"07 December 2017" Archive

Companies (Cost Records and Audit) Amendment Rules, 2017

G.S.R. 1498(E) 07/12/2017

1. These rules may be called the Companies (cost records and audit) Amendment Rules, 2017. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, after clause (f), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of ...

Tax Exemption to encourage Industrialization cannot be equated with Tax Refund

M/s. Ultratech Cement Limited Vs. State Of Gujarat And Ors. (Delhi High Court)

Exemption from tax to encourage industrialization cannot be equated with refund of tax. They are two different legal and distinct concepts. An exemption is a concession allowed to a class or individual from general burden for valid and justifiable reason. ...

Rate of exchange of conversion of foreign currency wef 08.12.2017

Notification No. 113/2017-Customs (N.T.) 07/12/2017

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise and Customs No. 110/2017-CUSTOMS (N.T.), dated 16th November, 2017 except as respects things done or omitted to be done before such super-session...

Sec 50C not applies to distress Sale of Land to Govt Company

Income-tax Officer Vs. Southern Steel Ltd. (ITAT Hyderabad)

ITO Vs. Southern Steel Ltd. (ITAT Hyderabad) The moot point in this case is whether Sec. 5OC can be invoked when the purchaser is a government undertaking i.e, Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC). In the real estate business it is prevalent that the substantial part of the consideration is unaccounted. In ...

How to Implement Effective Internal Controls to Prevent Revenue Leakage

Small business dealers dealing in unorganized markets has always faced the problem of revenue leakage due to lack of availability of Man Power Resources as well as too much dependence and trust on existing employees....

Posted Under: Company Law |

Refund/ disbursal of GST paid by units working under Area Based Exemption

Now, the Central Government has come up with a scheme and methodology for grant of disbursal of IGST/CGST/SGST/UTGST paid by the manufacturing units in the areas earlier which were enjoying full exemption from payment of central excise duty. ...

Posted Under: Company Law |

Empanelment of Forensic Auditors With PNB

PUNJAB NATIONAL BANK invites applications for empanelment of Forensic Auditors for the period 2018-2019. Criteria of qualifications, experience, scope of work, application forms, undertakings, addresses of the Zonal Offices etc. are enclosed. Auditors already empanelled with the bank need not apply again. Please note that applications and...

Posted Under: Company Law | ,

FRDI Bill do not modify present protections given to depositors

Certain misgivings have been expressed in the media regarding bail-in provisions of the FRDI Bill. The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. They provide rather additional protections to the depositors in a more transparent manner....

Posted Under: Company Law |

Depreciation @ 60% allowable on Software used for imparting training

Aptech Limited Vs. Dy. CIT (ITAT Mumbai)

Where assessee developed various educational software/special courses for imparting education, then assessee was correct in claiming depreciation at 60 per cent treating same as software based on the facts that these were specially designed computer softwares ...

7 Critical Warning Signs That Tells ‘Your Financial Advisor is Unfaithful’

Managing money is an art, which not many possess. If the owner does not have time or knowledge to manage his money, it’s good to look for a financial expert....

Posted Under: Company Law |

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