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MGST: Corrigendum to Notification No. 2/2017-State Tax (Rate)

July 27, 2017 7083 Views 0 comment Print

No. MGST-1017/C.R. 103(1)/Taxation-1.—In the Government notification of the Finance Department No. MGST. 1017/C.R. 103(1)/Taxation-1 [No. 2/2017-State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No. 182, dated the 29th June 2017

Section 50C cannot be applied if valuation difference is less than 10%

July 27, 2017 9192 Views 0 comment Print

A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee

Clarification on Exports under claim for drawback in GST scenario

July 27, 2017 6648 Views 0 comment Print

As you are aware, the higher All Industry Rates (AIRs) under Duty Drawback scheme viz. rates and caps available under columns (4) and (5) of the Schedule of All Industry Rates of Duty Drawback have been continued for a transition period of three months i.e. 1.7.2017 to 30.9.2017

Appointment of Statutory Central Auditors– modification of rest period

July 27, 2017 1860 Views 0 comment Print

It has been observed in a review of the appointment of statutory auditors in private sector/foreign banks that, in some cases, the same audit firm was reappointed after a gap of two years’ rest.

Interest on NPAs: RBI Directions U/s. 45Q of RBI Act prevail over sec. 145 of IT Act, 1961

July 26, 2017 3042 Views 0 comment Print

Appellant contended that section 43D of the Act itself recognises recognition of taxability of such interest and that when a specific provision in the nature of section 43D of the Act has been made, and entities like the assessee are excluded from the purview thereof, the assessee cannot indirectly claim benefit which would amount to […]

Order specifying Information to be shared by CBDT with ROC

July 26, 2017 1434 Views 0 comment Print

In exercise of powers conferred under section 138(1)(a) of Income tax Act, 1961 (‘Act’), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New-Delhi (Pr. DGIT(Systems)) shall be the specified authority for furnishing

CBEC notifies amendment related to AIRs of duty drawback

July 26, 2017 4686 Views 0 comment Print

G.S.R. 954(E).—In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3, 4 and 5 of the Customs

DGFT amends para 2.16, 2.20, 2.51, 2.74, 2.79 & 2.80 of HBP

July 26, 2017 4566 Views 0 comment Print

In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy (FTP), 2015-20, the Director General of Foreign Trade, hereby makes amendments i n paras 2.16, 2.20, 2.51, 2.74, 2.79 and 2.80 of the Handbook of Procedures (HBP) of FTP 2015-20, with immediate effect (changes made are in bold letters).

Income Tax Dept to Install CCTV Cameras in its office premises

July 26, 2017 3507 Views 0 comment Print

From time to time, instances of theft and breach of security in office premises are reported. Also, a number of our officers/officials are carrying out duties which are sensitive in nature. At times, there are instances of officers/officials being threatened

Andaman and Nicobar Islands Vale Added Tax Regulation 2017

July 26, 2017 4704 Views 0 comment Print

THE ANDAMAN AND NICOBAR ISLANDS VALUE ADDED TAX REGULATION, 2017-NO. 6 OF 2017- Promulgated by the President in the Sixty-eighth Year of the Republic of India. A Regulation to provide for a tax system on the goods excluded from the Union Territory Goods and Services Tax Act, 2017 and to widen the tax base by levying tax on sale of the said goods at every point of sale, making the levy of tax transparent and for matters connected therewith or incidental thereto.

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