Daily Archives: March 1, 2018

Circular No 34/8/2018 GST : GST on respect of certain services Clarified

By | March 1, 2018

Circular No. 34/8/2018-GST F. No. 354/17/2018-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** Room No. 146G, North Block, New Delhi, 1 st March 2018 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarifications… Read More »

National Financial Reporting Authority approved by Govt

By | March 1, 2018

Cabinet Cabinet approves Establishment of  National Financial Reporting Authority Posted On: 01 MAR 2018 6:52PM by PIB Delhi The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one… Read More »

Fugitive Economic Offenders Bill 2018 : Key Features

By | March 1, 2018

Cabinet Cabinet approves Fugitive Economic Offenders Bill, 2018 Offences worth Rs.100 crore or more under the Bill Property of Fugitive Economic Offenders to be attached Posted On: 01 MAR 2018 6:46PM by PIB Delhi The Union Cabinet chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Finance to introduce… Read More »

Digital Signature Certificate (DSC) Policy 2018

By | March 1, 2018

LETTER (F.NO.SYSTEM/IT MISCELLANEOUS – DIGITAL SIGNATURE CERTIFICATE (DSC) POLICY-2018 LETTER (F.NO.SYSTEM/ITBA/DIGITAL SIGNATURE/16-17/181, DATED 16-2-2018 1. As a part of the day to day functioning of the Department, officers are/will be required to issue letters, notices, orders to Income Tax assessees or other addressees within the Department or outside by using digital signature. CBDT has already mandated filing… Read More »

Rationalisation of time limits for completion of assessment of Income Tax Returns

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 60. Rationalisation of time limits for completion of assessment, reassessment and re-computation and reducing the time for filing revised return. 60.1 The provisions of section 153 of the Income-tax Act specify the time limit for completion of assessment, reassessment and re-computation of cases mentioned therein. 60.2 In an effort to minimise human… Read More »

When can Income Tax Officer withhold refund of Assessee

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 59. Processing of return within the prescribed time and enable withholding of refund in certain cases. 59.1 Before amendment by the Finance Act, 2016, the provisions of sub-section (1D) of section 143 of the Income-tax Act specify that the processing of a return shall not be necessary, where a notice has… Read More »

Quoting of Aadhaar number to Income Tax Department

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 58. Quoting of Aadhaar number. 58.1 Many instances have come to notice where multiple PANs have been allotted to one person or one PAN has been allotted to multiple persons. In order to have a robust way of de-duplication of PAN database, a new section 139AA has been inserted to the… Read More »

Mandatory furnishing of return by certain exempt entities w.e.f AY 2018-19

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 57. Mandatory furnishing of return by certain exempt entities. 57.1 The provisions of sub-section (4C) of section 139 of the Income-tax Act mandate filing of return by certain entities which are exempt from the levy of income-tax. 57.2 In order to verify that certain entities which enjoy exemption under section 10 actually… Read More »

Centralized issuance of notice under Income Tax Act : Section 133C.

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 56. Legislative framework to enable centralised issuance of notice and processing of information under section 133C. 56.1 Section 133C of the Income-tax Act empowers the prescribed income-tax authority to issue notice calling for information and documents for the purpose of verification of information in its possession. 56.2 In order to expedite verification… 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 »

Power to call for information under Income Tax Act

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 54. Rationalisation of the provisions in respect of power to call for information. 54.1 The provisions of section 133 of the Income-tax Act empower certain income-tax authorities to call for information for the purpose of any inquiry or proceeding under the Income-tax Act. The second proviso to the said section provides… Read More »

Provisional attachment during search under Income Tax Act and reference to Valuation Officer

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 53. Power of provisional attachment and to make reference to Valuation Officer to authorised officer. 53.1 Section 132 of the Income-tax Act provides the power of search and seizure subject to fulfilment of conditions specified therein. 53.2 In order to protect the interest of revenue and safeguard recovery in search cases, sub-sections… Read More »

Reason to believe to conduct Income Tax search, etc. not to be disclosed.

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 52. Reason to believe to conduct a search, etc. not to be disclosed. 52.1 Sub-sections (1) and (1A) of section 132 of the Income-tax Act provide that where an authority mentioned therein, based on the information in his possession, has ‘reason to believe’ or ‘reason to suspect’ of circumstances referred to… Read More »

CBDT Empowered to to issue directions in respect of penalty for failure to deduct or collect tax at source.

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 51. Empowering Board to issue directions in respect of penalty for failure to deduct or collect tax at source. 51.1 The provisions of clause (a) of sub-section (2) of section 119 of the Income-tax Act empower the Board to issue orders setting forth directions or instructions (not being prejudicial to assessees)… Read More »

DTAA between India and Kenya : Notification No 11/2018

By | March 1, 2018

AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF KENYA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF KENYA NOTIFICATION NO.SO 731(E) [NO.11/2018 (F.NO.503/01/2005/FTD-II)], DATED… Read More »

Section 72 of Tamil Nadu GST Act 2017 : Officers to assist proper officers

By | March 1, 2018

Section 72 of Tamil Nadu GST Act 2017 ( Section 72 of Tamil Nadu GST Act 2017 explains Officers to assist proper officers and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Officers to assist proper officers 72.(1) All officers of Police, Railways, Customs, and those officers engaged in the collection of… Read More »

Section 71 of Tamil Nadu GST Act 2017 : Access to business premises

By | March 1, 2018

Section 71 of Tamil Nadu GST Act 2017 ( Section 71 of Tamil Nadu GST Act 2017 explains Access to business premises and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Access to business premises 71. (1) Any officer under this Act, authorised by the proper officer not below the rank of Joint… Read More »

Section 70 of Tamil Nadu GST Act 2017 : Power to summon persons to give evidence and produce documents

By | March 1, 2018

Section 70 of Tamil Nadu GST Act 2017 ( Section 70 of Tamil Nadu GST Act 2017 explains Power to summon persons to give evidence and produce documents and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Power to summon persons to give evidence and produce documents 70. (1) The proper officer under… Read More »

Section 69 of Tamil Nadu GST Act 2017 : Power to arrest

By | March 1, 2018

Section 69 of Tamil Nadu GST Act 2017 ( Section 69 of Tamil Nadu GST Act 2017 explains Power to arrest and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Power to arrest 69. (1) Where the Commissioner has reasons to believe that a person has committed any offence specified in clause (a)… Read More »

Section 68 of Tamil Nadu GST Act 2017 : Inspection of goods in movement

By | March 1, 2018

Section 68 of Tamil Nadu GST Act 2017 ( Section 68 of Tamil Nadu GST Act 2017 explains Inspection of goods in movement and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Inspection of goods in movement 68. (1) The Government may require the person in charge of a conveyance carrying any consignment… Read More »

Section 67 of Tamil Nadu GST Act 2017 : Power of inspection, search and seizure

By | March 1, 2018

Section 67 of Tamil Nadu GST Act 2017 ( Section 67 of Tamil Nadu GST Act 2017 explains Power of inspection, search and seizure and is covered in  CHAPTER XIV  INSPECTION, SEARCH, SEIZURE AND ARREST )  [Enforced with effect from 1-7-2017.] Power of inspection, search and seizure 67. (1) Where the proper officer, not below the rank of Joint Commissioner, has… Read More »

Section 66 of Tamil Nadu GST Act 2017 : Special audit

By | March 1, 2018

Section 66 of Tamil Nadu GST Act 2017 ( Section 66 of Tamil Nadu GST Act 2017 explains Special audit and is covered in  CHAPTER XIII  AUDIT )  [Enforced with effect from 1-7-2017.] Special audit 66. (1) If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having… Read More »

Section 65 of Tamil Nadu GST Act 2017 : Audit by tax authorities

By | March 1, 2018

Section 65 of Tamil Nadu GST Act 2017 ( Section 65 of Tamil Nadu GST Act 2017 explains Audit by tax authorities and is covered in  CHAPTER XIII  AUDIT )  [Enforced with effect from 1-7-2017.] Audit by tax authorities 65. (1) The Commissioner or any officer authorised by him, by way of a general or a specific order, may undertake audit… Read More »

Section 64 of Tamil Nadu GST Act 2017 : Summary assessment in certain special cases

By | March 1, 2018

Section 64 of Tamil Nadu GST Act 2017 ( Section 64 of Tamil Nadu GST Act 2017 explains Summary assessment in certain special cases and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Summary assessment in certain special cases 64. (1) The proper officer may, on any evidence showing a tax liability of a person coming to… Read More »

Section 63 of Tamil Nadu GST Act 2017 : Assessment of unregistered persons

By | March 1, 2018

Section 63 of Tamil Nadu GST Act 2017 ( Section 63 of Tamil Nadu GST Act 2017 explains Assessment of unregistered persons and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Assessment of unregistered persons 63. Notwithstanding anything to the contrary contained in section 73 or section 74, where a taxable person fails to obtain registration even… Read More »

Section 62 of Tamil Nadu GST Act 2017 : Assessment of non-filers of returns

By | March 1, 2018

Section 62 of Tamil Nadu GST Act 2017 ( Section 62 of Tamil Nadu GST Act 2017 explains Assessment of non-filers of returns and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Assessment of non-filers of returns 62. (1) Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to… Read More »

Section 61 of Tamil Nadu GST Act 2017 : Scrutiny of returns

By | March 1, 2018

Section 61 of Tamil Nadu GST Act 2017 ( Section 61 of Tamil Nadu GST Act 2017 explains Scrutiny of returns and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Scrutiny of returns 61. (1) The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return… Read More »

Section 60 of Tamil Nadu GST Act 2017 : Provisional assessment

By | March 1, 2018

Section 60 of Tamil Nadu GST Act 2017 ( Section 60 of Tamil Nadu GST Act 2017 explains Provisional assessment and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Provisional assessment 60. (1) Subject to the provisions of sub-section (2), where the taxable person is unable to determine the value of goods or services or both or… Read More »

Section 59 of Tamil Nadu GST Act 2017 : Self-assessment

By | March 1, 2018

Section 59 of Tamil Nadu GST Act 2017 ( Section 59 of Tamil Nadu GST Act 2017 explains Self-assessment and is covered in  CHAPTER XII  ASSESSMENT )  [Enforced with effect from 1-7-2017.] Self-assessment 59. Every registered person shall self-assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39. Tamil Nadu GST… Read More »

Section 58 of Tamil Nadu GST Act 2017 : Utilisation of Fund

By | March 1, 2018

Section 58 of Tamil Nadu GST Act 2017 ( Section 58 of Tamil Nadu GST Act 2017 explains Utilisation of Fund and is covered in  CHAPTER XI  REFUNDS )  [Enforced with effect from 1-7-2017.] Utilisation of Fund 58. (1) All sums credited to the Fund shall be utilised by the Government for the welfare of the consumers in such manner as… Read More »

Section 57 of Tamil Nadu GST Act 2017 : Consumer Welfare Fund

By | March 1, 2018

Section 57 of Tamil Nadu GST Act 2017 ( Section 57 of Tamil Nadu GST Act 2017 explains Consumer Welfare Fund and is covered in  CHAPTER XI  REFUNDS )  [Enforced with effect from 1-7-2017.] Consumer Welfare Fund 57. The Government shall constitute a Fund, to be called the Consumer Welfare Fund and there shall be credited to the Fund,— (a) the… Read More »

Section 56 of Tamil Nadu GST Act 2017 : Interest on delayed refunds

By | March 1, 2018

Section 56 of Tamil Nadu GST Act 2017 ( Section 56 of Tamil Nadu GST Act 2017 explains Interest on delayed refunds and is covered in  CHAPTER XI  REFUNDS )  [Enforced with effect from 1-7-2017.] Interest on delayed refunds 56. If any tax ordered to be refunded under sub-section (5) of section 54 to any applicant is not refunded within sixty… Read More »

Section 55 of Tamil Nadu GST Act 2017 : Refund in certain cases

By | March 1, 2018

Section 55 of Tamil Nadu GST Act 2017 ( Section 55 of Tamil Nadu GST Act 2017 explains Refund in certain cases and is covered in  CHAPTER XI  REFUNDS )  [Enforced with effect from 1-7-2017.] Refund in certain cases 55. The Government may, on the recommendations of the Council, by notification, specify any specialized agency of the United Nations Organization or… Read More »

Section 53 of Tamil Nadu GST Act 2017 : Transfer of input tax credit

By | March 1, 2018

Section 53 of Tamil Nadu GST Act 2017 ( Section 53 of Tamil Nadu GST Act 2017 explains Transfer of input tax credit and is covered in  CHAPTER X  PAYMENT OF TAX )  [Enforced with effect from 1-7-2017.] Transfer of input tax credit 53. On utilisation of input tax credit availed under this Act for payment of tax dues under the… Read More »

Section 52 of Tamil Nadu GST Act 2017 : Collection of tax at source

By | March 1, 2018

Section 52 of Tamil Nadu GST Act 2017 ( Section 52 of Tamil Nadu GST Act 2017 explains Collection of tax at source and is covered in  CHAPTER X  PAYMENT OF TAX )  Collection of tax at source 52. (1) Notwithstanding anything to the contrary contained in this Act, every electronic commerce operator (hereafter in this section referred to as… Read More »

Section 51 of Tamil Nadu GST Act 2017 : Tax deduction at source

By | March 1, 2018

Section 51 of Tamil Nadu GST Act 2017 ( Section 51 of Tamil Nadu GST Act 2017 explains Tax deduction at source and is covered in  CHAPTER X  PAYMENT OF TAX )  [Enforced with effect from 18-9-2017.]  Tax deduction at source 51.(1) Notwithstanding anything to the contrary contained in this Act, the Government may mandate,— (a) a department or establishment… Read More »

Section 50 of Tamil Nadu GST Act 2017 : Interest on delayed payment of tax

By | March 1, 2018

Section 50 of Tamil Nadu GST Act 2017 ( Section 50 of Tamil Nadu GST Act 2017 explains Interest on delayed payment of tax and is covered in  CHAPTER X  PAYMENT OF TAX )  [Enforced with effect from 1-7-2017.] Interest on delayed payment of tax 50. (1) Every person who is liable to pay tax in accordance with the provisions of… Read More »

Section 49 of Tamil Nadu GST Act 2017 : Payment of tax, interest, penalty and other amounts

By | March 1, 2018

Section 49 of Tamil Nadu GST Act 2017 ( Section 49 of Tamil Nadu GST Act 2017 explains Payment of tax, interest, penalty and other amounts and is covered in  CHAPTER X  PAYMENT OF TAX )  [Enforced with effect from 1-7-2017.] Payment of tax, interest, penalty and other amounts 49. (1) Every deposit made towards tax, interest, penalty, fee or any… Read More »