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"16 February 2017" Archive

Empanelment with Baroda Gujarat Gramin Bank for Concurrent Audit

Baroda Gujarat Gramin Bank invites applications from Chartered Accountants for Concurrent Audit of selected branches of the Bank for the year 2017-18 on quarterly basis. Please apply with complete profile and photocopy of credentials duly self-certified....

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Posted Under: CA, CS, CMA |

Proposed amendments to SEBI (Debenture Trustee) Regulations, 1993

For the purpose of streamlining the provisions regarding liability for action against Debenture Trustees with regard to default/ non-compliance, it is proposed that amendments may be made in the following existing provisions in the DT Regulations:...

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Posted Under: CA, CS, CMA |

Budget 2017- Goods and Services Tax

The budget 2017, as expected has neither proposed anything specific nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date....

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Posted Under: CA, CS, CMA |

Budget 2017-Important Changes in Service Tax

The application fee for seeking advance ruling is to be increased from rupees two thousand five hundred(Rs 2500/-) to rupees ten thousand(Rs.10,000/-) on the lines of the Income Tax Act.( Section 96C(3) of the Finance Act, 1994)...

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Posted Under: CA, CS, CMA |

Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

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Posted Under: CA, CS, CMA |

Empanelment for Concurrent Audit with Union Bank of India

Union Bank of India invites applications from the eligible / interested partnership Firms for empanelment as Concurrent Auditors for conducting Concurrent Audit in the identified branches / offices for the period from 01.04.2017 to 31.03.2018....

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Posted Under: CA, CS, CMA | ,

Allowability of Loss on sale of shares of wholly-owned subsidiary

Apollo Tyres Ltd. Vs. ACIT (ITAT Cochin)

In the case of Apollo Tyres Ltd vs. ACIT , ITAT Cochin held that The loss on sale of shares of a wholly-owned subsidiary is allowable under Section 37(1) of Income Tax Act, 1961 as a business loss if the investment in the subsidiary was made for commercial purposes....

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Sec 10(15)(iv)(c) benefit cannot be denied for lesser loan availment

M/s Tej Quebcor rinting ltd. Vs JCIT (Delhi High Court)

A plain reading of Section 10(15)(iv)(c) clearly bears the fact that its approval of the Central Government which is necessary – not with respect to the transaction per se but with regard to the rate of interest....

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Service tax on services by way of transportation of goods by a vessel

Circular No. 204/2/2017-Service Tax (16/02/2017)

Thus, with respect to goods imported into a customs station in India intended for transhipment to any country outside India, the destination of goods is not a place in taxable territory in India but a country other than India if the same is mentioned in the import manifest or the import report as the case may be and the goods are transhi...

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Tractors cannot be treated as motor vehicle under Gujarat Entry / VAT Tax

Tractors and Farm Equipments ltd Vs State of Gujarat (Gujarat high Court at Ahmedabad)

Levy of Entry Tax at the rate of 15% treating Tractors as motor vehicles and/or at par with the motor vehicles is hereby held to be illegal, discriminatory, violative of Article 304(a) of the Constitution of India and against the object and purpose of the levy of Entry Tax under the Entry Tax Act....

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