ITax Update-
The Delhi bench of the *Income Tax Appellate Tribunal (ITAT)* in the case of Jagat Singh Vs. ACIT(Circle) Delhi has held that the property which is not capable of letting out cannot be taxable under the head House Property Income for the purpose of income tax.
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Individual Raw Marks and Scaling Records of Exam conducted by ICAI can be given through RTI: CIC [Read Order]
Read more at: http://www.taxscan.in/individual-raw-marks-scaling-records-exam-icai-rti/30473/
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Bombay High Court order in case of Reliance Industries Ltd that Condonation of abnormal delay of 1371 days in removing office objections and directed to set its own house in order by sacking and removing the delinquent and negligent officials or penalising them otherwise so as to subserve larger public interest".
Kerala High Court in the case of S. K. Traders Vs. Asstt. State Tax Officer directed GST Deptt to complete the adjudication provided for u/S 129 and the goods detained shall be released to him forthwith.
State tax authorities have begun blocking input tax credit claims of companies that have any VAT demand in the erstwhile tax regime pending against them. This has led to some worry in the industry which had hoped that input tax credit settlements in the GST regime would be seamless.
Finance Ministry is likely to finalise the second round of capital infusion for public sector banks (PSBs) towards the end of this month taking into account the latest quarter's performance.
Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies.
ICAI informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2018, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, so as to reach us latest by 26th November 2018.
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Misconduct Proceedings under VAT Act can’t be initiated against Advocates, CAs, Cost Accountants: Gujarat HC [Read Judgment]
Read more at: http://www.taxscan.in/misconduct-proceedings-vat-act-initiated-advocates-cas-cost-accountants-gujarat-hc/30477/
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GST Commissioner arrested in Delhi for accepting Bribe
Read more at: http://www.taxscan.in/gst-commissioner-delhi-bribe/30484/
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Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank: ITAT [Read Order]
Read more at: http://www.taxscan.in/beneficiaries-fund-trust-swiss-bank-itat/30452/
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Two Recent Incidents made Mandatory Usage of UDIN for Chartered Accountants: ICAI
Read more at: http://www.taxscan.in/two-incidents-udin-chartered-accountants-icai/30482/
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Gujrat High Court decided that Unsecured loan/ Gifts to be added in Income of Assessee if paying capacity of giver is not proved: Sitaram Ramchanddas Patel Vs ITO.
CBIC exempt supply of Goods and Services from PSU to PSU from applicability of provisions relating to TDS vide Notification No. 61/2018 – Central Tax Dated 5th November, 2018.
GST is applicable of toll reimbursement charges collected in course of providing a service : AAR
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. The ministry has notified annual return form for normal taxpayers (GSTR-9) and for composition taxpayers (GSTR-9A). The last date for filing the annual return forms is December 31.
The Internal Audit Standards Board of ICAI is organising Certificate Course on Concurrent Audit of Banks from November 24, 2018 at New Delhi which is being hosted by NIRC of ICAI at New Delhi. https://resource.cdn.icai.org/52368iasbncr.pdf
NIRC of ICAI Newsletter is an effective medium to reach out members and disseminate useful information. http://www.nirc-icai.org/Banner/Data/NIRC%20Newsletter%20Nov%202018.pdf
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Income Tax Dept to investigate on use of Fake PAN Cards
Read more at: http://www.taxscan.in/income-tax-fake-pan-cards/30488/
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TDS not applicable to Supplies between Public Sector Undertakings: CBIC [Read Notification]
Read more at: http://www.taxscan.in/tds-supplies-public-sector-cbic/30490/
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GST: CBIC clarifies Scope of Principal and Agent Relationship [Read Circular]
Read more at: http://www.taxscan.in/gst-cbic-principal-agent/30493/
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ICAI organizes various Programmes on GST
Read more at: http://www.taxscan.in/icai-programmes-gst/30505/
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ICAI Election 2018: Manner of Recording of Votes Changed
Read more at: http://www.taxscan.in/icai-election-2018-manner-votes/30542/
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GST: CBIC clarifies Scope of Principal and Agent Relationship [Read Circular]
Read more at: http://www.taxscan.in/gst-cbic-principal-agent/30493/
