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Archive: 23 May 2017

Posts in 23 May 2017

Simplifying the GSTIN data collection

May 23, 2017 30012 Views 0 comment Print

One of the most important tasks in getting prepared for GST is updating the vendor and the customer master with their GST registration number. This is a big task for many large companies which have thousands or even tens of thousands of records to update.

Section 61: In case of revocable trust, its income needs to be taxed in hands of beneficiaries

May 23, 2017 4923 Views 0 comment Print

These appeals are filed by the assessee against an order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 31/CIT(A)-2/2013-14 for the assessment year 2008-09 and the order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 174/CIT(A)-2/2013-14 for the assessment year 2009-10.

Consultation paper for review of circular on Electronic book mechanism for issuance of debt securities on private placement basis

May 23, 2017 1002 Views 0 comment Print

The mandatory limit for EBP mechanism may be reduced from Rs. 500 crores to Rs. 50 crores (i.e. EBP mechanism may be mandated for all private placements of debt securities with an issue size of Rs.50 crores and above, inclusive of green shoe option, if any). Further, the issuer shall specify the amount of green shoe option upfront.

Export of Red Sanders wood by Govt of Andhra Pradesh /Maharashtra /Tamil Nadu, DRI, -Extension of time reg.

May 23, 2017 606 Views 0 comment Print

(i) Time upto 30.04.2019 has been allowed to the Government of Andhra Pradesh to finalize the modalities and complete the process of export of a located quantity of Red Sanders wood.

Permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds operating in IFSC

May 23, 2017 762 Views 0 comment Print

Securities and Exchange Board of India (International Financial Services Centers) Guidelines, 2015- Permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds operating in IFSC

Refund of Service Tax on to & fro fright charges allowed despite no bifurcation

May 23, 2017 3261 Views 0 comment Print

Rejection of refund claim filed under Notification No. 41/2007-S.T., dt. 6-10-2007, as amended is the subject matter of present dispute. The learned Commissioner (Appeals) vide the impugned order dated 6-8-2010 has denied the refund benefit on the ground that though, to and fro freight charges have been claimed by service provider, no separate freight has been mentioned on the bills from Pithampur to port of export; that the service charges, namely

Delay of 3381 days in refiling SLP; Authorities need to wake up: SC

May 23, 2017 1008 Views 0 comment Print

We are extremely unhappy with the delay of 3381 days in refiling the special leave petition but make no other comment. The concerned authorities need to wake up.

GST: Place of Supply in Simple Tabular Manner with Examples

May 23, 2017 28698 Views 5 comments Print

Destination based taxation is a system wherein revenue from tax relating to goods or services accrues to the jurisdiction where they are being ultimately consumed. It is also called consumption tax.

Startup: Meaning, Process of recognition and Tax Benefits

May 23, 2017 19119 Views 0 comment Print

In order to obtain tax benefits, a Startup should – i. be a private limited company (as defined in the Companies Act, 2013) or a limited liability partnership (as defined under the Limited Liability Partnership Act, 2008) which is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2019, and

ICAI form group to look into issues related to Change in Constitution of Firm

May 23, 2017 1896 Views 0 comment Print

ICAI has decided to form a group for reviewing the decision regarding noting of change in constitution on account of leaving of partner of firm and allied issues with the following members:

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