*Advising Foreign Client for making Investment in Indian Real Estate Companies is Management or Business Consultant Service: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/advising-real-estate-business-consultant-service-cestat/21987/
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CBI launches Four Fresh cases against Principal Commissioner of Income Tax*
Read more at: http://www.taxscan.in/cbi-cases-commissioner-of-income-tax/22035/
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*Bombay HC asks CBDT to re-consider practice of Appointing Retired Revenue Officers as Dept Counsel* [Read Order]
Read more at: http://www.taxscan.in/bombay-hc-cbdt-practice-appointing-retired-revenue-officers-dept-counsel/22027/
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*Refund Sanctioning Authority canтАЩt insist to produce Original Documents: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/refund-authority-documents-cestat/21957/
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Govt Notifies Rules for Issuing Attachment Order on Property of Fugitive Economic Offenders* [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-rules-attachment-order-property-fugitive-economic-offender/22042/
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ЁЯСЙЁЯП╗Govt collects Rs 7.41 lakh Cr from GST in FY 17-18*
(This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/tSU9Tq
*ЁЯСЙЁЯП╗RBI liberalises ECB norms; more access to cheaper funds*
(It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign equity holder under the automatic route to 7:1. This ratio will not be applicable if total of all ECBs raised by an entity is up to USD 5 million or equivalent)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/bzwwgb
*ЁЯСЙЁЯП╗Unique Identity Number (UIN) on GST invoice is mandatory*
(Govt clarified that recording of the UIN on the invoice is a necessary condition under the Central Goods and Services Tax (CGST) rules and any contravention may attract punitive action)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/TUvMjF
*ЁЯСЙЁЯП╗Engagement of internal auditor and tax consultant for OIDB*
( Engagement of internal auditor and tax consultant for Oil Industry Development Board. Last Date - May 10, 2018)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/qN6Jjm
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*Guidelines issued by CPC for claiming Exemption u/s 10 & 11*
As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7.
It is possible that some of the claims made under these sections may have been disallowed during processing for the below mentioned reasons and in certain cases may be rectifiable by suitable corrections in the data reported in ITR-7.
*Claiming exemption under Section-11 - necessary pre-requisites for accurate processing of the ITR*
From the Assessment Year 2018-19 onwards, the return of income in prescribed
Form i.e ITR-7 has to be e-filed on before the due date mentioned under section 139(1).
Moreover, the Audit report in Form-10B has to be e-filed along with the return.For claiming the benefit of deemed application under Section 11(1),
the Form-9A has to be e-filed before due date mentioned under Section 139(1).For claiming the benefit of accumulation under Section-11(2),
the Form-10 has to be e-filed before due date mentioned under Section 139(1).If the trust or institution is registered under Section 12A or 12AA, no exemption under Section 10 [other than Section 10(1) and 10(23C)] is allowable.
Therefore, do not make any claim of exemption under other sub-sections of Section 10 or Section 10A /10AA or Section 13A or Section 13B or deductions under Chapter VIA.If in any of the projects/institutions run by the trust, one of the charitable purpose is "Any other object of general public utility" and the activity is in the nature of trade, commerce or business or service as referred to in proviso to Section 2(15), then provide the aggregate annual receipts from such activity and its percentage in Schedule Part-A Other details.Any income declared under Section-11(1B), Section-11(3), Section-12(2) and Section-13 is fully taxable without allowing any exemption under Section-11. Hence, before entering the details against these sections please ensure that any income which is already applied towards the objectives is not entered here.In order to claim exemption under section 11, all incomes must be entered first in Schedule-AI.The details of projects/institutions run by trust and details of Registrations or Approvals have to be necessarily provided in Schedule Part A General.
*Claiming exemption under Section-10 - necessary pre-requisites for accurate processing of the ITR*
If the trust or institution is registered u/s 12A/12AA, no exemption other than Section 10(1) and 10(23C) is allowable.From the Assessment Year 2018-19 onwards, to claim exemption under section-10(23C)(iv)/(v)/(vi)/(via), the return of income in prescribed Form i.e ITR-7 is to be e-filed on before the due date mentioned under section 139(1).
Moreover, the Audit report in Form-10BB has to be e-filed along with the return.To claim exemption under Section-10 please select the applicable sub-section/sub-clause of Section 10 [or others] in drop down list of "Section under which exemption claimed" in "Details of projects/institutions run by you" in Part A-General
(1).The amount of exemption to be claimed under Section-10 has to be entered in the appropriate row provided in Part-BTI.To claim exemption u/s 10(23C)(iiiad)/(iiiae), the details of aggregate annual receipts have to be provided in Schedule Part-A General. If the aggregate annual receipts is more than Rs.1 Crore then the exemption under section-10(23C)(iiiad)/(iiiae) is not allowed.Please select the correct section under which return is furnished like 139(4C) or 139(4D) or 139(4E) or 139(4F) to claim exemption under other sub-sections of Section-10
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CBDT has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives.
Income tax (I-T) department has seized nearly Rs 15 crore in the last two days across Bengaluru, Hyderabad and Punjab. The tax department started its crackdown on cash hoarders amid a cash crunch reported in several states earlier this month.
To avoid GST Notice, Reconcile ITC in GSTR-3B with GSTR-2A. Pay GST excess claimed with Interest @ 24% pa. Use Web-GST for automated report.
MCA has issued General Circular 03/2018 dated 27.04.2018 regarding One day Extension of the Condonation of Delay Scheme, 2018 due to gazetted holiday on 30.04.2018 on account of Budh Purnima. So now last date is 01.05.2018.
The Ministry of Consumer Affairs, Food and Public Distribution, has issued the advisory for smooth implementation of the Legal Metrology (Packaged Commodities) (Amendment) Rules, 2017.
Valuation Standards Board of the ICAI has published exposure drafts for the Valuation Standards. Inputs on the same can be given till May 12, 2018. Email: Comments can be sent to commentsvsb@icai.in.
Ministry of Labour & Employment extended Last date for giving comments/suggestions on the Draft Code on Occupational safety, Health and Working conditions, 2018 extended upto 31st May, 2018.
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*Maharashtra postpones E-Way Bill Rollout to 31st May* [Read Notification]
Read more at: http://www.taxscan.in/maharashtra-e-way-bill-rollout-may/21997/
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6+3 = 9
But So Does 5+4.
The Way You Do Things Is Not Always
The Only Way To Do Them.
Respect Other People's Way Of Thinking !
ЁЯУ║ *Updates*
тЦ╢1. NCLAT stays penalty on Google imposed by Competition Commission for unfair trade practices on search engine
Google LLC v. Competition Commission of India
тЦ╢2. Reassessment valid if AO failed to consider any issue during assessment even if all docs. were products before him
REPCO Home Finance Ltd.
v. Assistant Commissioner of Income-tax, Company Range-5 Chennai*
ЁЯЩПя┐╜Thank youЁЯЩПя┐╜
Have a nice day
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GST: Mention UIN of Foreign Diplomatic Missions / UN Organizations on Invoices while making Supplies: Finance Ministry*
Read more at: http://www.taxscan.in/mention-uin-foreign-diplomatic-missions-un-organizations-invoices-supplies-finance-ministry/21937/
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*Collection of Post-dated Cheques during Inspection not permissible under GST: Gujarat HC sets aside Provisional Attachment of Bank Accounts* [Read Judgment]
Read more at: http://www.taxscan.in/collection-post-dated-cheques-gst-gujarat-hc-provisional-attachment-bank-accounts/21948/
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*Second Notice u/s 158BC by same Assessing Officer is Valid: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/second-notice-158bc-assessing-officer-valid-supreme-court/21869/
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*Discounts by E-Commerce Portals not Taxable: Flipkart gets relief from ITAT* [Read Order]
Read more at: http://www.taxscan.in/discounts-e-commerce-taxable-flipkart-relief-itat/21896/
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*Neutralizing GST impact on Works Contracts: Railway includes Cost Accountants to Certify Worksheets* [Read Letter]
Read more at: http://www.taxscan.in/gst-works-contracts-railway-cost-accountants/21907/
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# *CBDT* has issued the draft of notification proposed to be issued under Section 112A (4) of the Act on acquisition of capital assets being equity without payment of STT for the purpose of LTCG @ 10%, has been uploaded and stakeholders are requested to submit their comments/ suggestions on the draft notification by 30 APR 2018 at the e-mail address dirtpl2@nic.in.
# *IBC*: The Company is not able to repay its debts then its management cannot be expected to have a divine right to keep continue with the managing the affair of the company - petition under I & B Code is acceptable тАУ BoB Vs. Rotomac Global & Rotomac Exports (2018 (4) TMI 1379 тАУ NCLT, Albd).
# *MCA* has issued Notification regarding designation of special court for the State of Uttar Pradesh.
# *IT*: Initiation of the re-assessment proceedings u/s 147 by issuing a notice u/s 148 merely because of the fact that now the AO is of the view that the deduction under Section 10A was allowed in excess, was based on nothing but a change of opinion on the same facts and circumstances тАУ ITO Vs. TechSpan India Pvt. Ltd. & Anr (2018 (4) TMI 1376 - SC).
# *IT*: Personal expenses can be taxed in the hands of assessee u/s 2(24)(iv) as the amount was routed through the franchisee, which was the HUF of the assessee? - Held NO тАУ CIT Vs. C. S. Seshadri (2018 (4) TMI 1369 - Madras HC).
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*Recent updates on GST*
1.Central Board of Indirect Taxes and Custom (CBIC) prescribes procedures for arrears recovery /
inadmissible ITC reversal, detention & release of goods
2. CBIC prescribes detailed procedure for inspection, release & confiscation of goods / conveyances
3. Clarification regarding GST on supply of food and drinks in educational institutions
4. Clarification on issues related to furnishing of Bond/Letter of Undertaking (тАШLUTтАЩ) for exports
5. Government sets up an IT Grievance Redressal Mechanism to address the grievances of taxpayers
due to technical glitches on GST Portal
6. No IGST on overseas trading absent importation of goods into India
7. Recovery of canteen expenses from employees taxable under GST regime
8. 5% Uniform rate of GST to apply in all railway catering services in trains or on stations
*Clarification on issues related to Job Work*
Central Government has clarified few issues related to Job Work under GST which are as
follows-
1. Job worker, in addition to the goods received from the principal, can use his own goods for
providing the services of job work.
2. Job worker is required to obtain registration only in cases where his aggregate turnover exceeds the threshold limit regardless of whether the principal and job worker are located in the same state or in different states.
3. It is clarified that the supply of goods by the principal from the place of business / premises of the job worker will be regarded as supply by the principal and not by the job worker.
4. Principal should intimate in Form GST ITC-04 for removal goods sent to the job worker without
payment of tax.
5. Principal can claim Input tax credit (ITC) on inputs even if goods move directly from the supplier to
the job worker.
Registered job worker can also avail ITC on inputs procured by him in supplying
the job work services.
*CBIC amends Central Goods and Services Tax Rules for* refund in case of
inverted duty structure , consumer welfare fund and others
CBIC has amended the following rules vide issuing a notification dated 18th April
2018
1. Method for calculation for refund in case of inverted duty structure
2. Audit of consumer welfare fund by Comptroller & Auditor General of India and other
provisions
3. Insertion of Form GSTR-10 (Final Return) to be submitted by a registered person who is
required to furnish a return under section 39(1) of the CGST Act and whose registration has
been cancelled.
*Clarification on issues regarding тАЬBill To Ship ToтАЭ for e-Way Bill under*
CGST Rules, 2017
Central Government has clarified the procedure to be followed for generation of e Way bill
under тАЬBill To Ship ToтАЭ model of movement of goods.
Basically, Government has clarified that who would generate the e-Way Bill for the movement of goods in said model.
It is clarified that as per the CGST Rules, 2017 either тАШSellerтАЩ (Who has received the order) or
тАШPurchaserтАЩ (who has given the order) can generate the e-Way Bill but it may be noted that only
one e-Way Bill is required to be generated.
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*Receipt from Redemption of Stock Appreciation Rights is Capital Gain, prior to 1999: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/redemption-stock-appreciation-rights-capital-gain-sc/21877/
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*Sharadha Chit Funds Scam: Madras HC dismisses Nalini ChidambaramтАЩs plea to quash ED summons* [Read Judgment]
Read more at: http://www.taxscan.in/sharadha-chit-funds-scam-madras-hc-dismisses-nalini-chidambarams-plea/21883/
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ЁЯУ║ *Updates*
тЦ╢1. Person summoned under Money Laundering Act is bound to appear before competent authority
Mrs. Nalini Chidambaram v. Directorate of Enforcement, New Delhi.
тЦ╢2. ITAT rightly allowed deduction of exp. of earlier yr as assessee followed completed contract method of accounting
Principal Commissioner of Income Tax-29, Mumbai v. NathpaJhakri Joint Venture*
тЦ╢3. No denial of registration just because hefty fee was charged from students if surplus funds were used for education
B.B. Educational Society v. Commissioner of Income Tax, Karnal*
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. *Income Tax Deduction allowable to Expenses incurred for Acquiring Trade Mark: Delhi HC* [Read Judgment]
Read more at: http://www.taxscan.in/income-tax-deduction-allowable-expenses-incurred-acquiring-trade-mark-delhi-hc/21729/
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*No Income Tax on Lottery Prize since Tax was already paid under Sikkim State Income Tax Rules: SC* [Read Judgment]
Read more at: http://www.taxscan.in/lottery-prize-income-tax-sikkim-state-rules-sc/21769/
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No Relief to ChidambaramтАЩs Kin, Madras HC rejects Plea* [Read Judgment]
Read more at: http://www.taxscan.in/no-relief-chidambarams-kin-madras-hc-rejects-plea/21756/
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Lease Equalization Charges Deductible from Rental Income: SC upholds ICAI Guidance Note* [Read Judgment]
Read more at: http://www.taxscan.in/lease-equalization-charges-sc-icai-guidance-note/21860/
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Civil Contractor canтАЩt be penalized u/s 271A of Income Tax Act*: ITAT [Read Order]
Read more at: http://www.taxscan.in/civil-contractor-income-tax-itat/21744/
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Supply of Blue Prints is Technical Service for S. 80-O Deduction: Supreme Court* [Read Judgment]
Read more at: http://www.taxscan.in/supply-blue-prints-deduction-supreme-court/21811/
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Govt appoints Officers for conducting Search and Seizure under Fugitive Economic Offenders Ordinance* [Read Notification]
Read more at: http://www.taxscan.in/govt-appoints-officers-fugitive-economic-offenders-ordinance/21872/
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ЁЯСЙЁЯП╗20 million e-way bills generated in 24 days - GSTN*
( The 'GST Systems' in a tweet said, "In a span of 24 days, over 2 crore E-Way Bills were generated for the movement of goods")
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/7Ek4MP
*ЁЯСЙЁЯП╗Discounts by Flipkart are not taxable - ITAT*
(ITAT has accepted the claim of Flipkart of treating such expenditure as tax-deductible revenue expenditure and rejected the re-characterisation of such expenses as attempted by the tax dept)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/pfmUTM
*ЁЯСЙЁЯП╗IPs facing disciplinary proceedings cannot take up assignments - IBBI*
( IP who has been issued a show-cause notice should not accept any fresh assignment as interim resolution professional, resolution professional, liquidator or a bankruptcy trustee under the IBC)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/u7ZADu
*ЁЯСЙЁЯП╗Internal Audit of DFCCIL for FY 2018-19 to FY 2020-21*
( Internal Audit of DFCCIL for FY 2018-19 to FY 2020-21 and Land Audit for FY 2017-18 to FY 2020-21)
ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗ ЁЯСЗЁЯП╗
https://goo.gl/z1sVWM
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The income tax department has put out draft rules specifying situations where the recently imposed capital gains tax would apply even though no securities transactions tax (STT) has been paid.
30.4.18 (Monday) is last date to pay TDS/TCS of March 2018 & TDS @ 5% for 2017-18 on rent more than 50000 pm by individual/HUF (Tax audit NA in 2016-17) (Sec 194IB).
GST: E-Way Bill Mandatory for intra-State movement of goods weft (25.4.2018) in Arunachal Pradesh, Madhya Pradesh, Meghalaya, Sikkim & Puducherry.
STBA discussion with COMVAT, he has assured that the time for filing DVAT return pertaining to Petroleum & Liqueur dealers, for Q-4, 2017-18 shall be extended reasonably followed by circular.
Dena Bank invites applications for selection of CA Firms as Concurrent Auditors for the period July 2018 to June 2019 in Dena Bank. Last date for submission of RFR - 11/05/2018.
NIRC of ICAI organize Badminton & Table Tennis Tournament 2018-19 on 27 May- Common Wealth Games Village, Near Akshardham, Delhi www.nirc-icai.org
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ЁЯУ║ *Updates*
тЦ╢1. CBDT issues draft notification to provide Sec. 112A relief to off-market acquisitions
https://www.taxmann.com/topstories/222330000000015255/cbdt-issues-draft-notification-to-provide-sec-112a-relief-to-off-market-acquisitions.aspx
тЦ╢2. Manager of corporate debtor in default is not eligible to submit resolution plan under IBC
Numetal Ltd. v. Satish Kumar Gupta RP
тЦ╢3. Income earned on share application money invested in FDs liable to set off against IPO expenses: SC
Commissioner of Income-tax-IV, Ahmedabad v. Shree Rama Multi Tech Ltd.
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*GST*: April 30, 2018 is the LAST Date for filing Quarterly GSTR-1 for the registered persons with aggregate turnover up to Rs.1.50 Crores.
*Empanelment:* Applications for selection of CA Firms as Concurrent Auditors for the period July 2018 to June 2019 in Dena Bank. Last date - 11/05/2018
https://www.denabank.com/viewdetail.jsp?lang=0&did=15244704518117F53557D6FBA9CBC463BC14F1F37D663&id=0,47
*New Format of Auditor's Report* under SA 700 Effective For Audit of Financial Statements for period beginning on or after April 1, 2018
*Webcast by PDC on NBFC's-Recent Regulatory Developments* & Challenges on 26April @ 4-6 PM visit www.pdicai.org/ - To view //estv.in/icai/26042018/
Join *Training Guide for Auditors* on SAP/Oracle on 27 Apr,2018 at 5.00 PM at Technia Institute of Advanced Studies, Rohini, Delhi. Register at www.nirc-icai.org/seminars
*Seminar on ICDS and TDS* on Saturday 28th April, 2018 at Eros Hotel, Nehru Place, New Delhi visit www.nirc-icai.org/seminars
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Govt Announces Reward Scheme for Benami Transactions Informants*
Read more at: http://www.taxscan.in/govt-reward-benami-transactions-informants/21647/
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*AdvocatesтАЩ Strike: CESTAT Ahmedabad Transfers Cases to Mumbai Bench* [Read Notice]
Read more at: http://www.taxscan.in/advocates-strike-cestat-cases-mumbai/21659/
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No Lifetime Tax on JCBs registered after 15.2.2016: Chhattisgarh HC* [Read Judgment]
Read more at: http://www.taxscan.in/life-time-tax-jcbs-chhattisgarh-hc/21603/
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No Service Tax Liability in respect of Agreement for grant of License to Use Technical Know-How by Foreign Companies: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/service-tax-license-technical-know-how-foreign-companies-cestat/21716/
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тЦ╢Direct Tax:
тЬ│Andhra Pradesh HC confirms ITAT order, holds that allowances paid to employees deputed to UK by assessee (software developer) is taxable as perquisite u/s 17 (2) subject to tax deduction at source, disallows claim for exemption u/s 10(14); Notes that allowances represented lumpsum payment to employees by way of conferring additional advantage in order to meet the high cost towards accommodation and other personal expenditure, thus holds that such expenditure cannot be treated as having been incurred in connection with discharge of their duties within the meaning of Sec 10 (14). [TS-643-HC-2017(AP)]
тЬ│Delhi HC reverses ITAT order to allow deduction of liquidated damages paid by the assessee for cancelling earlier agreement to sell immovable property, as expenditure incurred wholly and exclusively in connection with transfer u/s 48(i). [TS-198-HC-2018(DEL)]
тЦ╢Indirect Tax:
тЬ│CESTAT Delhi held that Excise not leviable on scrap not emerging due to a process of
manufacture. M/s Varun Beverages Limited Vs. CCE&ST (CESTAT Delhi)
тЦ╢Key dates:
тЬ│. GSTR-1 for the taxpayers with annual turnover up to Rs 1.5 cr for the January to March on Quarterly basis: 30.04.2018
тЬ│. Payment of TDS/TCS collected in March: 30.04.2018
тЬ│. E-filing of form 15G/H for March Quarter: 30.04.2018
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Income tax department has asked countryтАЩs top lenders including SBI, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank to pay tax that could run into thousands of crores, on тАШfree servicesтАЩ provided to customers maintaining a minimum account balance, with retrospective effect.
International fliers buying goods from duty free shops at DelhiтАЩs IGI Airport will have to pay GST. Shops are within the territory of India under GST Act cited by Authority for Advance Ruling.
MCA Forms CHG-1 and MGT-7 are likely to be revised on MCA21 Company Forms Download page w.e.f 13th April 2018. Stakeholders are advised to check the latest version before filing.
RBI recent crackdown on crypto currencies has left investors, traders, and crypto exchanges in a fix, prompting them to tap alternative means to convert their crypto currency into rupees and exposing them to the risk of losing their holdings.
The IBBI has issued a Circular to clarify the situation when the Disciplinary Proceeding shall be treated as Commenced for the Insolvency Professional.
SEBI is once again caught on the wrong foot, and this time for one of its recent circulars that made public names of over 2,000 entities, which have defaulted on its dues.
