"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 ...

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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...

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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 ...

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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....

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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. ...

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Posted Under: Company Law |

Section 194H: TDS not applicable on Bank guarantee commission

DCIT Vs. Delta Constructions Ltd. (ITAT Hyderabad)

DCIT Vs. Delta Constructions Ltd. (ITAT Hyderabad) Assessee contends that in order to invoke the provisions of section 40(a)(ia) it has to be shown that the payment made by the assessee is attracted by the provisions of section 194H of the Act i.e., there is liability to deduct tax at source on the bank guarantee […]...

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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...

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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....

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Posted Under: Company Law |

Confirmation letter by creditor establishes only identity & not creditworthiness & genuineness

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai)

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) Merely furnishing of confirmation letter by a creditor, as it again well settled, does not would at best only establish identity of the creditors. There was nothing on record establishing creditworthiness of the creditors and/or genuineness of impugned loans and advances in the instant case...

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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 ...

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