"19 June 2016" Archive

Transition provisions under Model GST Law

With NDA government releasing the Model GST Law on 14/06/2016 the government had signaled that 01.04.2017 could be the appointed day for enactment of GST. In this regards it becomes important to understand the Transition provisions under the Law;...

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Child worried about Education, Parents worried about its taxation

Krishna, as it is the time of schools and colleges reopening, admission of students are going on everywhere. All parents want that their children should be educated from the best school/college. But for the sake of good education, a lot of money is required. So is there any benefit available to the taxpayers in Income Tax Act for such ex...

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Major Take Aways from Annual Conference of Tax Administrators

The take-aways from the Conference on the CBEC side are:- 1. Need for preparation for roll-out of GST with focus on IT and increased capacity building through training of officers. 2. Need to focus on Dispute Resolution: Identify 20 topmost litigated issues and examine from policy perspective whether any intervention is required....

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S.68 Assessee only required to provide evidence of identity & transactions

ACIT Vs M/s Dhanlaxmi Equipment Pvt. Ltd. (ITAT Jaipur)

The Jaipur bench of ITAT in the above cited case held that the assessee is only expected to produce the documentary evidences regarding the transaction and identity of the persons from whom it has accepted the deposits....

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DVAT (IST) Amendment Bill, 2016 passed by Delhi Assembly

Insertion of section 3(11): This new section has been inserted to collect advance tax from importers at the time of import. The liability to pay tax has been fastened from point of sale to point of import. Notification in this regard shall be issued by Department which will outline the items, condition, exemption and rate of advance tax o...

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Taxpayer ledgers under GST as per Draft Model Law: An overview

As per the Draft GST model law and the process documents issued by the Department of revenue. There is a reference of three ledgers that are electronic cash ledger, electronic credit ledger and tax liability ledger....

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Scope of Reporting U/s. 143(3) & 143(11) of Companies Act, 2013

Article discusses about Scope of Reporting under Section 143(3) and 143(11) of the Companies Act, 2013 and in particular on the Existence, Adequacy and Effectiveness of Internal Financial Controls....

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