"10 March 2017" Archive - Page 2

Taxes on Petrol / Diesel & CNG and neighboring Countries

Compressed Natural Gas (CNG) attracts a concessional rate of 5% Basic Customs Duty (BCD) and 14% Basic Excise Duty (BED). The comparison of Retail Selling Price of Petrol and Diesel, as on 01.03.2017, with neighbouring countries is as under:-...

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Posted Under: Excise Duty |

Seven foreign Re-insurers to set up branches in India

Seven foreign Re-insurers to set up branches in India The Insurance Regulatory and Development Authority of India (IRDAI) has issued Certificate of Registration to Seven foreign Re-insurers to set up branches in India. The details are as follows: 1)Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft. 2) Swiss Reinsurance Company L...

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Posted Under: Excise Duty |

Activity of Mere Hiring of Machineries and Equipments does not attract TDS: Allahabad HC

CIT­ Vs M/S Jai Prakash Enterprises Ltd. (Allahabad High Court)

Taking of machinery and equipment on hire would not amount to a contract for carrying out any work as contemplated in section 194C of Act.The said contract i.e. taking of machinery and equipment on hire also cannot be treated with a contract for supply of labour. ...

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Indian Stocks Soar but Banks are Weighing on the Nifty 50

The Nifty 50, India’s most liquid basket of stocks, broke out this week, testing the 9K level, following positive news about the potential growth of the economy according to the U.S. based credit rating agency Fitch.  With animal spirits across the globe driving share trading markets higher, India’s riskier assets will likely continu...

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Posted Under: Excise Duty |

With GST on anvil, do we really need TDS in income tax now?

With advent of GST, government will be able to track much more transactions due to invoice wise return, difficulty to bypass the credit chain and linking of income tax with indirect tax through PAN....

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Posted Under: Excise Duty |

Royalty is revenue expense if no right after License termination to Assessee

CIT Vs. H-One India Pvt. Ltd. ( Allahabad High Court)

Royalty and fee for technical assistance are revenue in nature if upon license termination rights created in favour of assessee gets extinguished....

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Be credit alert to be credit healthy

Life is tough for 35-year-old Sachin Shinde who moved from Solapur to Mumbai about five years back. Working as an executive assistant of a film director earns him just about enough to survive in a big city like Mumbai where his dream is to give his daughter a good education. ...

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Posted Under: Excise Duty |

sec. 2(22)(e) covers only those transactions which benefit shareholder alone

Deputy Commissioner of Income-tax Vs M/s. The Hooghly Mills Co. Ltd. (ITAT Kolkata)

Thus, section 2(22)( e) of the Act covers only such situations, where the shareholder alone benefits from the loan. In the instant case the company benefits from the said transaction, it will take the character of a commercial transaction and hence will not qualify to be dividend. ...

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Govt approves renewal of MoU between ICAI and CBFS, Oman

Government approves renewal of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the College of Banking and Financial Studies (CBFS), Oman...

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Posted Under: Excise Duty |

Now RBI website at your fingertips

Press Release : 2016-2017/2419 10/03/2017

Reserve Bank of India today formally launched a mobile application (app) version of Reserve Bank of India’s website (www.rbi.org.in). The app is available on Android as well as iOS platforms and can be downloaded from the Play Store/App Store in one’s Android phone/iPhone, respectively, using the keyword Reserve Bank of India...

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