"21 December 2017" Archive - Page 3

A Precis of The Companies (Amendment) Bill, 2017

CS Rahul Jain, Hyderabad BACKGROUND: The Companies (Amendment) Bill, 2017 was a result of the long consultative process undertaken by the Companies Law Committee constituted by the Ministry of Corporate Affairs, Government of India in an attempt to make recommendation on various issues in implementation of the Companies Act, 2013. The Com...

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Posted Under: Company Law |

How to View Submitted or Saved Application for GST Refund & Track Refund Status

View Submitted or Saved Application for Refund How can I view my submitted or saved application for refund on the GST Portal? 1. To view your submitted application, navigate to Services > Refunds > My Saved/Submitted Application command....

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Posted Under: Company Law |

Refund of ITC on Account of Exports Without Payment of Tax- Procedure

How can I submit the application for refund of ITC on account of Exports without payment of Tax on the GST Portal? To submit the application for refund of ITC on account of Exports without payment of Tax on the GST Portal, perform the following steps: 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed....

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Posted Under: Company Law |

Procedure- GST Refund of Excess Balance in Electronic Cash Ledger

How can I submit the application for refund of excess balance in Electronic Cash Ledger on the GST Portal? To submit the application for refund of excess balance in Electronic Cash Ledger on the GST Portal, perform the following steps:...

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Posted Under: Company Law |

139th Report on Impact of Goods and Services Tax on Exports

REFUND MECHANISM UNDER GST- The Committee notes that refunds has started to trickle only from the month of November, 2017 and the intervening period of four months from July to October, 2017 has been extremely trying for the exporters. The significant time lag in providing refunds has supposedly eroded the competitiveness of exporters by ...

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Posted Under: Company Law |

Highlights of CAG Report on Direct Tax for the year ended March 2017

During FY 2015-16, the ITD had completed 2.57 lakh scrutiny assessments in the units audited as per the audit plan of FY 2016-17, out of which we checked 2.39 lakh cases. Apart from this, we have also audited 0.30 lakh cases completed in the earlier financial years, during FY 2016-17. ...

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Posted Under: Company Law |

Summary of CAG Report on Central Excise Tax for March 2017

Section 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into the Consolidated Fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment...

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Posted Under: Company Law |

HC explains concept of initial assessment year & substantial expansion U/s. 80-IC

Stovekraft India Vs. CIT (Himachal Pradesh High Court)

The moot issue involved in these appeals, inter alia, is as to whether an undertaking or an enterprise, established after 7th January, 2003, carrying out substantial expansion within specified window period, i.e. between 7.1.2003 and 1.4.2012, would be entitled to deduction on profits @ 100%, under Section 80-IC of the Income Tax Act. Als...

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RTI Act: HC set aside CIC order declaring Every Minister a Public Authority

Union Of India And Anr Vs. Central Information Commission And Anr (Delhi High Court)

a) Is Minister or his office a 'public authority' under the RTI Act? b) Whether a citizen has right to information sought, and does the minister has corresponding obligation to give?...

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Surcharge and cess is to be calculated after deducting MAT credit u/s 115JAA from tax on assessed income

Asst. Commissioner of Income-tax Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad)

ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]...

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