"07 December 2017" Archive

Companies (Cost Records and Audit) Amendment Rules, 2017

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

In the principal rules, in the Annexure, for Form CRA-1 and Form CRA-3, the following Forms shall respectively be substituted and shall be deemed to have been substituted with effect from the 1St day of April, 2016, namely:-...

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Tax Treatment of Dividend Received From A Foreign Company

Article discusses about Meaning of dividend, Head of taxability and applicable tax rate, Relief from double taxation, Concessional rate of tax to dividends received from foreign specified company,...

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Posted Under: Company Law |

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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Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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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 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

This Article discusses Tax Treatment of Cash Credit,Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....

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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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