quick guide to India GST rates in 2017

A quick guide to India GST rates in 2017 The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority of items being… Read More »

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

Minimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief… Read More »

Category: RBI

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements during the lifetime… Read More »

Category: RBI

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

Rationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the paragraph 11 on… Read More »

Category: RBI

Certain provisions of ‘Insolvency and Bankruptcy Code’ from April 1, 2017

SECTION 1 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 – ACT – ENFORCEMENT OF – NOTIFIED DATE ON WHICH PROVISIONS OF CLAUSE (a) TO (d) OF SECTION 2 OF SAID CODE SHALL COME INTO FORCE NOTIFICATION NO. SO 1570(E) [F.NO.30/7/2016-INSOLVENCY SECTION], DATED 15-5-2017 In exercise of the powers conferred by sub-section (3) of section 1… Read More »

Training Material on GST Act(s) and Draft Rule(s) 2017

Subject: Launch of BGM (Back Ground Material) on GST Act(s) and Draft Rule(s), 2017 Dear Professional Colleague, Greetings from Indirect Taxes Committee! India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax is around the corner with receipt of presidential assent to the four GST… Read More »

Category: GST

Final GST Input Tax Credit Rules – GST ITC Rules – Approved by GST Council – Download – Print

CHAPTER—-  Input Tax Credit  [ Final GST Input Tax Credit Rules 2017  / GST ITC Rules approved by GST Council on  18.05.2017 ) 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any… Read More »

Final GST Composition Rules approved in GST Council 14th Meeting on 18.05.2017 – Download – Print

Chapter — COMPOSITION RULES ( Final GST Composition Rules 2017 approved in GST Council 14th Meeting on 18.05.2017) 1. Intimation for composition levy (1) Any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.17 and who opts to pay tax under section 10, shall electronically file an intimation in… Read More »

GST Practitioner – Eligibility Criteria, Relevant forms & Procedure

GST Practitioner GST Act of India brings a concept of GST Practitioner for those who intend to appear before the GST Authority or file returns  for any matter authorised by Registered person under GST.Provisions of Goods and services tax practitioners are contained in Section 48 of CGST Act 2017 and Rule 24 of Draft GST Returns Rules 2017. The following… Read More »

GST Compensation Cess Rates for different supplies – As per GST Council Meeting 18.05.2017 – Download

GST Compensation Cess Rates for different supplies [ GST Compensation Cess Rates  as per discussions in the GST Council Meeting – 14th meeting – held on 18th May, 2017] The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved… Read More »

USA IRS RR-2017-12: Applicable Federal Rates

Revenue Ruling 2017-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »

GST FAQ’s in Odiya – 31.03.2017 – Download

GST FAQ’s in Odiya Download GST FAQ’s in Odiya released by CBEC on 31.03.2017   GST FAQ’s in Tamil – 31.03.2017 GST FAQ’s in Kannada -31.03.2017 GST FAQ’s in Bengali – 31.03.2017 GST FAQ’s in Punjabi – 31.03.2017 GST FAQ’s in Telugu – 03.05.2017 GST FAQ’s in Marathi – 31.03.2017 GST Book Marathi – Free… Read More »

GST FAQ’s in Tamil – 31.03.2017

GST FAQ’s in Tamil released  by CBEC on 31.03.2017 Download GST FAQ’s in Tamil GST FAQ’s in Kannada -31.03.2017 GST FAQ’s in Bengali – 31.03.2017 GST FAQ’s in Punjabi – 31.03.2017 GST FAQ’s in Telugu – 03.05.2017 GST FAQ’s in Marathi – 31.03.2017 GST Book Marathi – Free E Download GST PPT Marathi – Download… Read More »

EPFO beneficiaries to get payment through e -fund transfer system

EPFO beneficiaries to get payment through electronic or digital fund transfer system   The Ministry of Labour & Employment vide notification dated 4th May 2017 has provided for electronic or digital fund transfer / payment of EPF benefits, pension disbursement and insurance claim.  For this purpose, suitable amendments have been made in all the three… Read More »