There are some apprehensions in the trade circles that GST invoices have to be Issued as per prescribed format and that issuing invoice is going to be burdensome process. This is not correct. Some important facts about GST provisions relating to Invoice are highlighted for information of ell stakeholders. 1. All GST taxpayers are free […]
In this Flash editorial, the author begins by referring the powers of central government providing fewer than 462 of Companies Act, 2013. the Central Government, in the interest of public, hereby amends the notification of the Government of india, in the Ministry of Corporate Affairs, vide number G.S.R. 464(E) dated the 5th June, 2015 published in the Gazette of India
Potential cases for prosecution u/s 276CC have been identified from NMS Cycle-4 cases on the basis of rules approved by Board. The Assessing Officers may be instructed to view the information and take necessary action u/s 276CC if the conditions prescribed u/s 276CC are fulfiled.
The Board, on consideration of report of the above Committee, in principle, has agreed to the broad concept of taxpayer segmentation with differentiated treatment and creation of a new ecosystem for conducting scrutiny assessments characterized by end-to-end e-process for scrutiny assessment, flexible function-specific jurisdiction for certain actions and pre-verification of information mismatch before full-fledged scrutiny.
A finding of fact made by the Settlement Commission is not open to judicial review unless it is established that, such finding of fact suffers from perversity or is vitiated due to bias or malice. None of the grounds known to law to upset a finding of fact returned by a Settlement Commission has been substantiated in the facts of the present case.
Tax evasion at various stages will be eliminated as tax offsets can be collected only if taxes have been paid originally. You will also be able to buy raw materials or constituent materials for production only from those who have paid taxes, in order to claim benefits.
the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage.
In this case we find that AO has not made any substantive assessment. There may be substantive assessment without any protective assessment, but there cannot be any protective assessment without there being a substantive assessment.
When its book profit was nil on the last date of the financial year then the assessee had no liability to pay advance tax and therefore, interest u/s 234B and section 234C of the Act will not be charged
The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives.
