"13 February 2017" Archive

HC dismisses Petition to seek early hearing, while assessee was taking adjournments on frivolous grounds

Tulsidas Trading Pvt. Ltd. Vs Tax Recovery Officer & Ors. (Bombay High Court)

This conduct on part of the petitioner filing the petition interalia seeking early hearing of its appeal before the CIT (A) and at the same time when the appeal is fixed for hearing by the CIT (A), the petitioner is seeking adjournment on frivolous grounds indicating that the petitioner is not serious about attending the hearing. It appe...

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In absence of incriminating documents addition cannot be made based on Mere voluntary disclosure

Chetnaben J Shah vs. ITO (Gujarat High Court)

Learned Counsel for the respondent has taken this Court to Section 132(4) of the Act and contended that the statement made during the search is required to be accepted and the retraction was made after a very long time. The reasoning of the Assessing Officer was confirmed by the Tribunal and therefore, no interference is called for by t...

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Expeditious issue of Refunds is a High Priority for CBDT

Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) processed and over 1.62 crore refunds issued during the Current Financial Year up to 10th February, 2017....

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Posted Under: Income Tax |

GST-The Return Filing Process

Thus, GST system of filing return would help to avoid the last minute rush to file the return with regular update for claiming credit. It would also encourage taxpayer to not default as the defaulting parties would not be able to pass on credit which would guard their customer/clients to not work with them. Also with technology playing an...

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Posted Under: Income Tax | ,

GST- Section 32: Furnishing details of outward supplies

Earlier only the ISD, person opting for composition scheme and person deducting TDS were kept outside the purview of this section. These persons were not required to file the GSTR-1. In the revised draft, the non-resident taxable person, and the person deducting TCS are also been ousted from the scope of this section....

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Posted Under: Income Tax |

SPICe: Does it add SPICE to the Incorporation of the Company

Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC – 32 which is a Simplified Performa for incorporating Company Electronically. SPICe Form INC – 32 can help incorporate a company with a single application for reservation of name, incorporation of the new company and/or application for allotment of DIN....

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Posted Under: Income Tax |

Analysis of Stewardship Code for Insurers in India

IRDA in its exposure draft has defined 7 Principles of Stewardship which an insurance company as an institutional investor will be required to adopt. Intention of Stewardship Code is to strengthen role of insurers as stewards on behalf of policyholders....

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Posted Under: Income Tax |

Income Tax Computation Utility for A. Y. 2018-19 (FY 2017-18)

It Is An Easy To Use Tax Computing Program Designed By Ca. Tejas K. Andharia (Bhavnagar, Gujarat). Which Is Specifically Designed For Computing Tax On The Income Of Individuals And HUFs Only.(Excluding NRIs.)...

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Posted Under: Income Tax |

Activities of Career Counselling Committee (CCC), ICAI in year 2016-17

This Committee was formed in the month of February, 2015 under nomenclature 'Career Counselling Committee (CCC) with an objective to promote the Commerce Education with special focus on CA course among Secondary, Senior/ Higher Secondary, Graduate/Post Graduate students as well as other stakeholders....

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Posted Under: Income Tax |

3Q DVAT return due date extended to 28/02/2017

Circular No. 23 of 2016-17 (13/02/2017)

I, H. Rajesh Prasad, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexure/enclosures to 28/02/2017....

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