"24 March 2017" Archive

Know your Registration Status under GST

The taxpayer may now check their exact status regarding the registration under GST regime Statewise either based on Registration Number or Provisional Id or Permanent Account Number....

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Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin)

Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon'ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invoked for substituting a lawful view taken...

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Audit provisions under GST Law

Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. ...

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Guidelines for waiver of interest charged under Section 201(1A)(i)

Circular No. 11/2017-Income Tax (24/03/2017)

In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act, 1961( the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1 A) (i)...

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S. 10A Deduct Foreign currency Expenses from Export /Total Turnover

M/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore)

Insurance & Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations...

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Provisions for gratuity actually accrued during the year is allowable

DCIT Vs M/s. Reliance Jute Mills International Ltd (ITAT Kolkata)

Provisions contained in section 40A(7)(b) that provision made by the assessee for the purpose of payment of any gratuity, that has become payable during the year is allowable which means that the liability which has actually accrued during the year is allowable....

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The “Bhagvad Gita’s” Guide to GST

We all know that seventeen taxes – Service tax, Sale Tax, Excise, Entry Tax, etc, – under Indirect Taxation will be replaced by a uniform levy called Goods and Service Tax. ...

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Financial Planning and Analysis: An Overview

Financial planning and analysis, often abbreviated as FP&A, is the very important function of finance. Its very closely monitored by management as generally majority of business decisions are taken basis the analysis done in FP&A. FP&A function not only covers analysis on the information pertaining to all the streams of accounting...

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GST Working Groups formed to address concerns of Trade and Industry

With the finalization of the Model GST Laws by the GST Council, stage has been set for the introduction of GST as per the deadline indicated by the Council....

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United Kingdom (UK) Value Added Tax (VAT) Compliance for Selling Through Amazon FBA

If you sell goods in United Kingdom, it is likely that you will be required to register for Value Added Tax (VAT). VAT in the United Kingdom is a tax on consumer spending....

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