"28 December 2016" Archive

Role and Responsibility of CIT (Admn. & TPS)-reg.

F.No. HRD/CM/102/28/2013-14/8145 (28/12/2016)

It has come to the notice of CBDT that in some Regions role of CIT (Admn. & TPS) is restricted by the Pr. CCIT (CCA) and they are not made part of various administrative functions in headquarter of Pr. CCIT (CCA), especially functions related to transfer and posting, vigilance etc. ...

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Deduction cannot be allowed merely because notice were not issued to bogus creditors

Commissioner of Income Tax & Anr. Vs Karnataka Planters Coffee Curing Works (P) Ltd. (Supreme Court of India)

In the case of Commissioner of Income Tax Vs. Karnataka Planters Coffee Curing Works (P) Ltd. assessee had shown sudden increase in creditors without any matching purchase transactions. ...

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President assents Rights of Persons With Disabilities Act, 2016

NO. 49 OF 2016 (28/12/2016)

Rights of Persons With Disabilities Act, 2016 received the assent of the President on the 27th December, 2016, and is hereby published for general information...

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Govt passes law by which it can mandate payment of wages by Cheque or by credit to Bank account

No.9 OF 2016 (28/12/2016)

Government may,specify industrial or other establishment, which shall pay wages only by cheque or by crediting wages in bank account of employee....

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Fast Track Merger – A Novel Concepts

Merger is a restructuring tool available to Indian conglomerates aiming to expand and diversify their businesses for various reasons whether it is to gain competitive advantage, reduce costs or unlock values. ...

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Posted Under: Income Tax |

Transitional Provisions under Revised Model GST Law-Part-IV

170. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations. This is a new provision added in the act aiming to cover such assessees who are engaged in manufacture of both taxable and exempted goods or are providing both taxable and exempted services...

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Posted Under: Income Tax |

Fresh guidelines on Sexual Harassment of Women at Workplace

Fresh guidelines on Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 issued by DoPT...

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Posted Under: Income Tax |

Charity Commissioner, Maharashtra State Special Drive 2017

Charity Commissioner, Maharashtra State Special Drive 2017- For Filing of Audited Accounts and Change Reports under Bombay Public Trusts Act, 1950...

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Posted Under: Income Tax |

Inclusion of Show Cause Notice in Call Book -reg

F. No. 276/104/2016-CX.8A (Pt.) (28/12/2016)

Inclusion of Show Cause Notice issued in relation to sub-section (11) of Section 28 of the Customs Act, 1962 on the competency of officers of DGDRI, DGCEI and Customs (Prev.) in the Call Book; Issuing Clarifications-reg....

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Norms for Income Recognition and NPA Classification Further relaxed

Circular No. RBI/2016-17/198 DBR.No.BP.BC.49/21.04.048/2016-17 (28/12/2016)

Permit all REs to defer the down grade of an account that was standard as on November 1, 2016, but would have become NPA for any reason during the period November 1, 2016 to December 31, 2016, by 90 days from the date of such downgrade in the following categories of accounts:...

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Unintentional errors in filling appeal should be overlooked and be disposed -off on merits

Prashanth Projects Ltd. vs. DCIT

Bombay HC held that an unintentional error on the part of assessee while filling an appeal, more so when the department also acted ignoring the error, would not result in rejecting assessee’s appeal being time barred....

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Conditional exemption of Late fee U/s. 20(6) of MVAT Act, 2002

Notification No. VAT. 1516/C.R. 178/Taxation-1 (28/12/2016)

No. VAT. 1516/C.R. 178/Taxation-1.— In exercise of the powers conferred by the proviso to sub-section (6) of section 20 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby amends the Government Notification, Finance Department No. VAT. 1513/C. R. 124/Taxation-1, dated the 1st January 201...

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Government invites comments on Report of Financial Redressal Agency

Government invites comments of stakeholders and public on the Report of the Financial Redressal Agency by 31st January 2017. ...

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Posted Under: Income Tax |

Transitional Provisions under Revised Model GST Law -Part-III

Section 169. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows...

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Posted Under: Income Tax | ,

Unexplained Funds Routed to Assessee Company to Result in Additions in Hands of Both the Parties

Commissioner of Income Tax Vs M/s Trinetra Commerce and Trade pvt. ltd. (Calcutta High Court)

Section 68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not...

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CBDT amend rules to Tax Undisclosed Foreign Income and Assets

Notification No. 123/2016-Income Tax (28/12/2016)

These rules may be called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax (Amendment) Rules, 2016....

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Top 10 unusual excuses for not filing return on time by UK Residents

Each year HMRC receives a number of unusual excuses from Self Assessment customers who didn’t complete their tax return on time....

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Posted Under: Income Tax | ,

IDS 2016- How to validate Form 3 and Form 4

The below instructions are issued with respect to the validations and checks available in e-Filing portal for Form 3 and Form 4 (IDS, 2016)....

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Posted Under: Income Tax |

Major Achievements of Ministry of Labour & Employment for 2016

The Ministry of Labour and Employment is committed towards job security, wage security and social security for each and every worker....

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Posted Under: Income Tax |

Rail Accident Compensation doubled from 1st January 2017

Ministry of Railways has decided to revise the amounts of compensation payable in respect of Death & Injuries to the passengers involved in Accidents and Untoward Incidents. ...

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Posted Under: Income Tax |

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