"19 January 2017" Archive

Analysis of discrepancy in reports on no. of assessees, filing of returns etc.

F.No. 17/03/2016/MIS/DOMS/3251 19/01/2017

Analysis of CAP-II reports shows various serious discrepancies regarding the of assessees, filing of e-returns and paper returns and total no. of returns filed which was also indicated in the earlier letter of Pr. DGIT(Logistics)....

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Job work under Revised GST Law if Job worker add his own material

Sec.55 of revised GST Act lays down procedure for removal of goods for job work. It states that a registered taxable personmay, under intimation and subject to conditions as may be prescribed , send any inputs and / or capital goods , without payment of tax , to a job worker for job-work. ...

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Posted Under: Income Tax |

Budget 2017-18 – Expectations of a salaried person

Yes. Its that time of the year again when the common man, the salaried person looks out to what’s in store for them – concessions, rebates. The Union Budget for the next fiscal shall be announced early this year on February 1, 2017 and the common man awaits....

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Posted Under: Income Tax |

Make in India Railways Sector – Achievement Report

A permanent mechanism for “Standing Intra-Government Technical Collaboration Panel” (SITCOP) has been formed to converge Government’s internal capabilities to create better and futuristic rolling stock for Indian Railways with minimal foreign dependence in critical areas. The SITCOP meets twice a year to review progress on collabora...

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Posted Under: Income Tax |

Where Government servant has been acquitted but appeal is contemplated/pending

F. No. 11012/6/2016-Estt.A-III 19/01/2017

Where the recommendation of DPC has been kept in sealed cover solely on account of pendency of criminal case, the sealed cover may be opened in case of acquittal of Government servant provided it has not been stayed by a superior court....

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Make in India New and Renewable Energy Sector- Achievement Report

The Government has revised its target of renewable energy capacity to 175 GW by end of 2022, making it the largest expansion in the world and providing plenty of opportunities for investors....

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Posted Under: Income Tax |

Make in Indian Gems and Jewellery Sector – Achievement Report

The Gems and Jewellery sector in India is one of the largest in the world and contributes to about 29% of the global consumption. In FY 2014-15, the sector constituted 13.30% of the country’s total merchandise exports. India is the largest diamond processing center in the world and accounts for 95% of world’s processed diamonds....

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Posted Under: Income Tax |

Make in India Oil & Gas Sector – Achievement Report

Oil & Gas sector is a key contributor to Indias economy. India is the third largest consumer of crude oil and petroleum products globally accounting for 4.5 % of world oil consumption in 2015, behind US and China. India’s refining capacity is 230 MMTPA (Million Metric Tonnes Per Annum). ...

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Posted Under: Income Tax |

Make in India Chemicals & Petrochemicals Sector – Achievement Report

The Chemicals industry in India is an important contributor to the Indian economy sustaining a variety of downstream industries such as textiles and pharmaceuticals. The Indian chemicals industry with a market size of USD 145 billion is the seventh largest producer of chemicals worldwide and the third largest producer in Asia after China ...

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Posted Under: Income Tax |

Make in India Biotechnology-Sector – Achievement Report

The Biotechnology sector is one of the sunrise sectors in India. The government is investing substantially for creating human capital and infrastructure with a special focus on R&D to develop India into a world class bio manufacturing hub. The sector in India, which is currently growing at 20% is expected to go up to USD 11.6 Billion by 2...

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Posted Under: Income Tax |

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