Rental Income is Business Income If Letting Out was Business of Assessee: ITAT [Read Order]
Read more at: http://www.taxscan.in/rental-income-business-income-letting-business-assessee-itat/27949/
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CBDT vide Instruction No.03/2018 (F.NO.225/249/9/2018-ITA.II), dated August 20,2018 has modified the earlier Instruction dated February 12,2018 and elaborated on the conduct of the mandatory E-Assessment.
Finance ministry has notified annual tax return forms for businesses registered under the GST, in which details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal have to be provided in a consolidated manner.
Under GST In case of transport of goods in lots or batches, separate delivery challan & invoice copy for each despatch. Original invoice with last lot.
Goods and services provided by charitable trusts for a consideration would classify as supply, making it liable for GST, the authority of advanced ruling (AAR) for GST in Maharashtra has ruled.
Overseas investors of Indian origin are allowed to buy up to 5 percent in any security under current regulation, India's economic affairs secretary Subhash Chandra Garg said in a bid to calm markets after recent regulatory changes.
IBBI has issued circular to all Insolvency Professional Entities w.r.t Compliance of regulation 13 (2) that All IPE are directed to inform the Board within seven days from the date when an IP ceases to be its director or partner or joins as its partner or director and forthwith and for all pending cases, not later than 7th Sep 2018.
RBI has notified that all new filings for FC-GPR, FC-TRS , LLP-I, LLP-II & CN will be in SMF only w.e.f September 01, 2018 (Copy Attached). FC-GPR & FC-TRS shall not be filed on ebiz.
PDC of ICAI extended the last date for submission of online Multipurpose Empanelment Form for the year 2018-19 including Declaration and Financial Documents till 12.00 am of 10th September, 2018. Visit www.pdicai.org
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Assessee can’t be Penalized for failure of Third Parties to submit PAN: ITAT* [Read Order]
Read more at: http://www.taxscan.in/assessee-penalized-failure-third-parties-submit-pan-itat/27957/
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No Legal Bar on GPA Holder to Execute Sale Deed when he is Authorized: ITAT confirms Addition* [Read Order]
Read more at: http://www.taxscan.in/legal-bar-gpa-holder-execute-sale-deed-authorized-itat-confirms-addition/27963/
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Karnataka HC confirms Entertainment Tax on the Event ‘Bangalore Fashion Week’* [Read Order]
Read more at: http://www.taxscan.in/karnataka-hc-confirms-entertainment-tax-event-bangalore-fashion-week/27973/
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Relaxation of additional fees and extension of last date of filing Form BEN-2
The Ministry of Corporate Affairs has received several representations regarding *extension of the last date for filing of e-Form BEN-2 without additional fees* on account of Companies (Significant Beneficial Owners) Rules, 2018 notified vide G.S.R. No. 561(E) dated 13.06.2018.
The *matter has been examined* and it is stated that the *time limit for filing the BEN-2 form would be 30 days from the date of deployment of BEN-2 e-form* on the MCA-21 portal and *no additional fee shall be levied if the same is filed within 30 days* from the date of deployment of the said e-form.
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LIMIT FOR FILING SUIT IN DRT INCREASED FROM 10 LAKH TO 20 LAKH
Whereas, sub-section (4) of section 1 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 ( 51 of 1993) provides that the *provisions of the said Act shall not apply* where the *amount of debt due* to any bank or financial institution or to a consortium of banks or financial institutions is *less than ten lakh rupees or such other amount, being not less than one lakh rupees* as the Central Government may, by notification, specify;
And whereas, the Central Government has considered it *necessary to raise the pecuniary limit from ten lakh rupees to twenty lakh rupees for filing application* for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions.
Now therefore, in exercise of the powers conferred by sub-section (4) of section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Central Government hereby specifies that the *provisions of the said Act shall not apply* where the *amount of debt due* to any bank or financial institution or to a consortium of banks or financial institutions is *less than twenty lakh rupees*
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100% Deduction not available u/s 80-IC If Substantial Expansion in Manufacturing was carried out after 5 Years: SC* [Read Judgment]
Read more at: http://www.taxscan.in/100-deduction-80-ic-substantial-expansion-manufacturing-5-years-sc/27981/
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Ex-Director can’t Sign and Verify Appeal Memo filed before Tribunal: ITAT [Read Order]
Read more at: http://www.taxscan.in/ex-director-sign-verify-appeal-memo-filed-tribunal-itat/27992/
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GST Evasion: First Arrest Recorded in Karnataka
Read more at: http://www.taxscan.in/gst-evasion-first-arrest-recorded-karnataka/28000/
