"07 January 2017" Archive

Demonitisation – Cash Deposits Reporting Rules for Banks & Post Offices

The Central Board of Direct Taxes vide notification No.2/2017 dated 6th January,2017 has once again amended Rule 114E (reporting in AIR ) casting reporting obligations on the banks and post offices for reporting of cash deposits in the bank accounts and post office accounts prior to the demontisation period. ...

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Posted Under: Income Tax | ,

Section 50C Market Value on sale deed date or stamp duty value on sale agreement date

Chalasani Naga Ratna Kumari, Visakhapatnam Vs ITO, Ward-3(2) (ITAT Visakhapatnam)

For determination of capital gains according to section 50C market value of property as on date of sale deed or stamp duty value as on date of agreement to sale: which has to be taken?...

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Migration to GST – Assistance for transition

As an endeavour to see early light of GST, CBEC, has created a separate tab, titled: MIGRATION TO GST, on the CBEC website: www.cbec.gov.in. The roll out of GST is scheduled from April 1, 2017. The taxes of Central Excise and Service Tax would be subsumed in the GST....

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Posted Under: Income Tax | ,

Provisions related to audit to be undertaken by GST authorities

The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. ...

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Posted Under: Income Tax |

Joint Shareholding under Companies Act, 2013

When a person holds one or more shares jointly with one or more person(s) in a Company, he/she is called Joint shareholder. Since a Joint Shareholder is different person, but in relation to private limited companies, joint shareholders are considered as a member....

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Posted Under: Income Tax |

Removal of Director Under Provisions of Companies Act, 2013

A Company is governed by its Board of Directors and the Board of Directors are consist of Directors, who are human beings. Section 149 of the Companies Act, 2013 provides that every company registered under the Act, must have a Board of Directors consisting as individuals as directors....

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Posted Under: Income Tax |

How Central Excise / Service Tax Assessees can Migrate to GST

All existing Central Excise and Service Tax assessees will be migrated to GST starting 7th January 2017. To migrate to GST, assessees would be provided a Provisional ID and Password by CBEC....

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Posted Under: Income Tax | ,

Jeevan Pramaan. Digital Life Certificate for Pensioners & FAQs

Jeevan Pramaan is a biometric enabled digital service for pensioners. Pensioners of Central Government, State Government or any other Government organization can take benefit of this facility....

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Posted Under: Income Tax |

Lok Sabha/ Rajya Sabha to meet on 31.01.2016; Budget on 01.02.2017?

Notification No. RS 1/1/2017-L and 37/1/(XI)/2017/T (07/01/2017)

Hon'ble President Shri. Pranab Mukerjee has called Meet of Lok Sabha and Rajya Sabha on 31.01.2017 to Facilitate Presentation of Union Budget 2017 on 01.02.2017 but seeing the protest of opposition political parties, the question is will government present the Budget on 01.02.2017 or it will present after the elections in 5 States....

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Loan / advances received by HUF could be treated as deemed dividend

Gopal and Sons (HUF) Vs CIT (Supreme Court of India)

As HUF cannot be a registered shareholder in a company and hence could not have been both registered and beneficial shareholder, loan/advances received by HUF could be deemed as dividend within the meaning of Section 2(22)(e) of Income Tax Act,...

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