"06 May 2017" Archive

Taxpayers to be rated for GST Compliance

GST law provides for Goods and Services Tax Compliance Rating which is a new concept in India. Presently, there is no system of compliance rating under any tax laws in India. GST compliance rating is a concept which will be experimented as a legal provision for the first time in our country. Accordingly, every taxable person shall be assi...

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Payment of Tax under GST Regime

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SG...

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Transitional Provisions under GST Law

Under Section 143 of GST Law, the CENVAT or Input Tax Credit carried forward in the last return prior to GST under earlier law be available as ITC under GST. The registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger....

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RBI can direct banks to initiate insolvency resolution process

Order No. S.O. 1435(E) (05/05/2017)

Central Government hereby authorises the Reserve Bank of India to issue such directions to any banking company or banking companies which may be considered necessary to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016....

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Interest on Fixed Deposits received by society from Bank is Taxable

The Gujarati Social Welfare Society Vs TITO (ITAT Hyderabad)

In assessee’s case, the bank is not even a member of the society. The nature of the transaction between the assessee and the bank would disqualify application of the principle of mutuality. Therefore, the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which […]...

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Sale of Land of HUF after Death of Karta is assessable in HUF’s hand

M/s Amarchand HUF Vs The ITO (ITAT Jaipur)

What has been sold was ancestral agricultural land which belongs to the HUF and it has been brought to tax in the hands of HUF after the death of Sh. Amarchand. There is no partition of HUF and there is no finding of any partition given by the Assessing Officer u/s 171 of the Act....

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Tax Credit available on Dividend received from Company based in Oman

Pr. Commissioner of Income Tax Vs Krishak Bharati Co- operative Ltd. (Delhi High Court)

Up to the tax year 2011 dividend has been first included in the total income and thereafter deduction has been granted. The facts mentioned above clearly establish that the Assessee Society is entitled to getting credit for the deemed dividend tax by virtue of the provisions of DTAA read with Section 90 of the Income Tax Act, 1961...

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ITBA- Conversion of Case from Limited to Complete Scrutiny – Reg.

ITBA-Assessment Instruction No -4 (03/05/2017)

The following processes forming a part of the Assessment module are now available to the users in ITBA: (A) Reference to Valuation Officer and (B) Conversion of Case from Limited to Complete Scrutiny....

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Then Deputy Commissioner of Customs Jailed and Fined

The investigation revealed that Shri K.S. Chandrasekhar while working as Deputy Commissioner of Customs, Air Cargo Complex, Nedumbassery Airport, Ernakulam entered into a criminal conspiracy with Shri Raju Mathew & Shri George Bastin, Partners of M/s Mars Cargo Agencies, Cochin and favoured M/s Mars Cargo Agencies without any public inter...

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RBI Circular on Timelines for Stressed Assets Resolution

Notification No. RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 (05/05/2017)

Please refer to the circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)” and subsequent circulars/amendments in this regard....

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