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Income Tax: Tax Audit Report u/s 44AB - Form 3CD - the proposed clause 30C and proposed clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2019 - Accordingly reporting of information regarding GAAR and GST deferred.

GST: Levy of GST - Whether the money paid by the customer to the driver of the cab for the services of the trip is liable to GST and whether the applicant company is liable to pay GST on this amount? - Held Yes

GST: Levy of GST - Supply or not - The conversion of e-Units into diamonds would constitute a supply of diamonds liable to tax under the Goods and Services Tax Act.

GST: Levy of GST - diamonds - e-units - The derivative contracts in e-Units and settlement thereof would be treated as transactions in securities in case it involves only e-Units without any involvement of physical diamonds and thereby would remain out of the scope of levy under GST.

Income Tax: Validity of notice issued u/s 148 - service of notice at an address obtained from bank account - when the Department had correct address of the assessee, sending notice at incorrect address and then presumption drawn of service of notice is wholly erroneous

Income Tax: Levy of penalty u/s 271(1)(c) - appellant wrongly claimed loss by debiting it to P & L Account on account of loss on sale of assets whereas the same was capital loss and not business loss. - Levy of penalty deleted as there is no concealment of income

Income Tax: It was permissible for the AO to reject the books of account u/s 145 and pass assessment order u/s 144 - Instead, the AO had disallowed the claim of expenditure on "Consumable Stores" only 10%. The assessee is not prejudiced in any manner in not resorting to the best judgment assessment by the AO.

Income Tax: Assessment in the hands of representative / agent - Chief Financial officer (CFO) of the non-resident assessee - Merely because those shares related to the Indian company, that would not make the Indian company as agent qua deemed capital gain purportedly earned by the foreign company.

Income Tax: Nature of sale of Hotel premises - the intention of the parties was to sell the hotel business as a going concern and the same is nothing but a slump sale - Liable to the taxed u/s 50B of the I.T.Act

Income Tax: STCG or LTCG - determination of period of holding of property - The registration of the property which was done subsequently on 11-07-2008 was only a formality. And therefore the period of 36 months of holding of long term capital Assets should be reckoned from 24-04-2008 and not from 11-07-2008 as wrongly adopted by the LD AO

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Articles
Notifications

FTP - Amendment of import policy condition of Petcoke.

Cus (NT) - Exchange Rates Notification No.74/2018-Custom(NT) dated 16.08.2018

Cus (NT) - Customs (Finalisation of Provisional Assessment) Regulations, 2018

Cus (NT) - Exchange Rates Notification No.72/2018-Custom(NT) dated 14.08.2018

Cus (NT) - Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg.

Cus - Corrigendum - Notification No. 58/2018-Customs, dated the 7th August, 2018

Indian Law - The Constitution (One Hundred and Second Amendment) Act, 2018.

IT - U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Madhya Pradesh Real Estate Regulatory Authority, a body constituted by Government of Madhya Pradesh, in respect of the specified income arising to that body

IT - Central Government notifies ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government,in respect of the specified income arising to that board

CGST - Seeks to prescribe the due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019

CGST - Seeks to prescribe the due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto ₹ 1.5 crores for the period from July, 2018 to March, 2019

CGST - Seeks to prescribe the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than ₹ 1.5 crores for the months from July, 2018 to March, 2019

Cus (NT) - Appointment of Common Adjudicating Authority by DGRI-reg.

Cus (NT) - Appointment of Common Adjudicating Authority by DGRI-reg.

IT - U/s 280A(1) Of IT Act 1961, Central Government, in consultation with the Chief Justice of the Gauhati High Court designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region

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Circulars/ Public Notices

DGFT - Allowing import of 125 MT of Peas (under Exim Code 07131000) or less (entire quantity as applied) per contract irrespective of advance payment made before 25.04.2018.

Income Tax - Tax Audit Report - For 3CD - reporting of information regarding GAAR and GST deferred.

DGFT - Status of Norms Fixation of Advance Authorisations obtained under Self declaration basis- reg.

DGFT - Acceptance of installation certificate under EPCG Scheme by the RAs, wherein installation certificate is submitted beyond 18 months, without penalty

Customs - Clarification regarding bank guarantee requirement for bond executed by EOUs-reg.

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

Insolvency and Bankruptcy - Notice for Meetings of the Committee of Creditors under section 24 (3) (a) of the Insolvency and Bankruptcy Code, 2016 read with regulation 21 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Goods and Services Tax - Taxability of services provided by Industrial Training Institutes (ITI) - reg.

Customs - Simplification and rationalization of processing of AEO-T1 application - reg.

Goods and Services Tax - Classification of fertilizers supplied for use in the manufacture of other fertilizers at 5% GST rate- reg.

Goods and Services Tax - Clarification regarding applicability of GST on the petroleum gases retained for the manufacture of petrochemical and chemical products – regarding

Goods and Services Tax - Clarification regarding applicability of GST on various goods and services–reg.

DGFT - Provision for HS Code 63029100 under MEIS incentives for the period 01.04.2015 to 30.09.2015

DGFT - Amendment in Policy and Procedure for online IEC applications – regd.

DGFT - Enhancement of rates for certain HS codes in the Appendix 3B, Table 2 under MEIS

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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