The investigating officer has objected to granting bail on the ground that further investigation is required to ascertain the source of huge money handed over to Ramesh Goenka through Pranjal Sarma. Investigation is being carried out to ascertain the mode of transfer of the bribe to the Income Tax Commissioner and how the part of the bribe was shared with other accused and as such release of accused at this stage may hamper the investigation.
Amendments made to Chapter IX: Accounts of Companies & Chapter X: Audit and Auditors including sections from 128 to 148 of Act 2013 vide Companies (Amendment) Act 2017 are simply clarificatory in nature and are discussed below:
Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory for the purpose of 28(via) of the Income-tax Act, 1961.
Order No. 60 of 2018 The following Assistant Commissioners of Income Tax promoted on Ad-hoc basis vide Order No. 196/2017 dated 13.11.2017 and Order No. 34/2018 dated 28.02.2018 in the Level 10 in the pay matrix Rs. 56100-177500/-, are, hereby transferred and posted as per the table below, with immediate effect and until further orders:-
To sum up, the activity of transfer of ‘tenancy rights’ is squarely covered under the scope of supply and taxable per-se. Transfer of tenancy rights to a new tenant against consideration in the form of tenancy premium is taxable under GST
Writ petition filed before Hon’ble Gujarat High Court challenging vires of of The Section 17(2) and 17(3) of the Central Goods and Services Tax Act, 2017 & The Gujarat (State) Goods and Services Tax Act, 2017 vis-à-vis Article 14, 19, 21 & 265 of the Constitution of India to be declared as void and unconstitutional. […]
The Central Bureau of Investigation has arrested four Deputy Commissioners and one Superintendent, all from Customs Department, Mumbai and a private person (CHA) in an alleged bribery case.
AO disallowed 20% of total foreign travel expenses during the year under consideration. CIT(A) recorded that for assessment year 2000-01 and 2001-02 the disallowance was restricted to 10% of the total expenses incurred for foreign travel, against which Revenue preferred appeal to Delhi ITAT.
Every employee or person doing business or profession in Punjab is liable to development tax if after deduction income is above maximum exemption limit i.e. Rs. 2,50,000/- at present as per Income Tax Act. Section 4 also mention ‘Income tax payee’ which creates confusion as Person with Total Income above Rs. 3,00,000/- is income tax payee due to rebate of Rs. 2500/- Secion 87A of Income Tax Act. Punjab State Govt should clarify the same.
GST Revenue collection in the month of April 2018 exceeds Rs. 1 Lakh Crore The total Gross GST revenue collected in the month of April 2018 is Rs.1,03,458 crore of which CGST is Rs18,652 crore, SGST is Rs.25,704 crore, IGST is Rs. 50,548 crore (including 21,246 crore collected on imports) and Cess is Rs.8554 crore (including […]
