"09 May 2017" Archive

GST Transaction Analysis – With Practical examples-Part I

This article takes you to a class room where literally one will experience sailing through in GSTN portal in respect of your business transaction –Also corresponding impact in Financials....

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Draft Punjab Goods and Services Tax Bill, 2017

THE PUNJAB GOODS AND SERVICES TAX BILL, 2017 A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Punjab and the matters connected therewith or incidental thereto...

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JOB Work, Consignment Sale, Stock Transfer, Inter Unit Transfer in GST

Stock transfer of goods between two states would be liable to IGST. Stock transfer of goods between two business verticals in the same state where separate registration has been taken for each business vertical would be liable to CGST/ SGST...

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GST: Treatment of supplies to and by SEZ units/SEZ developers

As per the IGST Law, supplies of goods and services to or by Special Economic Zone (SEZ) units or SEZ developers will be treated as inter-State supplies. As per the SEZ Act, supply of goods from SEZs are treated as import of goods into India. Accordingly Basic Customs Duty (BCD) & Integrated GST will be […]...

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Cross Border Mergers – Tax Aspects

Earmarking another landmark step in corporate history, on 13 April, 2017, the Ministry of Corporate Affairs (MCA) brought into force the relevant corporate law provisions dealing with cross-border mergers and amalgamations. These new provisions bring global economies closer and open a host of opportunities by facilitating global acquisiti...

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Introduce RTI Stamps For Payment of RTI Fees: CIC

Mr. Subhash Chandra Agrawal Vs CPIO & Under Secretary (Central Information Commission)

Commission felt that DoP&T and Department of Posts necessarily need to coordinate and initiate steps to introduce RTI stamps or numbered RTI coupons to eliminate prevailing ambiguity with regard to Rule 06 of the RTI Rules, 2012, on the mode of payment of RTI Fee keeping in view the experience in handling similar issues on a day to day ba...

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S. 54 benefit available for cost of house acquired despite non-payment

Gopal Saran Darbari Vs. Income Tax Officer (ITAT Delhi)

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what ...

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Compensation recoverable in Cheque Bounce case even If ‘Default Sentence’ Has Been Suffered: SC

Kumaran Vs State of Kerala & Anr. (Supreme Court of India)

So long as compensation has been directed to be paid, albeit under Section 357(3), Section 431, Section 70 IPC and Section 421(1) proviso would make it clear that by a legal fiction, even though a default sentence has been suffered, yet, compensation would be recoverable in the manner provided under Section 421(1)....

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AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur)

If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the ...

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Shri Sushil Chandra re-appointed as Chairman of CBDT

Office Order No. 100/2017 09/05/2017

The President. of India is pleased to re-appoint Shri Sushil Chandra, Chairman, Central Board of Direct Taxes (CBDT) as Chairman of the Central Board of Direct Taxes (CBDT)...

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