"05 March 2017" Archive

GST, Excise, Service Tax, Customs and VAT updates for February 2017

Outcome of GST Council Meeting held on 04th March, 2017--The GST council cleared C-GST and I-GST bills.-Draft SGST law will be circulated among states in the next few days.-1st July, 2017 appeared to be the likely roll out date for GST- Union Finance Minister...

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Key Take away from 11th GST Council Meeting with 5 Major Carve-outs

GST Council on its 11th Meeting held on 4th March, 2017, at Delhi approved the Draft Central Goods and Services Tax (CGST) Bill and the Draft Integrated GST (IGST) Bill. The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of t...

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“Arey O… Samba Benami Property Par Kitna Inam Rakhe hai Sarkar?”

Modi government has brought in hard provisions for the persons having benami property and for tax evaders. There was a reward in the movie, Sholey for catching Gabbar Singh, so now, will the government be able to catch the benamidar and confiscate the benami property? And how will it be possible?...

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Direct and Indirect Tax Due date calendar- March 2017

Article Compiles month wise Due dates for E-­payment of Service Tax for by Companies, Submission of Form No. 27C (TCS), Payment of TDS/TCS , Return of TDS for Dec 16 quarter in DVAT­48, Payment of Advance Income tax by ALL assessees (100%)(including 44AD cases), E-­Payment of Provident Fund (PF), TCS Return in form 27EQ, Due […]...

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India is in the midst of a major Digital Payment Movement

Amitabh Kant India is making an attempt to transition to a digital payment, less cash economy. Given that only a meagre percentage of our population pays taxes, the nation’s economy also grows as more and more transactions come under banking and taxation system through digital payments. Besides, corruption in public life and governance ...

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Why humanity remember Gandhi

In the world of thorough compartmentalization dictated by industrialized division of labour in which humanity find itself having lost the sense of purpose and identity, Gandhi showed a holistic way that leads us into experiencing life in its fullness....

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Making Payments Digitally

It is may not be a big amount but definitely useful says Mukesh Kumar Verma, a teacher of government Primary school at Gonda in UP who received an SMS informing him that he had won Rs 1000 in the Lucky Grahak Yojana. Mukesh who is all for going digital says...

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The Fastest Growing Major Global Economy in the World

India remains one of the fastest growing emerging market economies driven by key structural reforms, normal monsoon and reduced external vulnerabilities. The Q3 GDP estimates of 7 percent growth indicate that the key domestic risk of demonetization has not undermined the growth momentum and growth prospects for 2017-18 remain bright....

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S. 68 Onus of Assessee discharged on submission of names, addresses, PAN, bank statement, income-tax returns of Loan Creditors

ITO Vs M/s Riddhi Siddhi Corporation (ITAT Ahmedabad)

This appeal of Revenue for Asst. Year 2009-10 is directed against the order of ld. CIT(A)-XV, Ahmedabad, dated 2nd July, 2012 vide appeal No.CIT(A)-XV/406/ITO-9(1 )/1 1-12 arising out of the order u/s 143(3) of the IT Act, 1961 (in short the Act), framed on 23/12/2011 by ITO, 9(1), Ahmedabad. Following grounds have been raised by the Reve...

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Consideration for right to use copyright in “literary work” is Royalty

I.T.C. Limited Vs A.D.I.T. (ITAT Kolkata)

Whether the term literary work as mentioned in the definition of royalty in the treaty would include software or not? As per the provisions of section 2(o) of the Indian Copyright Act, 1957, the term literary work includes computer programs, tables and compilations including computer data base....

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