Income Tax Department has issued an advisory for payment of monthly rent over Rs. 50000/- ITD has cautioned individuals/HUFs (except those liable tax audit u/s 44AB(a) and (b), paying rent to a resident in excess of Rs. 50000/-. The ITD has advised such payers to deduct TDS @ 5% …

Refund of integrated tax paid on account of zero rated supplies-Flyer by NACIN With a view to sensitize the trade on the issue of IGST refund National Academy of Customs, Indirect Taxes & Narcotics (NACIN) Mumbai has developed a flyer on ‘Refund of integrated tax paid on account of …

Insolvency and Bankruptcy Board of India (IBBI) invites comments on draft IBBI (Mechanism for Issuing Regulations) Regulations, 2018. Comments may be e-mailed at feedback@ibbi.gov.in by 31st March, 2018, with subject line “Mechanism for Issuing Regulations”. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section …

Penalty limitation period not gets extended if appeal is withdrawn by the Department. Appeal means an effective appeal and an appeal withdrawn is an appeal non est-High Court ABCAUS Case Law Citation: ABCAUS 2235 (2018) (03) HC The appellant assessee was aggrieved by the order of the ITAT …

Retrospective amendment in Foreign Contribution Regulation Act 2010-Who will be benefited? Political parties cannot receive contribution from any foreign source as defined under Clause (c) of Section 2 of the FCRA, 1976.  Section 29 B of the Representation of the Peoples Act, 1951 also prohibits political parties from …

GSTR-5A late fee waiver notification rescinded. Now furnishing of Form GSTR-5A after due date shall attract prescribed late fee. Central Board of Excise and Customs (CBEC) vide Notification No. 6/2018-Central Tax New Delhi, the 23rd January, 2018  had waved the amount of late fee payable for failure to …