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Union Cabinet Approves 4 GST Bill

Esha Agrawal The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll […]...

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5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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ITD searches about 2534 groups of persons

ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore ...

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Know your Registration Status under GST

The taxpayer may now check their exact status regarding the registration under GST regime Statewise either based on Registration Number or Provisional Id or Permanent Account Number....

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Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin)

Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon'ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invoked for substituting a lawful view taken...

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Audit provisions under GST Law

Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. ...

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GST Working Groups formed to address concerns of Trade and Industry

With the finalization of the Model GST Laws by the GST Council, stage has been set for the introduction of GST as per the deadline indicated by the Council....

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United Kingdom (UK) Value Added Tax (VAT) Compliance for Selling Through Amazon FBA

If you sell goods in United Kingdom, it is likely that you will be required to register for Value Added Tax (VAT). VAT in the United Kingdom is a tax on consumer spending....

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Unclaimed Deposits in Banks and Insurance Companies

(i) All insurers are required to display the information about any unclaimed amount above Rupees 1000/- of Policyholders in their respective web-site. (ii) A facility shall be given in the web-site of the insurer to enable Policyholders / or its dependents to find out whether any unclaimed amounts due to them are lying with the insurer....

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CCI order against CIL and subsidiaries for abusing dominant position

Maharashtra State Power Generation Company Ltd . Vs. Mahanadi Coalfields Ltd. & Others (Competition Commission of India)

Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal....

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