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Archive: May, 2017

Posts in May, 2017

Input Tax Credit under GST- Part I

May 24, 2017 10986 Views 2 comments Print

जी.एस.टी.के दौरान इनपुट क्रेडिट एक बहुत मुख्य भाग है और जी.एस.टी. की एक जो सबसे अच्छी बात है वह यह है कि अब आपको लगभग उन सभी सेवाओं और माल की खरीद पर चुकाए हुए कर की इनपुट क्रेडिट मिलेगी जो कि आप अपने व्यापर के दौरान व्यापर की बढ़ोतरी के लिए – During the course of business and for furtherance of business खरीदते या प्राप्त करते है.

Sensex crosses 30,000! What’s next in store?

May 24, 2017 1581 Views 0 comment Print

In the final week of April, the S&P BSE Sensex crossed the 30,000 mark – a symbolic breakthrough – to close at an all-time high of 30,133 points. Some of the best performing sectors have been consumer durables, banks, and oil and gas.

Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017

May 24, 2017 1617 Views 0 comment Print

In the Insolvency and Bankruptcy Code, 2016, in the Eighth Schedule, relating to amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, in section 4, in clause (b), after the second proviso, the following provisos shall be inserted, namely:—

Medical Illness is reasonable cause for non-appearing on date

May 24, 2017 4971 Views 0 comment Print

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B.

Multiple Assessment Orders under DVAT Act or CST Act

May 24, 2017 8061 Views 0 comment Print

The competent authority has desired that wherever such cases are brought to the knowledge of concerned Assessing Authority and if the concerned dealer approaches the Assessing Authority with details of such orders which are multiple Assessment Orders of the category mentioned above, then necessary remedies/measures as prescribed under Section 74B of DVAT Act, 2004 read with Rule 36B of DVAT Rule, 2005 relating to the review/rectification should be exercised as per the provisions of law.

CBEC notifes Valmikinagar in West Champaran, Bihar as a Land Customs Station

May 24, 2017 1935 Views 0 comment Print

Amendment to notification 63/94-Customs (N.T), dated 21.11.1994 so as to notify Valmikinagar in West Champaran District, Bihar as a Land Customs Station.

Territorial Jurisdiction of Regional DGFT Office at Hyderabad amended

May 24, 2017 666 Views 0 comment Print

The Territorial Jurisdiction of the Regional Office of DGFT at Hyderabad in Appendix- 1A of Foreign Trade Policy, 2015-20 is amended.

Coverage of Beedi establishments & workers under EPF & MP Act, 1952

May 24, 2017 1164 Views 0 comment Print

It is advised to identify the uncovered Beedi establishments as well as unenrolled employees, and ensure social security benefits to all the eligible and left out employees under the schemes of EPF & MP Act, 1952.

Addition justified for Voluntarily admitted tax liability retracted after 2 years

May 24, 2017 1500 Views 0 comment Print

The Court is not satisfied that the retraction made by the Assessee two years after the declaration was bonafide. There was no satisfactory explanation for not including the said amount in the return of income filed by the Assessee on 26th September, 2009.

Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

May 24, 2017 4182 Views 0 comment Print

This is an appeal filed by the assessee against the order of Ld. CIT(A) – III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act.

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