The Finance Act, 2016 had inserted a new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs in case of an Individual, HUF and Firm at the rate of 10%. The Finance Act, 2017 extended the scope of section 115BBDA of the Act
PLIs are ratios between the operating profits and operating costs / operating revenue /capital employed. It provides a sound basis to match operating profits of the company with that of the unrelated companies.
The Finance Act, 2017 amended section 115JAA of the Income-tax Act, 1961 to provide that the tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB of the Act can be carried forward up to fifteenth assessment year immediately succeeding the assessment year in which such tax credit becomes allowable.
In Re. M/s Parsan Brothers (GST AAR Andhra Pradesh) As per Section 7 (2) of the Integrated Goods and Service Tax Act, 2017– Supply of goods imported into the territory of India, till they cross the customs frontiers of India, shall be treated to be a supply of goods in the course of inter-State trade […]
Presently, there is increased focus on resolution of large NPAs faced by banking sector. The Government and RBI are vigorously pursuing several measures to reduce NPAs through different debt-restructuring schemes.
M/s Fairmacs Ship Stores Private Limited (GST AAR Andhra Pradesh) (i) The applicant are not exempted from tax under GST on their outward supplies made to ocean going merchant vessels on foreign run, Indian Naval Ships and Indian Coast Guard Ships (ii) The applicant can collect the applicable GST from their customers, in case it […]
I took a review meeting of the officers of both Hyderabad and Vizag zones, where a detailed presentation on the work performed by them in areas of GST and Customs was made. Some innovative ideas which were highlighted and brought to my notice were (i) setting up of a Special Task Force with 1 AC and 1 Superintendent both at ACC and ICD to deal only with the IGST refunds.
The Finance Act, 2016 inserted a new Chapter XII-EB to provide for levy of additional income tax in case of conversion into, or merger with, any non-charitable form/entity or on transfer of assets of a charitable organisation on its dissolution to a non-charitable institution.
Public Notices No. 57/2015-2020-DGFT In exercise of powers conferred under Paragraph 1.03 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Director General of Foreign Trade makes the following amendments in Appendix 4J of Hand Book of Procedures 2015-2020
AS 10 has been taken as the base for formulating the upgraded Standard on Property, Plant and Equipment. The upgraded Standard on AS 16 is almost similar to AS 10. However, there are certain differences between draft AS 16 and AS 10.
