GST implementation brings several issues to the fore viz., determination of the revenue neutral rate, consensus on the divisible pool of resources, sharing the benefits of cesses, the administrative edifice and the technological platform. A dispute prevention mechanism would facilitate a smooth transition to the GST. The evolution in central transfers and evolving fiscal federalism […]
It has been held that ‘even though the expenditure is not admissible for the computation of the total income either as a bad debt or as an expenditure wholly incurred for the purpose of business, still, it can be allowed as an expenditure as a trading loss if it arises directly from carrying on the business and is incidental to the business.
Condonation of delay can take place only when the defaulting tenants so pleads with justifiable reasons which would show that he was prevented from compliance by circumstances beyond his control. The tenant has not offered any explanation for the delay in deposit of rents. Therefore, we do not find any justification to interfere with the order of the High Court.
Electronic commerce in general parIance is defined as transactions conducted over a digital or electronic network . Electronic commerce began traditionally as online retail in the stock and sell model. The traditional model worked like this- the inventory of goods/ category of services were displayed to the customer who could choose and pick the desired goods/ services in his virtual cart.
This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountants, 46A, Madhav Kunj, Pratap Nagar, Agra.
FIEO Press Release on GST In the background of the forthcoming GST being introduced soon in the country, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations(FIEO) accompanied by Shri Nari Kalwani Regional Chairman and other Managing Committee Members of FIEO (Eastern Region) called on Dr Amit Mitra, Hon’ble Minister for Finance & Commerce, […]
Transfer Pricing Officer has selected RPM as most appropriate method for determining the arm’s length price of the transaction of sale of programmes and film rights to ATL in contrast to the TNM method selected by the assessee. The first controversy is as to whether the Transfer Pricing Officer was justified in selecting the RPM as most appropriate method.
In the notice issued u/s 274 r.w.s. 271(1)(c) of the Act of even date, both the limbs of Sec. 271(1)(c) of the Act are reproduced in the proforma notice and the irrelevant clause has not been struck-off
Over a period of time, it was widely felt that the Income-tax (Appellate Tribunal) Rules, 1963, have outlived their utility to some extent in view of changing circumstances and the use of technology in the Tribunal’s functioning. In the times to come, the use of technology in the Tribunal’s day to day functioning will increase manifold. It is in this background that a need is felt to revisit the existing rules and substitute the same by the new rules. This committee was entrusted with the work of preparing the new Income Tax Appellate Tribunal Rules 2017 in the place of the existing Income-tax (Appellate Tribunal) Rules, 1963.
As per the newly inserted section 94B through Finance Act 2017, there shall be a limit on the amount of interest deduction in certain specified cases. Provisions have been explained in this tax alert.
