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Archive: 15 May 2017

Posts in 15 May 2017

DVAT return filing due date for 4th quarter extended to May 30, 2017

May 15, 2017 1695 Views 0 comment Print

Extension of last date of filing of fourth quarter return for the year 2016-17, in Form DVAT-16 ,DVAT-17 and DVAT-48 to 30.05.2017.

ICICI Bank slashes home loan rates by upto 30 basis points

May 15, 2017 1533 Views 0 comment Print

ICICI Bank, India’s largest private sector bank by consolidated assets, today announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country. With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35% and others at 8.40%.

Service of Notice by E-Mail or Whats apps

May 15, 2017 39786 Views 3 comments Print

I do not see what more can be done for the purposes of this motion. It cannot be that our rules and procedure are either so ancient or so rigid (or both) that without some antiquated formal service mode through a bailiff or even by beat of drum or pattaki, a party cannot be said to have been ‘properly’ served.

Practice of taking undated cheques by excise department is illegal: HC

May 15, 2017 2133 Views 0 comment Print

Court has been shown the five undated cheques for sum of Rs.1.25 crores which were collected from the Petitioner during the visit to the premises of the Petitioner on 10th March, 2017. The Court specifically asked Mr. Harpreet Singh, learned counsel appearing for the Respondents, to show any provision in Central Excise Act 1944 (CE […]

GST: Assay of Chargeability

May 15, 2017 9420 Views 0 comment Print

The power of charging tax in a statute is created by charging section. So, before charging tax on any transaction it must fall within the ambit of taxable event, also the person liable to pay tax must get covered within the ambit of charging section.

GST Council Meeting and Major Decisions – Timeline

May 15, 2017 4740 Views 0 comment Print

September 15, 2016- Constitution of the GST Council The President of India constituted the “GST Council” vide F. No. 31011/09/2015-SO (ST) dated 15th September, 2016. GST Council can hold meetings and take decisions on various major issues such as Model law, rate of taxes, exemptions etc. September 16, 2016-Enactment of GST Amendment Act. All sections of Constitution (One […]

MAT impact on financials under IND AS

May 15, 2017 9069 Views 0 comment Print

1. Background With companies having net worth exceeding INR 500 crores required to converge their financials with the Indian Accounting Standards (IND AS) for financial years beginning on or after 1 April, 2016, the Minimum Alternate Tax (MAT) implications for section 115JB of the Income Tax Act, 1961 (ITA) were a big mystery. The Finance […]

AO cannot Extend Time Limit to Special Audit Report submission beyond 180 Days

May 15, 2017 2583 Views 0 comment Print

Section 142 (2A) of the Act anticipates timely submission of the report of the Special Auditor. The Auditor who is to conduct special audit in terms of Section 142 (2) of the Act is not an auditor of the choice of the Assessee. The auditor is nominated by the Revenue and his work is not […]

Dispose Delhi VAT pending registration cases by 31.05.2017

May 15, 2017 732 Views 0 comment Print

In continuation of circular No. 24 of 2016-17, wherein the process of grant of online registration was spelt out, it has been observed that a huge number of application forms for DVAT/CST registration are pending. It has been decided to complete this task in a bound manner and therefore, all the Assessing Authorities are hereby directed to dispose such cases on priority and clear all the pending registration cases by 31st May, 2017. The Zonal In charges will monitor the progress on these cases.

Expenses Reimbursement on cost to cost basis cannot be included in Fee for Technical services

May 15, 2017 4746 Views 0 comment Print

Amount received by the assessee on account of reimbursement which has been received over and above the amount of FTS cannot be included and taxed as part of FTS.

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