"12 September 2017" Archive

Exemption from payment of Late Fee on Profession Tax in Maharashtra

Trade Circular No. 46T of 2017 (12/09/2017)

As per Section 6(1) of The Maharashtra State Tax on Professions, Trades, Callings and Employments Act 1975 (the Profession Tax Act, 1975), every employer registered under the Profession Tax Act, 1975 has to furnish return in prescribed format showing the salaries and wages paid and the amount of tax deducted by him in respect thereof. As ...

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Combating Corruption

India’s fight against corruption is led by a robust and time tested institutional and legislative framework including the Prevention of Corruption Act, an independent Central Vigilance Commission, the Comptroller and Auditor General, the Judges (Inquiry) Act, the Lok Pal and Lok Ayukta Act 2013, Whistle Blowers Protection Act 2011, Prev...

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Anti-dumping duty concerning imports of “Ammonium Nitrate”

Notification No. 44 /2017-Customs (ADD) (12/09/2017)

NOTIFICATION No. 44 /2017-Customs (ADD)- Seeks to impose anti-dumping duty concerning imports of Ammonium Nitrate originating in exported from Russia, Indonesia, Georgia and Iran...

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Revision on the ground that AO did not conduct a detailed inquiry due to paucity of time is invalid

Pr. Commissioner Of Income Tax (Central-02) Vs. Mera Baba Reality Associates Pvt. Ltd. (Delhi High Court)

S. 263: Lack of inquiry vs. Inadequate inquiry: Revision on the ground that the AO did not conduct a detailed inquiry on account of paucity of time is unfair to the assessee and invalid (Amitabh Bachhan 384 ITR 200 (SC) & Maithan International 375 ITR 123 (Cal) distinguished ...

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Renewal of recognition to Metropolitan Stock Exchange U/s. 3 of Securities Contracts (Regulation) Act, 1956

No. SEBI/LAD-NRO/GN/2017-18/017- SEBI Notification (12/09/2017)

The Securities and Exchange Board of India, having considered the application for renewal of recognition made under section 3 of the Securities Contracts (Regulation) Act, 1956 by Metropolitan Stock Exchange of India Limited...

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Direct Tax Collections up to August, 2017 show a Growth of 17.5%

The Direct Tax collections up to August, 2017 in the current Financial Year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year. This collection is 22.9% of the total Budget Estimates...

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Incorporating a New Limited Liability Partnership

 A Limited Liability Partnership may be incorporated as per the procedure explained below: User Registration Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. Www.llp.gov.in. This website may also be accessed through the website of the ministry www.mca.gov.in On the home page of the URL w...

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Why BJP opposed GST Bill proposed by UPA Government

It is a fact that many states, including BJP ruled states had opposed the GST bill under UPA rule. But were only BJP states opposing GST? Lies. Even as late as December 2013, just 4 months before end of UPA’s 10 year rule, it was reported that the Congress-led ruling UDF government in Kerala has lent support […]...

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ICDS Master Disclosures – Clause 13 (f) of Form 3CD

a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD...

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Additional grounds with evidences admitted by Tribunal for the sake of justice

Nivea India Private Ltd Vs DCIT (ITAT Mumbai)

The learned AR argued the assessee was entitled to raise additional ground of appeal before the Tribunal, even though the claim had not been made either before Income-tax Officer/AO or the First Appellate Authority. It was further argued that the additional ground of appeal raised by assessee was purely legal in nature....

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