197. Transitional provisions for availing Cenvat credit in certain cases – This provision has been added to as to provide for treatment of such cenvat which was reversed before the appointed day due to non-payment of consideration within a period of 3 months.
Apex Judiciary has given a new year gift by pronouncing 2 important judgments, both by constitution bench of 7 members dated January 2, 2017. 1. Re-promulgation of ordinances is invalid and is fraud on constitution 2. A candidate can-not ask for votes in the name of religion, language, caste etc.
Definition of an intangible assets- As asset is identifiable if it either is separable or arises from contractual or other legal rights. For eg: A company takes access rights of operating a page on any website which is customized as per the requirements of the Company
It is not that complicated for Non-Resident Indians to buy or sell immovable property in India and remittance of sale proceeds, but there are certain rules and regulations to be followed during such transactions. The Reserve Bank of India governs them and they fall under the purview of the Foreign Exchange Management Act (FEMA).
In case of few dealers, in the Maharashtra Sales Tax Department’s registration database, PAN is either invalid or Blank or have more than one TINs are generated on a single PAN.
Equalization levy may be a quick and easy way to tax digital transactions but is prone to many other complications and hence may not be the right solution from a long term perspective. This is also evident from the fact that though Equalization levy was discussed by OECD in its Action Plan for taxation of digital economy, it did not finally recommend this measure.
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
With demonetisation, business optimism in India has seen a new high. As per latest Grant Thornton International Business Report (IBR) survey, Indian businesses are most optimistic about economic recovery in 2017.
8th GST Council meet concluded on January 4, 2017, but, the deadlock continues between the Centre and the States on the vexed issue of cross empowerment, or dual control of assessees.
Procedure for online payment through foreign banks in respect of OIDAR Service Tax Payments by Non Taxable Territory (NTT) Assessees
