The following officers in the grade of Principal Commissioner of Income Tax (HAG, Pay scale Rs.67,000-79,000) (pre-revised) are, hereby, promoted on ad-hoc basis to the post of Chief Commissioner of Income Tax (HAG+) in the Pay Scale of Rs. 75,500-80,000/- (pre-revised) for the panel year 2016-17 with effect from the date of assumption of charge of the post and until further orders.
‘Income from Operations’, as mentioned in the formats for publishing financial results prescribed in the circular dated November 30, 2015, may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.
The biggest change due to GST regime is the point when GST will be applicable i.e. Supply. First thing to understand before going forward to understand is that GST is a Destination based or consumption based regime of tax against the current Origin based regime.
Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even there is violation of the provisions of Section 194C(7) of the Act.
Under GST regime, levy of IGST on imports would subsume CVD & SAD. Also, it appears that EC & SHEC shall continue to be levied on imports of goods on BCD and other Duties under Customs Act except CVD and SAD which are going to be subsumed under GST.
The proposed GST will cut short the time taken to deliver goods, saving of fuel, saving of additional expenses at check posts due to corruption etc. In this article all the possible opportunities, actions plans to be taken and representation to Govt. authorities on various issues are discussed.
GST is said to be levied on supply in legal words taxable event is supply thereby dispensing with the existing different taxable events for different levies of duties/taxes like Manufacture for levy of excise duty, ‘sale’ for levy of VAT/sales tax etc., Therefore understanding of the expression ‘supply’ is highly important.
The evolution of auditing is a complicated history that has always changed through historical events. Since the beginning of human civilization, auditing has been around.It has its genesis in the era of Maurya dynasty where Kautilya, a 4th century B.C.E. economist, recognized the importance of accounting methods in economic enterprises
Analysis Of The Recent Amendment To Section II Of Part II Of Schedule V Relating To Managerial Remuneration vide Notification No. S.O. 2922(E) dated 12.09.2016 Under Companies Act, 2013
CBEC vide notification No. 45/2016 – Central Excise (N.T.) specified that Cenvat Credit can be claimed now on the basis of Service Tax Certificate for Transportation of goods by rail issued by the Indian Railways and earlier requirement of enclosing photocopies of the railway receipts (RRs) with the Service Tax Certificate for Transportation of goods (STTG certificate), as a document for availing CENVAT credit, has been amended such that railway receipts would not be required to be enclosed with the STTG certificate.
