ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of “capital asset” and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources.
One of the many disputes that have continued to exist in the present regime of taxation of sale of goods to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Now, with the advent of GST which aims to simplify indirect taxation in India it would be interesting to investigate whether the legislature has been aware of this challenge or not and if so, how has it sought to address it.
Demand and Recovery procedures are basically for department to provide them a framework or methodology in order to raise a demand in the cases where any tax, interest or penalty are not paid and subsequent recovery in case of non-payment by the assessee.
All companies required to transfer shares to IEPF Authority under the aforesaid Rules shall transfer such shares, whether held in dematerialised form or physical form,to the demat account of IEPF Authority by way of corporate action.
This Office has received certain requests for clarifications on the TRQ for Raw Sugar as notified vide DGFT’s Notification No 1 & 2 dated 5th April, and I3th April. The same having been considered is clarified as under
Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
Section 10 and its related draft composition rules of CGST bill talks about the composition levy. The basic principle underlying the composition scheme is, to minimize the burden of compliance for small taxpayers. There are around 8 million taxpayers that are expected to be migrated from the current laws into the GST regime
The Reserve Bank today has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017.
As per Trade Circular 9T of 2017 Dt. 01st April 2017, the dates of filing the returns for the monthly return for period March 2017 and the quarterly return periods of 1st October 2016 to 31st December 2016 and 1st January, 2017 to 31st March, 2017 were communicated to the Trade.
Acceptance of Central Government Securities by Clearing Corporations towards Core Settlement Guarantee Fund (SGF) Contribution by Clearing Members
