"09 June 2017" Archive

Daily Consumer goods to become cheaper after GST

Implementation of Goods and Services Tax (GST) on the following items will have zero rate after the GST Law comes into force on 1st July, 2017.As a result of which these items will be available at cheaper rates to the common man at large: ...

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GST Council constitutes 18 Sectoral Groups for smooth roll-out of GST

As decided in the 14th Meeting of the GST Council held on 18th-19th May, 2017 in Srinagar, J&K, 18 Sectoral Groups have been constituted representing various sectors of the economy in order to ensure smooth roll-out of GST....

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16th Meeting of the GST Council on Sunday, 11th June, 2017

The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held on Sunday, 11th June, 2017 at Vigyan Bhavan in the national capital. ...

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Broken period interest is allowable as deduction

Prathamik Shikshak Sahakari Bank Ltd Vs ACIT, (ITAT Pune)

Hon’ble High Court of Rajasthan In CIT Vs. Bank Rajasthan Ltd (supra) and had held that broken period interest is allowable as deduction. Following the same parity of reasoning, we hold that the assessee is entitled to the claim of broken period interest of Rs.16,97,027/-. The ground of appeal No.1 raised by the assessee is thus, allow...

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Income from Assignment of patent for exploiting it commercially is Capital Gain

Bharat Serums & Vaccines Ltd. Vs. ACIT (ITAT Mumbai)

Section 55(2)(a) talks of right to manufacture, produce or process any article or thing. Therefore, as per the amended provisions, the right to manufacture/produce/process would be taxable under the head capital gains and cost has to be taken at Rs. Nil. ...

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Excise Dept To Refund Excessive Fine Imposed 19 Years Ago

B.N. Sanas Company Private Limited Vs The Collector of Pune, State Excise Deparment (Bombay High Court)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II The matter is called out for final hearing as the matter is specifically listed for final hearing in summer vacation. Heard the learned counsel for the Petitioner and the learned Government Pleader for the State. 2. The Petitioner [&hell...

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CBDT Notifies new Safe Harbour Regime

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, CBDT has notified a new safe harbour regime based on the report of the Committee set up in this regard....

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10 Commandments of Successful Investing

An investor may invest in SIP and when the market continues to fall he will discontinue his SIP. But market crash is the right time to continue your SIP. Because, during the market crash you will get more number of units and the averaging works out in your favour....

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University Employee to be treated as Govt Employee for Tax Benefits

Sh. Dev Raj Sood Vs Income Tax Officer (ITAT Delhi)

If a case falls under clause (i) of section 10(10), the entire amount of death-cum-retirement gratuity becomes exempt. Au contraire, if a case falls under sub-clause (iii) of section 10(10), then, the exemption is limited to the amount as the Central Government may notify in official gazette. ...

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Order No. 98/2017: Postings / transfers in the grade of ACIT/DCIT

Order No. 98 of 2017 (09/06/2017)

The following Postings / transfers in the grade of Assistant / Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect ans until further orders -...

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