For success of its flagship programme to boost manufacturing within the country, the government’s Make in India should first target high import intensive items like electronic goods, machinery, steel and transport equipment which together add close to USD nine billion or over 27 per cent of the country’s monthly import bill, according to an ASSOCHAM analysis.
GST Council in its 11th Meeting held on 4th March 2017 approved CGST / IGST Laws, Cap rate and restaurants having turnover upto 50 Lakhs to be covered under Composition Scheme.
Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill. The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri […]
As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately.
In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical services and would not be chargeable as income under Income […]
It appears to the authority that there is a systematic design which rightly necessitated the authority to lift the corporate veil. It is also found by the authority that at the relevant point of time, the company was of one man show and substantially managed and controlled by petitioner and that conclusion is arrived at on the basis of materials on record which are indicated specifically that substantial cash flow and substantial increase in capital is only after induction of petitioner as a director and certificate of commencement of business was obtained by the company only after petitioner being joined in the company.
Delhi High Court dismisses writ petition filed by Revenue and held that Income Tax Appellate Tribunal being an appellate body has wide powers to call for records/examine the records. Such powers cannot be curtailed and the Revenue cannot refuse to produce the records. The Revenue claims to be aggrieved by the direction of the Income […]
Court is of the opinion that there is no infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material […]
A similar picture has emerged for wheat. The area under cultivation in 2013-14 was 304.73 lakh hectares with an output of 95.85 million tonnes. The comparative figure for 2016-17 is 302.31 lakh hectares, while production is pegged at 96.64 million tonnes. Doubtlessly, the farmers of the country need to be applauded for their efforts. Let’s hope, assisted by several new measures taken by the government, the day is not far when the farmers of our country will be a happy lot. As Prime Minister Modi has said, “Give water to the farmers of this country and see the wonders they can do. Through the Pradhanmantri Krishi Sinchai Yojana, we want to ensure that water reaches every village across the length and breadth of the country.” The Prime Minister has also said that his government has a vision of doubling the farmers’ income by 2022.
Before end March 2017 (1st phase), population based screening will be conducted in 100 districts (32 states/UTs); operational screening guidelines for diabetes, hypertension and common cancers have been released. Data will be gathered for counselling the at-risk individuals. Subsequently, chronic obstructive respiratory diseases will be included and the programme will be scaled up.
