"27 January 2018" Archive

Transfer Pricing Documentation and Reporting

This article analyses the provisions notified to give effect to the OECD recommendations on three tiered Transfer Pricing documentation, regarding the entities to which the provisions will apply....

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Posted Under: Income Tax |

Section 263 – Reduce discretionary exercise of revisionary powers: ICAI

Section 263(1) provides that if the Principal Commissioner or Commissioner considers that any order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the Revenue...

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Posted Under: Income Tax |

New ICAI IPCC Nov 2017 Result Date Has Been Declared

According to the ICAI ipcc nov 2017 session, it was expected that the IPCC nov result will be declared in the Feb first week but Here is the ICAI latest announcement for ca ipcc November 2017 result....

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Posted Under: Income Tax |

Change in GST Rate for Jewelers in Precious Stone

As we all know that from 25.01.2018 vide notification number 06/2018 CT-R the GST rate on precious stone (hereinafter refer as goods) reduce from 3% to 0.25%. Everybody in the market is in the market is in the confusion that at what rate they will charge on the goods supplied after the change in rate […]...

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Posted Under: Income Tax |

Include transactions made through RTGS, NEFT, ECS and EFT in Section 269SS / 269T retrospectively

Section 269SS of the Income–tax Act, 1961 requires that acceptance of any loan or deposit or any specified sum exceeding Rupees twenty thousand may be made only by an account payee cheque or an account payee bank draft or use of electronic clearing system....

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Posted Under: Income Tax |

Stipulate time limits for issuing Order giving effects and Refund Order: ICAI

It has been experienced that when any order of higher appellate authorities is received, and moreover when the order is in favour of the assessee, the Assessing officer delays in issuing the Order giving effect to such appellate orders. ...

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Posted Under: Income Tax |

Withdraw fees levied U/s. 234F for delayed filing of return: ICAI

The Finance Act, 2017 vide section 234Flevied fees of Rs. 5,000 in case where return is furnished after the due date but on or before 31st December of the relevant assessment year and Rs.10,000, in other cases. ...

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Posted Under: Income Tax |

Section 271B- ICAI suggests day wise penalty for Failure to get accounts audited

Section 271B of the Income-tax Act, 1961 provides for imposition of penalty at the rate of one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession...

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Posted Under: Income Tax |

Section 269ST Restriction on cash transactions– Certain concerns

In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Act 2017 inserted section 269ST  in the Act to provide that no person shall receive an amount of two lakh rupees or more...

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Posted Under: Income Tax |

Restore provisions of erstwhile Section 245E related to Settlement of Cases: ICAI

Section 245E of the Act was inserted in year 1975, amended in 1984, 1987 and the provisions were made inapplicable for applications filed on or after 01-06-2007. The erswhile provisions of section 245E reads as under...

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Posted Under: Income Tax |

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