Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof]
The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley has written to State Chief Ministers urging the States to reduce burden of Value Added Tax (VAT) on Petroleum Products used as inputs in making of goods after the introduction of Goods and Services Tax (GST).
Sections 54 to 58 of GST Act makes the provisions for granting refund. Situations leading to GST refunds are explained below. Export of goods/ services under claim of rebate or refund of accumulated input credit when goods/ services are exported
USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production
Levy of GST on high seas sale transactions is a much debated topic these days. This article attempts to analyse the leviability of GST or otherwise on the high seas sale transactions.
Technical difficulties and failure of GSTN to address the same in a time bound manner is creating various legal, operational as well as technical hassles for taxpayers. Over and above technical difficulties and non-availability of solutions to address the issue is giving sleepless nights to taxpayers as well as various GST consultants as it will affect them via burden of late fee, penalty and Interest as well as legal hassles in future.
It had come to the notice of the Securities and Exchange Board of India (SEBI) that there are increasing instances of bulk SMSs being sent to investors and the general public inducing them to invest in or purchase the stocks of certain listed companies, indicating target prices and giving fraudulent misleading/false information.
Where AO reopened the assessment, based on statements recorded and material impounded during survey, however, without establishing any whisper from the reasons recorded regarding the escapement of any income, such reassessment based on suspicion and surmises was set aside.
The assessing officer issued notice under section 148 for reassessment, during the pendency of assessment proceedings by issue of notice under section 148 which is bad in law and cannot be sustained
Seeks to further amend notification no. 60/2011-customs dated 14th july 2011 to give effect to renewed MoU on India-Bangladesh border haats- Notification No. 73/2017-Customs
