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Fugitive Economic Offenders Ordinance 2018 : Download Notification

By | April 22, 2018

THE FUGITIVE ECONOMIC OFFENDERS ORDINANCE, 2018 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 21st April, 2018/Vaisakha 1, 1940 (Saka) THE FUGITIVE ECONOMIC OFFENDERS ORDINANCE, 2018 NO. 1 OF 2018 Promulgated by the President in the Sixty-ninth Year of the Republic of India. An Ordinance to provide for measures to deter fugitive economic… Read More »

Fugitive Economic Offenders Ordinance 2018 : Features

By | April 22, 2018

Ministry of Finance With the assent of the President of India, the Fugitive Economic Offenders Ordinance, 2018 gets promulgated; New Law lays down the measures to empower Indian authorities to attach and confiscate the proceeds of crime associated with economic offenders and the properties of the economic offenders. Posted On: 22 APR 2018 2:30PM by… Read More »

GST Return filing : Issues and Challenges

By | April 22, 2018

The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Annexure – A Points of discussion with the Group of Ministers on 17th April 2018 on ” Return filing under GST-Issues and Challenges” A) Jurisdiction of Tax Payer. 1. Distribution of Taxpayers between Central and State is not being informed to… Read More »

GST Audit Checklist

By | April 21, 2018

GST Audit Checklist we have compiled GST Audit Checklist Carry forward of Cenvat /VAT Credit : TRAN 1 Audit Checklist : Auditor should check :- Whether the person have filed TRANS-1 and the said form has carried forward all the accumulated credits appearing as closing balance in the service tax returns/Excise /VAT returns ? Registration Audit… Read More »

TDS on hired vehicles u/s 194I and not under 194C : High Court

By | April 17, 2018

HIGH COURT OF KERALA Commissioner of Income-tax-1, Cochin v. Pioneer Peresonalised Holidays (P.) Ltd K. VINOD CHANDRAN AND ASHOK MENON, JJ. IT APPEAL NOS. 138 & 176 OF 2013 FEBRUARY  26, 2018 P.K.R. Menon, Sr. Counsel and Jose Joseph, Adv. for the Appellant. Joseph Markose, V. Abraham Markos, Sr. Adv., Binu Mathew, Tom Thomas (Kakkuzhiyil), Abraham Joseph Markos and Abraham Varghese Tharakan, Advs. for the Respondent. JUDGMENT… Read More »

Accounting Policy Changes (Proposed amendments to IAS 8)

By | April 17, 2018

Accounting Policy Changes (Proposed amendments to IAS 8) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Board expects these amendments to facilitate the application of particular voluntary changes in accounting policy, improving the overall quality of financial reporting. Invitation… Read More »

Guide to Tax Audit (Finance Act 2018) Book by Taxmann

By | April 13, 2018

Guide to Tax Audit (Finance Act 2018) Paperback – 2018 Guide to Tax Audit (Finance Act 2018) is written by by CA Srinivasan Anand G. Price Rs 995 Click to buy online Author : SRINIVASAN ANAND G Edition : 2018 Edition Date of Publication : April 2018 ISBN No.:9789387702752 Binding : Paperback No. Of Pages : 564 View Contents of this book :Guide to Tax… Read More »

Penalty of late filing of income tax return from AY 2018-19

By | April 10, 2018

Late filing of Income Tax Return Now its time to get ready for AY 2018-19 ITR i.e for income earned during 01.04.2017 to 31.03.2018 to avoid penalty of late filing of income tax return. Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can say that… Read More »

USA IRS : Rushing with tax filing may result in errors; Electronically present, extensions available

By | April 7, 2018

Rushing with tax filing may result in errors; Electronically present, extensions available IR-2018-86SP, April 6, 2018 WASHINGTON – As the deadline for tax filing on April 17, many taxpayers may rush to complete their tax returns or find they need more time to make approaches. The IRS recommends taxpayers to request an extension to file if they need one.… Read More »

Process for registration as Registered Valuer with Insolvency and Bankruptcy Board (IBBI) of India

By | April 6, 2018

Ministry of Corporate Affairs Process to be followed for registration as Registered Valuer with Insolvency and Bankruptcy Board (IBBI) of India under the Companies (Registered Valuers and Valuation) Rules, 2017 Posted On: 05 APR 2018 10:29AM by PIB Delhi With an objective to familiarise the eligible and desirous individuals and entities with the process of… Read More »

Govt allowed Filing of struck TRAN 1 & GSTR-3B due to techincal glitches

By | April 4, 2018

Resolution of stuck TRAN-1  and Filing of GSTR-3B 1. A large number of taxpayers could not complete the process of TRAN-1 filing either at the stage of original or revised filing as they could not digitally authenticate the TRAN-1 s due to IT related glitches. As a result, a large number of such TRAN-1s are… Read More »

Section 119 of Finance Act 2018 : Amendment of section 4

By | April 1, 2018

Section 119 of Finance Act 2018 [Section 119 of Finance Act 2018 deals with Amendment of section 4 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 4 119. In section 4 of the principal Act,— (a) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) The depositors shall designate one or more individuals, as… Read More »

Section 112A of Income Tax Act : Tax on long term capital gains in certain cases.

By | April 1, 2018

Section 112A of Income Tax Act Section 112A of Income tax Act as inserted by clause 33 of Finance Act 2018 After section 112 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2019, namely:— Tax on long term capital gains in certain cases. ‘112A. (1) Notwithstanding anything contained… Read More »

Sale of Electoral Bonds through SBI w.e.f. 02.04.2018 to 10.04.2018.

By | March 28, 2018

Ministry of Finance Electoral Bond Scheme 2018 Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI) Posted On: 28 MAR 2018 5:15PM by PIB Delhi Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds… Read More »

TDS on property : FAQs

By | March 27, 2018

TDS on property What is TDS on property? The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor I am a Buyer, Do… Read More »

Refund of IGST on Export : date extension in SB005 alternate mechanism

By | March 26, 2018

Circular No. 08/2018-Customs F.No: 450/119/2017-Cus-1V Government of India Ministry of Finance Dept. of Revenue (Central Board of Excise and Customs) Room No. 227B, North Block, New Delhi Dated, the 23rd March, 2018 To, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs(Preventive) All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise All Principal Commissioners/Commissioners of Customs/Customs (Preventive)… Read More »

Non-occupancy charges etc received by co-operative societies not Taxable : Supreme Court

By | March 26, 2018

Whether certain receipts by co-operative societies, from its members i.e. non-occupancy charges, transfer charges, common amenity fund charges and certain other charges, are exempt from income tax based on the doctrine of mutuality. The challenge is based on the premise that such receipts are in the nature of business income, generating profits and surplus, having… Read More »

Prosecution against 780 listed companies filed for not filing annual returns

By | March 24, 2018

Ministry of Corporate Affairs Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns Posted On: 23 MAR 2018 6:42PM by PIB Delhi The Government has taken any steps against listed companies which are not functioning. Ministry… Read More »

Companies’ registrations increased after GST

By | March 24, 2018

Ministry of Corporate Affairs After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase Posted On: 23 MAR 2018 6:45PM by PIB Delhi Introduction of GST was a historical step for transforming India into a common national… Read More »

Notification No 14/2018 Central Tax : CGST (Third Amendment) Rules 2018

By | March 23, 2018

Notification No 14/2018 Central Tax Amending the CGST (Third Amendment) Rules, 2018 vide Notification No 14/2018  Central Tax Dated 23rd March, 2018 [ Extension of due date for filing of application for refund under section 55 by notified agencies  vide Notification No 20/2018 Central Tax Dated  28th March, 2018 ] [To be published in the Gazette of India, Extraordinary, Part… Read More »

Rates of small savings schemes from 01.01.2018 to 31.03.2018

By | March 23, 2018

Ministry of Finance Rates of small savings schemes Posted On: 22 MAR 2018 4:53PM by PIB Delhi The revised Rates of Interest on various Small Savings Schemes Including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme for the 4th Quarter of financial year 2017-18 is as below: Instrument Rate of interest… Read More »

Amendments to be made in Surrogacy (Regulation) Bill 2016

By | March 22, 2018

Cabinet Cabinet approves moving official amendments in the “Surrogacy (Regulation) Bill, 2016” Posted On: 21 MAR 2018 8:24PM by PIB Delhi The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval formovingofficial amendments in the “Surrogacy (Regulation) Bill, 2016”. The Surrogacy (Regulation) Bill, 2016 proposes to regulate surrogacy in India by… Read More »

Exporters required to furnish bonds to export without paying IGST: Delhi HC

By | March 21, 2018

In order to avail of the input tax credit, the Petitioner, being a new entrepreneur with an export turnover of less than Rs.1 crore per annum, has to necessarily furnish a bond with a bank guarantee HIGH COURT OF DELHI Aphro Ecommerce Solutions (P.) Ltd. v. Union of India S. MURALIDHAR AND PRATHIBA M. SINGH, JJ. W.P.… Read More »

GST not applicable on work contracts if agreements executed before July 1, 2017: HC

By | March 21, 2018

HIGH COURT OF MADRAS Coimbatore Corporation Contractors Welfare Association v. State of Tamil Nadu T.S. SIVAGNANAM, J. W.P. NO. 24853 OF 2017 OCTOBER  5, 2017 S. Doraisamy for the Petitioner. A. Sri Jayanthi and K.Venkatesh for the Respondent. ORDER 1. The petitioner is an association registered under the provisions of the Tamil Nadu Societies Act bearing Registration No.81/2012. The Association was… Read More »

TDS on Rent of Property : Section 194IB: FAQs : Form 26QC & Form 16C

By | March 15, 2018

TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »

The Chit Funds (Amendment) Bill 2018 : Download ( as Introduced in Lok Sabha)

By | March 14, 2018

The Chit Funds (Amendment) Bill 2018 STATEMENT OF OBJECTS AND REASONS The Chit Funds Act, 1982 was enacted to provide for the regulation of chit funds which are indigenous business in India and have conventionally satisfied the financial needs of the low-income households. The chit is a mechanism which combines credit and savings in a… Read More »

Work Contract in GST : analysis

By | March 10, 2018

Work Contract in GST What is a works contract? Simply put, a works contract is essentially a contract of service which may also involve supply of goods in the execution of the contract. It is basically a composite supply of both services and goods, with the service element being dominant in the contract between parties… Read More »

Pradhan Mantri Mudra Yojana (PMMY) Progress

By | March 7, 2018

Ministry of Finance Pradhan Mantri Mudra Yojana (PMMY) Posted On: 06 MAR 2018 6:04PM by PIB Delhi Pradhan Mantri Mudra Yojana (PMMY) is being implemented in all the States/Union Territories across the country. Details of number of loans and amount sanctioned under PMMY for 2015-16, 2016-17 and 2017-18 (as on 23.02.2018) is at Annexure. Since the launch… Read More »

Technical defect of issuing re-assessment notice won’t invalidate proceedings: HC

By | March 6, 2018

Issue The Assessing Officer had issued notice under Section 147/148 of the Act to M/s Sky Light Hospitality Pvt. Ltd. and not in the name of Sky Light Hospitality LLP. [ Note  : Sky Light Hospitality Pvt. Ltd. was converted into LLP ] Held Error or mistake in addressing the notice under Section 147/148 of the Act… Read More »

Extension of power to survey under Income Tax Act

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 55. Extension of the power to survey. 55.1 Before amendment by the Act, the provisions of section 133A of the Income-tax Act empowered inter alia an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents… Read More »

How to file GST Refund Application (By Embassies/ International Organizations) : User manual

By | February 26, 2018

Refund Application (By Embassies/ International Organizations) How can Embassies/ International Organizations submit the application for refund? Embassies/ International Organizations can submit the application for refund in two ways: Generate GST RFD-10 application form through GSTR-11 – Quarterly Return Screen Generate GST RFD-10 application form through Dashboard Generate GST RFD-10 application form of the same quarter… Read More »

Changes in electoral funding w.e.f AY 2018-19

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 16. Transparency in electoral funding. 16.1 The provisions of section 13A of the Income-tax Act provide inter alia that political parties that are registered with the Election Commission of India are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election… Read More »

Finance Act 2017 : Exemption of long term capital gains tax under section 10(38) of the Incometax Act.

By | February 16, 2018

Exemption of long term capital gains tax under section 10(38) of the Incometax Act. 11.1 Clause (38) of Section 10 of the Income-tax Act, before amendment by the Act, provided that the income arising from a transfer of long term capital asset, being equity share of a company or a unit of an equity oriented… Read More »

Vice President of ITAT : Tenure extended : Notification

By | February 16, 2018

NOTIFICATION NO.A-12023(1)/15/2016-ADMN.HI(LA), DATED 16-2-2018 In continuation to the Government of India, Ministry of Law and Justice, Department of Legal Affairs’ Notification No. A-12023(1)/15/2016-Admn.III(LA) dated the 12th October, 2017, published in the Gazette of India – Extraordinary, the Central Government, in exercise of the powers conferred by section 252 of the Income Tax Act, 1961 (43 of… Read More »

Instruction No 01/2018 Dated 1202.2018 : CBDT : E Assessment

By | February 12, 2018

SECTION 143, READ WITH SECTIONS 142 & 2(23C), OF THE INCOME-TAX ACT, 1961 – ASSESSMENT – CONDUCT OF ASSESSMENT PROCEEDINGS IN SCRUTINY CASES ELECTRONICALLY INSTRUCTION NO.1/2018 [F.NO.225/157/2017-ITA.II], DATED 12-2-2018 Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 1-6-2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate… Read More »

Reassessment notice issued after 4 years without prior approval of Commissioner quashed : High Court

By | February 7, 2018

HIGH COURT OF CHHATTISGARH Maruti Clean Coal & Power Ltd. v. Assistant Commissioner of Income-tax, Circle 1(1), Chhattisgarh P. SAM KOSHY, J. WRIT PETITION (T) NO. 346 OF 2017 JANUARY  3, 2018 Salil Kapoor, Ms. Soumya Singh and Amrito Das, Advs. for the Petitioner. Smt. Naushina Afrin Ali, Adv. for the Respondent. JUDGMENT 1. With the consent of the parties the matter was heard… Read More »