"14 June 2017" Archive

9 Important Facts to know about Tax Invoice under GST

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II There are some apprehensions in the trade circles that GST invoices have to be Issued as per prescribed format and that issuing invoice is going to be burdensome process. This is not correct. Some important facts about GST […]...

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Analysis of New Exemption to Private Limited Companies

In this Flash editorial, the author begins by referring the powers of central government providing fewer than 462 of Companies Act, 2013. the Central Government, in the interest of public, hereby amends the notification of the Government of india, in the Ministry of Corporate Affairs, vide number G.S.R. 464(E) dated the 5th June, 2015 pub...

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Potential cases for consideration of prosecution under section 276CC

EFS Instruction No. 63 (14/06/2017)

Potential cases for prosecution u/s 276CC have been identified from NMS Cycle-4 cases on the basis of rules approved by Board. The Assessing Officers may be instructed to view the information and take necessary action u/s 276CC if the conditions prescribed u/s 276CC are fulfiled....

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CBDT Task Force for Effective assessment using departmental database

F.No. 225/205/20 17/ITA.II (14/06/2017)

The Board, on consideration of report of the above Committee, in principle, has agreed to the broad concept of taxpayer segmentation with differentiated treatment and creation of a new ecosystem for conducting scrutiny assessments characterized by end-to-end e-process for scrutiny assessment, flexible function-specific jurisdiction for...

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CIC directs CBDT to educate concerned officials about RTI Law

Mr. Radha Raman Tripathy Vs. CPIO (Central Information Commission)

Commissiono instructs CBDT to convene periodic conferences/ seminars to sensitise, familiarise and educate the concerned officials about the relevant provisions of the RTI Act, 2005 for effective discharge of its duties and responsibilities....

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Advantages and Disadvantages of GST

Tax evasion at various stages will be eliminated as tax offsets can be collected only if taxes have been paid originally. You will also be able to buy raw materials or constituent materials for production only from those who have paid taxes, in order to claim benefits....

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NCLT can allow Compounding of offence despite advanced stage of prosecution

Teamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad)

the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....

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Protective assessment without substantive assessment is invalid

Income Tax Officer Vs M/s Fussy Financial (ITAT Delhi)

In this case we find that AO has not made any substantive assessment. There may be substantive assessment without any protective assessment, but there cannot be any protective assessment without there being a substantive assessment....

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Post-implementation Review – IFRS 13 Fair Value Measurement

The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

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Disclosure Initiative – Principles of Disclosure

The IASB has published Discussion Paper that suggests principles to make disclosures in financial statements more effective. This Discussion Paper, published by the International Accounting Standards Board, could lead to amendments to IAS 1, the Standard covering general disclosure requirements, or the development of a new general disclos...

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