"22 November 2017" Archive

Govt sets up Tax Force to draft new direct tax legislation

During Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, Hon’ble Prime Minister had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be redrafted....

Read More
Posted Under: Income Tax |

No IGST on Inter-State movement of rigs, tools and all goods on wheels

Circular No. 21/21/2017-GST 22/11/2017

The issue pertaining to inter-state movement of rigs, tools and spares, and all goods on wheels [like cranes] was discussed in GST Council’s meeting held on 10th November, 2017 and the Council recommended that the circular 1/1/2017-IGST shall mutatis mutandis apply to inter-state movement of such goods...

Read More

Classification and GST rate on Terracotta idols

Circular No. 20/20/2017-GST 22/11/2017

The GST rate on Idols made of clay is nil. (S.No. 135A of Schedule notification 2/2017 dated 28.06.2017)....

Read More

Cabinet approves setting up of 15th Finance Commission

Cabinet approves setting up of the 15th Finance Commission. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15th Finance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation....

Read More
Posted Under: Income Tax |

Online Correction In Name, DOB & Gender of EPF Subscribers

No. NOC/2017/UAN/Pt./2741 21/11/2017

Currently, if employee wants to correct his/her basic details against UAN, employee and employer are required to submit a joint request to the concerned EPFO field office for correction of above mentioned basic details of employee. ...

Read More

Reassessment not valid if time to issue notice U/s. 143(2) not expired

Venkata Siva Reddy Nellore Vs ITO (ITAT Hyderabad)

The learned Commissioner (Appeals) is not justified in rejecting the contention of the appellant that since the reason on which the proceedings under section 147 ceased to exist, the assessing officer is not justified in making additions on other issues....

Read More

Anti Profiteering Law In GST

Anti Profiteering is a check against profiteering – something which ought to be ethical but is now a legal issue in Goods and Service Tax....

Read More
Posted Under: Income Tax |

Income disclosure under fear of penalty or other proceedings cannot be termed voluntary

Dy. CIT Vs. Mukesh Kalubhai Prajapati (ITAT Ahemdabad)

A disclosure made under the fear of a plausible penalty or other proceedings cannot be termed voluntary or made in good faith. Mere request for non-initiation of penalty on the ground of disclosure branding the same to be voluntary with a view to buy peace and avoid litigation will not take the assessee out of the scope and ambit of Expla...

Read More

Pure Agent Concept and Relevance Under GST

Suppose Mr. A (supplier) provide professional services (professional fees ₹ 10000) and he make some expense (amounting ₹ 5000) on behalf of Mr. B (recipient), whether such amount recovered by Mr. A paid on behalf of Mr. B will be part of invoice value and whether GST will be charged on whole amount ( i.e. ₹ 15000)....

Read More
Posted Under: Income Tax |

Error in availing ITC through TRAN-1 & Solution Provided /Suggested

Service Tax No./Central Excise No./VAT/TIN is required to be added on the Business details Tab through Non-Core Amendment form through Non-Core Amendment form...

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031