Over a period of time, it was widely felt that the Income-tax (Appellate Tribunal) Rules, 1963, have outlived their utility to some extent in view of changing circumstances and the use of technology in the Tribunal’s functioning. In the times to come, the use of technology in the Tribunal’s day to day functioning will increase manifold. It is in this background that a need is felt to revisit the existing rules and substitute the same by the new rules. This committee was entrusted with the work of preparing the new Income Tax Appellate Tribunal Rules 2017 in the place of the existing Income-tax (Appellate Tribunal) Rules, 1963.
There are many numbers of FORMs & statements in the upcoming GST scenario which is likely to be beginning from 1st July, 2017. For the simplicity & sake of all stakeholders, we are making here an attempt to provide synopsis details of all FORMs & statements in GST at one place under following heads:-
In the GST Law, the taxable event would be SUPPLY. Under the existing laws there were multiple taxable events, i.e. manufacturing, provision of services, sales, etc. Under the GST law a single taxable event ‘supply’ will replace the multiple taxable events.
In Companies Act 2013, there is provision for Corporate Social Responsibility under Section 135 of Companies Act 2013. By following provision of the CSR, companies are giving something back to society.
As per the newly inserted section 94B through Finance Act 2017, there shall be a limit on the amount of interest deduction in certain specified cases. Provisions have been explained in this tax alert.
CBEC has already got approval of FM for plan for reorganization of existing Central Excise and Service Tax field formations according to requirements of GST regime.
CEC also informed the political representatives that the Commission will hold a challenge and offer opportunity to political parties to demonstrate that EVMs used in the recently concluded Assemblies elections were tampered OR that EVMs can be tampered even under the laid down Technical & Administrative Safeguards.
