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Archive: 24 April 2017

Posts in 24 April 2017

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

May 15, 2024 7212 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.

Six Things you should know about the Finance Act 2017

April 24, 2017 13848 Views 2 comments Print

Here are 6 key takeaways from the Finance Act 2017 that you must know: 1. Change in Rate of Slab Rates 2. Reduction in Benefit U/s 87A 3. TDS on Rent paid by Individual 4. Change in Capital Gains 5. Ceiling on Cash Transaction 6. Digital Payments in Presumptive Taxation

FBT leviable on expense on Sales Promotion, Free Samples, Gift etc

April 24, 2017 1680 Views 0 comment Print

When the language of Section 115WA and 115WB is clear and unambiguous and even the intention of the legislature while enacting sections 115WA and 115WB(2) is very clear i.e. with respect to the deemed fringe benefits, neither there is any scope for either literal and/ or purposive interpretation nor there is any occasion to consider the intention and for that purpose the speech of Honourable Prime Minister in the Parliament.

GST Issues in MSME Sector

April 24, 2017 6057 Views 3 comments Print

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage GST.

Decoding Definitions under Goods and Services Tax

April 24, 2017 6456 Views 0 comment Print

As we all know that Goods and Service Tax (GST) is the biggest tax reform in India post-independence. It is a tax trigger, which will lead to business transformation for all major industries.

Advance ruling under the CGST Act 2017

April 24, 2017 5931 Views 0 comment Print

The World of Business is based on informed decisions. Decisions which make or break an organisation. A right estimation may lead it to scale new heights , and on the other hand , a wrong cost projections may lead to complete wipeout of the busine

Amount Deducted for Notice Period is not Taxable as Salary

April 24, 2017 17328 Views 4 comments Print

It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable.

Sec 40(a)(ia) amendment extending TDS payment due date U/s. 139(1) is Retrospective

April 24, 2017 2715 Views 0 comment Print

Amendment to Section 40 (a)(ia) of the Act by Finance Act, 2010 is retrospective with effect from 1st April, 2005 as held by various High Courts.

Unaccounted Money Received on Sale of Agricultural Land is not Taxable

April 24, 2017 11391 Views 0 comment Print

Any surplus money arising to an assessee on sale of agricultural land would always partake the character of agricultural income itself. The consideration stated in the Registered Sale Deed was agricultrual income. Likewise, the on money also should be treated as agricultural income.

No TDS on Expense Reimbursement under Mutual Agreement between Entities

April 24, 2017 3270 Views 0 comment Print

Thus, the concept of Mutuality postulates that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus are contributors to the common fund. It is in this sense that the law postulates that there must be a complete identity between the contributors and the participators.

Annual General Transfer in the grade of Addl./JCIT – reg.

April 24, 2017 3195 Views 0 comment Print

Order No. 56 of 2017 The following postings / transfers in the grade of Additional/ Joint Commissioner of Income Tax are hereby, ordered with immediate effect and until further orders:-

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