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Archive: April, 2017

Posts in April, 2017

Offences and Penalties under Goods & Service Tax (GST)

April 25, 2017 10428 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 1863 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 1260 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 9315 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.

ICSI launches academic helpline for cs students

April 25, 2017 2958 Views 0 comment Print

The Institute of Company Secretaries of India (ICSI) is taking various initiatives for the continued growth of CS Profession and its increased recognition, awareness and trust amongst the Corporates, Regulators and Government. In it’s pursuit of professional excellence

Six Things you should know about the Finance Act 2017

April 24, 2017 14778 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 1920 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 6516 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 7221 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 6573 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

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