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Archive: November, 2017

Posts in November, 2017

Reg. Circular on Prevention of Unauthorized Trading by Stock Brokers

November 30, 2017 1482 Views 0 comment Print

Brokers are required to maintain the records specified at para III of aforementioned circular for a minimum period for which the arbitration accepts investor complaints as notified from time to time, currently three However in cases where dispute has been raised, such records shall be kept till final resolution of the dispute.

Notification No. 112/2017-Customs (N.T.), Dated: 30.11.2017

November 30, 2017 6135 Views 0 comment Print

Notification No. 112/2017-Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue)

Merely Playing Rummy with Small Stakes in a Club not makes it Gambling

November 30, 2017 2208 Views 0 comment Print

Merely because a card game of rummy was played in the club premises with small stakes from a few annas to some rupees would not make it gambling as held by the Supreme Court in the judgment in the case of State of Andhra Pradesh Vs. K. Satyanarayana & Ors. AIR 1968 SC 825

GST – Impact & Strategies to Leverage Cost Benefits through Supply Chain Re-structuring & Re-Alignment

November 30, 2017 8709 Views 0 comment Print

Goods and Services Tax (GST) is a Value Added, Multi-Point, Destination Based, Dual Taxation System aim to eliminate Double Taxation / Cascading Effect of several indirect taxes like VAT, CST, Central Excise Duty, Service Tax etc.

SEBI guideline on appointment of Auditors of Mutual Funds

November 30, 2017 5922 Views 0 comment Print

Auditors of Mutual Funds: 1. The auditor of a MF, appointed in terms of Regulation 55 (1) of SEBI (MFs) Regulations shall be a firm, including a limited liability firm, constituted under the LLP Act, 2008.

Type of Audit in GST

November 29, 2017 13743 Views 1 comment Print

Audit word Speculate that what type of audit is inserted in CGST Act, 2017. Audit can be done by chartered Accountants/ Cost Accountants or by Department itself.

GST Refunds in current senario

November 29, 2017 5364 Views 5 comments Print

In GST, procedures of refund seems comfortable as compare to earlier tax structure. Let us make a study how and when refund under GST will be granted.

Interest on borrowing not allowable u/s. 36(1)(iii) if not used for business purpose

November 29, 2017 2184 Views 0 comment Print

JCIT (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore) Objection of the AO is that  borrowing from Directors and shareholders is not for business purpose. The AO has noted that even as per the assessee’s contention, if the assessee had an intention of starting a branch in Orissa, the same appears to have remained […]

No Penalty for Short-Deduction of TDS due to bonafide confusion

November 29, 2017 7530 Views 0 comment Print

While allowing the appeal filed by the assessee Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently declared that penalty under Section 271C of the Income Tax Act would not attract when there is a short deduction of tax due to bonafied confusion.

BCCI guilty of abusing its dominant position; CCI Imposes penalty for Anti-Competitive conduct

November 29, 2017 4437 Views 0 comment Print

Competition Commission of India (CCI) issues order against Board of Control for Cricket in India (BCCI) for abuse of dominant position for imposing restriction that deny access to the market for organization of Professional Domestic Cricket League/ Events; Imposes penalty of Rs. 52.24 crore on BCCI for the Anti-Competitive conduct.

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