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GST applicable on Whole Amount of Maintenance Charges collected by RWA If It exceeds Rs. 7500: CBIC [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that the Goods and Services Tax (GST) will be levied on the whole amount of...

Finance Bill 2019 empowers RBI to supersede the Board of an NBFC

Banks collected Rs 9,721 cr in Minimum Balance Penalty

CBDT continues follow up in cases connected with J&K Bank

Income Tax Return filing Date Extended [Read Order]

Inter-Ministerial Committee on Virtual Currencies submits Report and Draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’

The Government had constituted an Inter-Ministerial Committee (IMC) on 2.11.2017 under the Chairmanship of Secy (EA), with Secy (MeiTY), Chairman (SEBI) and Dy. Governor, RBI as Members, to study the...

Bombay HC allows dept to conduct Service Tax Audit post implementation of GST [Read Order]

The Bombay High Court has allowed the Service Tax Department to conduct Service Tax Audit on post Implementation of Goods and Services Tax ( GST ). The petition sought a declaration that Respondents...

GST Council to meet on July 25 to decide on Tax Cut on Electronic Vehicles

The Goods and Services Tax ( GST ) Council to meet on July 25th to decide on Tax Cut on Electronic Vehicles. The 36th meeting of the Council, which will happen through video conferencing, is also...

Interest on Late deposit of VAT, Service Tax, TDS are allowable Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the interest paid by the assessee on late deposit of VAT, Service Tax, TDS etc, is not penal in nature, allowable as business...

Filing of Form 3CB Audit Report with Form 3CD is Sufficient Compliance: ITAT deletes Penalty [Read Order]

While deleting a penalty order passed under Section 271B of the Income Tax Act, the Income Tax Appellate Tribunal ( ITAT ), Kolkata bench has held that the filing of form no. 3CB audit report with...

Deposits collected by Finance Company are Capital Receipts: Supreme Court [Read Judgment]

A two-judge bench of the Supreme Court comprising Justice R F Nariman and Justice Sanjiv Khanna held that the deposits collected by a finance company are capital receipts and not revenue receipts. ...

Inadvertent and Bonafide Error in Return won’t attract Penalty: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an inadvertent and bonafide error in return would not attract penalty under section 271(1)(c) of the Income Tax Act, 1961. ...

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