"31 May 2017" Archive

Action / Points to be Noted to Get Ready for GST

It is only month’s time from now when a major economic reform will be implemented throughout the Country. The entire Indirect Tax System will undergo a sea change and entire new Indirect Tax System known as the Goods and Service Tax, will be implemented. It is touted as One Nation One Tax, however it is dual system of GST, which is bein...

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Directors With Cash Less Transactions

OBLIGATIONS & DUTIES OF DIRECTORS-There are well established judicial precedents that the directors of companies have fiduciary obligations and also duties to act reasonably, in good faith and in the best interests of the companies where they hold such positions....

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Assessment Under Goods & Services Tax (GST)

The concept of Assessment’ is not new under GST, it is present in present tax structure also. As per section 2(11) assessment means determination of tax liability under this Act and includes self- assessment, re- assessment, provisional assessment, summary assessment and best judgement assessment...

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How your Restaurant will be impacted by GST!!!

How many times you visited a Restaurant and got amazed by the taxes there on and not amazed by the actual amount of bill. You might have found following taxes in the restaurant that would have daunted you most of the times (Not sure about you but they have definitely frustrated me). a. Value Added […]...

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SFT return filing due date extended to 30th June 2017

F NO.279/Misc./M-63/2017-ITJ 31/05/2017

CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement....

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Section 263 Revision Order passed without issuing notice is void ab-initio

Sri Anthi Reddy Yamireddy Vs DCIT (ITAT Hyderabad)

Opportunity of being heard is little more than serving a notice on assessee. It is not an empty formality. Without giving a proper opportunity to assessee, revision proceedings u/s. 263 cannot be finalized as the provisions of Section 263 mandates that the CIT may pass such orders after giving an opportunity of being heard. Since [&hellip...

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Section 80IB Security guards to be counted in list of workers

ACIT, Vs Tripti Menthol Industries (ITAT Ahmedabad)

In ACIT v. Tripti Menthol Industries, the ITAT, Ahmedabad bench held that Security Guards employed by the assessee-unit must be considered as part of the workers engaged in the manufacturing process for the purpose of giving benefit under Section 80IB(2)(iv) of the Income Tax Act....

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Input services used for providing output service not disqualified on the basis that the same had only peripheral connection with output service

CCE, Vs M/s Convergys India Services Pvt. Ltd. (CESTAT Chandigarh)

These are 11 appeals filed by the Revenue against various impugned orders. As the issue involved in all these appeals are similar and the respondent is same, we take up all these appeals together for disposal. The respondents are registered with the Department for service tax purposes. They have filed refund claims under rule 5 of Cenvat ...

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Transfers and postings in the grade of ACIT / DCIT (Local changes)

Order No. 87 of 2017-Income Tax 31/05/2017

The following postings/ transfers in the grade of Assistant/ Deputy Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders...

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ICAI set ups GST Sahayata Desks

To facilitate small businessmen, traders, shopkeepers and public at large ICAI GST Sahayata Desks have been made operational by the Institute of Chartered Accountants of India (ICAI), on pro bono basis at all major cities...

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