Bombay High Court in the writ filed by the Chamber of Tax Consultants has held that CBDT’s action plan for granting incentives to CIT(A) on account of enchantment of assessment, levy of penalty, strengthening the order of AO, has been struck down retrospectively.
Petitioner Rudra Autoparts Distributor filed writ petition praying to allow filing of form GST Tran 1 to enable it to claim transitional credit of eligible duties in respect of inputs held in stock on the appointed day in terms of Section 140(3) of the Central Goods and Services Tax Act, 2017 read with Rule 117 of the Central Goods and Services Tax Rules, 2017.
United Bank of India invites application from practicing Firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor and Revenue Auditor of the Bank for conducting Concurrent Audit and Revenue Audit of branches/offices.
As the issue of allowability of deduction u/s 37(1) of foreign tax credit on which tax credit is not available u/s 90 has been admitted by the Hon’ble Bombay High Court in the case of Tata Sons (supra), the same being a debatable issue, no revisionary proceedings u/s 263 is tenable.
Last date for furnishing return in the FORM GSTR-3B for the month of March, 2019 is being extended up to 23rd April, 2019 so as trade and industry get more time to file their returns.
A Committee of Officers has been constituted on Generation of Electronic Invoice through GST Portal to, inter-alia to Study and examine the electronic tax invoice system of South Korea, Latin America and other relevant countries, Examine and suggest the target taxpayers and threshold limits, Examine impact on the E-way Bill, Examine and suggest integration of […]
While giving full effect to the deeming fiction contained under section 50C of the Act for the purpose of computation of the capital gain under section 48, for which section 50C is specifically enacted, the automatic fallout thereof would be that the computation of the assessee’s capital gain and consequently the computation of exemption under section 54EC, shall have to be worked out on the basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C of the Act.
Currently, branches of commercial banks observe holiday only on second and fourth Saturday of a month apart from Sunday. It has been reported in certain sections of media that commercial banks would have a 5-day week on RBI instructions. This information is not factually correct. RBI has not issued any such directions. Relevant RBI Press […]
The ESI Act, 1948 is applicable to all factories and notified establishments in an implemented area employing 10 or more employees employed for wages. a) For Factory:‑ The threshold for coverage of “factory”, as per section 2(12) of the ESIC Act is 10 which are located in implemented areas. At present the Act is extended […]
Hon’ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC) is ultra vires to Section 35AA of the Banking Regulation Act.
