"04 January 2018" Archive

Kerala HC allows Deduction u/s 80-IA to Kannan Devan Plantations

Kanan Devan Hills Plantations Company Pvt. Ltd. Vs ACIT (Kerala High Court)

Revenue, has contended that the assessee’s business is not a new industrial undertaking. According to him, the assessee has also miserably failed to establish that it has spent more than 50% of the plant’s book value on any renovation or modernisation....

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How to Opt for GST Composition Levy with FAQs

You can opt for the Composition Levy if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified time to time....

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Posted Under: Income Tax | ,

How to Withdraw from GST Composition Levy with FAQs

Yes, you can withdraw from the Composition Levy at any time of the financial year for the following reasons...

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Posted Under: Income Tax |

How Migrated Taxpayers Opting for Composition Levy can intimate Stock Details with FAQs

In addition to filing the application to opt for Composition Levy, the Migrated taxpayers are also required to file a form for Stock Intimation to furnish the details of stock including inward supply of goods from unregistered persons, held by them on the day preceding the date from which they opt to pay the composition levy. ...

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Posted Under: Income Tax |

CBI Arrests an ITO While accepting bribe Of Rs. One Lakh

Central Bureau of Investigation has today arrested an Income Tax Officer, Ward-34 (1) (4), Mumbai for demanding and accepting a bribe of Rs. One lakh from the complainant....

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Posted Under: Income Tax |

CODS 2018- Reactivation of DIN is in Process: MCA

Stakeholders of Condonation of Delay Scheme (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivating’ the DINs in system in respect of disqualified  Directors is in progress and they may check the status of the relevant DINs by 12th January 2018. However, they are request...

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Posted Under: Income Tax |

Empanelment with Punjab National Bank for Revenue Audit

Punjab National Bank invites applications from practising 'Partnership firms of Chartered Accountants in India' who fulfill eligibility criteria and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches....

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Posted Under: Income Tax | ,

TNGST Act, 1959: Routers, Hubs & Switches are Computer Peripherals attracting 4% Sales Tax

M/s. Dax Networks Ltd. Vs The Commissioner of Commercial Taxes (Madras High Court)

Heard Mr.P. Rajkumar, the learned counsel appearing for the petitioner and Mr.K.Venkatesh, the learned Government Advocate for the respondents....

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GOI launches 7.75% Savings (Taxable) Bonds, 2018 -Main Features

Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling. The main features of the Bonds are: ...

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Posted Under: Income Tax |

Madras HC decision in Cairn India of exercise of Jurisdiction U/s. 263 by DIT

M/s. Cairn India Ltd. Vs. Director of Income Tax (Madras High Court)

A division bench of Madras High Court recently invalidated an assessment order against M/s. Cairn India Ltd. The primary object of the Assessee is to carry on exploration and production of oil and gas in India. For this purpose, it had acquired participating interest in various oil and gas blocks....

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