The GST regime in India shall be a turnaround for the whole indirect tax schema in the country. The revamped taxation policies, altered levies and revised compliance methodologies shall affect businesses and commerce of all levels and categories. However, one the most significant and majorly impacted segment shall be the E – Commerce industry.
Appendix I in Income Tax Rules, 1962 in respect of rates at which depreciation is admissible provides depreciation on computers including computer software @ 60%. Recently, in Dinamalar vs. The ITO [T.C.A.No.624 of 2016, Decided on 02.09.2016], the assessee in respect of the claim of depreciation on computers and computer peripherals, claimed depreciation on the items, viz.
ITAT Held that Section 14A of Income Tax Act,1961 cannot be invoked, where no regular activities were undertaken by the Assessee in respect of the investments to earn exempt income and no change in the investments during the year?
While the IIP is expected to remain muted owing to the low investment and weak external demand, it is likely to edge on the positive zone supported by the festive season related demand and the favourable base effect.
In this E-book, attempts have been made to explain Concept of Call Book in Customs & Central Excise Department. It is expected that it will help departmental officers in their day to day work.
Customs authorities are empowered to investigate offences under the Customs Act and allied acts and in connection with the investigation, exercise powers conferred under relevant sections of the Customs Act 1962 and such allied Acts.
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Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule ,2004 to the new law. After giving the due consideration, it is clear from the given table below that except few minor changes, Capital Goods under Rule 2(a) and Section 2[20] are same.
I believe that corruption has been one of the major obstacles to economic, political and social progress of our country. I believe that all stakeholders such as government, citizens and the private sector need to work together to eradicate corruption.
The Constitutional Amendment (101) Act 2016 proposes to levy CGST and SGST or IGST on supplies of all goods and services other than on supplies of ‘Petroleum Products’ like Crude Oil, Natural Gas, Motor Spirit ,Diesel and Aviation Fuel.
