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Archive: 04 March 2017

Posts in 04 March 2017

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4884 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4221 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Perspective and challenges of NCLT

March 4, 2017 7047 Views 0 comment Print

The Government of India has, after fourteen years since their introduction, constituted the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the Companies Act, 2013 to provide for a single judicial forum to adjudicate all disputes concerning the affairs of Indian companies.

11th Meeting of GST Council held on 4th March 2017

March 4, 2017 3261 Views 3 comments Print

GST Council in its 11th Meeting held on 4th March 2017 approved CGST / IGST Laws, Cap rate and restaurants having turnover upto 50 Lakhs to be covered under Composition Scheme.

GST Council approves CGST and IGST Bill

March 4, 2017 9561 Views 1 comment Print

Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill. The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri […]

Loss should be recognized immediately if contract cost is likely to exceed revenue

March 4, 2017 1440 Views 0 comment Print

As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately.

Payment for Net Communication system developed by principal for smooth functioning of shipping business is not FTS

March 4, 2017 816 Views 0 comment Print

In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical services and would not be chargeable as income under Income […]

Rent cannot be treated as other income for not recording construction expense in books

March 4, 2017 1305 Views 0 comment Print

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee.

Lifting of Corporate Veil in case of Public Limited Company by treating the same as Private Limited Company

March 4, 2017 4860 Views 0 comment Print

It appears to the authority that there is a systematic design which rightly necessitated the authority to lift the corporate veil. It is also found by the authority that at the relevant point of time, the company was of one man show and substantially managed and controlled by petitioner and that conclusion is arrived at on the basis of materials on record which are indicated specifically that substantial cash flow and substantial increase in capital is only after induction of petitioner as a director and certificate of commencement of business was obtained by the company only after petitioner being joined in the company.

ITAT has wide powers to call for records / examine the records and Such powers cannot be curtailed: HC

March 4, 2017 1182 Views 0 comment Print

Delhi High Court dismisses writ petition filed by Revenue and held that Income Tax Appellate Tribunal being an appellate body has wide powers to call for records/examine the records. Such powers cannot be curtailed and the Revenue cannot refuse to produce the records. The Revenue claims to be aggrieved by the direction of the Income […]

GST Migration: Provisional Ids & Access Token of Phase 3 VAT dealer in Maharashtra Reg.

March 4, 2017 2328 Views 0 comment Print

Provisional Ids and Access Token of Phase 3 dealers, are now made available by GSTN. Dealer can obtain their provisional Ids from department’s portal www.mahavat.gpv.in, using their login credentials.

Bringing Youth to the Mainstream of Change

March 4, 2017 501 Views 0 comment Print

It is befitting to dedicate Vivekananda’s birthday, January 12, to the youth of the country whose entrepreneurial ambition and consumerist desires need be exposed to countervailing moral and ethical values for bringing sanity to their attitudes and actions.

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