Monthly Archives: February 2018

No penalty u/s 221 be levied for non-payment of self-assessment tax by assessee : Mumbai ITAT

By | February 28, 2018

IN THE ITAT MUMBAI BENCH ‘A’ Heddle Knowledge (P.) Ltd. v. Income Tax Officer, Ward- 8 (1) (4), Mumbai G.S. PANNU, ACCOUNTANT MEMBER AND RAM LAL NEGI, JUDICIAL MEMBER IT APPEAL NO. 7509 (MUM.) OF 2011 [ASSESSMENT YEAR 2009-10] JANUARY  19, 2018 Pavan Ved for the Appellant. Rajesh Kumar Yadav for the Respondent. ORDER G.S. Pannu, Accountant Member – The… Read More »

Film Projector could not be treated as computer for charging depreciation : ITAT

By | February 28, 2018

Issue Assessing Officer in disallowing the claim of Depreciation amounting to Rs. 91,87,713/- on the alleged plea that the Film Projector is to be depreciated @ 15% instead of 60%, IN THE ITAT MUMBAI BENCH ‘SMC’ Cinetech Entertainment India (P.) Ltd. v. Income Tax Officer, Ward- 16 (1) (1), Mumbai SHAMIM YAHYA, ACCOUNTANT MEMBER IT… Read More »

Goods can’t be detained under GST for infraction of procedural Rules :KERALA High Court

By | February 28, 2018

Issue A taxable person transports the goods procured by them for own use to the site where the goods are to be consumed. The present transaction would not fall within the scope of taxable supply under the statutes. Thus the petitioner has not uploaded the declaration in Form KER-1 before the goods were transported. Goods… Read More »

Ombudsman Scheme for Non-Banking Financial Companies, 2018

By | February 28, 2018

DEPUTY GOVERNOR Ombudsman Scheme for Non-Banking Financial Companies, 2018 NOTIFICATION Ref.CEPD.PRS.No.3590/13.01.004/2017-18 February 23, 2018 In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) being satisfied that for the purpose of enabling it to promote conducive credit culture among the Non Banking… Read More »

Category: RBI

No bank can refuse Acceptance of small coins and Notes : RBI

By | February 28, 2018

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G – 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins… Read More »

Inspection Policy for defaulting establishments modified by EPFO

By | February 28, 2018

Through Web Circulation EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment Govt. of India) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi – 110 066, (CENTRAL ANALYSIS & INTELLIGENCE UNIT) No.CAIU/011(5)2016/Inspection/20509 Date: 27.02.2018 To All Addl. Central P.F. Commissioners (Zones) All Regional P.F. Commissioner-I (In-charge of Regions). Sub:-Modification in Inspection Policy… Read More »

File online Claim for PF if amount claim settlement above Rs.10 lacs / 5 Lacs for EPS

By | February 28, 2018

Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) Head Office Bhavishya Nidhi Bhawan, 14-Bhikaiji Came Place, New Delhi-110066 www.epfindia.gov.in www.epfindia.nic.in Telephone: 011- 26172685 Fax: 011-26173022 Email: rc.wsu@epfindia.gov.in No. WSU/17(1)2017/Frauds/20514 Date 27 FEB 2018 To All ACC(HQ)/ACC(Zones) & All RPFCs-Incharge of Regional Offices Sub: Mandatory submission of claims through online mode in case… Read More »

GST Revenue Collections for January 2018 Rs 86,318 crores;

By | February 28, 2018

Ministry of Finance GST Revenue Collections for month of January 2018 (received in January/February upto 25th February) stand at Rs.86,318 crores; 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as composition dealers. Posted On: 27 FEB 2018 5:48PM by PIB Delhi Total… Read More »

Release proportionate bank guarantee of mega power projects : Govt Circular No. 1064/03/2018-CX

By | February 27, 2018

Govt. directs officers to release proportionate bank guarantee of mega power projects for excise duty exemption Circular No. 1064/03/2018-CX F. No. 354/94/2011 –TRU (Pt) Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi Dated the 26 th of February, 2018 To The Principal Chief Commissioner/Chief Commissioner/ Principal Commissioner/ Commissioner… Read More »

Salary paid in India to employee deputed abroad not taxable in India : AAR

By | February 26, 2018

The applicant has posed the following questions, seeking a ruling from this Authority: (i) Based on the above facts, Salary paid by the applicant to the assignee, Mr. T.N. Santhosh Kumar in India, is not liable to be taxed in India in FY 2011-12 having regard to the provisions of the Act and the relevant… Read More »

Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market

By | February 26, 2018

RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 February 26, 2018 All Category – I Authorised Dealer banks Madam/Sir, Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market Attention of Authorized Dealers Category – I… Read More »

Category: RBI

CBDT notified Centralised Communication Scheme 2018 for issue of Notices

By | February 26, 2018

MINISTRY OF FINANCE (Department Of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd February, 2018 S.O. 771(E).—In exercise of powers conferred by sub-section (3) of section 133C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised issuance of notice,… 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 »

CBDT notifies revised Rule 17A & Form 10A seeking more details from trust applying for registration

By | February 26, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th February, 2018 INCOME-TAX [Notification No. 10/2018/F. No. 370142/14/2017-TPL] G.S.R. 176(E).___In exercise of the powers conferred by clause (aa) and clause (ab) of sub-section (1) of section 12A read with section 295 of the Incometax Act, 1961 (43 of 1961),… Read More »

[Video] File Online LUT for Export on GST Portal :GST News [Part 176] : TaxHeal.com

By | February 26, 2018

File Online LUT for Export on GST Portal :GST News [Part 176] : TaxHeal.com Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments… Read More »

GST Refund Application (By Embassies/ International Organizations)

By | February 26, 2018

Refund Application (By Embassies/ International Organizations) 1. What is Refund Application FORM GST RFD-10? Refund Application FORM GST RFD-10 is an application by any specialized agency of United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries or any… Read More »

Section 47 of Tamil Nadu GST Act 2017 : Levy of late fee

By | February 26, 2018

Section 47 of Tamil Nadu GST Act 2017 ( Section 47 of Tamil Nadu GST Act 2017 explains Levy of late fee and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Levy of late fee 47. (1) Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section… Read More »

Section 48 of Tamil Nadu GST Act 2017 : Goods and services tax practitioners

By | February 26, 2018

Section 48 of Tamil Nadu GST Act 2017 ( Section 48 of Tamil Nadu GST Act 2017 explains Goods and services tax practitioners and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.]  Goods and services tax practitioners 48. (1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of… Read More »

Example on Rule 7 of GST Input Tax Credit Rule – Inputs Partly used for business and partly for other purposes

By | February 25, 2018

ITC under GST when inputs or input services  used partly for business and partly for other purposes Rule 7 of Final GST Input Tax credit rules prescribe method of Input tax credit of inputs or input services   i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for… Read More »

Example on Rule 5 of GST Input Tax Credit Rule – ITC on Capital Goods

By | February 25, 2018

Rule 5 of GST Input Tax Credit Rule Calculation of Input Tax Credit on Capital Goods Where the Registered persons ceases to pay tax under Composition Scheme under section 10 of CGST Act 2017 , then he can avail Input Tax credit in respect of followings , Inputs Semi Finished goods Finished Goods Capital Goods on… Read More »

Example Rule 8 of GST Input Tax Credit Rule – Capital Goods Partly used for Business and partly for other purposes

By | February 25, 2018

Input Tax Credit on Capital Goods Partly used for Business and partly for other purposes Input tax credit in respect of capital goods, which attract the provisions of sub-sections (1) and (2) of section 17, being i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for effecting… Read More »

[Video] GST News [Part 174] : GST Challan : by CA Satbir Singh TaxHeal.com

By | February 24, 2018

GST News [Part 174] : GST Challan : by CA Satbir Singh TaxHeal.com Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST… Read More »

Circular No. 05/2018-Customs : Refund of IGST on Export : Invoice mis-match Cases

By | February 24, 2018

Circular No. 05/2018-Customs F.No.450/119/2017-Cus.IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) Room No. 227B, North Block, New Delhi. Dated the 23rd February, 2018 To All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Principal Chief Commissioners/Chief Commissioners of Central Tax and Central Excise All Principal Commissioners/Commissioners of… Read More »

Circular No. 33/07/2018 GST : Non-transition of CENVAT credit /disputed credit u/s 140 CGST Act /Non-utilization

By | February 24, 2018

Circular No. 33/07/2018 GST Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases-reg vide Circular No. 33/07/2018 GST Dated the 23 rd Feb., 2018 F. No. 267/67/2017 CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise… Read More »

GST Challan Payment Failure : FAQs

By | February 24, 2018

Payment Failure 1. My account was debited more than once for the same online transaction. How can I get the debit reversed? If the sum of both transactions is reflecting in the Electronic Cash Ledger, please contact the Help Desk using the contact numbers/e-mail IDs given on the GST Portal. In case only the original… Read More »

Category: GST

How to Track GST Payment Status

By | February 24, 2018

Track Payment Status 1. How can a taxpayer can get information regarding the status of payment/s made? Taxpayers will be intimated regarding the payment status by SMS, E-mail and the same will also be updated on the GST Portal (www.gst.gov.in)  In the pre-login mode, taxpayers can track their payments using the Track Payment Status facility… Read More »

section 115JB Rationalized in line with Indian Accounting Standards (Ind AS) w.e.f AY 2017-18

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 50. Rationalisation of provisions of section 115JB in line with Indian Accounting Standards (Ind AS). 50.1 The Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) and prescribed the Companies (Indian Accounting Standards) Rules, 2015 which laid down a roadmap for implementation… Read More »

Tax credit for Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT) w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 49. Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). 49.1 Section 115JAA of the Income-tax Act contains provisions regarding carrying forward and set off of tax credit in respect of MAT paid by companies under section 115JB of the Income-tax Act. Before… Read More »

Tax on Income from transfer of carbon credits w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 48. Income from transfer of carbon credits. 48.1 A carbon credit is an incentive given to an industrial undertaking for reduction of the emission of Green House Gases (GHGs) including carbon dioxide. There are several ways of reducing GHGs emissions such as switching over to wind and solar energy, forest regeneration,… Read More »

Rationalization of taxation of income by way of dividend w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 47. Rationalization of taxation of income by way of dividend. 47.1 Before amendment by the Act, the provisions contained in section 115BBDA of the Income-tax Act specified that income by way of dividend in excess of Rs. 10 lakh shall be chargeable to tax at the rate of 10% on gross… Read More »

Restriction of Interest deduction for Multinational Enterprises w.e.f 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 46. Limitation of Interest deduction in certain cases. 46.1 A company is typically financed or capitalized through a mixture of debt and equity. The way a company is capitalized often has a significant impact on the amount of profit it reports for tax purposes as the tax legislations of countries typically… Read More »

Secondary adjustments in certain cases from AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 45. Secondary adjustments in certain cases. 45.1 “Secondary adjustment” means an adjustment in the books of accounts of the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary… Read More »

Scope of section 92BA of Income-tax Act relating to Specified Domestic Transactions

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 44. Scope of section 92BA of the Income-tax Act relating to Specified Domestic Transactions (SDTs). 44.1 Before amendment by the Act, the provisions of section 92BA of the Income-tax Act provided inter alia that any expenditure in respect of which payment has been made by the assessee to certain “specified persons”… Read More »