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Archive: 06 December 2017

Posts in 06 December 2017

Govt increases MEIS Rate by 2% for labour intensive MSME sectors

December 6, 2017 2220 Views 0 comment Print

While restoring the benefits under the export promotion schemes of duty free imports under Advanced Authorization, Export Promotion Capital Goods and 100% Export Oriented Units and thus resolving the problem of blocked working capital for exporters following the roll out of GST, the FTP review has focused on increasing the incentives for labour intensive MSME sectors.

Give various tax reliefs to plantation companies for expenses incurred by them to provide welfare facilities to workers

December 6, 2017 654 Views 0 comment Print

It was also suggested to give various tax reliefs to the plantation companies for the expenses incurred by them to provide welfare facilities to their workers under the Plantation Labour Act 1951. Similarly, considering the variations in the Agriculture Income Tax (A.I.T.) from State to State, Rules 7A, 7B and 8 and the Income Tax Rules may provide for rebate against the liability of tax under C.I.T. to the extent of additional amount paid on account of higher A.I.T.

Addition U/s. 69 justified if assessee cannot furnish any explanation regarding source of receipt of money

December 6, 2017 870 Views 0 comment Print

Where assessee could not furnish any explanation regarding source of receipt of money, except saying that it was loan borrowed from parties, the addition made by the AO under section 69 was justified.

Raise Income Tax ceiling to Rs.5 Lakh and Rs.8 Lakh for Senior citizens

December 6, 2017 18945 Views 3 comments Print

Other demands include the raising of the ceiling for Income Tax purposes for Salaried Class persons and Pensioners up to Rs.5 Lakh per annum; and Rs.8 Lakh in case of Senior citizens. Other suggestions include GDP Growth should be translated in full basket; Income Gap between rich and poor be checked by taxing rich people who can afford to pay; Workers of un-organized Sector be given benefit of EPF; and Agriculture Reforms be undertaken to generate employment etc.

FM Ask DRI officers to keep pace with technology

December 6, 2017 615 Views 0 comment Print

FM: Ask the officers of the Directorate of Revenue Intelligence (DRI) to keep pace with technology and use the latest technological tools such as data analytics in fighting the menace of smuggling of sensitive contraband items such as gold and narcotics among others.

Bombay HC Upholds constitutional validity of Penal provisions under RERA

December 6, 2017 5355 Views 0 comment Print

Provisions of RERA are prospective in nature. The penalty under Sections 18, 38, 59, 60, 61, 63 and 64 is to be levied on account of contravention of provisions of RERA, prospectively and not retrospectively. These provisions, therefore, cannot be said to be violative of Articles 14, 19(1)(g), 20(1) and 300-A of the Constitution of India.

Approval u/s 80G(5) cannot be denied at initial stages for not undertaking any activity or Substantial Activity

December 6, 2017 1863 Views 0 comment Print

Mattapalli Chalamayya Charitable Trust Visakhapatnam Vs CIT (ITAT Visakhapatnam) If the activities of the trust are genuine, at the stage of commencement of institution, registration has to be granted automatically and claim u/s 80G of the Act can be followed with grant of registration. Ld. Commissioner (Exemptions) did not reject the request of the assessee […]

Govt. Imposes Minimum Import Price of Rs 500 per KG on pepper

December 6, 2017 954 Views 0 comment Print

Import of pepper classified under EXIM Code 090411 and 0904 1200 is subject to Minimum Import Price (MIP) of Rs 500 on CIF basis per kg.

Bombay HC dismisses PIL requesting deferment of GST Implementation

December 6, 2017 1401 Views 0 comment Print

It was held that petition shall not be entertained with the observation that since the Government machinery was geared up, the petitioner could not urge or seek directions to postpone the decision of implementation from 01.07.2017.

HC grants interim relief in case related to credit of clean energy cess on purchase of coal

December 6, 2017 1704 Views 0 comment Print

In the present case, it is stated that the Petitioner has already paid the Clean Energy Cess under Chapter VII of the Finance Act, 2010 CFA 2010′) on the coal lying in stock on 30th June, 2017. Such stock is stated to be around 2,85,418 tonnes, on which the cess already paid is to an extent of Rs. 11.41 crores.

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