"17 November 2017" Archive

Moody’s upgrade Sovereign Credit Rating of India to Baa2 from Baa3

Moody’s Investors Service (“Moody’s”) has upgraded the Government of India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. India’s rating has been upgraded after a period of 13 years. India’s sovereign credit rating was last upgr...

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Posted Under: Finance |

Draft Notification U/s. 115JG (1) on conversion of Indian Branch of Foreign Bank into Indian Subsidiary company

Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017....

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Posted Under: Finance |

Registration under FCRA cannot be denied to society on mere bald report on use of Foreign Contribution

DR R N Gupta Technical Education Society Vs Union of India (Delhi High Court)

The petitioner - a Society registered under the Societies Registration Act, 1860 - has filed the present petition impugning communications dated 01.08.2014 and 07.12.2015 (hereafter referred to as the impugned communications)...

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Income earned abroad as Non Resident cannot be taxed in India for mere receipt in Indian Bank A/c

Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi)

Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi) Observation that since the salary income has been received in India, i.e., it has been credited in the bank account of the assessee in India and also TDS has been deducted by the employer, this fact cannot be a determinative of the taxability of resident or […]...

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Poultry Feed Supplements are classifiable as Poultry Feed and not as medicines or drug

M/S Golden Streak Drug & Pharmaceuticals Ltd. Vs. Commissioner Trade Tax (Allahabad High Court)

Now it is well settled that as also need of common parlance that an animal feed supplement or cattle feed supplement or poultry feed supplement or balanced cattle feed or poultry feed is actually used as energy nutrients as well as nutrients rich with substance needs for strengthening the body and its development so that a person engaged ...

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TDS U/s. 194H not applies on discounts on principal to principal basis

ITO Vs Tarun Sales (ITAT Delhi)

ITO Vs Tarun Sales (ITAT Delhi) Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the Bharat Sanchar Nigam Ltd., the entire sales were to customers, either directly or through shopkeepers, who rendered services to the customers. ...

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Transfer of Income Tax File without application of mind is un-sustainable

Aircel Limited Vs Deputy Commissioner of Income Tax (Madras High Court)

Since the parties in these Writ Petitions are one and the same and the relief sought herein are inter-connected, all these Writ Petitions were taken together and disposed of by this common order....

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in a […]...

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Customs Clearance Facilitation Committee Established

Customs Clearance Facilitation Committee (CCFC) set up under the chairmanship of Chief Commissioner of Customs/Commissioner of Customs. CCFC expedites clearance of imported and export goods, and helps resolve grievances of trade and industry members.CCFC operating in Seaports, Airports, Inland Container Depots and Land Customs Stations...

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Posted Under: Finance |

Updated Integrated Goods and Services Tax (IGST) Rules, 2017 till 15.11.2017

Integrated Goods and Services Tax (IGST) Rules, 2017 as updated till 15th November 2017. Integrated Goods and Services Tax (IGST) Rules, 2017 are Notified vide Notification No. 4/2017-Integrated Tax (Dated 28th June 2017) and further amended by Notification No. 12/2017-Integrated Tax (Dated 15th November, 2017) Government of India Ministr...

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Posted Under: Finance |