"28 July 2017" Archive

S. 10(46) CBDT notifies Himachal Pradesh Electricity Regulatory Commission

Notification No. 76/2017-Income Tax (28/07/2017)

Central Government hereby notifies for the purposes of the said clause, the Himachal Pradesh Electricity Regulatory Commission, a commission established by the Government of Himachal Pradesh, in respect of the following specified income arising to that Commission, namely:—...

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India enters Multilateral Competent Authority Agreement on Exchange of Country by Country Reports

Notification No. 75/2017-Income Tax (28/07/2017)

Whereas a Multilateral Competent Authority Agreement on the Exchange of Country-by- Country Reports was entered into by the Government of the Republic of India, being a party to the Convention on Mutual Administrative Assistance in Tax Matters...

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India’s GST reforms appreciated and hailed by BRICS countries

In the meeting of the BRICS Heads of Revenue and Tax Experts held at Hangzhou, China from the 25th to 27th of July, 2017, India’s GST reforms were appreciated and hailed by the BRICS countries. The Indian delegation was led by Dr. Hasmukh Adhia, Revenue Secretary of India....

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Posted Under: Income Tax |

Benefits of the reduced rates/tax rebate to consumers post GST

The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax incidence on items like food grain...

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Posted Under: Income Tax |

Centre and State Taxes subsumed under GST

GST will promote business and development by making the taxation structure easy and by eliminating the numerous taxes. The GST laws have been framed in such a manner that a multitude of taxes have been replaced by one tax. The details of the taxes subsumed under GST are as under....

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Posted Under: Income Tax |

Printing of Post- GST Rates on Old Stock

On account of implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be changed. The Department has issued an order according to which, manufacturers/ packers/ importers of pre-packaged commodities are allowed to declare the revised retail sale price (MRP), by way of sta...

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Posted Under: Income Tax |

Sale of bottled water on same rate Post GST

On account of implementation of GST there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. Department of Consumer Affairs has therefore issued an advisory on the matter. Further, vide this advisory it has been informed inter alia, that for reducing the Retail Sale Price (MRP), a sticke...

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Posted Under: Income Tax |

‘Task Force on Shell Companies’ for effectively tackling malpractices

With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...

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Posted Under: Income Tax |

Investments by NRIs as FDI and in stock changes

Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: i. As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares...

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Posted Under: Income Tax |

Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court)

S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

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