Direct Tax :
- Kolkata ITAT dismisses Revenue’s appeal for AY 2009-10, deletes long term capital gains (‘LTCG’) addition u/s. 50B, made by the AO on transfer of Trading and Distribution (‘T&D’) division of assessee-company (GE Healthcare OY’s wholly owned subsidiary) to Wipro GE Healthcare vide demerger (approved w.e.f. April 1, 2008); [TS-320-ITAT-2018(Kol)]
- Calcutta HC sets aside ITAT order for AY 1983-84, allows Brooke Bond India’s investment allowance claim u/s. 32A on weighing machines, electrical equipments, other machineries and computers; Rejects Revenue’s stand that to qualify for allowance, a plant / machinery has to be directly used in the manufacture of an article or thing; [TS-318-HC-2018(CAL)]
- Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore), pursuant to trading in Indian securities during AY 2011-12, not taxable in India under Article 13(4) of India-Singapore DTAA; [TS-321-ITAT-2018(Mum)]
- CBDT proposes clear-cut timelines under transfer pricing, through a draft notification, suggested that the amount should be returned within 90 days of signing of APAs and MAPs.
- Due date for furnishing challan-cum-statement in respect of tax deducted U/s 194-IA & 194-IB for m/o May’18- June30,
- CBIC has issued a circular clarifying the procedure for interception of conveyances for inspection of goods in movement,and detention, release, and confiscation of such goods and conveyances.
- Goods without eway bill, bill etc can be confiscated/detained. Others in same vehicle, with proper papers can’t be held. Circular 49 of 21.6.18.
FAQ on E-WAY BILLS:
- Query:In case of movement of goods by Railways, is there a requirement for railway to carry e-way bill along with goods?
- Answer: In case of movement of goods by Railways, there is no requirement to carry e-way bill along with the goods, but railways has to carry invoice or delivery challan or bill of supply as the case may be along with goods.
- Sebi is set to revamp IPO norms to make them less onerous for legitimate sellers while clamping down on possible misuse. These include recognizing a wider set of institutional investors such as alternative investment funds (AIFs) as counting toward promoters’ contribution in startups, requiring financial disclosures for three years rather than five and reducing disclosure of the price band to two days before the issue opens from five now.
- The Insolvency and Bankruptcy Code, 2016 consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
- NSE is in the process of introducing a corporate governance code that will be stricter than the existing laws and regulations.
QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY 2018
DUE DATE FOR FILLING GST TRAN-2- 30.06.2018
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