"22 December 2017" Archive

Interest on loan availed for business cannot be set off against interest received on loan to Sister Concern

Mathew Joseph Vs. The Assistant Commissioner Of Income Tax (Kerala High Court)

High Court of Kerala recently declared that interest from loan given to sister concern cannot be set off against the interest paid by the assessee to his benkers for the purpose of eligible deduction under section 57(iii) of the Income Tax Act 1961. ...

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Belated deposit of employees contribution to PF / ESIC is not allowable

Kalyan Silks Trichur (P) Ltd. Vs. Joint Commissioner Of Income Tax (Kerala High Court)

The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authority confirmed the order of dis-allowance ...

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No major impact on prices of Essential Drugs post introduction of GST

Government has analyzed the impact of Goods and Services Tax (GST) on prices of the formulations and it is noticed that that there will be almost no impact on the prices of non-scheduled formulations which account for nearly 80% of the total pharmaceuticals sector....

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Posted Under: Income Tax |

RBI Clarification on Banks under Prompt Corrective Action

Press Release: 2017-2018/1719 22/12/2017

Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. In this context attention is drawn to the press release issued on June 5, 2017, wh...

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Increase in number of tax payers post demonetization

During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores....

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Posted Under: Income Tax |

CST exemption on sale of zip fasteners to readymade garment manufacturer / exporter allowed by Madras HC

M/s. Zip Industries Ltd. Vs. The Commercial Tax Officer (Madras High Court)

The only legal issue involved in this writ petition is whether the petitioner is entitled to claim exemption on the sale of zip fasteners to a ready made garment manufacturer, who has exported the ready made garments outside the territory of India. ...

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Pre-commencement Interest on advances to contractors is capital receipt

I.T.O Vs. M/s Kolkata Metro Rail Corpn. Ltd. (ITAT Kolkata)

Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be 'inextricably linked' to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses....

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Summary of GST Notifications and Circulars issued on 21st Dec 2017

Due date for filing of some of the returns have been extended and clarification provided for few sectors along with manual filing of refund for the inverted duty structure...

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Posted Under: Income Tax |

All about Transition under GST

We are in Goods and Services Tax (GST) era. The law is implemented from 01.07.2017 but the procedural aspects are delayed because of various reasons. Many taxation acts have been merged into GST law....

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Posted Under: Income Tax |

Gist of GST notifications, circulars and order issued on 21-12-2017

Central Board of Excise and Customs on 21st December 2017 issued 4 notifications, 4 circulars and 1 order, whereby due date to file return in forms GSTR-05, GSTR-05A, CMP-03 & ITC-01 was again extended further to 31st January 2018. Some amendments were also made in Form GSTR-01, Form RFD-01 and Form RFD-01A regarding deemed exports an...

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Posted Under: Income Tax |

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