Ministry of Finance Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified Posted On: 20 DEC 2018 4:59PM by PIB Delhi In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and… Read More »
No Deduction for Delayed Payment of employees contribution of EPF & ESI It is true that Section 43B was amended and consequently the deduction is to be allowed based only on the actual date of payment. But the facts of the present case is otherwise. The belated payment made by the assessee in this case… Read More »
APPELLATE TRIBUNAL FOR PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, NEW DELHI T. Raja v. K. Visakh JUSTICE MANMOHAN SINGH, CHAIRMAN FPA/PBPT/30, 31, 53, 55, 59, 60, 63 (CHN) OF 2018 OCTOBER 31, 2018 Anirudh Bakhru and Sudhir Chandra, Advs. for the Appellant. Anish Dhingra, SPP for the Respondent. JUDGMENT 1. By this Order, I propose to decide the above-mentioned seven appeals… Read More »
NATIONAL INFORMATICS CENTRE E-WAY BILL SYSTEM Common Enrolment for Registered Transporters How to Appy for Common Enrolment of Transporter (GST ENR-02) on E Way bill Portal One of the requests of the transporters was that they have to be allowed to use one registration number for updation of e-way bills throughout the country. That is,… Read More »
Section 43B disallowance under Income Tax Act Section 43B of Income Tax Act : Certain deductions to be only on actual payment. Judgments on Section 43B of Income Tax Act Leave Encashment Deduction on Payment basis u/s 43B is constitutional valid : SC Delayed payment of Employee EPF allowed if paid before filing ITR u/s 139… Read More »
GST on Charitable and Religious Trusts The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities which would be… Read More »
LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS [As amended by Finance Act, 2018] Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known a TDS/TCS return) we shall first have a look at… Read More »
“Charitable Activity” under GST is clearly defined under clause 2(r) of Notification No 12/2017-CT (Rate) dated 28.06.2017. The activities undertaken by the Applicant do not conform entirely to the definition. At best, the activities undertaken by the Applicant may be broadly defined as social welfare activities Such activity by an entity is an “adventure” and… Read More »
Whether ITC of IGST paid ‘bill to ship to’ model admissible to the applicant? Held Yes Rajasthan AAR UMAX Packing (A unit of UMA olymers Ltd.) RAJ/AAR/2018-19/23 dt:02.11.18 RULING The Issue raised by Uma Polymers Ltd. (hereinafter the applicant) is fit to pronounce advance ruling as it falls under the ambit of Section 97(2)(d).… Read More »
In the case of Thiruvengada Pillai Vs. Navaneethammal and Anr. Supreme Court (Writ Petition (Civil) No. 290 of 2001) dated 9.02.2008 held that the stamp papers do not have any expiry period. Supreme Court held that the Indian Stamp Act, 1899 nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp… Read More »