"24 April 2017" Archive

Six Things you should know about the Finance Act 2017

Here are 6 key takeaways from the Finance Act 2017 that you must know: 1. Change in Rate of Slab Rates 2. Reduction in Benefit U/s 87A 3. TDS on Rent paid by Individual 4. Change in Capital Gains 5. Ceiling on Cash Transaction 6. Digital Payments in Presumptive Taxation...

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Posted Under: Income Tax | ,

FBT leviable on expense on Sales Promotion, Free Samples, Gift etc

Gujarat Chamber of Commerce & Industry Vs Union of India thro' secretary (Gujarat High Court)

When the language of Section 115WA and 115WB is clear and unambiguous and even the intention of the legislature while enacting sections 115WA and 115WB(2) is very clear i.e. with respect to the deemed fringe benefits, neither there is any scope for either literal and/ or purposive interpretation nor there is any occasion to consider the i...

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GST Issues in MSME Sector

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage GST. ...

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Posted Under: Income Tax |

Decoding Definitions under Goods and Services Tax

As we all know that Goods and Service Tax (GST) is the biggest tax reform in India post-independence. It is a tax trigger, which will lead to business transformation for all major industries....

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Posted Under: Income Tax |

Advance ruling under the CGST Act 2017

The World of Business is based on informed decisions. Decisions which make or break an organisation. A right estimation may lead it to scale new heights , and on the other hand , a wrong cost projections may lead to complete wipeout of the busine...

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Posted Under: Income Tax |

Amount Deducted for Notice Period is not Taxable as Salary

Shri Nandinho Rebello Vs DCIT (ITAT Ahmedabad)

It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable....

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Sec 40(a)(ia) amendment extending TDS payment due date U/s. 139(1) is Retrospective

The Commissioner of Income Tax­ Vs Shraddha & S S Kale, Joint Venture (Bombay High Court)

Amendment to Section 40 (a)(ia) of the Act by Finance Act, 2010 is retrospective with effect from 1st April, 2005 as held by various High Courts....

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Demonitisation effect: HC condones delay in deposit of Court Fees

Prashant Sahu Vs Vijay Kumar Chourasiya (Madhya Pradesh High Court)

The complainant submits that because the complainant was to deposit the court fees, but due to financial insufficiency suffered by him, he could not make the deposit at the relevant time. It is also contended that during the said period, the Demonetisation was also in force, therefore, his non-deposit of the court fees be condoned and set...

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No TDS on Expense Reimbursement under Mutual Agreement between Entities

DCIT Vs M/s KPMG C/o KPMG House, (ITAT Mumbai)

Thus, the concept of Mutuality postulates that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus are contributors to the common fund. It is in this sense that the law postulates that there must be a complete identity between the contributors and the partici...

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Annual General Transfer in the grade of Addl./JCIT – reg.

Order No. 56 of 2017 (24/04/2017)

Order No. 56 of 2017 The following postings / transfers in the grade of Additional/ Joint Commissioner of Income Tax are hereby, ordered with immediate effect and until further orders:-...

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