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Archive: 23 March 2017

Posts in 23 March 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6369 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19380 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Download Finance Bill 2017 as passed by Lok Sabha

March 23, 2017 42627 Views 0 comment Print

Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]

Budget 2017: Taxation of trusts in context of succession planning

March 23, 2017 4953 Views 0 comment Print

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration.

25 FAQs on Income Computation and Disclosure Standards (ICDS)

March 23, 2017 55905 Views 1 comment Print

After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation.

No Service Tax on supply of subsidized food to workers by employer

March 23, 2017 2709 Views 0 comment Print

Bhimas Hotels Pvt. Ltd. Vs. Union of India (Andhra Pradesh High Court) any supply of subsidized food to the workers by the management of a Company, has to be seen as part of the pay package that the workers have negotiated with the employer. Under the Factories Act, 1948 and even under the Industrial Disputes […]

No Tax on off–shore supplies of goods completed outside Indian territory

March 23, 2017 759 Views 0 comment Print

Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), dated 18th November 2016.

Advertisement expense post Flilm certification by Censor Board allowable

March 23, 2017 1062 Views 0 comment Print

Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37.

Section 194J TDS not applicable to payment made in kind

March 23, 2017 8523 Views 0 comment Print

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind.

Expense on obtaining ISO certificates are revenue expenditure

March 23, 2017 16890 Views 1 comment Print

It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.

Prisoners too have fundamental Right to Trade and Profession: HC

March 23, 2017 6996 Views 0 comment Print

Right to carry on trade and profession including right to convey property in course of such business is an essential fundamental right enshrined under Article 19(i)(g) of the Constitution of India and the same do not stand eclipsed by the continuing incarceration of a prisoner.

PF & withdrawal benefit on date of leaving service to International Worker

March 23, 2017 2436 Views 0 comment Print

In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-

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