"15 May 2017" Archive

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

Circular No. 5 of 2017-18 15/05/2017

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

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...

Service of Notice by E-Mail or Whats apps

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

Digipro Import & Export Pvt. Ltd Vs Union of India & Ors. (Delhi High Court)

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 [&hell...

GST: Assay of Chargeability

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

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 Amendme...

MAT impact on financials under IND AS

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

Pr. Commissioner of Income Tax- 5 Vs Jindal Dye chem Industries Pvt. Ltd. (Delhi High Court)

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

Circular No. 04 of 2017-18 15/05/2017

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 t...

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

Gemological Institute Vs Dy. CIT 2(2)(1) (ITAT Mumbai)

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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