"14 March 2017" Archive

Fair Value of “Operating Leases” when acquisition of a Business – Ind-As/ IFRS

Acquisitions of new businesses are quite common strategies for any business to leverage its exisiting competencies or to achieve an economy of scale. Apart from various valuation analysis that are being done while finalizing any new business acquisition decisions...

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Posted Under: Finance |

FDI in trading of Food Products

Ministry of Food Processing Industries has held three meetings on 17.03.2016, 03.08.2016 and 27.02.2017 with Ambassadors and High Commissioners in India of various foreign countries namely Australia, China, Canada, France, Indonesia, Japan, Korea, Netherland, Poland, Russia, Singapore, UK, New Zealand, UAE, Thailand, Germany, Belgium, Bra...

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Posted Under: Finance |

Mandatory for Hospitals to issue detailed bills to patients & to separately disclose cost of Coronary Stents

National Pharmaceuticals Pricing Authority (NPPA), has directed hospitals to issue detailed bills to the patients, specifically and separately mentioning the cost of the Coronary Stents, along with the brand name of the manufacturer and importer, batch number and other details. ...

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Posted Under: Finance |

Addition by CIT(A) without Opportunity to Assessee is invalid

Shri Vinodbhai Naranbhai Vaghani Vs ITO (ITAT Ahmedabad)

Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A). ...

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Service Charges are Discretionary/ Voluntary

The Ministry of Consumer Affairs, Food and Public Distribution has issued advisory to all the State Governments/UTs to sensitise the companies, hotels and restaurants in the state regarding the relevant provisions of the Consumer Protection Act, 1986 on unfair trade practices...

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Posted Under: Finance |

Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 8/2017-Income Tax (14/03/2017)

Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme....

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No TDS on mere reimbursement of expenses without Income element

Assistant Commissioner of Income-tax Vs. Devendra Kumar Dugar ( ITAT Kolkta)

It is crystal clear proposition of law that when there is no element of income and there is mere reimbursement made there is no question of deduction of TDS....

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GST Bills Go To Parliament Now

In its 12th meeting of GST Council (GSTC) on 4th March, 2017, GSTC approved the two Bills, i.e. for Central Goods & Services Tax (CGST) and Integrated Goods and Services Tax (IGST) which now have to be passed and legislated by the Parliament....

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Posted Under: Finance |

TCS and furnishing of Statement of Financial Transaction [SFT]

Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!...

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Posted Under: Finance |

GST- A Fact which 99% of Indians don’t know

We all know what GST is and we know it will subsume all the existing indirect taxes. It is going to be a real boost for the economys growth and it is in line with the global practices....

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Posted Under: Finance | ,
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