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Archive: 04 March 2017

Posts in 04 March 2017

In absence of any material seized during search, Revenue cannot seek afresh examination of the valuation of the property

March 4, 2017 831 Views 2 comments Print

Court is of the opinion that there is no infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material […]

National Apprenticeship Promotion Scheme: Rajiv Pratap Rudy

March 4, 2017 750 Views 0 comment Print

Since the early ages, the transfer of skills has been happening through the tradition of apprentices. A young apprentice would work under the tutelage of a master craftsman to learn the craft, while the master craftsman would get an inexpensive form of labour in exchange of training the apprentice and basic amenities.

National Cancer Institute, AIIMS One Year in Making of India’s Largest Cancer Hospital

March 4, 2017 762 Views 0 comment Print

The Health Minister has called the National Cancer Institute, the largest public health investment project of Independent India. With 710 beds, 26 Operation Theaters, 15 laboratories for Principal Investigators, a separate Diagnostics Block – the National Cancer Institute is the behemoth of Indian cancer care.

Set to reap record harvest: Indian farmers provide food & food for thought

March 4, 2017 504 Views 0 comment Print

A similar picture has emerged for wheat. The area under cultivation in 2013-14 was 304.73 lakh hectares with an output of 95.85 million tonnes. The comparative figure for 2016-17 is 302.31 lakh hectares, while production is pegged at 96.64 million tonnes. Doubtlessly, the farmers of the country need to be applauded for their efforts. Let’s hope, assisted by several new measures taken by the government, the day is not far when the farmers of our country will be a happy lot. As Prime Minister Modi has said, “Give water to the farmers of this country and see the wonders they can do. Through the Pradhanmantri Krishi Sinchai Yojana, we want to ensure that water reaches every village across the length and breadth of the country.” The Prime Minister has also said that his government has a vision of doubling the farmers’ income by 2022.

Combatting Non-communicable Diseases

March 4, 2017 1134 Views 0 comment Print

Before end March 2017 (1st phase), population based screening will be conducted in 100 districts (32 states/UTs); operational screening guidelines for diabetes, hypertension and common cancers have been released. Data will be gathered for counselling the at-risk individuals. Subsequently, chronic obstructive respiratory diseases will be included and the programme will be scaled up.

Budget 2017: Exemption of LTCG subject to payment of STT on acquisition- Suggestions

March 4, 2017 4362 Views 0 comment Print

Instead of the requirement of payment of STT on acquisition, it would be desirable to categorically define a list of sham transactions which would not be entitled to exemption of LTCG. This would automatically provide benefit to genuine investors.

Carry forward & set off of MAT credit where ten year period has expired on or before AY 2016-17

March 4, 2017 56346 Views 1 comment Print

Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year period has still not expired needed.

Compliance of filing of return under Goods and Service Tax (GST)

March 4, 2017 8511 Views 1 comment Print

The compliance of filing of return under GST is going to be a challenging task. Every registered taxable person, interstate supplier, TDS deductor, Input Service Distributor, non-resident taxable person is liable to file their returns under GST.

Section 194IB TDS: What if rent less than Rs. 50000 PM for few months

March 4, 2017 61509 Views 1 comment Print

Whether the tax needs to be deducted on the rent paid during that previous year although the rent per month for some of the months is less than Rs.50,000 p.m or the rent needs to be deducted on the aggregate amount of rent for the months where rent has exceeded Rs.50,000 pm.

Budget 2017: Delete of section 44AD(2) to cause hardship to taxpayers

March 4, 2017 13320 Views 10 comments Print

Suppose a partnership firm makes turnover of Rs 25 lakhs. As per sec 44 AD presumptive rate of 8% net profit amounts to Rs. 2 lakhs. Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2).

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