"14 March 2017" Archive

Fair Value of “Operating Leases” when acquisition of a Business – Ind-As/ IFRS

Acquisitions of new businesses are quite common strategies for any business to leverage its exisiting competencies or to achieve an economy of scale. Apart from various valuation analysis that are being done while finalizing any new business acquisition decisions...

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Posted Under: Finance |

FDI in trading of Food Products

Ministry of Food Processing Industries has held three meetings on 17.03.2016, 03.08.2016 and 27.02.2017 with Ambassadors and High Commissioners in India of various foreign countries namely Australia, China, Canada, France, Indonesia, Japan, Korea, Netherland, Poland, Russia, Singapore, UK, New Zealand, UAE, Thailand, Germany, Belgium, Bra...

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Posted Under: Finance |

Mandatory for Hospitals to issue detailed bills to patients & to separately disclose cost of Coronary Stents

National Pharmaceuticals Pricing Authority (NPPA), has directed hospitals to issue detailed bills to the patients, specifically and separately mentioning the cost of the Coronary Stents, along with the brand name of the manufacturer and importer, batch number and other details. ...

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Posted Under: Finance |

Addition by CIT(A) without Opportunity to Assessee is invalid

Shri Vinodbhai Naranbhai Vaghani Vs ITO (ITAT Ahmedabad)

Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A). ...

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Service Charges are Discretionary/ Voluntary

The Ministry of Consumer Affairs, Food and Public Distribution has issued advisory to all the State Governments/UTs to sensitise the companies, hotels and restaurants in the state regarding the relevant provisions of the Consumer Protection Act, 1986 on unfair trade practices...

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Posted Under: Finance |

Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 08/2017-Income Tax (14/03/2017)

Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme....

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No TDS on mere reimbursement of expenses without Income element

Assistant Commissioner of Income-tax Vs. Devendra Kumar Dugar ( ITAT Kolkta)

It is crystal clear proposition of law that when there is no element of income and there is mere reimbursement made there is no question of deduction of TDS....

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GST Bills Go To Parliament Now

In its 12th meeting of GST Council (GSTC) on 4th March, 2017, GSTC approved the two Bills, i.e. for Central Goods & Services Tax (CGST) and Integrated Goods and Services Tax (IGST) which now have to be passed and legislated by the Parliament....

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Posted Under: Finance |

TCS and furnishing of Statement of Financial Transaction [SFT]

Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!...

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Posted Under: Finance |

GST- A Fact which 99% of Indians don’t know

We all know what GST is and we know it will subsume all the existing indirect taxes. It is going to be a real boost for the economys growth and it is in line with the global practices....

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Posted Under: Finance | ,

Top 5 Benefits of Invoice Finance for Small Business Owners

Supply chain management (SCM) or the active management of supply chain activities to enhance customer value and gain competitive management is an important part of every business, whether large or small. Good SCM potentially improves customer service, where the delivery of the right quality product in a timely manner appeases both produce...

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Posted Under: Finance |

Section 54F exemption eligible on multiple flats if in same address

CIT Vs Shri Gumanmal jain (Madras High Court)

In this case assessee having got 15 flats along with his two sons will not disentitle him from getting the benefit U/s. 54F of IT Act only on ground that all the 15 flats are not in the same Block, particularly in the light of admitted factual position that all the 15 flats are located at same address....

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Entertainment Tax leviable in Delhi on Multi-System & Local Cable Operators

Siti Cable Networks Limited Vs Government of NCT of Delhi & Ors. (Delhi High Court)

High Court held that MSOs to the extent that they directly provide cable service to the subscribers without the intervention of any LCO, would be regarded as the 'proprietors‘ under Section 7(1) and would be liable to collect and pay the entertainment tax to the Government....

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EPF contribution exemption to Singapore citizens working in India

File No. IWU/7(14)2008/Singapore/20803 (14/03/2017)

Special Provision in respect of International Workers-- Exemption granted under the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore (CECA-2005) to Singapore citizens working in India from contributing to social security schemes in India - Clarification regarding....

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Don’t use abusive tax structures to avoid paying taxes: IRS

Don’t use abusive tax structures to avoid paying taxes. The IRS is committed to stopping complex tax avoidance schemes and the people who create and sell them. The vast majority of taxpayers pay their fair share, and everyone should be on the lookout for people peddling tax shelters that sound too good to be true...

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Posted Under: Finance |

Cenvat Credit cannot be denied for mere non-Registration of Premises

Commissioner, Service Tax Vs M/S Pangea 3 Legal Database Systems Pvt. Ltd. (Allahabad High Court)

Insofar as requirement of registration with department as a condition precedent for claiming Cenvat credit is concerned, there is no provision in Cenvat Credit Rules which impose such restriction. ...

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Invitation for Free Research Proposal from CBDT & CBEC officers

F.No. TPRU/2016-17/5 (14/03/2017)

With the aim of creating capacity for research amongst the officers of the Income Tax Department and the Customs and Central Excise Department, it has been decided to introduce a scheme of free research from departmental officers....

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Enemy Property (Amendment and Validation) Act, 2017

Notification No. 3 of 2017 (14/03/2017)

(1) This Act may be called the Enemy Property (Amendment and Validation) Act, 2017. (2) Save as otherwise provided in this Act, it shall be deemed to have come into force on the 7th day of January, 2016....

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Notification No. 06/2017-Central Excise (N.T.), Dated: 14.03.2017

Notification No. 06/2017-Central Excise (N.T.) (14/03/2017)

In exercise of powers conferred by clause (b) of section 2 of the Central Excise Act, 1944(1 of 1944) read with sub-rule (1) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs makes the following further amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue),...

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Taxpayers should avoid temptation to falsely inflate deductions: IRS

Falsely Padding Deductions on Returns: Taxpayers should avoid the temptation to falsely inflate deductions or expenses on their returns to pay less than what they owe or potentially receive larger refunds. Think twice before overstating deductions such as charitable contributions and business expenses or improperly claiming credits such a...

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Posted Under: Finance |

Launch ITR with e-filing utility for AY 2017-18 in First week of April

Right from the beginning there have been emphasis on the changing and incorporating the suitable provisions in respect of Income Tax Return (ITRs) forms. Going are the days for the manual filling and filing of the ITRs. There is continuous emphasis on the e-filing of the ITRs. ...

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IRDA guidelines for investment in Units of REITs / InvITs

Circular No. IRDAI/CIR/F&I/INV/056/03/2016-17 (14/03/2017)

Insurers can invest in Units of REITs / InvITs which conform to the following: i. The REIT /InvIT rated not less than AA shall form part of Approved Investments. REIT / InvIT rated less than AA shall form part of Other Investments....

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