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Tax Updates - TMI Newsletters
Home Newsletters Index Year 2018 February Day 3 - Saturday
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TMI Updates - Newsletter dated: February 3, 2018

Case Laws in this Newsletter:

Income Tax Customs Insolvency & Bankruptcy Service Tax Central Excise Wealth tax



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Highlights

  1. GST : In view of difficulties faced by the trade in generating e-way bill due to initial technological glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra state movement of goods. It'll be applicable from a date to be notified - CBEC

  2. Income Tax : Withholding of tax at higher of the rates prescribed u/s 206AA - non-resident not having PAN - provision of section 206AA will not have an overriding effect over the provisions of the 1961 Act and if the provision of DTAA are beneficial to the assessee they will override provisions of Section 206AA by virtue of provisions of Section 90(2). - Tri

  3. Income Tax : Exemption u/s 11 - whether Voluntary Contributions made to the corpus of the Trust constitutes “taxable income” of the Trust? - Corpus-specific-voluntary contributions are outside the taxations in case of an unregistered Trust u/s. 12/12A/12AAA of the Act too. - Tri

  4. Income Tax : Penalty u/s 271B - not getting accounts audited u/s 44AB - No doubt, exemption claimed by the assessee society trust u/s 11A has not been granted by the AO and completed the assessment u/s 143(3) but it will not burden the assessee to get its account audited with retrospective effect so long as registration u/s 12A of the Act is in operation - Tri

  5. Income Tax : Penalty u/s 271B - not getting accounts audited u/s 44AB - when there is no computation of profits and gains of the business or profession as part of the total income, the assessee society is not amenable to section 44AB of the Act. - Tri

  6. Income Tax : Gift chargeable to tax in the hands of HUF - assessee could not show us any commentary on Hindu law or any other authoritative material, which says that mother of Karta of assessee HUF, is member of his HUF - gift of equity shares received by the assessee is taxable u/s 56(2)(vii) - Tri

  7. Income Tax : Effect of section 14A amendment - Expenses related to exempted income - Whether sub-section (2) and sub-section (3) of Section 14A inserted with effect from 01.04.2007 will apply to all pending assessments? - Held no - SC

  8. Customs : Effective rates of customs duty and IGST for goods imported into India. - Notification as amended

  9. Service Tax : Classification of services - BAS or Air Travel Agent Service - Export of service - the commercial services provided by the appellant, inter alia, soliciting, promoting and selling passenger air transportation and cargo and mail transportation for Saudia is very much a Business Auxiliary Service - Tri

  10. Central Excise : CENVAT Credit - Input services in relation to GTA - Cenvat Credit on goods transport agency service availed for transport of goods from place of removal to buyer’s premises was not admissible post 1.3.2008 - SC


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