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Secret Commission to business house executives is Bribe & no deduction allowable

April 25, 2017 2445 Views 0 comment Print

Any secret transaction/payment that is made to secure an unfair advantage, would necessarily be repugnant to law. Transaction which is not transparent, offends normal business practice, must suffer scrutiny.

Do not share or Publish personal details of taxpayer: CBDT

April 25, 2017 4287 Views 0 comment Print

It is requested that any act of publishing personal identity or information i.e. Aadhaar number and demographic details along with personal sensitive Information such as bank details, in contravention of the Aadhaar Act 2016 and the Information Technology Act, 2000 be refrained with immediate effect.

Offences and Penalties under Goods & Service Tax (GST)

April 25, 2017 10401 Views 6 comments Print

The terms Offences and Penalties are not defined in the GST Law. However, Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence.

Govt. notifies Insurance Ombudsman Rules, 2017

April 25, 2017 9294 Views 0 comment Print

These rules shall be called the Insurance Ombudsman Rules, 2017. The objects of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.

ICSI launches academic helpline for cs students

April 25, 2017 2943 Views 0 comment Print

The Institute of Company Secretaries of India (ICSI) is taking various initiatives for the continued growth of CS Profession and its increased recognition, awareness and trust amongst the Corporates, Regulators and Government. In it’s pursuit of professional excellence

GST Issues in MSME Sector

April 24, 2017 6504 Views 3 comments Print

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage GST.

Decoding Definitions under Goods and Services Tax

April 24, 2017 7155 Views 0 comment Print

As we all know that Goods and Service Tax (GST) is the biggest tax reform in India post-independence. It is a tax trigger, which will lead to business transformation for all major industries.

Advance ruling under the CGST Act 2017

April 24, 2017 6537 Views 0 comment Print

The World of Business is based on informed decisions. Decisions which make or break an organisation. A right estimation may lead it to scale new heights , and on the other hand , a wrong cost projections may lead to complete wipeout of the busine

Amount Deducted for Notice Period is not Taxable as Salary

April 24, 2017 21150 Views 5 comments Print

It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable.

Annual General Transfer in the grade of AC/DCIT – reg.

April 24, 2017 2412 Views 0 comment Print

Order No. 55 of 2017 The following postings / transfers in the grade of Assistant / Deputy Commissioner of Income Tax are hereby, ordered with immediate effect and until further orders:-

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