"07 November 2017" Archive

ASSOCHAM seeks relief for exporters on GST issues

ASSOCHAM has suggested examining the impact of the Goods and Services Tax (GST) on exports and impressing upon the GST Council and the government to help exporters receive their tax refunds without any further delay, besides easing rules for the GST administration on exports to maintain the growth momentum. ...

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Direct Tax Collections show Growth of 15.2% up to Oct, 2017

The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year....

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Procurement of supplies of goods from DTA by EoU / EHTP / STP & How to claim Deemed Export Benefits?

The Central Government, vide Circular No. 14/14/2017 – GST dated 6th November 2017, prescribes detailed procedure on procurement of supplies of goods from Domestic Tariff Area  by Export Oriented Unit (EOU)...

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Issues of Government Construction Contracts under GST

The standard rate of tax for composite supply of works contracts and also construction services is 9% CGST + 9% SGST and 18% IGST...

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VAT impact on Properties in the UAE

As the UAE is implementing VAT wef 01.01.2018 it will have a slight impact in increase in property pricing with 5% VAT mainly on commercial properties. Residential Properties: Rent/ Lease – exempted – no input credit of VAT paid available. Sale (first sale within 3 years from completion) – Zero Rated – input credit of […]...

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Things you probably didn’t know about car insurance

A car insurance policy offers several benefits and flexibility which could do wonders for you. But for availing such benefits of car insurance, you should be totally aware of, otherwise, you might be left with a policy that would prove to be inept when you would need it the most. Whether tough terrain or long […]...

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How to take Realistic and Rational Investment Decisions than can unlock Wealth?

Human behavior is a complicated concoction of three elements: the Id, the Ego and the Superego as per the psychoanalytical theory propounded by Sigmund Freud....

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CIT justified in invoking revisionary jurisdiction in PwC case

M/s Pricewaterhouse Coopers Pvt. Ltd. Vs ACIT (ITAT Kolkata)

This appeal by the Assessee arises out of the order of the Learned Principal Commissioner of Income Tax -1, Kolkata [in short the ld CIT] in M.No. Pr. CIT-1/Kol/Revision u/s. 263/2016-17/13718-21 dated 16.02.2017 passed u/s 263 of the Act against the order passed by the DCIT...

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Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi)

Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961...

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Indirect Transfer provisions in case of redemption of share or interest outside India

Circular No. 28/2017-Income Tax (07/11/2017)

Under the provisions contained in section 9(1)(i) of the Income-tax Act, 1961 (Act), all income accruing or arising, whether directly or indirectly, through or from any business connection in India....

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