"18 December 2017" Archive

Drawback of Countervailing Duties can be claimed under an application for Brand Rate

Public Notice No. 158/2017-JNCH (18/12/2017)

Since Countervailing Duties are not taken into consideration while fixing All Industry Rates of Duty Drawback, the Drawback of such Countervailing Duties can be claimed under an application for Brand Rate under Rule 6 or Rule 7 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 and/or the Customs and Central Excise...

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Discount on sales cannot be regarded as Commission liable to TDS U/s. 194H

Dish TV India Ltd. Vs Asstt. CIT (ITAT Mumbai)

Out of these four appeals two appeals are filed by the assessee while the other two appeals are filed by the Revenue for against the orders of the Commissioner (Appeals)--4, Mumbai dated 13-2-2017 and 6-2-2017 for assessment years 2011-12 and 2012-13 respectively....

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Notice for Short levy of GST on Tyres and Tubes meant for E-Rickshaw

F.No.: 85/INT/DGCEI/HQ/2017/13269 (18/12/2017)

Short levy of GST on tyres and tubes meant for Three Wheeled Electric Motor Vehicle (E-Rickshaw in common parlance} under HSN code 4011 and 4013...

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Payment in Indian Rs. via INR debit or credit cards at Duty Free Shops

Circular No. 50/2017-Customs (18/12/2017)

It has been decided to extend the facility of payments in Indian rupees, through INR debit cards or credit cards at Duty Free Shops, without any need for conversion of foreign currency into Indian Rupees....

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HC upheld ITAT order allowing carry forward of losses and depreciation to SICK Company under BIFR

Principal Commissioner of Income Tax Vs M/s Rajasthan Explosives and Chemicals Ltd. (Delhi High Court)

The Revenue in this appeal under Section 260A of the Income Tax Act, 1961 questions the decision of the Income Tax Appellate Tribunal (ITAT)....

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Derivatives Profit / Loss: Section 43(5)(d) applies from AY 2006-07

M/s. Nilliampathy Tracon (P) Ltd. Vs. A.C.I.T. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that loss derived from trading in derivatives carried out prior to 25/01/2006 cannot be treated as speculative loss and it should be treated as normal business loss under the provisions of the Income Tax Act, 1961. ...

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E-Way Bill in Rajasthan: Govt Notifies rules

Notification No. F.12(46)FD/Tax/2017-Pt.-IV-145 (18/12/2017)

Every registered person who causes movement of taxable goods, as mentioned in Annexure appended to this notification, from a place outside the State to a place within the State or from a place within the State to a place outside the State, where consignment value exceeds fifty thousand rupees,-...

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Advisory for Taxpayers who have opted for Monthly filing of Form GSTR 1

Taxpayers, who have opted for Monthly filing of Form GSTR 1, can do so for the month of July, August, September, October and November 2017, sequentially. ...

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Posted Under: DGFT |

Advisory for Taxpayers who have opted for Quarterly filing of Form GSTR 1

Once you have chosen the option Quarterly, you cannot change this option in the remaining part of the financial year 2017-18. Thus, you will be required to file Quarterly returns and you cannot opt for Monthly filing of returns....

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Posted Under: DGFT |

Food to employees in office or factory does not form part of fringe benefit

Auckland International Ltd. Vs. C.I.T. (ITAT Kolkata)

It is clear from the provision of section 115WB(2)(B)(i) of the Act that expenditure on food provided by the employer to the employees in an office or factory does not form part of the fringe benefit. ...

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