This article explains proposed amendment made by Union Budget 2017 in Income Tax, Services Tax and Excise Duty and also compares the amendment with provision before the amendment.
Appointment of Chartered/ Cost Accountants with Brahmaputra Valley Fertilizer Corporation Limited,Namrup for certification of documents to be submitted to Government of India (FICC) for the FY 2017-18.
Section 391(2) Companies Act, 2013 would apply only in case of a foreign company which has issued prospectus or IDRs pursuant to provisions of Chapter XXII of Companies Act, 2013.
This Court in Inder Singh Gill (supra) was required to answer the question whether for the purpose of computing total world income of the assessee as defined in Section 2(15) of the I. T. Act, the income accruing in Uganda has to be reduced by the tax paid to the Uganda Government in respect of such income? The Court while answering the question in the negative observed that it is not aware of any commercial principle / practice which lays down that the tax paid by one on one’s income is allowed as a deduction in determining the income for the purposes of taxation.
It is correct that the terms of partnership provided payment of interest at the rate of 12 per cent on capital of partners as well as remuneration to the working partners. The assesses, however, did not make payment thereof to the partners nor made any provision of liability in the books of account
There is hardly any dispute about the settled law that quantum and penalty proceedings are altogether different and each and every disallowance/addition made in the course of former proceedings does not ipso facto attract the latter penal action as per hon’ble apex decision in CIT vs. Reliance Petroproducts Pvt. Ltd. 322 ITR 158 (SC).
The export turnover and the total turnover for the purposes of sections 10A and 10B shall be of the undertaking located in specified zones or 100% Export Oriented Undertakings, as the case may be, and this shall not have any material relationship with the other business of the assessee outside these zones or units for the purposes of this provision.
It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons.
In order to remove any ambiguity in interpretation of the said notification, Central Government, with retrospective date, has decided to clarify that clause (ii) of the proviso in the notification dated 23/05/2003 would mean the disclosure of any information in accordance with the provisions of section 138(1) from time to time.
Startup report from FICCI cites learnings from the UK to create successful innovation ecosystem in India. A major report on the vibrancy of the startup ecosystem in the UK and its lessons for India’s developing startup scene was launched today.
