The following officers in the grade of Chief Commissioner of Income Tax (CCIT) are, hereby, promoted to the post of Principal Chief Commissioner of Income Tax (Pr. CCIT) in the pay scale of Rs. 80, 000/- (Fixed – pre- revised) with effect from the date of assumption of the charge of the post and until further orders
Complementing the Ordinance on Non-Performing Assets (NPA) which originally brought a whole new breeze in the resolution space in India, RBI has come up with a press release as a further to the first step in crystallizing the concept as laid down in the Ordinance. RBI has brought a lot of changes for the purpose of implementation of the NPA Ordinance. The Sequel two in the Ordinance story has been released in form of a press release by RBI dated 22nd May 2017, laying down the Action Plan to implement the NPA Ordinance.
Submission of details of transaction that the business was indulged in for a given period , in prescribed period can be termed as ‘Return’. It can also be described as periodic statement of transactions carried out by organization. Every Act has certain returns prescribed which has to be filed with certain departments / authorities etc. Even before GST , if we take service tax law there was ST-3 return which was filed half – yearly and due date was within 25 days from the end of half year. We now proceed further for understanding returns under GST.
All forms of supply of goods and/ or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.
From Bharatmala to Sethu Bharatam, from highways to expressways and from Chardham to Kailash Mansarovar- giant strides to overhaul India’s infrastructure are underway. On completion of three years of the Narendra Modi regime, government has to its claim a never before award of contracts for construction of 34,018 km of highways during 2014- 17. This is more than double of what was awarded during 2011- 2014.
Central Government hereby appoints the 26th day of May, 2017 as the date on which the provisions of the PART XIV of Chapter VI of the said Act shall come into force.
All DBT and PAHAL (including kerosene) transactions to be routed through the National Payment Corporation of India (NPCI). A transaction cost of Rs. 50/- would be payable for each transaction to be shared between the sponsor banks, destination entities and NPCI in the ratio of Rs.0.10, Rs.0.25 and Rs.0.15 in accordance with the extant NPCI Circular (Circular No.136 dated 23.11.2015).
ITAT Hyderabad held in the case of Sai Prasanthi Realtors & Sai Eswar Real Estates & Developers v. Dy. CIT that if assessee has obtained audit report before due date, but did not enclose audit report along with return of income due to CBDT instructions in this regard then, imposition of penalty under section 271B […]
Provisions related to GST for import of service from related person is very harsh as it will cover all the transactions even if consideration is not involved. Valuation will be a major problem for such cases and it may lead to litigations also.
Carry forwarding of existing ITC of the stock held on the appointed day is the first basic step that a business house needs to look into for a smooth transition into the GST regime. As the clock is ticking understanding the Transition Provisions and their implementation thereon is of the prime importance.
