"23 October 2017" Archive

Clarification related to guidelines for establishing PoEM in India

Circular No 25 of 2017-Income Tax (23/10/2017)

Para 7 of POEM guidelines provides that the place of effective management in case of a company engaged in active business outside India (ABOI) shall be presumed to be outside India if the majority meetings of the board of directors (BOD) of the company are held outside India....

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CBEC notifies 0.1% IGST on intra-State supply of taxable goods for export

Notification No. 41/2017-Integrated Tax (Rate) [G.S.R. 1321(E)] (23/10/2017)

Notification No. 41/2017-Integrated Tax (Rate)- Seeks to prescribe Integrated Tax rate of 0.1% on inter-State supply of taxable goods by a registered supplier to a registered recipient for export subject to specified conditions. ...

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CBEC notifies 0.05% Tax Rate on intra-State supply of taxable goods for export

Notification No. 40/2017-Central Tax (Rate) (23/10/2017)

GST Council, hereby exempts the intra-State supply of taxable goods by a registered supplier to a registered recipient for export, from so much of the central tax leviable thereon under section 9 of the said Act, as is in excess of the amount calculated at the rate of 0.05 per cent, subject to fulfillment of the following conditions, nam...

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CBEC notifies 0.05% UTGST on intra-State supply of taxable goods for export

Notification No. 40/2017-Union Territory Tax (Rate) [G.S.R. 1322 (E)] (23/10/2017)

Notification No. 40/2017-Union Territory Tax (Rate)- Seeks to prescribe Union Territory tax rate of 0.05% on intra-State supply of taxable goods by a registered supplier to a registered recipient for export subject to specified conditions. ...

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GST, demonetisation may impact Indian wedding market growth: ASSOCHAM

The upcoming wedding season starting in November may be impacted by 10-15 per cent particularly wedding services like marriage garden/marriage hall booking, tent booking, confectionery services, photography and more, reveals by industry chamber ASSOCHAM....

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Posted Under: Income Tax |

SIT is a Public Authority U/s. 2(h) of RTI Act, 2005: CIC

Mr. Venkatesh Nayak Vs CPIO & DCIT (OSD) (Central Information Commission)

Mr. Venkatesh Nayak Vs CPIO & DCIT (OSD) (Central Information Commission) When a Public Authority is largely funded by the Government and performs the duty of bringing back unaccounted money unlawfully kept in bank accounts abroad, it was essentially performing a Public Duty and thus every citizen has every right to know about certain...

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GST changes bring relief to small businesses

On 6th October, 2017, the GST council under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Arun Jaitley held a meeting to review the impact, concerns and progress of the tax regime. The meeting also focused on bringing in necessary changes for the benefit of tax payers....

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Posted Under: Income Tax |

The Interim Insolvency Resolution Professional’s ‘Russian Roulette’

The Insolvency and Bankruptcy Code 2016 (Code), which became law in May 2016, is looked upon by both the business and the professionals with a lot of expectations. It is natural that like many new things, this code too is to settle down and it is one of its kinds. ...

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Posted Under: Income Tax |

Protective addition in hands of agents without providing opportunity of being heard is invalid

Mohammad Rajiv Hakeem Vs ITO (ITAT Lucknow)

These two appeals of the same assessee (assessed in the name of different agents) relating to the assess­ment year 2007-08 are directed against separate orders of the Commissioner (Appeals), Bareilly of the even date 27-9-2016 arising out of the order passed under section 144/147 of the Income Tax Act framed by the Income Tax Officer, Wa...

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Overview of Ind-AS 16: Property, Plant and Equipment

Accountancy, more-often-than-not, is erroneously sighted as a static science. It is a common belief that the principles of accountancy do not change, sans their operating environment, or the circumstances which confront them. You always debit the receiver and credit the giver, whether you are on Earth or Mars. ...

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Posted Under: Income Tax |

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