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Archive: 06 June 2018

Posts in 06 June 2018

CBIC clarifies GST rate on Renewable Energy & Priority Sector Lending Certificates

June 6, 2018 12444 Views 0 comment Print

Representations have been received seeking clarification regarding the classification and applicable GST rate on the Renewable Energy Certificates (RECs) and Priority Sector Lending Certificates (PSLCs).

ALP Adjustment of International Transaction Restricted to AEs

June 6, 2018 2955 Views 0 comment Print

Adjustment on account of arm’s length price (ALP) of international transaction is restricted only to the extent of international transaction with associated enterprises (AE).

Amendments to Prevention of Money-laundering (Maintenance of Records) Rules, 2005

June 6, 2018 3321 Views 0 comment Print

Government of India (GoI) had notified Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 (PML Second Amendment Rules) on June 01, 2017 making the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) and Permanent Account Number (PAN) or Form No. 60 as defined in Income-tax Rules, 1962

Cabinet approves interventions to deal with current crisis in sugar sector 

June 6, 2018 576 Views 0 comment Print

In order to improve the problem of liquidity of sugar mills resulting in accumulation of huge cane price arrears of farmers, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the following measures involving total amount of about Rs. 7000 crore:

Intra State Eway Bill limit increased to ₹100000 in West Bengal

June 6, 2018 65256 Views 6 comments Print

It is hereby notified that the e-waybill in respect of movement of goods originating and terminating within the State of West Bengal (intra-State movement but without passing through any other State) shall be required where the consignment value exceeds Rs.1,00,000/- (rupees one lakh only).

Reopening by Reappraisal of Material Available on record During Original Assessment Proceedings is invalid

June 6, 2018 639 Views 0 comment Print

Re–Appreciation / Reappraisal Of The Material Available On Record During The Original Assessment Proceedings: Reopening Of Assessment By Forming Of Opinion That Income Has Escaped Assessment By AO, Not Allowable:

Comparison of performance of State & Central Govt. officers in GST Department

June 6, 2018 2091 Views 0 comment Print

I have got a comparison Statement for Performance of State Govt. Officers vis-a-vis Central Govt. officers in 3-4 criteria by GSTN. The statement giving this in %age is placed below. As can be seen from the statement, the performance of Central Govt. officers in the States except in. the State of Arunachal Pradesh is lower than the State Govt. officers in return filing %age for the tax period April (upto 26th May 2018).

RBI Watch: Hikes but overlooks all-two visible risks

June 6, 2018 711 Views 0 comment Print

The fact that the MPC has swiftly responded to the upside pressures on inflation should address fears that the committee structure was making decision making sluggish and the questions about the RBI’s independence. This we believe is a healthy development.

Dividend Stripping and Bonus Stripping

June 6, 2018 57027 Views 1 comment Print

This article explains provisions of Income Tax Act 1961, related to Dividend stripping and Bonus stripping. An attempt is made to simplify provisions with the help of examples, for better understanding.

Reduction of Share Capital of Unlisted Indian Companies

June 6, 2018 5166 Views 0 comment Print

Steps involved for reduction of Share Capital for unlisted Indian Companies :- A company limited by shares or limited by guarantee and having a share capital, desirous of reducing its capital may do so in the following manner:

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