"19 July 2018" Archive - Page 3

IBC, 2016 : Interpretation through Judicial Pronouncements

Insolvency and Bankruptcy Code, 2016 has been emerged as a dynamic law and has made tremendous changes in insolvency proceedings. The code has various terminologies which has specific meaning although the definitions are mentioned in the Code but like all other legislations there is a need of interpretation. Therefore the Tribunal/Court f...

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Posted Under: Corporate Law |

Form 15H / Form 15G to Avoid TDS deduction

Form 15G and form 15H are used for avoiding the TDS deduction at source if deductee expects his Income to be lower then the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to th...

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Posted Under: Corporate Law |

Union Of India V. Intercontinental Consultants And Technocrats Pvt. Ltd: An Analysis

Union of India & ANR. Vs M/s Intercontinental Consultants and Technocrats Ltd. (Supreme Court of India)

Recently, in Union of India v. Intercontinental Consultants and Technocrats Pvt. Ltd., Hon’ble SC had resolved the existing controversy regarding whether reimbursement expenses provided by service receiver are to be included in value of taxable service for charging to service tax. ...

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Implement workable reverse charge mechanism in Phases: ICAI

ICAI has submitted that the provisions for levy of taxes under the reverse charge mechanism applicable to a registered person, effecting an inward supply from an unregistered person, can be implemented in a phased manner and it also suggested that GST Council / Government may consider amending the law and enhance the knowledge of stakehol...

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Posted Under: Corporate Law |

Insolvency and Bankruptcy Code, 2016: still an evolving law

The Insolvency and Bankruptcy Code, 2016 introduced on 28 May, 2016, was brought in to consolidate and amend the laws relating to insolvency and bankruptcy. Within the framework envisaged in the Code, there were plethora of cases admitted for corporate insolvency resolution, including 12 large stressed companies such as Essar Steels Limit...

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Posted Under: Corporate Law |

Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018

Notification No. 63/2018 - Customs (N.T.) 19/07/2018

Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018 notified vide Notification No. 63/2018 - Customs (N.T.) dated the 19th July, 2018...

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GST Refunds- CBIC issues Special instructions to PAO

Notification No. Pr.CCA/CBEC/GST-IT/e-PAO Refund/33/2017-181/263 19/07/2018

The Advisory No. 1 was issued vide OM dated 4.6.2018 in respect of GST Refunds which are sanctioned by the field CGST Commissionerates and are processed manually for payment by the field Pay & accounts Offices through PFMS Portal. Certain practical difficulties have been reported to be faced by the field Commissionerates in respect of GST...

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Non-Performing Asset (NPA) Resolution Plan A Wishful Thinking

Finance Minister Piyush Goyal said that the Government has accepted a report submitted by a committee of bankers led by Punjab National Bank Chairman Mr. Sunil Mehta to set up an Asset Management Company (AMC) for the resolution of loans. They will also set up Alternate Investment Funds to raise money to back the AMC....

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Posted Under: Corporate Law |

Lease Rent for Car taken on finance lease allowed in income computation

Philips Electronics India Ltd. Vs ACIT (ITAT Kolkata)

Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income ...

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Transitional Credit is substantive right & cannot be taken away by procedural requirements: Gujarat HC issues notice to Centre and GST Council

M/s Jay Chemical Industries Limited Vs. Union of India (Gujarat High Court)

While admitting a petition challenging the provisions of Central Goods and Services Tax (GGST) Act which restricts the time limit for filing and revising of GST Tran 1 to the extent of only 180 days from the appointed day, the Gujarat High Court has issued notices to Centre and GST Council....

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