Where CIT (A) had annulled original scrutiny assessment concluded under section 143(3) on the legal ground that notice issued under section 143(2) was time-barred, then revenue was precluded to adopt recourse of reassessment under section 147 to correct the mistake committed originally in not issuing notice under section 143(2) in time.
MUDRA is an initiative that meets the financing needs of non-corporate small business units of the country. Supporting small entrepreneurs/artisans/skilled workers by providing them credit without the need for a guarantor or collateral, MUDRA offers citizens a medium through which they can turn their aspirations into reality.
September 5 is observed as Teachers’ Day in honour of Dr. Sarvepalli Radhakrishnan (1888-1975), the second President of India, who was born on that day. But how did it get instituted? Dr. Radhakrishnans 75thbirthday on September 5, 1962 came within weeks of his being elevated to the President’s post.
Ever thought of a life without access to basic banking services? For a certain section of people, it is difficult to imagine a life without these facilities. But, Census 2011 presented a different picture when the purview is expanded. Out of 24.66 Crore households, only 14.48 Crore households were availing banking services. In rural areas, only 54.4 percent of households had access to banking services.
Reverse charge or TDs provisions are not compatible to the system of forward charge Value added taxation. The system is based on input tax credit mechanism. However there are certain dominant sections of society who resist being subjected to tax and to overcome it the reverse charge is used.
The Schedule to the Goods and Service Tax (GST) (Compensation to States) Act 2017, specifies the maximum rate at which Goods and Service Tax Compensation Cess may be collected. In respect of motor vehicles, the maximum rate, at which Goods and Service Tax Compensation Cess may be collected, is 15%.
Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs).
My dear countrymen, Saadar Namaskar. When on the one hand, a sense of festivity pervades the land, and on the other, news of violence comes in, from one part of the country, it is only natural to feel concerned. Ours is the country of Buddha and Gandhi, it is the land of Sardar Patel who gave up his all for the unity of the nation.
When income of the assessee was computed by applying gross profit rate, there was no need to look into the provisions of section 40A(3), as applying the gross profit rate takes care of expenditure otherwise by way of cross cheque also. Following the same the action of Tribunal could not be held as unjustified.
What happens when you think about investing? At one side, there is a flash news about how market is doing every minute. A chart or report to look into the other side. Did you know the latest hot investment news? a suggestion or an advice or some shocking info from many sides. Isn’t it confusing to know which one to address first or take an action immediately?
