Income-tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases.
With FIPB getting abolished, it is expected that foreign investment proposals will be considered by the concerned ministry in consultation with the DIPP. Towards this end it is hoped that DIPP comes out with clear guidelines and operating procedures defining the parameters that should be considered for clearance of proposals. This would is required to ensure that there is alignment in the approach of different ministries
Articles gives details of Tax Invoice, Credit and Debit Notes under GST to be issued and Time limit within which such documents shall be issued
(1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer.
The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April 2017 thus given it the status of an Act.
The tribunal held that there has been a supply of right, obligation and services under the contract between QUANTAS and the passengers, for which the unused fares were consideration as defined, and that the assessment were not shown to be excessive.
Charge is The right of Bank/Financial Institutions who lend funds to a company to receive money from the company’s assets if the debt is not paid on time. As per section 2(16) of the Companies Act, 2013 define charges as to mean an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes as mortgage.
Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales.
Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below
The list of goods for which the GST rates are yet to be decided by the GST Council, the following entries may be added: (i) Cereals and flour put up in unit container and bearing a registered brand (ii) Puja samagri including havan samagri will be under Nil category. However, the exact formulation for the same is yet to be finalised.
