It has been observed that a number of IRS officers have been visiting North Block for having personal audience with Members/Chairman in connection with their requests for transfers and postings. Time and again it has been impressed upon the officers that any request in connection with transfers and postings should be made online to Data Base Cell only.
Central Government hereby specifies Special Commissioner of Police, Crime, Delhi (Office of Crime Branch & Economic Offences Wing, Delhi Police) for the purposes sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961
Exemption from the application of quantitative ceiling and export bans on export of organic agricultural products (wheat, non-Basmati rice) and organic processed products (edible oils and sugar) and enhancement of quantitative ceiling on export of pulses & lentils.
Standard Input Output Norms (SION) A-39 for export product falling under the Chemicals and Allied Products Group has been amended.
Though, advance received by assessee company may have been for the benefit of the aforementioned registered shareholders, it could only be assessed in the hands of those registered shareholders and not in the hands of the assseeee-company.
In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done.
Under GST the liability to pay CGST / SGST, will arise at the time of supply as determined for goods and services. There are separate provisions for time of supply for goods and time of supply for services.
Interest on securities and interest on head office investment account was made chargeable pursuant to Board’s instructions No. 1923 dated 14.3.1995 and as such, this Court sees no occasion for assessee Bank to declare same in its profit and loss account, wherein it had declared interest of Rs. 39.98 Crores, on approved securities for the period 1.10.1991 to 31.3.1992.
Any hurry in implementing the GST, without giving proper time to the trade and industry, would result in lot of litigation and chaos. Some of the issues which are not yet settled in the Acts, draft rules are listed hereunder, which hamper the preparation at the end of taxable person and implementation of GST from 01.07.2017 would be difficult, without early resolution to these issues.
Several entities will be required to comply with Indian Accounting Standards (IND-AS) w.e.f. 1st April, 2017 with the comparatives for the periods ending on 31st March, 2017, or thereafter.
