"19 December 2017" Archive

Committee to redeploy available manpower for proposed e-assessment

F.No. HRD/AD/960/7/2017-18/4986 (19/12/2017)

The Department is embarking upon the concept of faceless and nameless e-assessment procedure. As such, there is an imperative need to redeploy the available manpower in light of the proposed e-assessment. ...

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Payment of Gratuity (Amendment) Bill, 2017 introduced in Lok Sabha

Bill No. 205 of 2017

Clause 3 of the Bill seeks to amend the provision relating to calculation of continuous service for the purpose of gratuity in case of a female employee who has been on maternity leave....

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Posted Under: Income Tax |

Exemption U/s. 11 cannot be Disallowed in toto for Voluntary Donations

Dy. CIT (E) Vs. Vignana Jyothi (ITAT Hyderabad)

There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto to the assessee with regard to the volun...

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Digital Era and Chartered Accountancy Profession- Survey Report 2017

Digital Era and the Chartered Accountancy Profession –Survey Report 2017 is a crucial step to take the pulse of the challenges profession faces in digital era, and making the profession digital ready....

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Posted Under: Income Tax |

Best and Worst of Mergers and Acquisitions

Every corporate, structure themselves to attain utmost profit. In order to ensure the same they will stay focused, consistent and professionalized. In addition to this the process of Mergers and Acquisition play a significant role in enhancement of profit margin. ...

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Posted Under: Income Tax |

Search on holding company and assessee name not mentioned in warrant so Assessment U/s. 153A is void ab initio

Dorf Ketal Chemicals LLC Vs. Dy. CIT (ITAT Mumbai)

From the perusal of the provisions of section 153A of the Act that notice under section 153A can only be issued where a search is initiated under section 132 of the Act or books of account or other documents other documents are requisitioned under section 132A after the 31-5-2003. ...

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Investment Banking- An eye candy occupation

As we all know a bank is a financial institution licensed to receive deposits and make loans. Banks many also provide financial services, such as wealth management, currency exchange and safe deposit boxes. There are two types of banks: Commercial/ retail banks and investment banks....

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Posted Under: Income Tax |

File Form TRAN-1 to avail Input Tax Credit- Last Date is 27 Dec 2017

Section 140 of the CGST/SGST Act provides for transition of Input Tax Credit of the existing taxpayers. A taxpayer can file Form TRAN-1 and avail Input Tax Credit on the basis of closing balance of the Input Tax Credit declared in the last return under the pre-GST regime....

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Posted Under: Income Tax |

Continuous Supply of Goods under GST

As per section 2(33) of the CGST Act, 2017, continuous supply of goods means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit...

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Posted Under: Income Tax |

Advance Rulings under GST

An applicant can apply for advance ruling even before taking up a transaction (proposed supply of goods or services) or in respect of a supply which is being undertaken. The only restriction is that the question being raised is already not pending or decided in any proceedings in the case of applicant. Application for advance ruling will...

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Posted Under: Income Tax |