Hyderabad bench of Income Tax Appellate Tribunal recently held that interest income earned from deposits of share capital as fixed deposits in bank should be considered as capital receipt which is not taxable under the provisions of the Income Tax Act, 1961.
Clause 7.1.2 stands modified as follows: End of day securities balances ISIN wise (as on last trading day of the month) and End of day securities balances (as on last trading day of the month) consolidated ISIN wise (i.e., total number of ISINs and total number of securities across all ISINs)
It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word Bank in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949).
Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard.
There are many companies looking for such conversion. The main reasons are the relaxations available to a private company. However there are some legal bindings related to the conversion of a public limited into a private limited.
Due to the non-availability of the refund module on the common portal, it has been decided, on the recommendations of the Council, that the applications/documents/forms pertaining to refund claims on account of zero-rated supplies of goods or services or both without payment of integrated tax shall be filed and processed manually till further orders.
The CBEC vide Circular No. 46/2017-Cus dated 24.11.2017 has clarified that the sale / transfer of goods lying in a Customs Bonded Warehouse (in-bond transfer) would attract (i) the integrated goods and services tax (IGST) at the time of transfer; and (ii) customs duty comprising of BCD and IGST at the time of removal of such goods from the warehouse. This mean imported goods procured under in-bond transfer would be subjected to double taxation, first under IGST Act and thereafter, under the Customs Act.
Use this excel sheet for calculate GST Payment or Carry forward Balance.
Giving relief to the tax payers, the Central Govt has abolished GST on Advance received in case of Supply of Goods. A brief analysis of the recent changes is presented below
Trade and industry may have faced teething troubles from the Goods and Services Tax (GST) but the entire business landscape of FMCG (fast moving consumer goods), retail and logistics is going to be transforming into modern and efficient model with introduction of uniform tax regime, says a joint study by ASSOCHAM-MRSS India.
