"23 February 2017" Archive

POEM guidelines not applies to company with turnover of Rs. 50 crores or less in a year

Circular No 08 of 2017-Income Tax 23/02/2017

Press Release on POEM guidelines dated 24th January, 2017 has, inter alia, stated that the POEM guidelines shall not apply to a company having turnover or gross receipts of Rs. 50 crores or less in a financial year ....

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Transitional provisions under Revised Model GST law (MGL)-Part I

In our 9th article of the series, we are discussing the very important aspect of MGL that is transitional provisions, provided in model law for all the existing taxpayers. The transitional provisions are applicable to all the existing taxpayers and will impact majorly for assessees registered under central excise, service tax, state VAT....

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Posted Under: Income Tax |

Possible Implications of GST and necessary changes

In our earlier posts, we discussed about registration, input tax credit, export, etc. Now, in our 8th in series of article, we will discuss some impacts of GST on normal business procedures like business contracts, business decision making, etc....

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Posted Under: Income Tax |

Online process for Grant of Registration under DVAT & CST

Circular No. 24 of 2016-17 23/02/2017

The applicant dealer, applying online, shall provide PAN details and other brief particulars including e-mail, mobile etc. to begin with. PAN shall be verified from Income Tax data base, maintained by NSDL, on real time basis....

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AIR Rate of duty drawback under GST framework: CBEC invite suggestions

F.No.609/23/2017-DBK 23/02/2017

To ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on exports and/ or any other relevant drawback like rebate to be implemented for exports in the context of new GST environment and/or remnant tax structure....

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Law on PE, Force of Attraction, tax on software embedded in hardware

HITT Holland Institute of Traffic Technology B.V. Vs DDIT (ITAT Kolkata)

Article 7(1) of the DTAA between India and Netherlands provides for taxing profits of the enterprise in the other state only to the extent they are attributable to the PE in the other state, adopting No Force of Attraction principle. With the above broad principles in mind we will now consider the facts of the present case and the rival c...

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High Pitched Assessment: AO/CIT cannot straightaway demand 15% payment

Flipkart India Private Limited Vs ACIT (Karnataka High Court)

Undoubtedly, the present case raises the issue of balancing the interest of the Revenue, and the interest of an Needless to say, the Revenue does have the right to realise the assessed incometax amount from the assessee. However, while trying to realise the said amount, the Revenue cannot be permitted, and has not been permitted by the Ci...

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Features of Sovereign Gold Bonds 2016 -17 – Series IV

Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017....

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Posted Under: Income Tax |

Download Free Botnet / Malware Cleaning Software

Extending the 'Swachh Bharat' campaign to the cyber world, the Minister of Electronics and Information Technology, Shri. Ravi Shankar Prasad, today launched the Cyber Swachhta Kendra–Botnet Cleaning and Malware Analysis Centre for analysis of malware and botnets that affect networks and systems....

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Posted Under: Income Tax |

HC takes note of blame game payed by officials to cover up their lapse

CCE Vs Vansum Industries (Bombay High Court)

Initially we had observed that the Commissioner and his officials are playing a blame ­game. To cover up their lapses and deficiencies, they turned around and blamed their Advocates....

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