"23 February 2017" Archive

POEM guidelines not applies to company with turnover of Rs. 50 crores or less in a year

Circular No 08 of 2017-Income Tax (23/02/2017)

Press Release on POEM guidelines dated 24th January, 2017 has, inter alia, stated that the POEM guidelines shall not apply to a company having turnover or gross receipts of Rs. 50 crores or less in a financial year ....

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Transitional provisions under Revised Model GST law (MGL)-Part I

In our 9th article of the series, we are discussing the very important aspect of MGL that is transitional provisions, provided in model law for all the existing taxpayers. The transitional provisions are applicable to all the existing taxpayers and will impact majorly for assessees registered under central excise, service tax, state VAT....

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Posted Under: Income Tax |

Possible Implications of GST and necessary changes

In our earlier posts, we discussed about registration, input tax credit, export, etc. Now, in our 8th in series of article, we will discuss some impacts of GST on normal business procedures like business contracts, business decision making, etc....

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Posted Under: Income Tax |

Online process for Grant of Registration under DVAT & CST

Circular No. 24 of 2016-17 (23/02/2017)

The applicant dealer, applying online, shall provide PAN details and other brief particulars including e-mail, mobile etc. to begin with. PAN shall be verified from Income Tax data base, maintained by NSDL, on real time basis....

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AIR Rate of duty drawback under GST framework: CBEC invite suggestions

F.No.609/23/2017-DBK (23/02/2017)

To ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on exports and/ or any other relevant drawback like rebate to be implemented for exports in the context of new GST environment and/or remnant tax structure....

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Health Insurance Plans – Medical Coverage and Tax Benefits go Hand in Hand

Health is the greatest asset for a human being. Since inflation has made medical bills costlier than ever, having a health insurance policy has its own perks, whatsoever. Investing in health insurance offers amazing returns on investment. You get coverage against expensive hospital bills that can wipe up your savings in one go. It ensures...

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Posted Under: Income Tax |

Losses due to Fraud of employees allowable despite no FIR

M/s. Pawan Specialities (P) Ltd. Vs The ACIT (ITAT Jaipur)

It is an admitted position that theft/ fraud had indeed taken place in the assessee company and the AO had nowhere doubted the fact of fraud but he disallowed the claim of the assessee for the reason that the assessee could not establish the fact of fraud like non- production of copy of FIR and not taking any legal action against the empl...

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No Service Tax on fees paid for grant of Airport Management to AAI

Delhi International Airport P. LTD. Vs Union of India & ORS (Delhi High Court)

As there is no representational right conferred by AAI on the petitioners, the OM DA cannot constitute a franchise in terms of Section 65(47) of the Finance Act. Further as no service is being provided by AAI to the petitioners, there cannot be said to be any taxable service in terms of section 65(105) (zze)....

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Law on PE, Force of Attraction, tax on software embedded in hardware

HITT Holland Institute of Traffic Technology B.V. Vs DDIT (ITAT Kolkata)

Article 7(1) of the DTAA between India and Netherlands provides for taxing profits of the enterprise in the other state only to the extent they are attributable to the PE in the other state, adopting No Force of Attraction principle. With the above broad principles in mind we will now consider the facts of the present case and the rival c...

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Features of Sovereign Gold Bonds 2016 -17 – Series IV

Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017....

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Posted Under: Income Tax |
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