Monthly Archives: June 2018

Fresh series ‘ Panama Papers Leaks ‘ : Govt Prompt Investigation

By | June 21, 2018

Ministry of Finance Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’ Posted On: 21 JUN 2018 5:22PM by PIB Delhi The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already… Read More »

Circular No 49/23/2018 GST : Inspection of goods and Conveyance

By | June 21, 2018

Circular No 49/23/2018 GST Summary of Circular No 49/23/2018 GST Circular No 49/23/2018 GST Dated 21st June, 2018 Seeks to modify Circular No. 41/15/2018-GST and prescribe procedure for 1.  Inspection of goods and Conveyance 2. How goods will be released by GST Officer 3.Within How manydays  GST officer is required to issue Final inspection report 4… Read More »

E-way Bill Date wrongly declared , Seized goods to be released on furnishing security other than cash or bank guarantee: HC

By | June 21, 2018

HIGH COURT OF ALLAHABAD Pragati Enterprises v. State of U.P. BHARATI SAPRU AND NEERAJ TIWARI, JJ. WRIT TAX NO. 25 OF 2018 JANUARY  12, 2018 Murari Mohan Rai for the Petitioner. ORDER 1. We have heard Shri M.M. Rai, learned counsel for the petitioner and Shri C.B. Tripathi, learned Standing Counsel for the respondent. 2. Learned Standing Counsel has received… Read More »

Sale of old newspapers not liable to State Sales Tax: Madras HC

By | June 21, 2018

HIGH COURT OF MADRAS State of Tamil Nadu v. P.S. Sambandam Mudaliar & Co. S. MANIKUMAR AND V. BHAVANI SUBBAROYAN, JJ. TAX CASE NO. 94 OF 2018 APRIL  6, 2018 V. Hari Babu, Addl. Govt. Pleader (Taxes) for the Petitioner. ORDER S. Manikumar, J. – Instant Tax Case (Revision) is filed by the Revenue against the order of the… Read More »

Updated GST Rules and New GST News 21.06.2018

By | June 21, 2018

New GST News 21.06.2018 [ Join online GST Course by CA Satbir Singh ] Updated GST Rules (PDF File) CGST Rules 2017 as amended upto 19.06.2018  [Online ] CGST Rules 2017 – : Chapter Wise & Rule wise (Last upated with Notification Dated 13.06.2018] Analysis of CGST (Fifth Amendment ) Rules 2018 GST Input Tax Credit… Read More »

Category: GST

Income Tax Return Provisions

By | June 21, 2018

RETURN OF INCOME UNDER INCOME TAX [As amended by Finance Act, 2018] It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions… Read More »

Income Tax Commissioner power to reduce or waive Penalty

By | June 21, 2018

POWER OF PRINCIPAL COMMISSIONER OR COMMISSIONER TO REDUCE OR WAIVE INCOME TAX PENALTY [As amended by Finance Act, 2018] In the tutorial on “Penalties Under the Income-tax Act”, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions, the Income-tax Act also designed provisions empowering the… Read More »

Presumptive taxation u/s 44AD Income Tax: Audit Limit w.e.f AY 2017-18

By | June 21, 2018

Presumptive taxation u/s 44AD Income Tax: Audit Limit w.e.f AY 2017-18 CIRCULAR No. 2/2018 Dated 15.02.2018 23. Exclusion of certain specified person from requirement of audit of accounts under section 44AB. 23.1 The provisions of section 44AB of the Income-tax Act provide inter alia that every person carrying on the business is required to get his… Read More »

Income Tax on Provident Fund : Free Study Material

By | June 21, 2018

Income Tax on Provident Fund : Free Study Material Here is the Free study material Income Tax on Provident Fund Income Tax on amount received from Provident Fund Provident Fund withdrawal taxability if 5 years service not completed Withdrawal from provident fund for Housing ; Presentation by EPFO 19.05.2017 Govt allowed to withdraw entire amount from… Read More »

No GST if Government/Authority providing services to other Government/Authority :UTTARAKHAND AAR

By | June 21, 2018

Government/Authority providing services to other Government/Authority is exempted from GST. AUTHORITY FOR ADVANCE RULINGS, UTTARAKHAND IT Development Agency (ITDA), In re ANIL SINGH AND AMIT GUPTA, MEMBER RULING NO. 04/2018-19 AND APPLICATION NO. 03/2018-19 MAY  29, 2018 Damanpreet Singh for the Applicant. RULING 1. This is an application under Sub-Section (1) of Section 97 of the CGST Act and the… Read More »

E-way bill not made, Seized vehicle could be released without security if there was no possibility of evasion of tax: HC

By | June 21, 2018

HIGH COURT OF ALLAHABAD Puneet Automobiles Ltd. v. State of U.P. PANKAJ MITHAL AND SARAL SRIVASTAVA, JJ. WRIT TAX NO. 99 OF 2018 JANUARY  31, 2018 Shubham Agrawal and Rituraj Singh for the Petitioner. Gyan Prakash, C.S.C. for the Respondent. ORDER 1. Heard Sri Shubham Agrawal, learned counsel for the petitioner and Sri C.B. Tripathi special counsel has appeared for the State of… Read More »

ICAI E-Newsletter on GST May, 2018 edition

By | June 21, 2018

E-Newsletter on GST- May, 2018 edition   Download  E-Newsletter on GST- May, 2018 edition CLICK HERE Related Post ICAI GST E-Newsletter -April, 2018  ICAI GST E-Newsletter –March 2018 ICAI GST E-Newsletter – Febraury 2018 ICAI GST E-Newsletter-January 2018 ICAI GST E-newsletter – December 2017 ICAI GST E newsletter -November 2017 ICAI GST E-Newsletter – October 2017 … Read More »

Category: GST

GST on Renting of Shuttering Material to builders , Writ can’t be filed if no cause of action arose in favour of assessee : Punjab and Haryana HC

By | June 21, 2018

HIGH COURT OF PUNJAB AND HARYANA Naveep Sharma v. Union of India AJAY KUMAR MITTAL, ACTG. TEJINDER SINGH DHINDSA, J. CWP NO. 12490 OF 2018 (O&M) MAY  17, 2018 Brijesh Nandan, Adv. for the Petitioner. ORDER Ajay Kumar Mittal, Actg – The petitioner has approached this Court under Articles 226 /227 of the Constitution of India, for… Read More »

GST can be recovered as arrears of land revenue by District Collector: Allahabad HC

By | June 20, 2018

HIGH COURT OF ALLAHABAD Mohd. Yunush v. State of U.P. AMRESHWAR PRATAP SAHI AND SHASHI KANT, JJ. WRIT-C NO. 6392 OF 2018 APRIL  13, 2018 Achint Ranjan Singh and Ramesh Singh for the Petitioner. C.K. Parekh for the Respondent. ORDER 1. Heard Sri Ramesh Singh, learned counsel for petitioner, Sri C.K. Parekh, learned counsel appearing for respondent no. 2-Nagar Nigam, Saharanpur and learned… Read More »

GST ENR 02 Transporters registered in multiple State may use unique common enrolment number

By | June 20, 2018

GST ENR 02 for Multi State Transporters to apply unique common enrolment number CBIC introduces FORM GST ENR-02 under Rule 58(1A) which is for Application of obtaining unique common enrolment number by transporters registered in more than one State or Union Territory having the same PAN. Rule 58(1A) of CGST Rules 2017 Inserted by Notification No 28/2018 Central Tax  Dated 19.06.2018 … Read More »

New GST Notification Issued and News 20.06.2018

By | June 20, 2018

New GST Notification and News 20.06.2018 [ Join online GST Course by CA Satbir Singh ] New GST Notifications Notification No 28/2018 Central Tax Dated 19.06.2018 : CGST (Sixth Amendment) Rules 2018. Notification No 27/2018 Central Tax Dated 13.06.2018 :List of Seized Goods to be disposed by proper officer Notification No 26/2018 Central Tax Dated… Read More »

List of Income Tax benefits available to Salaried Persons AY 2018-19

By | June 20, 2018

List of Income Tax benefits available to Salaried Persons List of Income Tax benefits available to Salaried Persons  [AY 2018-19] S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai,… Read More »

Notification No 28/2018 Central Tax : CGST (Sixth Amendment) Rules 2018.

By | June 20, 2018

Notification No 28/2018 Central Tax Summary of Notification No 28/2018 Central Tax Notification No 28/2018 Central Tax  Dated 19.06.2018 issued for amending the CGST Rules, 2017 relating to 1 Common Enrollment number for transporter for eway bill 2. Time for submission of Final report of inspection of goods by GST officer under GST 3 GST Demand… Read More »

Video -Check Income Tax Refund Online : आयकर रिफंड का पता करें : Income Tax News [Part 26] : TaxHeal.Com

By | June 20, 2018

Check Income Tax Refund Online : आयकर रिफंड का पता करें : Income Tax News [Part 26] : TaxHea.Com Other Post on Income Tax Refund How to Request for Refund Re-issue on IncomeTaxIndiaEfiling Income Tax Refund in non-CASS case to be issued without adjustment of Demand New Provision of Interest on Income tax Refund as… Read More »

Uniform List of Services to be followed in SEZ after GST

By | June 20, 2018

Uniform List of Services to be followed in SEZ after GST F.No.D.12/19/2013-SEZ Dated 02.01.2018 UAC list of services approved by Department of commerce to have entered for authorized operations Download file GST Circulars for SEZ Services of short term accommodation, conferencing, banqueting etc., provided to a SEZ developer or a SEZ unit shall be treated… Read More »

Analysis of CGST (Fifth Amendment ) Rules 2018

By | June 20, 2018

Central Goods and Services tax (Fifth Amendment ) Rules, 2018 The Central Government vide Notification No. 26 /2018 –Central Tax dated 13th June, 2018 has notified following rules further to amend the Central Goods and Service Tax Rules ,2017. Particulars Existing provision Revised provision Insertion in Rule : 37 Reversal of input tax credit in the case of… Read More »

Category: GST

Restriction on set-off of loss from house property w.e.f AY 2018-19

By | June 20, 2018

Restriction on set-off of loss from house property CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 35. Restriction on set-off of loss from house property. 35.1 Section 71 of the Income-tax Act relates to set-off of loss from one head against income from another. 35.2 In line with the international best practices, a new sub-section (3A) has been inserted in… Read More »

What GST Practitioner can do on GST Portal ? GST News Part 248

By | June 20, 2018

What GST Practitioner can do on GST Portal ? GST News Part 248 GST Practitioner benefits  /GST Practitioner meaning  GST Practitioners ; Analysis GST Practitioner FAQ [Video] What GST Practitioner can do on GST Portal ? GST News Part 248 GST Practitioner Exam Govt notified NACIN as the authority for conducting the examination for GST Practitioners under rule 83… Read More »

New Free GST Books and News 19.06.2018

By | June 19, 2018

New Free GST Books and News 19.06.2018 [ Join online GST Course by CA Satbir Singh ] New GST Free Study Material Free E-Handbook on GST Amendments issued by ICAI : june 2018 Edition Free E-Handbook on Job work under GST : by ICAI Free Background Material on GST Acts and Rules- May 2018 Edition… Read More »

Penalties under Income Tax Act [FA 2018]

By | June 19, 2018

PENALTIES UNDER THE INCOME-TAX ACT [As amended by Finance Act, 2018] Introduction Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to… Read More »

Reimbursement of GST liability on civil contract : HC directs Chhattisgarh SGST Officers to dispose of applications

By | June 18, 2018

HIGH COURT OF CHHATTISGARH Natthani Infrastructures v. State of Chhattisgarh SANJAY K. AGRAWAL, J. WP (C) NO. 1231 OF 2018 MAY  1, 2018 Ashish Surana, Adv. for the Petitioner. Gary Mukhopadhyay, GA and Pankaj Agrawal, Adv. for the Respondent. ORDER 1. Learned counsel appearing for the petitioner would submit that petitioner has made an application on 05.04.2018 before the respondent… Read More »

GST leads to Formalization of Economy and Widening of Tax Base : Govt Press Release 18.06.2018

By | June 18, 2018

Ministry of Finance GST leads to Formalization of Economy and Widening of Tax Base Posted On: 18 JUN 2018 1:08PM by PIB Delhi Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax… Read More »

Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20)

By | June 18, 2018

Standard deduction from salary income Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20) onward is available under Income Tax Act of India. Here we have analysed the Standard deduction under Salary with Examples. Commentary on Standard deduction from salary income Standard deduction on salary income [Section 16]  Section 16, inter-alia, provides for certain deductions in… Read More »

No standard deduction on family pension under Income tax Act

By | June 18, 2018

No standard deduction on family pension Whether Rs 40,000 allowed as standard deduction for employees and pensioners also applicable for family pensioners? A deduction of Rs 40,000 would be allowable against the income which is taxable under the head “Salaries”. The family pension is normally received after the death of an employee.  Deduction of Rs… Read More »

No service tax on amount received as reimbursable expenses from clients : CESTAT

By | June 18, 2018

CESTAT, NEW DELHI BENCH Text Hundred India (P.) Ltd v. Commissioner of Service Tax, Delhi S. K. MOHANTY, JUDICIAL MEMBER AND V. PADMANABHAN, TECHNICAL MEMBER FINAL ORDER NO. 51706 OF 2018 STA NO. 1477 OF 2011 APRIL  25, 2018 Bharat Bhushan, Adv. for the Appellant. Sanjay Jain, AR (DR) for the Respondent. ORDER S.K. Mohanty, Judicial Member – This appeal… Read More »

Taxes subsumed in GST / Taxes replaced by GST Act

By | June 18, 2018

Taxes subsumed in GST GST would replace the following taxes which were levied and collected by the Center and states Center Taxes subsumed a) Central Excise Duty; b) Duties of Excise (Medicinal and Toilet Preparations); c) Additional Duties of Excise (Goods of Special Importance); d) Additional Duties of Excise (Textiles and Textile Products); e) Additional… Read More »

Category: GST

Collection of entertainment tax after GST Act : writ Petition admitted in Allahabad HC

By | June 18, 2018

HIGH COURT OF ALLAHABAD Multiplex Cinevision (P.) Ltd. v. State of U.P. KRISHNA MURARI AND ASHOK KUMAR, JJ. WRIT TAX NO. 751 OF 2018 MAY  8, 2018 Asha Parihar for the Petitioner. Gyan Prakash for the Respondent. JUDGMENT 1. Petitioner is a Company incorporated under the provisions of the Companies Act engaged in the business of construction and development of entertainment… Read More »

How to Set off and Carry Forward Loss under Income Tax [ FA 2018]

By | June 18, 2018

SET OFF AND CARRY FORWARD OF LOSS UNDER THE INCOME-TAX ACT [As amended by Finance Act, 2018] Loss from exempted source of income cannot be adjusted against taxable income If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to… Read More »

Guide to Fugitive Economic Offenders Ordinance 2018 – by CA Srinivasan Anand G.

By | June 18, 2018

Guide to Fugitive Economic Offenders Ordinance 2018 Paperback – 2018 by CA Srinivasan Anand G. (Author) Product description Incorporating : Who is a Fugitive Economic Offender, What is a Scheduled Offence?, Whether Ordinance applies to Companies,LLPs, Firms or AOPs, Declaration of Individual as Fugitive Economic Offender, Consequences of Individual being declared by Special Court as Fugitive Economic Offender, Where… Read More »

Limited Insolvency Examination Guide (May 2018 Edition) – by V.S. Datey

By | June 18, 2018

Limited Insolvency Examination Guide (May 2018 Edition)Paperback – 2018 by V.S. Datey (Author) Price Rs 1568 to Buy Click here Product description A Comprehensive Examination Guide to Limited Insolvency Examination with Section-Wise Digest of Judgments on IBC Prescribed by IBBI Paperback: 1022 pages Publisher: Taxmann; May 2018 Edition edition (2018)

Insolvency and Bankruptcy Law Digest (May 2018 Edition) – by Taxmann

By | June 18, 2018

Insolvency and Bankruptcy Law Digest (May 2018 Edition)Paperback – 15 May 2018 by Taxmann (Author) A Section-wise case book of almost all relevant judgments of Supreme Court/High Courts/NCLAT/NCLT on Insolvency and bankruptcy code. Price Rs 912 to Buy Click here Paperback: 600 pages Publisher: Taxmann (15 May 2018)

Taxation of Trusts & NGOs (Finance Act 2018) – by Dr. Manoj Fogla

By | June 18, 2018

Taxation of Trusts & NGOs (Finance Act 2018) Hardcover – 2018 by Dr. Manoj Fogla (Author) Price Rs 2368 to Buy Click here Product description A Comprehensive Commentary on : Exemption & Taxation of Trusts & NGOs, Foreign Contribution (Regulation) Act 2010, Lokpal & Lokayuktas Act 2013 as applicable to Trusts and NGOs Hardcover: 1784 pages Publisher: Taxmann; 11th Edition 2018… Read More »

Guide to Indian Accounting Standards (Ind AS) (Set of 2 Volumes) 2018 by Taxmann

By | June 18, 2018

Guide to Indian Accounting Standards (Ind AS) (Set of 2 Volumes)Paperback – 2018 by Taxmann (Author) Price Rs 4195 to Buy Click here Product description With Implementation Guidance,Illustrative Examples, Basis for Conclusions ****Also Incorporating : New Ind AS 115-Revenue from Contracts with Customers *****Based on IFRS Official Pronouncements Paperback: 2608 pages Publisher: Taxmann; 3rd Edition May 2018 edition (2018)

Illustrated Guide to Indian Accounting Standards (Ind AS) (5th Edition May 2018) – by B.D. Chatterjee

By | June 18, 2018

Illustrated Guide to Indian Accounting Standards (Ind AS) (5th Edition May 2018) Hardcover – 2018 by B.D. Chatterjee (Author) Price Rs 2027 to Buy Click here Product description As Amended by Companies (Indian Accounting Standards) (Amendment) Rules 2018****A Comprehensive commentary on Ind AS with more than 200 illustrations, charts and case studies, Detailed comparative analysis of Ind AS and… Read More »

New GST News and Circular 18.06.2018

By | June 18, 2018

New GST News and Circular 18.06.2018 [ Join online GST Course by CA Satbir Singh ] New GST News GST and Income Tax Calendar : june 2018 GST Amendments Coming Soon .. Changes to include RCM, return filing, refund on exports Applicability of GST on Free Sample Supplies GST on Sale of old car purchased… Read More »