Monthly Archives: February 2018

No penalty u/s 221 be levied for non-payment of self-assessment tax by assessee : Mumbai ITAT

By | February 28, 2018

IN THE ITAT MUMBAI BENCH ‘A’ Heddle Knowledge (P.) Ltd. v. Income Tax Officer, Ward- 8 (1) (4), Mumbai G.S. PANNU, ACCOUNTANT MEMBER AND RAM LAL NEGI, JUDICIAL MEMBER IT APPEAL NO. 7509 (MUM.) OF 2011 [ASSESSMENT YEAR 2009-10] JANUARY  19, 2018 Pavan Ved for the Appellant. Rajesh Kumar Yadav for the Respondent. ORDER G.S. Pannu, Accountant Member – The… Read More »

Film Projector could not be treated as computer for charging depreciation : ITAT

By | February 28, 2018

Issue Assessing Officer in disallowing the claim of Depreciation amounting to Rs. 91,87,713/- on the alleged plea that the Film Projector is to be depreciated @ 15% instead of 60%, IN THE ITAT MUMBAI BENCH ‘SMC’ Cinetech Entertainment India (P.) Ltd. v. Income Tax Officer, Ward- 16 (1) (1), Mumbai SHAMIM YAHYA, ACCOUNTANT MEMBER IT… Read More »

Goods can’t be detained under GST for infraction of procedural Rules :KERALA High Court

By | February 28, 2018

Issue A taxable person transports the goods procured by them for own use to the site where the goods are to be consumed. The present transaction would not fall within the scope of taxable supply under the statutes. Thus the petitioner has not uploaded the declaration in Form KER-1 before the goods were transported. Goods… Read More »

Ombudsman Scheme for Non-Banking Financial Companies, 2018

By | February 28, 2018

DEPUTY GOVERNOR Ombudsman Scheme for Non-Banking Financial Companies, 2018 NOTIFICATION Ref.CEPD.PRS.No.3590/13.01.004/2017-18 February 23, 2018 In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) being satisfied that for the purpose of enabling it to promote conducive credit culture among the Non Banking… Read More »

Category: RBI

No bank can refuse Acceptance of small coins and Notes : RBI

By | February 28, 2018

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G – 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins… Read More »

Inspection Policy for defaulting establishments modified by EPFO

By | February 28, 2018

Through Web Circulation EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment Govt. of India) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi – 110 066, (CENTRAL ANALYSIS & INTELLIGENCE UNIT) No.CAIU/011(5)2016/Inspection/20509 Date: 27.02.2018 To All Addl. Central P.F. Commissioners (Zones) All Regional P.F. Commissioner-I (In-charge of Regions). Sub:-Modification in Inspection Policy… Read More »

File online Claim for PF if amount claim settlement above Rs.10 lacs / 5 Lacs for EPS

By | February 28, 2018

Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) Head Office Bhavishya Nidhi Bhawan, 14-Bhikaiji Came Place, New Delhi-110066 www.epfindia.gov.in www.epfindia.nic.in Telephone: 011- 26172685 Fax: 011-26173022 Email: rc.wsu@epfindia.gov.in No. WSU/17(1)2017/Frauds/20514 Date 27 FEB 2018 To All ACC(HQ)/ACC(Zones) & All RPFCs-Incharge of Regional Offices Sub: Mandatory submission of claims through online mode in case… Read More »

GST Revenue Collections for January 2018 Rs 86,318 crores;

By | February 28, 2018

Ministry of Finance GST Revenue Collections for month of January 2018 (received in January/February upto 25th February) stand at Rs.86,318 crores; 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as composition dealers. Posted On: 27 FEB 2018 5:48PM by PIB Delhi Total… Read More »

Release proportionate bank guarantee of mega power projects : Govt Circular No. 1064/03/2018-CX

By | February 27, 2018

Govt. directs officers to release proportionate bank guarantee of mega power projects for excise duty exemption Circular No. 1064/03/2018-CX F. No. 354/94/2011 –TRU (Pt) Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi Dated the 26 th of February, 2018 To The Principal Chief Commissioner/Chief Commissioner/ Principal Commissioner/ Commissioner… Read More »

Salary paid in India to employee deputed abroad not taxable in India : AAR

By | February 26, 2018

The applicant has posed the following questions, seeking a ruling from this Authority: (i) Based on the above facts, Salary paid by the applicant to the assignee, Mr. T.N. Santhosh Kumar in India, is not liable to be taxed in India in FY 2011-12 having regard to the provisions of the Act and the relevant… Read More »

Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market

By | February 26, 2018

RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 February 26, 2018 All Category – I Authorised Dealer banks Madam/Sir, Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market Attention of Authorized Dealers Category – I… Read More »

Category: RBI

CBDT notified Centralised Communication Scheme 2018 for issue of Notices

By | February 26, 2018

MINISTRY OF FINANCE (Department Of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd February, 2018 S.O. 771(E).—In exercise of powers conferred by sub-section (3) of section 133C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised issuance of notice,… Read More »

How to file GST Refund Application (By Embassies/ International Organizations) : User manual

By | February 26, 2018

Refund Application (By Embassies/ International Organizations) How can Embassies/ International Organizations submit the application for refund? Embassies/ International Organizations can submit the application for refund in two ways: Generate GST RFD-10 application form through GSTR-11 – Quarterly Return Screen Generate GST RFD-10 application form through Dashboard Generate GST RFD-10 application form of the same quarter… Read More »

CBDT notifies revised Rule 17A & Form 10A seeking more details from trust applying for registration

By | February 26, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th February, 2018 INCOME-TAX [Notification No. 10/2018/F. No. 370142/14/2017-TPL] G.S.R. 176(E).___In exercise of the powers conferred by clause (aa) and clause (ab) of sub-section (1) of section 12A read with section 295 of the Incometax Act, 1961 (43 of 1961),… Read More »

[Video] File Online LUT for Export on GST Portal :GST News [Part 176] : TaxHeal.com

By | February 26, 2018

File Online LUT for Export on GST Portal :GST News [Part 176] : TaxHeal.com Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments… Read More »

GST Refund Application (By Embassies/ International Organizations)

By | February 26, 2018

Refund Application (By Embassies/ International Organizations) 1. What is Refund Application FORM GST RFD-10? Refund Application FORM GST RFD-10 is an application by any specialized agency of United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries or any… Read More »

Section 47 of Tamil Nadu GST Act 2017 : Levy of late fee

By | February 26, 2018

Section 47 of Tamil Nadu GST Act 2017 ( Section 47 of Tamil Nadu GST Act 2017 explains Levy of late fee and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Levy of late fee 47. (1) Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section… Read More »

Section 48 of Tamil Nadu GST Act 2017 : Goods and services tax practitioners

By | February 26, 2018

Section 48 of Tamil Nadu GST Act 2017 ( Section 48 of Tamil Nadu GST Act 2017 explains Goods and services tax practitioners and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.]  Goods and services tax practitioners 48. (1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of… Read More »