☛ News: Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

☛ GST: Classification of goods/services/both - rate of tax - coverage of various items used in the sprinklers and drip irrigation systems sold individually as well as part of a complete system - Laterals of drip irrigation system will attract GST 12% (CGST 6% + SGST 6%) - Laterals of sprinklers will attract GST at 18% (CGST 9% + SGST 9%).

☛ GST: Jurisdiction - Competency to issue SCN - absence of any notification under Section 4 of IGST Act - 2017 - The officers appointed under the MPGST Act are authorized to be proper officers for the purpose of IGST

☛ Income Tax: Reopening of assessment - claim of deduction u/s 10A denied - scrutiny assessment was conducted - It was not be open for the Assessing Officer to reopen such assessment on the principal claim of the petitioner for deduction on the ground that some other elements or aspects of the claim were not examined. This would clearly be a case of change of opinion.

☛ Income Tax: Depreciation on machinery not listed in New Appendix-I Depreciation Schedule – Part-III (xia) eligible for depreciation @ 40% - Neither AO nor the CIT (A) has rendered a finding that the stand taken by the assessee stating that the tabulated items form part of the listed items in the schedule is either factually incorrect or a wrong submission. - Claim of depreciation allowed.

☛ Income Tax: Registration u/s 12A - Condonation of delay - Ignorance of law is no excuse. The provision of Section 12A, being a beneficial provision to the Assessee, requires strict interpretation. Therefore, the Assessee should have been in a position to explain the delay, which is more than 18 years in the instant case.

☛ Income Tax: PIL - alleged undeclared income - The present Public Interest Litigation is not a genuine Public Interest Litigation, but a politically motivated litigation, which deserves to be dismissed with exemplary cost.

☛ Income Tax: Penalty u/s 271D - while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. - Not permissible - No penalty.

☛ Income Tax: Condonation of delay - appeal of the assessee against the levy of late filing fee u/s 234(E) was dismissed at the admission stage on account of delay in filing the appeal - bonafide explanation for delay - merely technicality should not come in the way of discharge of substantial justice - We accordingly condoned the delay in filing the appeal

☛ Income Tax: TDS u/s 194J OR 194C - payment received by BET towards the work carried on under Phase II of the agreement, will not fall under the definition of the term professional services as no new technical consultancy has been offered by BEL to assessee - TDS was rightly deducted u/s 194C

More Highlights

☛ Presumptive taxation – An analysis under different scenario

☛ FIRST FORMAL NOTICE U.S. 143.2 – LONG TIME SHOULD BE ALLOWED- time allowed of few days is un-necessarily putting pressure on all- is it just to harass assesses and tax professionals?

☛ BLOCK JOINING MORTAR: GST @ 18%, NOT 28%

☛ NOTARY PUBLIC

☛ TCS PROVISIONS ON ELECTRONIC COMMERCE OPERATOR w.e.f. 01.10.2018

☛ ARBITRATION COUNCIL OF INDIA

☛ INDUS MOBILE DISTRIBUTION PRIVATE VS DATAWIND INNOVATIONS PVT. LTD: A CASE COMMENT

☛ Restructuring Corporate Offenses: Government Appointed Panel Suggests in-house adjudication system

☛ COLLECTION OF TAX AT SOURCE UNDER ‘GST’

☛ PART I: GST AUDIT REPORT COMMENTARY

More Articles

☛ Co. Law - Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018

☛ Co. Law - Companies (Registration Offices and Fees) Fifth Amendment Rules, 2018

☛ Co. Law - Companies (Indian Accounting Standards) Second Amendment Rules, 2018

☛ Cus (NT) - Exchange Rates Notification No.81/2018-Custom(NT) dated 20.9.2018

☛ CGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies

☛ IGST Rate - Seeks to insert explanation in an entry in notification No. 9/2017 – Integrated Tax (Rate) by exercising powers conferred under section 6(3) of IGST Act, 2017.

☛ UTGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Union Territory Tax (Rate) by exercising powers conferred under section 8(3) of UTGST Act, 2017.

☛ CGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017

☛ IGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for inter-State taxable supplies

☛ Co. Law - Central Government appoints the 19th September 2018, as the date on which the provisions of section 37 of the Companies (Amendment) Act, 2017 shall come into force

☛ Co. Law - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2018

☛ Cus (NT) - Exchange Rates Notification No.80/2018-Custom(NT) dated 19.9.2018

☛ LLP - Limited Liability Partnership (Second Amendment) Rules, 2018

☛ Cus - Amendment to Customs Exemption Notifications No. 24/2015-Customs dated 08.04.2015 to align it with amendment in Foreign Trade Policy

☛ IT - U/s 35(1) (ii) of IT Act 1961 Central Government approved for organization . M/s Indian Council of Medical Research

More Notifications

☛ DGFT - Activation of E-com module for SEIS, based on ANF 3B notified vide Public Notice 15/ 2015-20 dated 28.06.2018

☛ Customs - Sanction of pending IGST refund claims where the records have not been transmitted from the GSTN to DG Systems-reg.

☛ FEMA - External Commercial Borrowings (ECB) Policy - Liberalisation

☛ Goods and Services Tax - Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases

☛ Customs - Customs procedure for export of cargo in containers and closed bodied trucks from ICDs/CFSs through Land Customs Stations (LCSs) - Reg.

☛ DGFT - Charging of Fees for REX Registration — reg.

☛ Goods and Services Tax - Guidelines for Deductions and Deposits of TDS by the DDO under GST

☛ Goods and Services Tax - Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular Nos. 41/15/2018-GST dated 13.04.2018 and 49/23/2018-GST dated 21.06.2018 - regarding

☛ Goods and Services Tax - Clarification regarding processing of refund claims filed by UIN entities – regarding

☛ DGFT - 'To do list for SCOMET Policy/Procedure' for feedback/inputs from industry for simplification of licensing procedure of SCOMET items - regarding

☛ Customs - Safeguard duty on Solar cells whether or not assembled in modules or panels - regarding

☛ DGFT - One time relaxation for regularisation and issue of EODC for exports made prior to imports where Advance Authorisation issued for import of Natural Rubber/ Silk – reg.

☛ DGFT - Allocation of preferential export of sugar to USA under TRQ for the year 2018-19

☛ Goods and Services Tax - Levy of GST on Priority Sector Lending Certificates (PSLC) – regarding

☛ DGFT - Guidelines to apply for MEIS under the System Driven approval mechanism for MEIS applications for shipping bills from EDI ports

More Circulars

☛ Auction for Sale (Re-issue) of Government Stocks

☛ Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

☛ Preventive Vigilance – The Key Tool of Good Governance at Public Sector Institutions (Urjit R. Patel, Governor, Reserve Bank of India - September 20, 2018 - at the Central Vigilance Commission, New Delhi)

☛ Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

☛ Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately ₹ 79.21 crore on the taxable value of concocted supplies of ₹ 450 crore

☛ Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19

☛ I-T Dept inspects books of Jet Airways

☛ Cabinet approves equity infusion of RCF in Talcher Fertilizers Ltd.

☛ Cabinet approves Revised Cost Estimate of Dam rehabilitation and Improvement Project

☛ Prime Minister to lay foundation stone of world class Convention centre in New Delhi

☛ Abundant Opportunities for Australian Superfunds to Invest In India : Suresh Prabhu

☛ CCI approves the combination of Linde Aktiengesellschaft and Praxair, Inc. under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the Anti-competitive effects resulting from the said combination.

☛ CCI imposes penalties upon Sugar Mills and their Associations for rigging the bids in respect of Joint Tender floated by Oil Marketing Companies for procurement of Ethanol for blending with Petrol

☛ India signs Financing Loan Agreement with the World Bank for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)

☛ Suresh Prabhu Urges G-20 Members to Focus on Services for Enhancing Global Trade

More News

Sale of car (30)

Refund of cenvat credit of service tax under rule 5 of cenvat credit and notification no 27/2012 by servive provider. (21)

Reg.: gst refumd (15)

Canteen supplies to sez unit employees (14)

Car repair and car insurance (14)

Gta under both rcm & fcm mechanism (13)

Purchase rejection procedure in gst (12)

Input tax credit (12)

Application for refund of itc on export of goods & services without payment of itc (11)

Application of gst for consultancy services given to us company (11)

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Trans-1 credit (2)

Refund of excess tax on property shown in form 26as part a2... (1)

Fdr interest (2)

Loan by private limited to firm (1)

Condonation of delay in filing of itr (1)

Procedure for surrender of duty drawback (1)

Import of vanaspati ghee(salsa) under new guidelines of safta... (1)

Admission of cp in nclt court (1)

Gst rate & hsn / sac code for canteen in factory... (6)

Provisional registration cancelled (4)

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