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.
To reduce interest rate risk in a debt portfolio, mutual funds may hedge the portfolio or part of the portfolio (including one or more securities) on weighted average modified duration basis by using Interest Rate Futures (IRFs).
No. MGST- 1017/C.R. 171 /Taxation-1.Services supplied by an individual advocate including a senior advocate by way of representational services before any court, tribunal or authority, directly or indirectly,
F.No. 394/97/2017-Cus (AS) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Anti-Smuggling Unit) ***** 512, Hudco Vishala Building, Bhikaji Cama Place, R.K. Puram, New Delhi. dated 27.09.2017 To All Principal Chief/Chief Commissioners of Customs/ Customs (Preventive), All Principal Chief/Chief Commissioners of Customs and Central Tax/ Central Excise, All […]
Where the assessee failed to specify manner in which undisclosed income was derived and also failed to deposit due taxes then the assessee failed to satisfy the conditions specified under section 271AAA(2) and hence, immunity from penalty was not available to assessee.
Buy-Back of shares generally meant to a situation in which a company purchases its own shares from the existing shareholders usually at a price which is higher than the market price of such share. It is a strategy of re-structuring of capital of the company by which excess paid up share capital can be extinguished.
This article discusses in detail about the GST taxability on Custom house Agents. Customs House Agent means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962);
While conceptualizing concept of GST, a 3600 view of business and economy was considered specially the nature of business and requirements of almost five crore Micro, Small and Medium Enterprises (MSMEs) and small traders who account for 25% of employment, 40% of industrial output and 45% of exports of the country. To boosting the cost competitiveness of MSMEs and small traders and for simple compliance, Composition scheme a simple and easy scheme was introduced. The scheme helps small taxpayers get rid of complex GST formalities and pay GST at a fixed rate of turnover.
If the unaccounted expenditure incurred is from the on money received by the assessee, then, the question of making any addition u/s 69C does not arise because the source of the expenditure is duly explained. It is only the ‘on money’ which can be considered for the purpose of taxation.
Facts of the case, in brief, are that the assessee is a partnership firm engaged in the business of manufacturing and export of plain and studded Gold and Silver jewellery. It filed its return of income on 29.09.2010 declaring taxable income of Rs.2,83,03,490/-. During the course of assessment proceedings, the Assessing Officer observed that the assessee has debited expenses under the head Foreign Agency Commission amounting to Rs.62,12,609/-.
