"01 January 2018" Archive

IBBI publishes syllabus of educational courses & valuation examinations

Insolvency Bankruptcy Board of India publishes syllabus and other details of educational courses and valuation examinations The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) ...

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Posted Under: Corporate Law |

CBEC amends composition rate for Traders & Manufacturers in UT

Notification No.1/2018- Union Territory Tax [G.S.R. 03(E)] (01/01/2018)

Union Territory Tax seeks to further amend notification No. 2/2017 - Union Territory Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....

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CBEC amends composition rate for Traders & Manufacturers

Notification No. 1/2018-Central Tax [G.S.R. 02(E).] (01/01/2018)

Central Tax seeks to further amend notification No. 8/2017 - Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....

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Acquisition of flat in under construction building should be considered as Construction and not Purchase

Mustansir I Tehsildar Vs. ITO (ITAT Mumbai)

Booking of flat in an apartment under construction must also be viewed as a method of constructing residential tenements. Commencement of construction is not relevant for the purpose of sec. 54 and it is only the completion of construction....

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Cost inflation index for Transfer of capital asset acquired by inheritance

ITO Vs. Sudip Roy (ITAT Kolkata)

Where an assessee sells an inherited capital asset, the capital gain is computed with reference to the period of holding and cost of acquisition incurred by the previous owner....

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ICAI Exposure Draft Framework Governing Internal Audits

Internal audits are conducted within a defined framework that lays down the boundaries and identifies, in a broad manner, how the internal audit activity is performed. This framework provides the required clarity on key components of the audit activity and helps aggregate all aspects of the internal audit process in a cohesive manner ther...

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Posted Under: Corporate Law |

Deduction u/s 80IC cannot be claimed for more than 5 years for units Set Up in specified areas in Himachal Pradesh

M/s Shree Dhanwantri Herbals Vs. DCIT (ITAT Chandigarh)

M/s Shree Dhanwantri Herbals Vs. DCIT (ITAT Chandigarh) Benefit of deduction u/s 80IC of the Act @ 100% was available to new units, only on the setting up of the unit and not on account of substantial expansion undertaken by it. It was further held that there can be only one initial assessment year for […]...

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Railways not liable to take permission for Advertisement Hoardings erected on its land and also not liable to Advertisement Tax: HC

Union of India Vs Municipal Corporation of Greater Mumbai (Bombay High Court)

Railway not require permission of Municipal Corporation for erecting Advertisement Hoarding on its land and Municipal Corporation not entitled to levy advertisement tax on the advertisements displayed on the hoardings erected on the land of the railways...

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Manual claim filing / processing of GST refund of excess balance in e-cash ledger

Trade Cir No. 1 T of 2018 (01/01/2018)

The registered taxable person who desires to get the refund of excess balance in the electronic cash ledger is required to file application manually in FORM GST RFD-01A (as notified in the MGST Rules vide notification No. 55/2017 -State tax dated 15.11.2017. All the details in the said form is to be filled appropriately....

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Insolvency and Bankruptcy Code (Amendment) Bill, 2017 as introduced in Lok Sabha

This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2017. (2) It shall be deemed to have come into force on the 23rd day of November, 2017....

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Posted Under: Corporate Law |

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