Re-Opening of Assessment – Challenge before Delhi High Court As the legislature has permitted re-assessment to be made only in accordance with the substituted provisions, it can only be done in this manner, or not at all – Delhi High Court. Background: During the outbreak of COVID-19 pandemic, in order
SBS I 18th Edition
Filing of Form 67 as specified in Rule 128(9) is directory in nature and provisions of Rule 128 cannot override the provisions of DTAA. Background: Section 90 of the Income Tax Act, 1961 provides that the Central Government may enter into agreement with Government any country or territory outside India
SBS i 17th Edition
AMENDMENT TO COMPANIES (ACCEPTANCE OF DEPOSIT RULES), 2014: In an ace move, the Ministry of Corporate Affairs, has made a important amendment to the Deposit Rules, to put a check on the flouting of the Deposit Rules by the Corporates. As all are aware the Companies (Acceptance of Deposit Rules),
SBS i 16th Edition
NOTFICANTIONS GST RATE CHANGES IN CASE OF SPECIFIED GOODS: The applicable GST rates for the following goods have been changed in the manner as detailed in the below table. The changed rates are effective from 01.01.2019;
SBS i 15th Edition
Treatment of Income on Sale of Shares in ESOP Scheme – Perquisite or Capital Gain? Legislative Background: As per Section 15(1) of Income Tax Act, 1961 (Act) any salary due from employer or former employer to an assessee in the previous year, whether paid or not, is chargeable to tax
SBS i 14th Edition
CLARIFICATIONS ON GST APPLICABILITY FOR DELCREDERE AGENT: Circular No. 57/3/2018-GST dated 04.09.2018 has been issued to provide that the movement of goods between Principal and Agent would be considered as deemed supply under Schedule I of CGST Act, 2017 to attract GST, only when Agent undertakes to issue invoice in
SBS i 13th Edition
Gst Updates For The Month Of October 2018 CIRCULARS NOTIFICATIONS ISSUED UNDER CGST ACT, 2017 REGARGING REFUND TO UIN ENTITIES ARE APPLICABLE TO GST (COMPENSATION TO STATES) ACT, 2017: Section 55 of CGST Act, 2017 prescribes for refund of taxes paid by specified International Organizations, Foreign Diplomatic Missions or Consular
SBS “i” 12th Edition
GST UPDATES FOR THE MONTH OF OCTOBER 2018— BULLETIN III EXPANSION OF THE LIST OF HANDICRAFTED GOODS TO GRANT EXEMPTION TO CASUAL TAXABLE PERSON FROM THE REQUIREMENT OF REGISTRATION: Notification 32/2017-Central Tax read with Notification 8/2017-Integrated Tax grants exemption from the requirement of registration to a casual taxable person engaged
SBS “i” 11th Edition
RATIONALISING THE RESTRICTIONS TO CLAIM REFUND OF IGST PAID ON EXPORTS WHEN GOODS ARE IMPORTED UNDER EOU OR EPCG SCHEME: Rule 96 of CGST Rules, 2017 prescribes for refund of IGST paid on export of goods. Sub-rule (10) of the said rule prescribed a condition that the exporter of goods
SBS “i” 10th Edition
GST UPDATES FOR THE MONTH OF OCTOBER 2018— BULLETIN I CIRCULARS CLARIFICATION ON LAPSING OF ITC AS ON 31st JULY 2018 IN CASE OF FABRIC MANUFACTURERS: In Fabric manufacturing, inputs like yarn, process chemicals, packing materials and other services are subject to GST at varied rates from 5% to 18%.