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Archive: 13 October 2016

Posts in 13 October 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6324 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19353 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Upload details of appeals pending before CIT(A) as on 29.02.2016: CBDT

October 13, 2016 1282 Views 0 comment Print

Hence it is directed to request that it may be ensured that the data of all the appeals pending before CIT(A) as on 29.02.2016 is uploaded on ITBA module for CIT(A) latest by 21.10.2016. This may kindly be treated as Most Urgent.

Swift Dzire classifiable as LMV & eligible for additional depreciation

October 13, 2016 7228 Views 0 comment Print

In the present case, the ld.AO has granted depreciation at the rate of 15% without examining relevant provisions. It appears that his finding is based upon his experience and past impression. He was of the opinion that once Board has not granted higher rate of depreciation to cars, which are put in the business of hiring, or in public transportation, then how a partner, who used motor car for the purpose of business can be granted at a such rate.

Can excise duty be recovered u/s 11D(1A) even when not shown on Invoice?

October 13, 2016 4138 Views 0 comment Print

As per Section 11D(1) of Central excise Act 1944, brought under the statute book w.e.f. 20.9.1991, every person, who is liable to pay duty under the Act and has collected any amount in excess of the duty assessed or determined and paid on any excisable goods under the Act from the buyer of such goods in any manner as representing duty of excise is required to pay the amount so collected to the credit of the Central Govt.

Refund in Goods and Services Tax (GST)

October 13, 2016 6973 Views 0 comment Print

In the Following Situations, Refund can be claimed in GST: 1. Export of Goods or Services ( Including Deemed Export) 2. Refund of Unutilized Input Tax Credit 3. Refund from Manufacturing / Generation/ Production – tax free supplies

SBI Invites RFP for Special Audit of its Associate Banks

October 13, 2016 3127 Views 0 comment Print

Request For Proposal (RFP) For Engagement Of Auditor For Special Audit Of 5 Associate Banks Namely i) State Bank of Hyderabad (SBH) ii) State Bank of Patiala (SBP) iii) State Bank of Travancore (SBT) iv) State Bank of Bikaner & Jaipur (SBBJ) v) State Bank of Mysore (SBM) And I) Bahrtiya Mahila Bank Ltd Preceding […]

MCA releases Revised Form 23C, Form 23D, Form I-XBRL & Form A-XBRL

October 13, 2016 2806 Views 0 comment Print

The Ministry of Corporate Affairs has released the new forms relevant to Costing Rules prior to Companies (Cost Records and Audit) Rules 2014: FORM 23C [Pursuant to section 233B(2) of Companies Act, 1956]: Form of application to the Central Government for appointment of cost auditor FORM 23D [Pursuant to section 233B(2) of Companies Act, 1956]:Information […]

Direct Tax Collections up to September, 2016 up by 8.95%

October 13, 2016 925 Views 0 comment Print

The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

Income Escaping Reassessment Void if Reasons not supplied

October 13, 2016 2737 Views 0 comment Print

Bombay High Court held that Supply of Reasons Recorded for Making Reassessment is Necessary Otherwise the Income Escaping Assessment shall be Void. The Assessing Officer(AO) is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is entitled to file objections to issuance of notice and the AO is bound to dispose of the same by passing a speaking order.

US Taxation– Form 1040– Foreign earned income & foreign tax credit

October 13, 2016 3505 Views 0 comment Print

For a U S citizen or a resident alien, the US tax authorities are happy to get them paid the taxes even on their income earned abroad. The case goes back to 1930s when US companies started earning exports in France and UK particularly raising queries on adopting transfer pricing policies.

Dandiya between Goods and Services–GST!

October 13, 2016 5986 Views 0 comment Print

As per the GST law, the supply will determine the levy of tax. The definition of supply is most important in the law of GST. Also, there has been a debate on the levy of tax on goods and services. Currently, VAT is levied on goods and Service Tax is levied on services. But many goods and services are inseparable, and then there is a debate about who will levy tax and also there are litigations on this.

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