Daily Archives: March 26, 2018

How to Tax Gifts received by ‘Mayawati ‘ – Politician : Explained by ITAT

By | March 26, 2018

[2010] 42 SOT 59 (DELHI) IN THE ITAT DELHI BENCH ‘E’ Deputy Commissioner of Income-tax, Central Circle-11, New Delhi v. Mayawati R.P. TOLANI, JUDICIAL MEMBER AND SHAMIM YAHYA, ACCOUNTANT MEMBER IT APPEAL NOS. 4259/DELHI/2007 AND 2078 & 2079/DELHI/2009 AUGUST 27, 2010 S.D. Kapila and R.R. Maurya for the Appellant. Dr. Rakesh Gupta, Dr. R.K. Agarwal, Ashwani Taneja and Tarun Kumar for the… Read More »

Gifts/Prizes/Awards/Rewards received by sportsman not taxable if he is not professional

By | March 26, 2018

IN THE ITAT DELHI BENCH ‘A’ Abhinav Bindra v. Deputy Commissioner of Income-tax, Central-2, Dehradun G.D. AGRAWAL, VICE-PRESIDENT AND R.P.TOLANI, JUDICIAL MEMBER IT APPEAL NO. 2219 (DELHI) OF 2013 [ ASSESSMENT YEAR 2009-10 ] JULY  26, 2013 Ashwani Kumar for the Appellant. Bhim Singh for the Respondent. ORDER G.D. Agrawal, Vice-President – This appeal by the assessee is directed against… Read More »

TDS Rates FY 2017-18 / AY 2018-19 : Income Tax Act India

By | March 26, 2018

TDS Rates FY 2017-18 / AY 2018-19 TDS Rates FY 2017-18 / FY 2017-18 as per Finance Act 2017 Rates for tax deduction at source [For Assessment year 2018-19] Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in India- Section 192: Payment… Read More »

Court cannot go into sufficiency of reasons for special audit : High Court

By | March 26, 2018

HIGH COURT OF KARNATAKA Habitat Shelters (P.) Ltd. v. Principal Commissioner of Income Tax, Bangalore DR. VINEET KOTHARI, J. WRIT PETITION NO. 2009 OF 2018 (T – RES) FEBRUARY  12, 2018 Anirudha R.J. Nayak, Adv. for the Petitioner. ORDER   1. The petitioner-M/s.Habitat Shelters Private Limited has filed this Writ Petition aggrieved by the directions of holding… Read More »

CBEC reduces BCD to 5% on Opencell (15.6” & above) of LCD/LED TV panels

By | March 26, 2018

Notification No. 32/2018-Customs Seeks to further amend notification No. 50/2017-Customs so as to reduce BCD from 10% to 5% on Opencell (15.6” and above) of LCD/LED TV panels. [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No.… Read More »

CBEC notified provisional assessment for imports of €˜Jute Products

By | March 26, 2018

Seeks to notify provisional assessment for imports of €˜Jute Products€™ namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags exported by M/s. Natural Jute Mill [Bangladesh] and M/s Kreation Global, LLC,USA [Bangladesh] . [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA… Read More »

IGST & compensation cess exemption to EOUs on imports till 02.10.2018

By | March 26, 2018

Seeks to Amend notification No 52/2003- Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 01.10.2018. [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification… Read More »

EPFO Instructions for payment of erroneous contributions deposited

By | March 26, 2018

For web circulation only Employees’ Provident Fund Organization (Ministry of Labour & Employment, Govt. Of India) Head Office Bhavishya Nidhi Bhawan, 14-Bhikaiji Cama 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/9(1)2013/Settlement of Claims/Pt /1985 Date: 23.03.2018 To All ACCs (Zone) All RPFCs- In charge of Regional Offices. Sub: Review of public grievances —… Read More »

MEIS applications for SEZs Exports simplified by DGFT

By | March 26, 2018

To be published in the Gazette of India Extraordinary Part-I, Section (I) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice 67/2015-2020  Dated the 22nd March , 2018 Subject: Processing of Merchandise Exports from India Scheme (MEIS) applications for SEZs Exports. In pursuance of the objective of improving ease of… 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 »

Advance Authorization & EPCG Scheme : Extension of IGST & Compensation Cess exemption

By | March 26, 2018

Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan ***** Notification No. 54/2015-20 New Delhi, Dated 22nd March 2018 Subject:- Amendments to Foreign Trade Policy 2015-2020 – Extension of Integrated and Goods and Service Tax (IGST) and Compensation Cess exemption under Advance Authorisation and EPCG scheme… Read More »

EOU scheme : Exemption Extended to IGST and compensation Cess

By | March 26, 2018

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 55 /2015-2020 NEW DELHI, DATED THE 23 March, 2018 Subject: Amendments to Foreign Trade Policy 2015-20 – Extension to Integrated Goods and Service Tax (IGST) and compensation Cess exemption under EOU scheme till 01.10.2018 – regd. S.O(E): In exercise of powers conferred… Read More »

Prevention of Unauthorized Trading by Stock Brokers : SEBI Circular

By | March 26, 2018

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP1/CIR/P/2018/54 March 22, 2018 To, All recognized Stock Exchanges, Dear Sir / Madam, Sub: Circular on Prevention of Unauthorized Trading by Stock Brokers I. This master circular consolidates and updates the requirements/obligations with regard to Prevention of Unauthorized Trading by Stock Brokers prescribed by the following circulars: A. CIR/HO/MIRSD/MIRSD2/CIR/P/201… Read More »

Aadhar based identification of pensioners under EPS 1995

By | March 26, 2018

Employees’ Provident Fund Organization (MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaiji Came Place, New Delhi- 110066 Website: www.epfindia.gov.in, www.epfindia.nic.in No: Pension-I/7(10)2016-2017/Jeevan Praman/30479 Dated: 23.03.2018 To ALL Addl. Central P.F. Commissioner (Zone) Regional P. F. Commissioner (All Region Offices) Subject: – Aadhar based identification of pensioners under EPS 1995… Read More »

Self Ratification Scheme : DGFT specified format of certificate

By | March 26, 2018

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE PUBLIC NOTICE No. 68/2015-2020  NEW DELHI, DATED THE 22 March, 2018 Subject: Amendments in Handbook of Procedures 2015-20- reg. In exercise of powers conferred under Paragraph 1.03 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Director General of Foreign Trade makes the… 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 »

Due-diligence and reporting for Foreign Portfolio Investor : SEBI Circular

By | March 26, 2018

  DUE DILIGENCE AND REPORTING REQUIREMENTS UNDER FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) AND COMMON REPORTING STANDARDS (CRS) CIRCULAR NO.IMD/FPIC/CIR/P/2018/53, DATED 21-3-2018 1. This is in continuation of SEBI circulars No. CIR/MIRSD/2/2015 dated August 26, 2015 and No. CIR/MIRSD/3/2015 dated September 10, 2015wherein SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of… Read More »

Cost Inflation Index : New and old : Income Tax Act of India

By | March 26, 2018

New Cost Inflation Index NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V) – New cost inflation index for FY 2017-18 onwards As per Notification no. So 1790(e)[no. 44/2017 (f. No. 370142/11/2017-tpl)], dated 5-6-2017, following table should be used for the Cost Inflation Index  for calculating long term capital gains for FY 2017-18 (AY 2018-19 ) onwards… Read More »