"28 January 2017" Archive

Remembering Mahatma Gandhi

It was on 30 January 1948 Mahatma succumbed to the bullets while he was on his way to the daily prayers. Though he left us physically, his teachings, numerous experiments in his personal life, politics and philosophy is fresh among the minds of people in India and other countries of the world....

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Posted Under: Income Tax |

GST- Input Tax Credit Cycle

ITC in GST is like the oxygen to human body. Everything revolves around how the credit would get distributed and who would be the person actual bearing the liability to in which treasure box this collection will ultimately fall into Central/State government. To availing the credit only by those who are registered under the GST system bein...

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Posted Under: Income Tax |

Reduce customs duty on chilled & frozen sea food and poultry

Government urged to to reduce customs duty on chilled and frozen seafood from present level of 30% to 10% to bring down food inflation and satiate high demand for seafood in India. ...

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Posted Under: Income Tax |

GST on healthcare will make medicare unaffordable

The healthcare sector catering to the unmet health needs of the society should be kept out of the purview of the Goods and Services Tax (GST) or else medical care would become expensive and unaffordable for the common persons...

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Posted Under: Income Tax |

Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

CIT vs. M/s D. Chetan & Co. (Bombay High Court)

HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....

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Sachin Tendulkar gets Favorable verdict in Share Capital Gain Tax case

ACIT Vs. Shri Sachin R. Tendulkar (ITAT Mumbai)

In this ground, the Revenue is aggrieved with the action of Ld. CIT(A) in reversing the action of AO in treating the gain arising on sale of shares as 'business income' which was shown by the assessee as assessable under the head income from 'capital gains...

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