"21 September 2016" Archive

IDS 2016- CIT to lenient view on valid application U/s. 273A

F. No. 282/227/2016-IT(Inv-.V)/26/2016 21/09/2016

Principal Commissioners or Commissioners are advised to take a lenient view on receipt of a valid application under section 273A of the Act in respect of an issue for the said assessment year which is identical to the issue on which a valid declaration has been made under the Income Deceleration Scheme 2016 for other assessment year(s) su...

Exhaustive FAQ on Model GST Law updated as on 21.09.2016

The FAQ compilation covers broadly 24 topics with Chapters on Registration, Valuation, Input Tax Credit, Assessment, Audit, Refund, Demand and Recovery, Appeals, Advance Ruling, Offence and Penalties etc....

Posted Under: Income Tax |

Clarification on providing info U/s. 138 of Income-tax Act, 1961

F. NO. 225/120/2016/ITA.II 21/09/2016

Notification issued u/s 138(2) of the Act prescribes a general prohibition in furnishing of information/documents before any person/authority. Two exceptions have, however, been prescribed where the information can be made The first exception pertains to providing of information by DGIT(Systems) in respect of records or data related to PA...

Cabinet approves merger of rail budget with general budget

The Union Cabinet has approved the proposals of Ministry of Finance on certain landmark budgetary reforms relating to (i) the merger of Railway budget with the General budget, (ii) the advancement of the date of Budget presentation from the last day of February and (iii) the merger of the Plan and the Non-Plan classification in the Budget...

Posted Under: Income Tax |

Composition levy Scheme for small CA Firms in Model GST Law

The object of all such composition schemes is not to burden the small dealers from the provisions of record keeping. Here we are analyzing the merits and demerits of the composition levy scheme if so adopted by small CA Firms....

Posted Under: Income Tax |

Controversial to excise duty farewell

Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Furthermore, insertion of new article 246A makes a clear division of power to make laws with respect to goods and services tax imposed by the Union or by such State, as enumerated in the Seventh Schedule of the Consti...

Posted Under: Income Tax |

Audit by department: Justified or not?

Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits. This piece of articulation is on the journey of provisions related to audit in the Chapter V o...

Posted Under: Income Tax |

Cabinet approves Restrictions on Edible oils/ oilseeds & Pulses till 30.09.2017

Cabinet approves extension of the validity of Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses from 01.10.2016 to 30.09.2017...

Posted Under: Income Tax |

Management Discussion and Analysis (MD&A)– An Overview

Financial statements alone are not sufficient to communicate the entity’s overall performance, Management Discussion and Analysis (‘MD&A’) has become a core element of the communication package for external reporting purpose now a days....

Posted Under: Income Tax |

Cabinet approves Agreement with Samoa for Tax Info exchange

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes- The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes....

Posted Under: Income Tax |

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