"10 February 2017" Archive - Page 4

TCS relaxation on jewellery: Proposed amendment to Section 206C

Prior to the amendment proposed by Finance Act 2017, the section provided for collection of tax at source at the rate of one per cent on sale in cash of bullion exceeding 2 1akh rupees and jewellery exceeding 5 lakh rupees....

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Posted Under: Income Tax | ,

Measures for enhancing revenue collections through TDS

On review of the progress of TDS collections it is noted that as on 31.01.2017. an amount of Rs.2,85,082 crore has been collected as TDS at a growth rate of 14.79% over corresponding period of last financial year....

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Posted Under: Income Tax |

TCS under Model GST Law – A challenge for e-commerce marketplaces

The Tax Collection at Source (TCS – Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government. ...

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Posted Under: Income Tax |

Section 101- Appeals to Appellate Tribunal under Revised Model GST Law

The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay in filing appeal upto on...

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Posted Under: Income Tax |

Standardised PPT on Revised Model GST Law

The introduction of GST regime is round the corner. It has become imperative  to understand this new law to serve the businesses. Continuing with its efforts to update the members, the Indirect Taxes Committee of ICAI has launched a Standardized PPT on Goods & Services Tax (GST) to provide a single handed knowledge on upcoming [&hell...

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Posted Under: Income Tax | ,

Issue a Credit Note under Revised Model GST Law

A credit note is issued to correct a genuine mistake or to give a credit to your customer under the following situations...

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Posted Under: Income Tax |

All about Insolvency and Bankruptcy Board of India

Under section 188 of the Code, the IBBI was established on 1st October, 2016. The Governing Board of the IBBI consists of the following members appointed by the Central Government, namely: a. a Chairperson; b. three members from amongst the officers of the Central Government not below the rank of Joint Secretary or equivalent, one [&helli...

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Posted Under: Income Tax |

Insolvency and Bankruptcy Code 2016- Journey So Far

The Insolvency and Bankruptcy Board of India (IBBI) was established on 1st October, 2016. It is useful to chronicle the critical steps leading to establishment of the IBBI and the steps taken thereafter during the quarter September-December, 2016:...

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Posted Under: Income Tax |

Honest taxpayers will be treated with dignity and courtesy: CBDT

DO FTS No. 384553/2017 10/02/2017

While pursuing the path of revenue mobilisation, which is an integral part of our core work, we must always keep in our view, the assurance given by Hon'ble Finance Minister that all honest, tax-compliant persons will be treated with dignity and courtesy....

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Insolvency and Bankruptcy Code builds third pillar of economic freedom

It is well established that economic freedom and economic performance have very high positive correlation. Countries having high level of economic freedom generally out-perform the countries with not-so-high level of economic freedom....

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Posted Under: Income Tax |

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