NCLT, Hyderabad quashes 75% vote requirement under section 30(4) of Insolvency and Bankruptcy Code, 2016 in in K. Shashidhar vs. Kamineni Steel & Power Pvt. Ltd.
After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity. Necessary notification in this regard has been issued.
During CASS Cycle 2016, some of the returns of income which earlier were treated as defective as per provision of section 139(9) of Income Tax Act, 1961 (‘Act’) either for the reason that the taxes as per the return were not paid or for any other reason specified therein were also selected for scrutiny.
The Government of India has issued new reward guidelines called The guidelines for grant of rewards to be paid to the officers, informers and other persons, 2017 on October 10, 2017 to regulate the grant and payment of reward to informers and government officers.
It was reported in certain sections of the Press that tax officials had raised tax demand in respect of export of IT/IT enabled services provided to clients abroad and that this had been done on the basis of place of supply rules in respect of these services which were apparently provided in India and therefore were liable to be taxed.
Taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified units.
The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis. Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In […]
CA Shrenik Gandhi Background: Goods and Services Tax (GST) has been implemented in India from July 2017 and still in the month of December 2017, there are number of issues, on which clarity is required from the Central Government of India and/or the respective State Government. One such issue, is in relation to applicability of […]
Tax free Bond for Telecom; Lowering GST on Telecom services to 12 per cent instead of 18 per cent; BCD on all non ITA-1 products; Depreciation benefits for Make in India; Promote components hub; Keep Electronics Sector out of RCEP and increase import duty on Mobile handsets.
Articles Covers Introduction to Job-work Procedure in GST, Meaning of job-work for GST, Job-work procedural aspects under GST, Accounts & records,- Delivery Challan, Job-work procedural –Flow chart, Job work Charges,Time Limits for the return of processed goods, Waste clearing provisions,Form ITC-04 and Authors Remark on Job-work Procedure in GST.
