Governor is pleased to order the publication of the following English translation of ‘the Uttarakhand Goods and Services Tax Bill 2017
In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act.
In Shanders Properties Pvt. Ltd Vs. ITO, the ITAT Bangalore directed the AO to allow the expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the provisions of the Income Tax Act.
Waybill compliance has been a nightmare for suppliers in the pre- GST era. Supply of goods cannot take place without obtaining these ‘waybills’ from VAT authorities. Waybill is nothing but a physical document that allows movement of goods. The compliance around waybills has caused restricted movement of goods across states. And this is one anomaly we hope GST will rectify.
Under section 145 of the Act, rejection of books of accounts is pre-requisite, where books of accounts have been maintained by the assessee, for making additions by the AO on account of estimation of profit.
Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.
Though the Government is claiming that GST is going to benefit the business and industry but on deep analysis of existing negative/mega exempt services and proposed exempt services (as announced by GST Council), it is revealed that construction/infrastructure sector is going to be negatively affected under the new dispensation.
In other words, Job work is the processing or working on goods supplied by another person/ entity to complete a part or whole of the process. Job work can be undertaken for the initial process, assembly, packing or any other completion process or complete manufacturing.
William Edwards Deming known for his 14 Points (Out of the Crisis, by W. Edwards Deming, preface) and his system of thought he called the System of Profound Knowledge, was an American engineer, statistician, professor, author, lecturer, and management consultant
While allowing FDI in LLP, the Government of India, has taken a very precautionary approach by only allowing FDI under approval route in sectors where 100% FDI is allowed, under the automatic route and there are no FDI-linked performance related conditions, for example sectors like power, roads, information technology, manufacturing etc .
