No need to issue GST TDS Certificate : CBIC
Share this on WhatsApp No need to issue GST TDS Certificate ? जीएसटी टीडीएस प्रमाण पत्र जारी करने की आवश्यकता नहीं Share this on WhatsApp
Updated SOP on TDS under GST as on 18.02.2019
Share this on WhatsAppUpdated SOP on TDS under GST as on 18.02.2019 Download Click here Share this on WhatsApp
Circular No 91/10/2019 GST : CBIC Clarified Tax payment made for supply of warehoused goods for the period July 2017 to March 2018.
Share this on WhatsAppSeeks to give clarification regarding tax payment made for supply of warehoused goods while being deposited in a customs bonded warehouse for the period July, 2017 to March, 2018. Circular No. 91/10/2019-GSTF. No. CBEC-20/16/04/2018 – GSTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsGST Policy Wing***New Delhi, Dated… Read More »
Circular No 90/09/2019 GST : Penalty for wrong issuing of Tax Invoice
Share this on WhatsAppSeeks to clarify situations of compliance of rule 46(n) of the CGST Rules, 2017 while issuing invoices in case of inter- State supply. Circular No. 90/09/2019-GSTF. No. CBEC-20/16/04/2018 – GSTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsGST Policy Wing New Delhi, Dated the 18th February, 2019 To,The… Read More »
Circular No 89/08/2019 GST : Reporting of Inter-State supplies made to unregistered in GSTR 3B and GSTR 1
Share this on WhatsAppSeeks to clarify situations of mentioning details of inter-State supplies made to unregistered persons in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR-1. Circular No. 89/08/2019-GST F. No. CBEC-20/16/04/2018 – GSTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsGST Policy Wing Madam/Sir,Subject: Mentioning details of… Read More »
GST on building used by subsidiary company
Share this on WhatsAppGST on building used by subsidiary company सहायक कंपनी द्वारा उपयोग की जाने वाले इमारत पर जी.एस.टी Share this on WhatsApp
Stamp Duty of India :Free Study Material
Share this on WhatsAppStamp Duty of India :Free Study FAQs on Stamp Duty (India) FAQs on e-Stamping in India Stamp Papers do not have expiry date : Supreme Court Judgment Maharashtra Stamp Act (2017 edition) Book Stamp Duties by whom payable ? Punjab Stamp duty reduced from 4% to 1% for registered mortgage by the… Read More »
FAQs on e-Stamping in India
Share this on WhatsAppe-Stamping in India Q. What is e-Stamping? A. e-Stamping is a computer based application and a secured way of paying Non-Judicial stamp duty to the Government. Q. What are the benefits to the client/customer by e-Stamping: A. 1 e-Stamp Certificate can be generated within minutes 2 e-Stamp Certificate generated is tamper proof3 Authenticity… Read More »
FAQs on Stamp Duty (India)
Share this on WhatsAppFAQs on Stamp Duty Q. What is Stamp Duty? A. It is type of Tax collected by the State Government. Q. Why stamp duty is required to be paid? A. Stamp duty is a kind of Tax like Sales Tax or Income Tax. It must be paid in full and on time… Read More »
No Default if TDS not deducted from Salary due to bonafide estimate of income : ITAT
Share this on WhatsApp The obligation of the Assessee u/s.192 is only to make bonafide estimate of income of his employee under the head salaries. Such obligation cannot be tested on the parameters laid down on exercise of power by authorities under the Act exercising powers u/s.132 or u/s.147 of the Act. IN THE ITAT BANGALORE BENCH… Read More »
Income Tax Benefits for Senior Citizens
Share this on WhatsAppIncome Tax FAQs for Senior Citizens [As amended upto Finance Act, 2018] What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the… Read More »
Draft Employees State Insurance (Central) (Amendment) Rules 2019.
Share this on WhatsAppMINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 15th February, 2019 G.S.R. 121(E).—The following draft of certain rules further to amend the Employees’ State Insurance (Central) Rules, 1950 which the Central Government, after consultation with the Employees’ State Insurance Corporation, proposes to make in exercise of the powers conferred by Section… Read More »
One bogus donation could establish that activities of trust are not genuine : SC
Share this on WhatsAppSUPREME COURT OF INDIA Commissioner of Income-tax v. Jagannath Gupta Family Trust R. BANUMATHI AND R. SUBHASH REDDY, JJ. CIVIL APPEAL NO. 1381 OF 2019 FEBRUARY 1, 2019 JUDGMENT R. Subhash Reddv, J. – Leave granted. 2. This civil appeal is filed by the appellant, i.e., the Commissioner of Income tax (Exemptions), Kolkata, aggrieved by the… Read More »
Money Forfeited on Surrender of Industrial Plot being Capital Asset not allowed as Income Tax deduction : HC
Share this on WhatsApploss incurred was in the transaction relating to and for acquisition of a capital asset. For some reason, the attempt made by the appellant-assessee to acquire land/plot as a capital asset did not fructify. Hence, the appellant-assessee had asked for refund of the amount, which was paid for acquisition of the capital… Read More »
Prosecution justified under Black Money Act on failure to disclose foreign bank accounts :HC
Share this on WhatsApp HIGH COURT OF CALCUTTA Shrivardhan Mohta v. Union of India DEBANGSU BASAK, J. W.P. NO. 568 OF 2018 FEBRUARY 14, 2019 Mrs. Manju Agarwal and Bajrang Manot, Advs. for the Petitioner. Kaushik Chanda, Ld. A.S.G. D.K. Bhowmick, Mrs. Debjani Ray, Ms. Nabonita Karmakar and Yogesh Bhatt, Advs. for the Respondent. ORDER 1. The petitioner has sought a declaration that, the provisions of Black Money… Read More »
Power Bank Classified as Accumulator and not Static Converter under GST : AAR
Share this on WhatsAppWhether the “Power Bank”, traded by the Applicant, is classifiable under Heading 8504 40 90 as ‘Static Converter – Others’ ? AUTHORITY FOR ADVANCE RULINGS, KARNATAKA Xiaomi Technology india (P.) Ltd., In re HARISH DHARNIA AND DR. RAVI PRASAD M.P., MEMBER ADVANCE RULING NO. KAR/ADRG 01/2019 JANUARY 22, 2019 Shivarajan K., CA for the Applicant. Download… Read More »
No GST Exemption to security and scavenging services to Govt : AAR
Share this on WhatsAppWhether security and scavenging services to the Govt is exempt under SL No. 3 or 3A of Notification No. 12/2017-CT(Rate) dated 28/06/2017, as amended from time to time Held Benefit of exemption from the payment of GST is not available to the Applicant under Notification No 12/2017-CT(Rate) dated 28.06.2017 and WB Govt… Read More »
ICAI Withdraw Clarification on Applicability of Auditor Rotation principle
Share this on WhatsAppWithdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.-(15-02-2019) ANNOUNCEMENT Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a… Read More »
When to Pay GST & Claim ITC if Goods Sold in Transit
Share this on WhatsAppWhen to Pay GST & Claim ITC if Goods Sold in Transit Regarding time of receipt of goods so as to understand the time when credit shall be available? Regarding the time of supply of goods vis-à-vis raising the tax invoice to actual supply of goods? Haryana Authority of Advance Ruling Pasco… Read More »
ICAI not competent to clarify on applicability of auditors rotation – MCA
Share this on WhatsAppF. No. 01/33/2013-CL.V (Pt.)Government of IndiaMinistry of Corporate Affairs 5th Floor, A Wing, Shastri Bhawan,Dr. Rajendra Prasad Road, New Delhi- 110001 Dated:- 15th February, 2019 To, The President,Institute of Chartered Accountants of India, ICAI Bhawan,Post Box No. 7112, Indraprastha Marg, New Delhi-110002. Sub:- ICAI’s announcement regarding clarification on Applicability of Rotation principles on a… Read More »
GST on Renting of Godowns for storage of Agriculture produce (on Lease and Service Basis) : AAR
Share this on WhatsApp ‘Whether GST is exempt or is applicable on the Private Entrepreneurs Godowns built under the PEG-2008 scheme of the FCI and leased out to the Nodal Agency (UPSWC) on ‘Lease and services basis’ for the storage of FCI’s food grain stocks (Wheat)’.Held Leasing of immovable property and support services in relation… Read More »
200% Custom duty on Goods Imported from Pakistan into India : Notification No.05/2019-Customs
Share this on WhatsAppseeks to insert tariff item 9806 00 00 in chapter 98 of the First schedule to Customs tariff act, 1975 to impose basic customs duty of 200% on all goods originating in or exported from Pakistan. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,SECTION 3, SUB- SECTION (i)]GOVERNMENT OF… Read More »
No GST exemption on manpower services to hospitals-cum medical colleges & State Universities: AAR
Share this on WhatsApp The applicant M/s Oscar Security & Fire Service is providing Man power services to Hospital cum General Medical College and State University (Education Institutions). The question is whether all medical education institutions and State Universities are not liable to pay GST as per Sr. No. 66 Heading 9992 in notification no.… Read More »
No GST ITC on hiring of buses for transportation of employees : AAR
Share this on WhatsApp Haryana Authority of Advance Ruling YKK India Pvt. Ltd HAR/HAAR/R/2018-19/04 Dated 11.07.18 Whether the Applicant is eligible to take input tax credit on: GST charged by the Contractor for hiring of buses for transportation of employees? GST charged by the Contractor for hiring of cars for transportation of employees? Whether the… Read More »
NO Income Tax on Gifts received from Brother-in Law : ITAT
Share this on WhatsApp ITAT Ahmedabad DCIT Vs Shri Arvind N. Nopany Appeal Number : Income Tax (Search & Seizer) Appeal Nos. 128 & 129/Ahd/2016 Date of Judgement : 24/01/2019 Related Assessment Year : 2008-09 & 2009-10 These two instant appeals filed by the revenue are against the order dated 28.01.2016 passed by the Commissioner… Read More »
Revised List of Input Tax credit not allowed under GST u/s 17(5) of CGST Act (Blocked credit) w.e.f 01.02.2019
Share this on WhatsAppInput tax credit not allowed under GST u/s 17(5) of CGST Act (Blocked credit) One of the important aspects of GST is on which supplies is the input tax credit not available or is prohibited. Under section 17(5) of CGST Act, there are certain supplies on which input tax credit under GST is not available.… Read More »
How to Transfer Funds from NRO to NRE a/c.
Share this on WhatsAppHow to Transfer Funds from NRO to NRE Account NRIs (Non Resident Indians) may transfer funds from the Non-Resident Ordinary Account (NRO) to Non-Resident External Account (NRE). The Reserve Bank of India (RBI) permitted NRO to NRE fund transfer subject to payment of applicable taxes within the overall ceiling of $ 1 million… Read More »
How an Indian can Give Loan /Gifts to NRI (Non Resident Indian)
Share this on WhatsAppAs per Liberalised Remittance Scheme of Reserve Bank of india (Updated as on February 13, 2019) Q Can a resident individual make a rupee loan to a NRI/PIO who is a close relative of resident individual, by of crossed cheque/ electronic transfer? Ans. A resident individual is permitted to make a rupee… Read More »
14 Major Changes in GST from 01.02.2019
Share this on WhatsApp MAJOR CHANGES IN GST – EFFECTIVE FROM 01.02.2019 1. Upper limit of turnover for opting composition scheme – raised from Rs. 1 Cr to Rs. 1.50 Cr. 2. A Composite dealer(in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding — Higher of 10%… Read More »
Entire 54F deduction can be claimed even if property Purchased in Joint Names : ITAT
Share this on WhatsAppThe law is well settled that where two views are possible on an issue, the view favourable to the Assessee should be followed. Moreover, the decision of the Hon’ble Karnataka High Court in the case of Mrs. Jennifer Bhide (supra) is in favour of the Assessee. Following the said decisions, we hold that the… Read More »