The manufacturing industries (larger and medium) nowadays stick to their core competencies and get most jobs done on job work basis. Some concerns go in for contract manufacturing in which case the processor becomes a vendor and job work does not apply.
One of the much talked about feature of the proposed Goods and Service Tax Law (GST) is – seamless input credit. If this theme is followed in its true spirit, GST would be nearer to the concept as propagated and if not, it may significantly dent the expectations of the masses.
GST is a significant tax and game changing reform for the Indian economy. From an origin based taxation system to a destination based one, businesses have to overthrow the challenges to gain the benefits that the GST regime has proposed to extend.
All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card_ Accordingly. with effect from January 1, 21:117, PAN cards are being printed as per the new design specifications approved by ITD.
These Regulations may be called Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2016.
Protocol between India and Cyprus for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income
The Central Board of Direct Taxes vide notification No.2/2017 dated 6th January,2017 has once again amended Rule 114E (reporting in AIR ) casting reporting obligations on the banks and post offices for reporting of cash deposits in the bank accounts and post office accounts prior to the demontisation period.
The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit.
As HUF cannot be a registered shareholder in a company and hence could not have been both registered and beneficial shareholder, loan/advances received by HUF could be deemed as dividend within the meaning of Section 2(22)(e) of Income Tax Act,
HC directed Registrar (Administration) of bench to immediately circulate instructions to all Print, Electronic and Media Houses not to publish the names of practitioners and individual judges as a part of news item unless it is so essentially required.
