Daily Archives: March 20, 2018

Question Bank on IBBI Limited Insolvency Examination

By | March 20, 2018

Corporate laws & Corporate Governance Committee of ICAI has released the publication -‘Question Bank on IBBI Limited Insolvency Examination’ recently. The publication has been specifically designed in a Multiple Choice Question format to help members to prepare for the Limited Insolvency Examination as conducted by Insolvency and Bankruptcy Board. It covers the syllabus as applicable… Read More »

Income Tax Act as amended by FA 2018 Book by Girish Ahuja ,‎ Ravi Gupta 

By | March 20, 2018

Income Tax Act ( as amended by FA 2018 ) by Girish Ahuja (Author),‎ Ravi Gupta (Author) Price Rs 1186 Click to buy online Publisher: Wolters Kluwer India Private Limited; Seventh edition (1 April 2018) Language: English ISBN-10: 9387506347 ISBN-13: 978-9387506343 Package Dimensions: 1 x 1 x 1 cm Product description About the Author Dr. Girish Ahuja did his graduation and post-graduation from Shri Ram… Read More »

RBI norms for Reporting Govt Transactions of March 2018

By | March 20, 2018

Reporting and Accounting of Central Government Transactions of March 2018 RBI/2017-18/142 DGBA.GBD.No.2324/42.01.029/2017-18 March 19, 2018 All Agency Banks Dear Sir / Madam, Reporting and Accounting of Central Government Transactions of March 2018 Please refer to Circular DGBA.GAD.No. 2376/42.01.029/2016-17 dated March 16, 2017 advising the procedure to be followed for reporting and accounting of Central Government transactions (including… Read More »

Category: RBI

Gift from relative , No need to prove occasion : Sec. 68 additions deleted by HC

By | March 20, 2018

HIGH COURT OF HYDERABAD Pendurthi Chandrasekhar v. Deputy Commissioner of Income tax C.V. NAGARJUNA REDDY AND CHALLA KODANDA RAM, JJ. IT APPEAL NOS. 701 AND 702 OF 2016 FEBRUARY  23, 2018 JUDGMENT C.V. Nagarjuna Reddy, J.— As the parties to these appeals are common and the subject matter is connected in both the cases, though not identical,… Read More »

Allow easy access to GST portals : Bombay HC directions to GSTN

By | March 20, 2018

HIGH COURT OF BOMBAY Abicor & Binzel Technoweld (P.) Ltd. v. Union of India S.C. DHARAMADHIKARI AND SMT. BHARATI H. DANGRE, JJ. WRIT PETITION (L) NO. 2230 OF 2018 FEBRUARY  6, 2018 Vinayak Patkar, Ishaan Patkar and G.Y. Patwardhan for the Petitioner. Sonpal, B.V. Samant, AGP and Jitendra Mishra for the Respondent. ORDER   1. The petitioner has brought before this Court his grievance and it… Read More »

Section 80 of Uttarakhand GST Act 2017 : Payment of tax and other amount in instalments

By | March 20, 2018

Section 80 of Uttarakhand GST Act 2017 ( Section 80 of Uttarakhand GST Act 2017 explains Payment of tax and other amount in instalments and is covered in  CHAPTER XV DEMANDS AND RECOVERY)   Payment of tax and other amount in instalments 80. On an application filed by a taxable person, the Commissioner may, for reasons to be recorded… Read More »

Section 79 of Uttarakhand GST Act 2017 : Recovery of tax

By | March 20, 2018

Section 79 of Uttarakhand GST Act 2017 ( Section 79 of Uttarakhand GST Act 2017 explains Recovery of tax and is covered in  CHAPTER XV DEMANDS AND RECOVERY)    Recovery of tax 79. (1) Where any amount payable by a person to the Government under any of the provisions of this Act or the rules made thereunder is not… Read More »

Section 78 of Uttarakhand GST Act 2017 : Initiation of recovery proceedings

By | March 20, 2018

Section 78 of Uttarakhand GST Act 2017 ( Section 78 of Uttarakhand GST Act 2017 explains Initiation of recovery proceedings and is covered in  CHAPTER XV DEMANDS AND RECOVERY)  Initiation of recovery proceedings 78. Any amount payable by a taxable person in pursuance of an order passed under this Act shall be paid by such person within a… Read More »

Section 77 of Uttarakhand GST Act 2017 : Tax wrongfully collected and paid to Central Government or State Government

By | March 20, 2018

Section 77 of Uttarakhand GST Act 2017 ( Section 77 of Uttarakhand GST Act 2017 explains Tax wrongfully collected and paid to Central Government or State Government and is covered in  CHAPTER XV DEMANDS AND RECOVERY)  Tax wrongfully collected and paid to Central Government or State Government 77. (1) A registered person who has paid the central tax… Read More »

Section 76 of Uttarakhand GST Act 2017 : Tax collected but not paid to Government

By | March 20, 2018

Section 76 of Uttarakhand GST Act 2017 ( Section 76 of Uttarakhand GST Act 2017 explains Tax collected but not paid to Government and is covered in  CHAPTER XV DEMANDS AND RECOVERY)  Tax collected but not paid to Government 76. (1) Notwithstanding anything to the contrary contained in any order or direction of any Appellate Authority or Appellate… Read More »

Section 74 of Uttarakhand GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts

By | March 20, 2018

Section 74 of Uttarakhand GST Act 2017 ( Section 74 of Uttarakhand GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts and is covered in  CHAPTER XV DEMANDS AND RECOVERY)  Determination… Read More »

Section 75 of Uttarakhand GST Act 2017 : General provisions relating to determination of tax

By | March 20, 2018

Section 75 of Uttarakhand GST Act 2017 ( Section 75 of Uttarakhand GST Act 2017 explains General provisions relating to determination of tax and is covered in  CHAPTER XV DEMANDS AND RECOVERY)  General provisions relating to determination of tax 75. (1) Where the service of notice or issuance of order is stayed by an order of a court… Read More »

Section 73 of Uttarakhand GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts

By | March 20, 2018

Section 73 of Uttarakhand GST Act 2017 ( Section 73 of Uttarakhand GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts and is covered in  CHAPTER XV DEMANDS AND… Read More »

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

By | March 20, 2018

Section 72 of Uttarakhand GST Act 2017 ( Section 72 of Uttarakhand GST Act 2017 explains Officers to assist proper officers and is covered in  CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST)   Officers to assist proper officers 72.(1) AH officers of Police, Railways, Customs, and those officers engaged in the collection of land revenue, including village officers,… Read More »

Section 71 of Uttarakhand GST Act 2017 : Access to business premises

By | March 20, 2018

Section 71 of Uttarakhand GST Act 2017 ( Section 71 of Uttarakhand GST Act 2017 explains Access to business premises and is covered in  CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST)     Access to business premises 71. (1) Any officer under this Act, authorised by the proper officer not below the rank of Joint Commissioner, shall have access… Read More »

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

By | March 20, 2018

Section 70 of Uttarakhand GST Act 2017 ( Section 70 of Uttarakhand 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)   Power to summon persons to give evidence and produce documents 70. (1) The proper officer under this Act shall have power… Read More »

Section 69 of Uttarakhand GST Act 2017 : Power to arrest

By | March 20, 2018

Section 69 of Uttarakhand GST Act 2017 ( Section 69 of Uttarakhand GST Act 2017 explains Power to arrest and is covered in  CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST)   Power to arrest 69. (1) Where the Commissioner has reasons to Power to arrest. believe that a person has committed any offence specified in clause (a) or clause… Read More »

Legislature can’t overturn judgment by retrospective amendment in Law: SC

By | March 20, 2018

  SUPREME COURT OF INDIA State of Karnataka v. Karnataka Pawn Brokers Assn. MADAN B. LOKUR AND DEEPAK GUPTA, JJ. CIVIL APPEAL NOS. 5793 OF 2008, 2874-2878 OF 2018 MARCH  15, 2018 JUDGMENT Deepak Gupta, J. – Leave granted in SLP(c) Nos. 8652-8656 of 2012. 2. The main issue raised in these appeals is whether the amendments made to… Read More »

Section 68 of Uttarakhand GST Act 2017 : Inspection of goods in movement

By | March 20, 2018

Section 68 of Uttarakhand GST Act 2017 ( Section 68 of Uttarakhand GST Act 2017 explains Inspection of goods in movement and is covered in  CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST)   Inspection of goods in movement 68. (1) “the Government may require the person in Inspection of goods in charge of a conveyance carrying any movement consignment… Read More »

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

By | March 20, 2018

Section 67 of Uttarakhand GST Act 2017 ( Section 67 of Uttarakhand GST Act 2017 explains Power of inspection, search and seizure and is covered in  CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST)  Power of inspection, search and seizure 67. (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to believe that— (a)… Read More »

Section 66 of Uttarakhand GST Act 2017 : Special audit

By | March 20, 2018

Section 66 of Uttarakhand GST Act 2017 ( Section 66 of Uttarakhand GST Act 2017 explains Special audit and is covered in  CHAPTER XIII AUDIT)  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 regard to the nature and… Read More »

Section 65 of Uttarakhand GST Act 2017 : Audit by tax authorities

By | March 20, 2018

Section 65 of Uttarakhand GST Act 2017 ( Section 65 of Uttarakhand GST Act 2017 explains Audit by tax authorities and is covered in  CHAPTER XIII AUDIT)  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 of any registered person for… Read More »

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

By | March 20, 2018

Section 64 of Uttarakhand GST Act 2017 ( Section 64 of Uttarakhand GST Act 2017 explains  Summary assessment in certain special cases and is covered in  CHAPTER XII ASSESSMENT)   Summary assessment in certain special cases 64. (1) The proper officer may, on any evidence showing a tax liability of a person coming to his notice, with the previous.… Read More »

Section 63 of Uttarakhand GST Act 2017 : Assessment of unregistered persons

By | March 20, 2018

Section 63 of Uttarakhand GST Act 2017 ( Section 63 of Uttarakhand GST Act 2017 explains Assessment of unregistered persons and is covered in  CHAPTER XII ASSESSMENT)   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 though liable to do so or… Read More »

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

By | March 20, 2018

Section 62 of Uttarakhand GST Act 2017 ( Section 62 of Uttarakhand GST Act 2017 explains Assessment of non-filers returns and is covered in  CHAPTER XII ASSESSMENT)   Assessment of non-filers returns 62.(1) Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section 39 or… Read More »

Section 61 of Uttarakhand GST Act 2017 : Scrutiny of returns

By | March 20, 2018

Section 61 of Uttarakhand GST Act 2017 ( Section 61 of Uttarakhand GST Act 2017 explains  Scrutiny of returns and is covered in  CHAPTER XII ASSESSMENT)   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 and inform him of the… Read More »

Section 60 of Uttarakhand GST Act 2017 : Provisional assessment

By | March 20, 2018

Section 60 of Uttarakhand GST Act 2017 ( Section 60 of Uttarakhand GST Act 2017 explains Provisional assessment and is covered in  CHAPTER XII ASSESSMENT)   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 determine the rate of tax… Read More »

Section 59 of Uttarakhand GST Act 2017 : Self-assessment

By | March 20, 2018

Section 59 of Uttarakhand GST Act 2017 ( Section 59 of Uttarakhand GST Act 2017 explains Self-assessment and is covered in  CHAPTER XII ASSESSMENT)  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. Uttarakhand GST Act 2017 Uttarakhand GST Rules 2017… Read More »

United Bank of India-Empanelment of Stock and Receivable Auditors

By | March 20, 2018

United Bank of India-Empanelment of Stock and Receivable Auditors United Bank of India has invited application for empanelment of stock & receivable auditors for audit of inventories, trade receivables and trade creditors of its borrowers from the CA proprietorship/partnership firms fulfilling the prescribed criteria. The last date for receiving application along with all supportive documents at… Read More »

New Income Tax Depreciation Rates w.e.f 01.04.2017

By | March 20, 2018

Rule-New App I, Income-tax Rules 1[NEW APPENDIX I  [ Substituted by the IT (Sixth Amdt.) Rules, 2005, w.e.f. 2-4-2005. ] [Effective from assessment year 2006-07 onwards] [See rule 5] TABLE OF RATES AT WHICH DEPRECIATION IS ADMISSIBLE [ Note Income Tax Depreciation rates has been changed w.e.f 01.04.2017  : reference  notes given against each rate  ]… Read More »