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CBEC prescribes effective rate of duty under chapters 50 to 63 on textile products

October 27, 2017 2049 Views 0 comment Print

Notification No. 82/2017–Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do

CBEC prescribes effective rate of duty on specified fabrics

October 27, 2017 597 Views 0 comment Print

Notification No. 81/2017–Customs- seeks to amend notification No. 14/2006-customs dated 1st march 2006, to prescribe effective rate of duty on specified fabrics

Amendment in various notifications -Notification No. 99/2017-Customs (N.T.)

October 27, 2017 3198 Views 0 comment Print

Notification No. 99/2017-Customs (N.T.)  amending Notification No.82/2017-Customs (N.T.) dated 24th August, 2017, Notification No.85/2017-Customs (N.T.) dated 24th August, 2017, Notification No.92/2017-Customs (N.T.) dated 28th September, 2017

Saved vs Submitted records appearing in Form GSTR 2

October 26, 2017 2787 Views 1 comment Print

The records that are part of counterparty supplier’s submitted GSTR -I are known as Submitted records. The records that are part of counterparty supplier’s GSTR -1 which is yet to be submitted/filed are known as Saved records.

Right to Property is Constitutional / Legal and Human Right

October 26, 2017 21942 Views 0 comment Print

In absence of law prohibiting transfer, no restriction to transfer the land can be directed by respondent No.2 as right to property under Article 300-A of the Constitution of India is not only constitutional or legal right, but it is also human right and a person can be deprived of that right only by authority of law.

Last date to file AOC-4 XBRL E-Forms using Ind AS extended to 31.03.2018

October 26, 2017 3756 Views 0 comment Print

All companies required to prepare or voluntarily preparing their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for financial year 2016-2017 are required to file their statements only in XBRL format.

Section 54/54F exemption not available if house purchased is not for residence of the Assessee

October 25, 2017 3645 Views 0 comment Print

In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee’s own residence.

Second notice U/S. 148 during pendency of appeal against first notice is invalid

October 25, 2017 3579 Views 0 comment Print

Pushpa Rajawat Vs CIT (Rajasthan High Court) Since, the original proceedings were pending before the Commissioner (Appeals), without entering into the question of jurisdiction of the Sawaimadhopur assessing officer, the fact remains that the adjudicating authority could not have issued second show cause notice under section 148. In that view of the matter, without entering […]

TDS not deductible on Reimbursement of expenses billed separately

October 25, 2017 64671 Views 0 comment Print

In this case the appellant is receiving the material on Freight Prepaid basis (C&F). The foreign shipping companies were charging only the incidental charges like Port charges, Container payment, Stationery charges, License fees, Stamp charges, Bank charges, De-stuffing charges etc.

MTM loss on forward contract as on balance sheet date not deductible as business loss

October 25, 2017 8754 Views 0 comment Print

Bechtel India Pvt. Ltd. Vs ACIT (ITAT Delhi) Hedging forward contracts of foreign currency cannot be marked to market (MTM) on balance sheet date as already there is a underlying asset and there is no extra outgo for settlement of the forward contract other than already determined in the contract and thus there is no […]

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