2 Archive - 08 May 2017

"08 May 2017" Archive

Benefit of 2 Years weightage of Service under Employees Pension Scheme

Circular No. Pension- Pen-I/3/4/2016/MOL&E/2 08/05/2017

In the case of the member who superannuates on attaining the age of 58 years, and who has rendered 20 years pensionable service or more, his pensionable service shall be increased by adding a weightage of 2 years....

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Stressed assets in banks: Banking Regulation (Amendment) Ordinance, 2017

This is a water shed moment in Indian banking when not a day passes without mentioning of how a few borrowers took the banks to unknown territory on non-recovery, reluctance on part of banking executives, particularly in nationalized banks, not to extend financing activities due to excessive zeal shown by parliament, central vigilance off...

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Posted Under: Corporate Law |

TDS on Vehicle Hire is applicable party-wise and not trip-wise

Sri Sundar Shaw Vs ACIT (ITAT Kolkata)

CIT (Appeals) was not correct in law that the assessee will be liable to deduct the TDS if the amount of a single contract exceeds Rs. 20,000/-. The contract has to be looked into party-wise not on the basis of the individual GR. In our opinion, all the payments made to a truck owner throughout the year are to be aggregated to ascertain t...

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TDS not deductible on Wages Paid to labour sardars to pay the labourers

Assistant Commissioner of Income Tax Vs Dilip Saha (ITAT Kolkata)

The labour sardars are employed/deployed by the labour union to collect the money in bulk and distribute the same amongst the labourers, who are ultimate beneficiaries and not the labour sardars i.e in question. These labour sardars are remunerated by the union only for the job done. The collected money distributed amongst the labours/ la...

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Professionals ? How Can They be Casual Persons under GST

The understanding of any legal provision is personal to the individual - be it assessee, professionals / consultants or revenue officers. This can be challenged. However, judge's interpretation becomes the court's stand....

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Changing face of Indian Railways

K R Sudhaman There is usually some romanticism and development associated with Indian Railways and every child particularly in rural India is filled with joy and emotion on seeing a train or engine. Rightly Indian Railways have been engine of growth and formed the backbone of the country’s economic development.  It is therefore critica...

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Posted Under: Corporate Law |

India’s Green foot Prints hog International lime lights

If Anti-corruption drives, including demonetization of high currency notes, are the center piece of the Narendra Modi Government’s first three years of governance, A slew of initiatives including India’s bold stand in the Paris climate meet, sustained bids to protect flora and fauna and stringent control orders for air and water pollu...

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Posted Under: Corporate Law |

A will to tackle corruption and black money

Establishing a system that ‘eliminates the scope for corruption’ was an important promise made by the Bharatiya Janata Party in its Election Manifesto, 2014. The methods to achieve the goal were identified as a) Public Awareness b) Technology based e-governance c) System-based policy driven government d) rationalization and simplifica...

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Posted Under: Corporate Law |

Indian Economy on The CUSP of Change

With the advent to office by the NDA government after a decade in May 2014, the Indian economy today presents an exemplary case of how to make do efficaciously without much ado. As the government completes three years in the saddle, it is able to usher unobtrusively significant economic reforms to spur the economic growth....

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Posted Under: Corporate Law |

Stent Price Cap- A Bold Pro-People Step

The announcement of policy to cap the price of coronary stents by the central government is truly historic and path-breaking in the health care sector. Coronary Artery Diseases (CAD) causing heart attacks leading to untimely deaths have steeply increased in the country. CAD is no more the disease of rich, even poor are getting affected by...

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Posted Under: Corporate Law |

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