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Archive: 17 July 2017

Posts in 17 July 2017

Mere Rejection of a Claim would not attract Penalty

July 17, 2017 1233 Views 0 comment Print

The Department further initiated penalty proceedings against the assessee under section 271(1)(c) of the Income Tax Act on ground that the assessee failed to offer explanation for making such a claim. It was noted that once the claim was rejected the onus was on the assessee to dislodge the revertible presumption of the claim of concealment of income. However, the tribunal deleted penalty by holding that merely because the claim is not accepted would not give rise to penalty proceedings. The Tribunal noted that the assessee had made a legal claim in a transparent manner. Whether such a claim is acceptable or not, is altogether a different matter, it said.

Goods and Transport Services under GST Act 2017

July 17, 2017 8349 Views 3 comments Print

As we are aware that Goods and Service Tax Law implemented on 01st July 2017. the services which provided under existing law same also applicable in the GST with new rates and some relaxation.

Transitional Issues in GST on Textiles – Deemed Credit of CGST on Textile Cloth and other items

July 17, 2017 8439 Views 1 comment Print

There have been certain doubts as to admissibility of deemed credit of CGST on in-hand stocks of Textiles Cloth (and many other items which are related the genre of Textiles) for those person registered under GST which were not registered under Central Excise except the Manufacturers, i.e. the traders.

Are you up for these 3 Financial Challenges?

July 17, 2017 1416 Views 0 comment Print

Kin Hubbard is right in saying that if we do not spend money unnecessarily we would be able to save money and double it. However most of us like to spend and would find it difficult to not spend at all. We feel that it could stress us further.

Rights and Duties of a Buyer i.e. Allotte under RERA and Model AFS

July 17, 2017 11787 Views 7 comments Print

Introduction: This article discusses in detail the rights and duties of a buyer / allottee under RERA and model agreement for sale (Model AFS).

GST Model Overview

July 17, 2017 4680 Views 2 comments Print

What is Goods and Services tax ? GST is a Value added Tax (VAT) and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and […]

Vacancy for CA / MBA having experience in Project Financing

July 17, 2017 10827 Views 0 comment Print

Vacancy for CA or MBA having experience in Project Financing of 8 to 15 Years for Vadodara (Gujarat) Location in a Company engaged in the Business of Power, Chemicals and Pharmaceutical for the Role of Finance Manager.

Operational problems being faced by EOU in GST regime

July 17, 2017 2631 Views 0 comment Print

EOUs are allowed duty free import of goods under notification No.52/2003-Custom dated 31-3-2003. However, in view of GST the said notification has been consequently amended by notification No. 59/2017-Customs dated 30-6-2017.

Govt. notifies 7.8% interest rate for 2nd quarter on non-Govt. PF, Superannuation and Gratuity Fund

July 17, 2017 1059 Views 0 comment Print

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1st July, 2017 to 30th September, 2017, bear interest at 7.8% (Seven point eight percent). This rate will be in force w.e.f. 1st July, 2017.

Foreign Business Tour by Non-Employee Director/Shareholder of Company not taxable as Perquisite

July 17, 2017 3216 Views 0 comment Print

Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration.

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