"27 September 2017" Archive - Page 2

Renewing Term Insurance from an Agent vs. Renewing it Online

Term plans are one of the best types of insurance, owing to the low premium cost and high-value cover. Such plans offer financial security to your loved ones in the case of your sudden demise. If your current term plan is reaching its maturity, you may renew it either from an insurance agent or through […]...

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Posted Under: Finance |

Timelines for making applicable/available new Form DPT-3

General Circular No. 11/2017 27/09/2017

Clarification regarding the timelines for making applicable/available new Form DPT-3 issued vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2017. ...

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Interest on bank deposits made for Business compulsions is taxable as business Income

Dy. CIT Vs West Gujarat Expressway Ltd. (ITAT Mumbai)

The said interest income had been earned by the assessee out of business compulsions of deposits in the ‘Debit Service Reserve Account’, hence the said interest income is linked to the business activities of the assessee. The issue is covered with the decisions of the Tribunal in the own case of the assessee for earlier assessment yea...

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Section 40A(3): Cash Payment- Person means individual truck driver

ITO Vs. Dhanshree Ispat (ITAT Pune)

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted....

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Section 153C proceedings can be initiated against a person only if seized materials belong to him

CIT Vs Renu Constructions Pvt. Ltd (Delhi High Court)

The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective effect from 1st June 2015. ...

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Analysis of Amendment to Customs Valuation Rules

Circular No. 39/2017-Customs 27/09/2017

The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder. The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (CVR) contain the detailed provisions for arriving at the transaction value of the imported goods, on which the customs ...

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GST on Supply of satellite launch services inside & Outside India

Circular No. 2/1/2017-IGST 27/09/2017

Supply of satellite launch services supplied by ANTRIX Corporation Limited to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and such supply which meets the requirements of section 2(6) of IGST Act, thus constitutes export of service and shall be zero rated in ...

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Simplified procedure for stuffing & sealing of export goods in containers

Public Notice No. 120/2017-JNCH 27/09/2017

Attention of the Exporters, Custom Brokers and all concerned are invited to the Board Circular No. 26/2017- Customs dated 1st July, 2017, 36/2017- Customs dated 28 August, 2017 and 37/2017- Customs dated 20th September, 2017 on the above mentioned subject prescribing norms for grant of Self Sealing Permission to the exporters intending fo...

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SC Judgment on Illegal import of fireworks/crackers

Instruction No. 13/2017- Customs 27/09/2017

Directorate of Revenue Intelligence has been, from time to time, issuing alerts regarding sensitization of officers and taking suitable measures to ensure prevention of illegal import of fireworks/ crackers of foreign origin....

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Generation of scrutiny notices u/s 143(2) for PAN selected in CASS 2017

F.No.DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2017 27/09/2017

Kindly refer to letter F. No. DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2016 dated 03.07 2017 and F. No. DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 dated 18.09.2017 requiring Assessing officers to generate scrutiny notices u/s 143(2) (or PANs selected in cycle 1 and cycle 2 of CASS- 2017. ...

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