Category : Latest
HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay
The Bombay High Court in its judgement took serious concern over the defaulter employers who does not any concern for issuing Form 16 where the...
Notifications for extension of due date of GST returns in cyclone hit districts of Andhra Pradesh and Tamil Nadu
The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date of various GST returns for the cyclone hit districts of Andhra...
No penalty to be levied u/s 271(1)(c) where the additions made by the AO is deleted – ITAT Delhi
Held: The Hon’ble ITAT Delhi in its judgement held that “Since the Tribunal has deleted the addition made by the Assessing Officer and sustained by the...
Scope of enquiry in Limited scrutiny cases selected under CASS cycles 2017 and 2018 – CBDT
THE CBDT , Ministry of Finance on 28th November, 2018 provided the procedure which shall be adopted while examining the cases under CASS cycles 2017...
Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi
The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...
The period of holding of ESOP options clarified and to be considered as Long term irrespective of the date of vesting of the same – ITAT Bangalore
The ITAT Bangalore in the recent judgement clarifies the period of holding of the ESOP options in the case of Shri. N. R. Ravikrishnan Vs Assistant Commissioner...
Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC
The High Court of Andhra Pradesh & Telangana in the case of Leo Edibles & Fats Ltd held that “The Income-tax Department does not enjoy the...
Supply of pure food items from sweetshop-cum-restaurant treated as supply of service and taxable at the GST rate of 5% – AAR Uttarakhand
ORDER : The Supply of pure food items in the restaurant shall be treated as supply of service and sweet shop shall be treated as...
ICAI released Standards on Internal Audit
The Institute of Chartered Accountants of India (ICAI) has released the Standards on Internal Audit on 27-11-2018. To download the Standards on Internal Audit, click...
Where no return was filed in compliance to notice u/s 148, issuing of notice u/s 143(2) was not required for making assessment – HC
The High Court of Jammu & Kashmir in the recent judgement in the case of Principal Commissioner of Income-tax v.Broadway Shoe Co. held that where no return was filed...
CAs can be held guilty of Other Misconduct even outside the ambit of the profession- SC
In the recent judgement by the Supreme Court in the case of Shri Gurvinder Singh, it has been stated that the Chartered Accountant is guilty of a...
ICAI released FAQs on Form GSTR 9 – Annual Return
The Institute of Chartered Accountants of India (ICAI) has released the FAQs on Form GSTR 9 – Annual Return on 26-11-2018. To download the FAQs,...
Task Force for drafting a New Direct Tax Legislation – CBDT
The Government of India has constituted a Task Force in order to review the existing Income Tax Act, 1961 and to draft a new direct...
Improvements in E-way bill with effect from 16-11-2018
A. Checking of Duplicate generation of e way bill based on same invoice number The e-way bill system is enabled not to allow the consignor/supplier...
FAQ on Refund on account of Export of Goods (with Payment of Tax) – GST
Q1 : Am I eligible to receive the refund of IGST and Cess paid on export of goods if I have filed GSTR-3B? Yes, you are...
India’s overall ranking on Ease of Doing Business has jumped from 100 to 77 – Chairman, CBIC
The Chairman of Central Board of Indirect Taxes & Customs has released in its recent newsletter that as per World Bank’s Ranking on Ease of Doing...
Incentives to the MSME sector by Government of India
The Government of India, in its commitment towards the strengthening of the MSME sector, has published the Notification on 2nd November 2018 in which it...