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 Telephone: 011- 26172685 Fax: 011-26173022 Email: 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 »