Posts in Category: uncategorized

Nirav Modi/Mehul Choksi records and documents have not been destroyed in Fire at Mumbai Income Tax Office – CBDT

Central Board of Direct taxes (CBDT) has  issued clarification on 4th June 2018 regarding loss/damage to records and documents related to Nirav Modi and Mehul Choksi investigation case, in the Scindia House fire at Income Tax Office, Mumbai – Clarified that its completely false and misdirected.

A Major fire broke out in Mumbai Scindia House (Commercial) building located in Ballard Estate in south Mumbai on Friday 1st June 2018. The third floor of Scindia House has the office of Director General and Directors of Income Tax Investigation department.

It has been clarified by CBDT that News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House

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Directorate of Revenue Intelligence have seized 32 Kg of Smuggled Gold having value of Rs. 10.32 Crore

DRI seizes 32 Kg. Of Gold worth Rs 10.32 Crore in one of the biggest seizures of Smuggled Gold in Recent past in East and Northeast India 

Acting on an specific  intelligence, the officers of Directorate of Revenue Intelligence (DRI) have effected a seizure of 32 kgs of foreign origin gold valued at Rs 10.32 Crore, smuggled from China into India through the Indo-China Border in the State of Sikkim.

The DRI received a tip off that a huge quantity of Gold of foreign origin that has been smuggled into India from China through Indo-China Border in the State of Sikkim would find its way to Kolkata via Siliguri and would be carried by three persons who would be travelling by a hired vehicle from Gangtok to Siliguri and would

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Policy Changes recommended by the 25th GST Council Meeting

The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25th meeting held today:

 

  1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5(Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
  2. Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  3. For migrated taxpayers, the last date

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The Government of India enters into an agreement with ONGC today for the Strategic Sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

The Government of India has entered into an agreement with ONGC today for the strategic sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

During the review in February 2016, the Prime Minister, Shri Narendra Modi underlined the need of efficient management of Government investments in Central Public Sector Enterprises (CPSEs). The Government accordingly expanded the approach from of disinvestment to investment and public asset management. As part of investment management strategy, Government decided to explore possibilities of consolidation, mergers and acquisitions within CPSE space. An announcement in this regard was made by the Finance Minister, Shri Arun Jaitley in his Budget Speech of 2017-18.

In line with the Budget announcement, ONGC proposed to acquire the Government of India’s existing 51.11% equity shareholding in Hindustan Petroleum

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Defaulter of Income Tax TDS arrested and sent to jail

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there being a statutory obligation by the Income Tax Act. This also led to harassment of many innocent persons whose TDS had been deducted but the TDS returns had not been filed by the Real Estate Company. It was found that during FY 2013-14, FY 2014-15 and FY 2015-16, amounts of Rs. 45,68,990/-, Rs. 35,45,290/- and Rs. 33,36,970/- were deducted by the assessee company. The assessee company was found to be defaulting on filing of TDS return statements.

Taking into account all defaults, show

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Who Can Be Taxable And Liable for Registration Under GST?

With the introduction of GST, there has been a lot of confusion about the different aspects of this tax regime that combined nine existing taxes into one. Here, we will discuss the taxable person who is liable to register under this law. Any person who carries any business at any location in India and is registered or needed to get registered under the GST Act is defined as a taxable person. Person refers to an individual, company, firm, HUF, a government company, BOI, AOP, co-operative society, government, trust, local authority, artificial juridical person, and a body corporate incorporated under the laws applicable in a foreign country.

Who Should Get Registered Under GST?

 

The registration under this act is mandatory for any business whose turnover exceeds Rs. 20 lakhs in a financial year.

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