E-way bill for intra-State supplies applicable from May 20, 2018 in Rajasthan
As on May 16, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ UT of Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh, Puducherry and Assam. Now, Govt. has informed that e-Way Bill system for intra-State movement of goods would be implemented in Rajasthan from May 20, 2018.
GST applicable on motor car used in business sold as scrap
GST applicable on motor car used in business sold as scrap. Ruling of Authority for Advance Ruling, Maharashtra for CMS Info Systems Ltd.
Govt. waives off late fees for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing
The Government has decided to waive late fees for failure to furnish the return in FORM GSTR-3B for the months from October for those taxpayers who have late filed GSTR-3B due to non filing of TRAN-1 since they have submitted TRAN-1 but failed to file TRAN-1 before December 27, 2017 due to technical issues
Val’n of closing stock by LIFO accepted by revenue in past couldn’t be rejected in subsequent yrs
Where valuation of closing stock of assesee according to LIFO method which was consistently followed by assessee since its inception was accepted by revenue in earlier assessment years, same could not be rejected in year under consideration
Gift received by individual from his HUF wasn’t exempt
HUF does not come under specified category of relative under section 56(2)(vii), Explanation (e); therefore, money received by an individual from HUF as gift would not considered as valid gift
Earlier yr income included in current yr couldn’t be taxed just because assessee didn’t file revised ITR
When Assessing Officer, being of opinion that part of income disclosed in assessment year 2013-14 pertained to assessment year 2012-13, taxed said part of income in assessment year 2012-13, he was not justified in taxing same income in assessment year 2013-14 also, merely on ground that assessee had not filed revised return for that year
Ecom’s Discounts Are Deductible (Flipkart vs IT)
People like discounts, but the income-tax department does not. That’s why, despite knowing that discounts are mainstay of e-commerce companies, income-tax department is adamant on declaring discounts as taxable. The hilarious logic of income-tax authorities is that discounts increase brand value and, hence, being capital in nature, are fully taxable. Thankfully, the Bangalore Tribunal has rescued internet companies from the net cast wide by the income-tax authorities. In a recent case, it has ruled, that Flipkart’s discounts are deductible.
MCA eases norms for issuance of sweat equity shares
The Ministry of Corporate Affairs (MCA) has notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2018 wherein the definition of employee has been amended. Now, an employee who has been working less than one year can get the sweat equity shares under the Companies Act, 2013.