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ITAT Ahmedabad held In the case of ACIT vs. Rupam Impex that the AO has justified the mistake on record on the ground that it is attributed to the assessee. The income tax proceedings are not adversarial proceedings.
Goods and Service Tax (GST) will be levied on taxable supply of goods and services. GST will be levied on value addition on each stage of supply of goods and services by allowing setoff facilities at each stage to avoid double taxation. GST is the demand of the country. The Central Government is very serious in this regard and we hope that it will be enforced after 1st April, 2016.
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
1. Inverted duty structure in respect of various items may be given due consideration in the Union Budget as it not only effects exports but also the manufacturing sector and adversely hit Make in India.
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
It was held that it is a common knowledge that any insurance company is required to have chairs and tables to render services to their clients. The said tables and chairs are used for rendering services of general insurance, accordingly CENVAT credit availed on such furniture & fittings is allowed.
Prevention is better than cure says the old saying. It is very much true in the case of NPA also. But the pertinent question is whether the banks and Financial Institutions take such steps to prevent the account slipping into NPA.
1st April 2016 onwards- Through Notification no. 6/2016-ST dated 18.2.2016, Central Government appoints 1.4.2016 as the date from which the provisions of Section 107(1) of Finance Act, 2015 shall come into effect.
GST is one of the biggest tax reforms since 1947. It would mitigate the cascading effect by subsuming a large number of Central and State taxes into a single tax, and pave the way for a common market. A roadmap towards the stronger nation is stalled in the political walls of Rajya Sabha.
SEBI has recently revamped its Listing Agreement that the companies need to enter into with the stock exchanges while listing its securities with the new SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
