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Archive: 25 April 2017

Posts in 25 April 2017

Aayakar Seva Kendras (ASK) be made as a Transaction Centre

April 25, 2017 5376 Views 0 comment Print

Telefax 011- 23411131, 011- 23411129 Fax 011- 23411780 DIRECTORATE OF INCOME-TAX (TPS-I) Ministry of Finance, Department of Revenue 5th Floor, Mayur Bhawan, Connaught Circus New Delhi-110001 E-mail : delhi.adg,tpsl@incometax.gov.in F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 Dated: 25.04.2017 To Pr. DGIT (Systems). All Pr. CCsIT/Pr. CsIT. DIT (IPS-I ). DIT (O&MS), All CIT(Admn. & TPS), All ITO(TPS) Madam/Sir, Sub: […]

All about Input Tax Credit under GST

April 25, 2017 101778 Views 14 comments Print

INPUT TAX means the CGST, SGST, IGST or UGST charged on any supply of goods or services or both made and includes IGST on Imports & tax payable under reverse charge provisions. However, Input Tax does not include the tax paid under the composition levy

Banks cannot Refuse to accept scribbled /coloured /faded bank notes

April 25, 2017 29793 Views 4 comments Print

Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Z 500 and 7 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason.

Assessment proceedings u/s 143(2) are not meant for benefit of assessee

April 25, 2017 3735 Views 0 comment Print

The assessment proceedings u/s 143(2) of the Act are not meant for the benefit of the assessee but are for the benefit of Revenue only so that the AO is able to ensure that the assessee has not understated the income or has not computed excessive loss or has not under paid the tax in any manner.

Secret Commission to business house executives is Bribe & no deduction allowable

April 25, 2017 1980 Views 0 comment Print

Any secret transaction/payment that is made to secure an unfair advantage, would necessarily be repugnant to law. Transaction which is not transparent, offends normal business practice, must suffer scrutiny.

Do not share or Publish personal details of taxpayer: CBDT

April 25, 2017 4077 Views 0 comment Print

It is requested that any act of publishing personal identity or information i.e. Aadhaar number and demographic details along with personal sensitive Information such as bank details, in contravention of the Aadhaar Act 2016 and the Information Technology Act, 2000 be refrained with immediate effect.

Offences and Penalties under Goods & Service Tax (GST)

April 25, 2017 9555 Views 6 comments Print

The terms Offences and Penalties are not defined in the GST Law. However, Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence.

Expense can be claimed despite stay against the same by court

April 25, 2017 1503 Views 0 comment Print

order which has been stayed would not be operative from the date of the passing of the stay order and it does not mean that the said order has been wiped out from existence.

Reg. Creation of Computer Terminal Banks in Income Tax Offices

April 25, 2017 1107 Views 0 comment Print

You may be aware that 1-IRMS Module of ITBA has recently been launched For successful implementation of HRMS module, each employee of the department should have access through Intranet However, challenges like non availability of space to house those many computers, furniture and insufficient electric meter/ generator set capacities posed by ensuring access to each employee through Intranet were communicated by few CIT (Admin/TPS) Accordingly, proposal for creation of Terminal Computer banks in IT offices across the country for providing access to HRMS Module of ITBA has been approved by the competent Authorities with direction that all Group A and B officers should be provided with RSA Tokens

Govt. notifies Insurance Ombudsman Rules, 2017

April 25, 2017 8919 Views 0 comment Print

These rules shall be called the Insurance Ombudsman Rules, 2017. The objects of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.

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