A new writ petition has been filed before the Supreme Court by Ramon Magsaysay Award winner Shanta Sinha and feminist researcher Kalyani Sen Menon challenging the vires of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.
The object behind the introduction of Section 14A of the Act by the Finance Act of 2001 is clear and unambiguous. The legislature intended to check the claim of allowance of expenditure incurred towards earning exempted income in a situation where an assessee has both exempted and non-exempted income or includible or non-includible income.
Real Estate Sector has always been in the news for all the wrong reasons. There are thousands of cases where home buyers felt cheated by the Builders / Promoters. However, there was no strong mechanism to discipline the errant developers.
The Indian banking scene has undergone a sea change in the last couple of years which can be said to have given us an augmented financial reality. The changes have been in three main directions, though there have been some parallel enabling developments as well. The cumulative and combined impact of these would work out over years to strengthen the financial sector.
The Central Bureau of Investigation has arrested an Assistant Commissioner of Central Excise, LTU, Mumbai and a private person while demanding & accepting an alleged bribe of Rs. 1.25 crore (approx).
Registration process and payment of Fee for registration is end to end online for all the Acts administered by the Department (MVAT Act, CST Act, Entry Tax Act, Profession Tax Act, Luxury Tax Act and Sugarcane Purchase Tax Act.
As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let’s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services on which cenvat can be taken or […]
Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation.
Works contract is a mixture of goods and services but it is neither a composite supply nor a mixed supply as it has been defined as per Sec. 2(119) of CGST Act. As per the said section “ Works Contract” means a contract for building, construction, fabrication ,completion, erection, installation , fitting out, improvement , modification, repair ,maintenance, renovation, alteration, or commissioning of any immovable property wherein transfer of property in goods ( whether as goods or in some other form) is involved in the execution of such contract. Thus even when there is a transfer of property in goods during execution of any works contract , such supply will be included in Works Contract only. For example ,construction of a new building, installation and commissioning of Cooling Towers, etc.
Rule – making has gained momentum and CBEC has released several draft rules like draft accounts & records rules, draft assessment & audit rules, draft appeals & revision rules, draft advance rulings rules and draft-way bill rules.
