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Income Tax [IT] Notifications:

  • Notification No. 08/2017 Dated: 13-9-2017 - IT
    TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased — reg.

  • Notification No. 84/2017 Dated: 30-8-2017 - IT
    U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Gujarat Electricity Regulatory Commission, , a Commission constituted under the Electricity Regulatory Commissions Act, 1998, in respect of the specified income arising to that Commission

  • Notification No. 83/2017 Dated: 30-8-2017 - IT
    U/s 10(18)(i) of IT Act 1961 - Central Government specifies the gallantry awards

  • Notification No. 82/2017 Dated: 30-8-2017 - IT
    Agreement between the Government of the Republic of India and the Government of the Socialist Republic of Viet Nam for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes

  • Notification No. 81/2017 Dated: 28-8-2017 - IT
    U/s 35(1) (ii) of IT Act 1961 Central Government approved for organization M/s Institute for Stem Cell Biology and Regenerative Medicine, Bangalore

  • Notification No. 80/2017 Dated: 18-8-2017 - IT
    Income-tax ( 22nd Amendment), Rules, 2017 - Substitution of Form no. 29B - Report u/s 115JB of the Income-tax Act, 1961 for computing the book profits of the company

  • Notification No. 79/2017 Dated: 8-8-2017 - IT
    Tax savings bonds issued by the Indian Railway Finance Corporation Limited

  • Notification No. 78/2017 Dated: 3-8-2017 - IT
    Central Government notifies the countries and specified territories - in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund.

  • Notification No. 77/2017 Dated: 3-8-2017 - IT
    Conditions specified in clauses (e), (f) and (g) of Section 9A(3) shall not apply in case of an investment fund set up by a Category-I or Category-II foreign portfolio investor registered under the SEBI (Foreign Portfolio Investors) Regulations, 2014, made under the SEBI Act, 1992

  • Notification No. 76/2017 Dated: 28-7-2017 - IT
    U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Himachal Pradesh Electricity Regulatory Commission, a commission established by the Government of Himachal Pradesh, in respect of the specified income arising to that Commission

Income Tax [IT] Circulars / Clarifications / Trade Notices etc.
Central Goods and Services Tax [CGST] Notifications:
Central Goods and Services Tax [CGST] Circulars / Clarifications / Trade Notices etc.
States Goods and Services Tax [SGST] Notifications:
States Goods and Services Tax [SGST] Circulars / Clarifications / Trade Notices etc.
Customs Notifications:
Customs Circulars / Clarifications / Trade Notices etc.

  • No. 118/2017 Dated: 11-9-2017
    Sub:- Procedure to be followed for Import under DEEC/EPCG Scheme- reg.

  • No. 117/2017 Dated: 8-9-2017
    Sub: Refund of amount on account of double-payment of Customs Duty-Reg.

  • No. 36 /2017 Dated: 6-9-2017
    Subject: Implementing Electronic Sealing for Containers by exporters under self- sealing procedure prescribed vide Circular No.26/2017-Customs, dated 01.07.2017 regarding.

  • No. Instruction No. 12/2017 Dated: 31-8-2017
    Clarification on difficulties related to recent amendments in Customs Act, 1962 - reg.

  • No. 112/2017 Dated: 31-8-2017
    Subject: First time importers / exporters, verification of documents- regarding

  • No. 28 /2017 Dated: 30-8-2017
    Subject: Extending the Single Window Interface for Facilitation of Trade (SWIFT) in Export with WCCB to all EDI locations–reg.

  • No. 111/2017 Dated: 29-8-2017
    Subject: - Procedure for execution / monitoring of “No Use Bond” in respect of clearance of import FCL containers involving NOC from Participating Government Agencies (PGAs) -Reg.

  • No. 110/2017 Dated: 29-8-2017
    Procedure in relation to evacuation of DPD containers from port terminals of JNCH, Nhava Sheva to designated CFSs

  • No. 36/2017 Dated: 28-8-2017
    Implementing Electronic Sealing for Containers by exporters under self-sealing procedure prescribed vide circular 26/2017-Customs dated 1st July 2017-reg.

  • No. 05 / 2012 - Cus. Dated: 28-8-2017
    Subject: Customs - Guidelines for provisional release of seized imported goods pending adjudication under Section 110A of the Customs Act, 1962 Certain guidelines for compliance - Regarding.

Foreign Trade / Import-Export [FTP] Notifications:
Foreign Trade / Import-Export [FTP] Circulars / Clarifications / Trade Notices etc.
Special Economic Zone [SEZ] Notifications:
Special Economic Zone [SEZ] Circulars / Clarifications / Trade Notices etc.
Foreign Exchange Management [FEMA] Notifications:
Foreign Exchange Management [FEMA] Circulars / Clarifications / Trade Notices etc.
Companies Law [CL] Notifications:
Companies Law [CL] Circulars / Clarifications / Trade Notices etc.
 
 
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Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.


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