Month: January 2018
TDS Defaulter arrested and sent to jail by the Tis Hazari Court As per Press Release of Finance Ministry, Tis Hazari Court has sentenced a TDS defaulter to jail. The Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT …
Mere categorisation of land as agricultural in revenue records not suffice for capital gain exemption. Whether a land is agricultural or not is a question of fact – High Court Prelude: Section 2(14) of the Income Tax Act, 1961 (the Act) defines “capital assets”. It also provides for …
Addition made in computation of income comes under Explanation 1(B) of Section 271(1) related to concealment penalty under the Income Tax Act. Explanation rejected by ITAT in assessment proceedings, can not be considered bona fide in penalty proceedings-High Court ABCAUS Case Law Citation: ABCAUS 2169 (2018) (01) HC …
Changes in GST rates on services as per 25th GST Council Meeting. Exemptions, ITC Eligibility Criteria, Rationalization etc. Recommendations made on GST Rate changes on services by the 25th GST Council Meeting The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New …
Late fee for GSTR-1 5 5A reduced. date for filing GST REG-29 for cancellation of registration extended. Policy Changes recommended by GST Council Meeting. The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been …
Recommendations for Changes In GST/IGST Rate and Clarifications in Respect of GST Rate on Certain Goods -As per discussions held in the 25thGST Council Meeting The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended certain …
Highlights of decisions taken at 25th meeting of GST Council held on 18th January 2018 at New Delhi As per Press Briefing of Finance Minister, GST rate has been cut down on 49 items while on 29 items will have GST rate of NIL. Finance Minister briefing the …
ICAI to identify non-performing employees ICAI has constituted a Group to study how Government Departments deal with non-performing employees and to identify non-performers in ICAI. The Group shall study the procedure followed by the Government Authorities for dealing with non-performing employees and to identify employees who are not …
Provision for interest on overdue fixed deposits was ascertained liability as the assessee was able to identify it when it filed returns-High Court ABCAUS Case Law Citation: ABCAUS 2168 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Bharat Earth Movers Ltd. Vs CIT, (2000) 245 …
Specifying limb of penalty section 271(1)(c) arises only when addition is made by the AO and not where assessee surrenders the income – ITAT Prelude: Issuance of show cause notice u/s 274 of the Income Tax Act, 1961 (the Act) for imposing penalty u/s 271(1)(c) of the Act …
