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Archive: 17 May 2018

Posts in 17 May 2018

All about Management of Contract for Corporates in India

May 17, 2018 4491 Views 0 comment Print

The definition of Contract is given under S.2 (h) of the Indian Contract Act, 1872 which provides ‘a contract is an agreement enforceable by law’. Whereas an agreement has been defined under S. 2 (e) as follows: every promise and every set of promises, forming consideration for each other. When a proposal is accepted it becomes a promise. Thus an agreement is an accepted proposal.

Section 2(22)(e) of Income Tax Act, 1961– Last word yet to be said

May 17, 2018 18864 Views 0 comment Print

Author explains the intricacies and nuances of Section 2(22)(e) of the Income Tax Act, 1961 and the unsettled position on the controversy regarding the applicability of the provisions of deemed dividend.

Applicability of GST on Joint Development Agreements (JDA)

May 17, 2018 57885 Views 18 comments Print

A joint development agreement is an agreement between a land owner and a real estate developer to construct new projects. Two types of JDA are common: Area Sharing JDA and Revenue Sharing JDA. In a JDA the capital, construction and legal work is carried out by the builder whereas the land is provided by the land owner.

Are you still confused about your GST Jurisdiction

May 17, 2018 44493 Views 6 comments Print

In case of New Registrants/Taxpayers, there is lot of confusion in respect to their jurisdictional offices, as at the time of GST registration; registrants are required to fill the ward/circle/range details of the state as well as center, in which their establishment/business falls.

Threshold for audit under GST is Registration wise or Person wise ??

May 17, 2018 31596 Views 11 comments Print

The audit under the GST law owing to its first time is the next challenge not only for trade and industries also for professionals. Section 35(5) of CGST/SGST Act, 2017 (hereinafter referred to as “the Act”) envisages inter alia audit of every registered person whose turnover during a financial year exceeds the prescribed limit. The […]

ASSOCHAM National Seminar on GST on 24th May 2018 in Mumbai

May 17, 2018 6504 Views 0 comment Print

ASSOCHAM being the pro-active Chamber of Commerce and Industries, has decided to organize an inter-active National Seminar on GST as per the following schedule to provide the ground level feedback to the Government to resolve implementation issues and provide platform to Industry to have valuable insight in to operation of GST.

Basel III Framework on Liquidity Standards – NSFR – Final Guidelines

May 17, 2018 1449 Views 0 comment Print

The Net Stable Funding Ratio (NSFR) and Liquidity Coverage Ratio (LCR) are significant components of the Basel III reforms. The LCR guidelines which promote short term resilience of a bank’s liquidity profile have been issued vide circular DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 9, 2014.

How to Get Started with MetaTrader

May 17, 2018 609 Views 0 comment Print

It’s no secret that having the right tools is essential to making money on the foreign exchange market. Analyzing the market through technical indicators and fundamental factors is vital, as is knowing when to enter and exit a position. Fortunately, a reliable trading platform can help you with that, and there are quite a few […]

Penalty cannot be imposed without there being a clear specific charge

May 17, 2018 6477 Views 0 comment Print

The AO has imposed the penalty on the ground of disallowance of foreign exchange fluctuation. The assessee cannot be fastened with the law of penalty without there being a clear specific charge. Fixing a charge should not be in a casual manner and it has not been permitted under the law.

S. 260A: Time limit to file appeal to HC begins from date of receipt of order by officer entitled to file appeal

May 17, 2018 15663 Views 0 comment Print

This appeal is filed against a common order of the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) relating to Assessment Years 1997-98 onwards, for a period of eight years, till 2004-05. On the filing of the Appeal, an objection was raised by the respondent/ assessee, represented by Mr. P.R. Mullick, Advocate, that the Appeal is filed beyond time.

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