All about “Damages”
DAMAGES Damages, in simple terms, refer to a form of compensation due to a breach, loss or injury. “Damages” are often confused with “damage”. However,...
Month : August 2018
Implementation Guide to SA 610 (Revised) by ICAI
The Institute of Chartered Accountants of India (ICAI) has released “Implementation guide to standards on Auditing (SA) 610 (Revised) titled Using the work of Internal...
Mandatory e-assessments in majority of cases for AY 2018-19 excepts 7 cases – CBDT
In the direction of paperless working in the income tax department, the CBDT vide its Instruction no. 03/2018 issues an instruction for conducting assessment proceedings...
Implementation guide w.r.t. Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 issued by ICAI
The Institute of Chartered Accountants of India (ICAI) has issued the Implementation guide w.r.t Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 on 22nd August...
Deduction u/s 54 is allowed even if the assessee purchased new residential house before the sale of another residential house owned by him – ITAT Mumbai
Held: The Mumbai Tribunal in a recent decided case law has held that where the assessee has purchased the new residential house before the sale...
SLP admitted against the ruling that interest earned on funds deposited prior to commencement of business – SC
The Supreme Court has granted SLP against the High Court ruling that interest received on funds deposited with the banks borrowed for specific purpose of...
CBDT proposes to amend the rules for making the process of issue of certificate for no deduction or lower deduction electronically
For the purpose of downloading the revised Form No. 13, Click here...
Amended Form 3CD deferred to next year
CBDT has deferred the implementation of reporting requirement under the proposed clause 30C(pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods...
GST is attracted on the services of employees of Corporate Office to Branch Office : AAR Karnataka
Ruling : The activities performed by the employees at the corporate office in the course of or in relation to employment such as accounting, other...
MCA amended Companies (Prospectus and Allotment of Securities) Second Amendment Rules dated 07/08/2018
In exercise of the powers conferred by section 42, read with the sub- sections (1) and (2) of sections 469 of the Companies Act ,...
Reverse Charge Mechanism (RCM) u/s. 9(4) has been postponed till 30th September 2019
The Central Board of Indirect Taxes and Customs vide Notification No. 22/2018 – Central Tax (Rate) has postponed the applicability of Reverse Charge Mechanism (RCM)...
ICAI suggested CBDT to implement revised form 3CD from AY 2019-20 for smooth implementation
Institute of Chartered Accountant of India in their suggestions dated 2nd August, 2018 requested CBDT to implement the changes made in Form 3CD to be...
Decisions of 29th GST Council Meeting – Delhi
The 29th GST Council Meeting was held in Delhi on 4th August, 2018 under the leadership of Piyush Goyal, Minister of Finance, Railways, Coal and Corporate...
National Company Law Tribunal approves the merger of LLP with Private company – NCLT Chennai
The recent case law of M/s Real Image LLP with M/s Qube Cinema Technologies Private Limited before the National Company Law Tribunal , Chennai wherein...
Excise & Customs : Exemption notifications should be interpreted strictly, assessee cannot take benefit of ambiguity in exemption notification – SC
The Constitution Bench of Supreme Court of India in Commissioner of Customs vs Dilip Kumar & Company [Civil Appeal No. 3327 of 2007] on July 30,...
MCA releases certain Amendment Rules – MCA
MCA has released the following amendment rules which are as under: Companies (Accounts) Amendment Rules, 2018 In exercise of the powers conferred by section 134...
Lok Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018
The Bill provides significant relief to home buyers by recognizing their status as financial creditors. The voting threshold for key decision has been proposed to...