"13 December 2017" Archive

NCLT quashes 75% vote requirement U/s. 30(4) of IBC, 2016

NCLT, Hyderabad quashes 75% vote requirement under section 30(4) of Insolvency and Bankruptcy Code, 2016 in in K. Shashidhar vs. Kamineni Steel & Power Pvt. Ltd....

Posted Under: Corporate Law |

The GST Roller coaster

India had another tryst with freedom, though of a different kind, at the midnight hour on July 1, 2017. Freedom from multiplicity of taxes, as Goods and Services Tax (GST) emerged, subsuming 17 different taxes on goods and/ or services. The one nation one tax dream became a reality....

Posted Under: Corporate Law |

Secretarial Audit- A mandate and governance transparency

In common parlance audit refers to the systematic examination and verification of the records, transactions, documents and physical inspection of the activities by qualified personnel. ...

Posted Under: Corporate Law |

10 FAQs on GST as replied on 13th December 2017

We have filed online refund and ARN received and what is the next course? Ans: Please submit the print out of RFD-01A with ARN before the jurisdictional authority for processing of refunds. Refer to Circular No. 17/17/2017-GST dated 15th November 2017....

Posted Under: Corporate Law |

Soliloquy on the impending FRDI Bill Demon 2.0 In The Making

When the existing system is fine and there is nothing to fear about, then why need for a new Financial Resolution and Deposit Insurance (FRDI) Bill  in the present form and substance ?...

Posted Under: Corporate Law |

Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) 13/12/2017

CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

Extension of deadline till 31.3.18 for submission of Aadhaar & PAN or Form 60

After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clien...

Posted Under: Corporate Law |

Reopening of assessment beyond a period of 4 years to make fishing inquiries not justified

Crescent Construction Co. Vs. Asst. CIT (ITAT Mumbai)

The primary condition of reasonable belief having nexus with the material on record is still operative. However, we are of the view, that mere fresh application of mind to the same set of facts or mere change of opinion does not confer jurisdiction to the assessing officer even under the post-1989 section 147 of the Act. ...

Deduction U/s. 54 can be claimed for House purchased in wife’s name

Shri Radhey Shyam Arora Vs. Income Tax Officer (ITAT Jaipur)

When the entire investment for the purchase of new house has gone through the assessee's account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed....

Interest on FD having no immediate nexus with business is taxable as Income from other sources

Pr. CIT Vs. Sangam Power Generation Co. Ltd. (Allahabad High Court)

Where interest on Fixed Deposit Receipt had no immediate nexus with the business of assessee and business was yet to commence, then so long as assessee had no business income, the interest earned could not be treated as business income and it had to be treated as ‘Income from other sources’....

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