Dr. M. S. Sahoo, Chairperson accompanied by all three Whole Time Members, Ms. Suman Saxena, Dr. Navrang Saini and Dr. (Ms.) Mukulita Vijayawargia appeared before the Joint Committee on “the Financial and Resolution and Deposit Insurance Bill, 2017” on 22 January, 2018 and presented their views on the said Bill.
There must be supply (sale, transfer, barter, exchange, lease, rental, license or disposal ) of goods or services or both (Goods are defined to include every movable property except money and securities and services on the other hand is defined as everything other than goods, money and securities)
The Reserve Bank of India today released draft guidelines on loan system for delivery of bank credit which stipulate a minimum level of ‘loan component’ in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit/ overdraft limits availed by large borrowers, with a view to enhancing credit discipline among large borrowers.
The following standard operating procedure is notified regarding Export Promotion (EP) Schemes Management & Monitoring Cell which has been notified vide P.N. No. 91/2018, dated 30.05.2018.
Goods mentioned under Group A fall under the definition of Agricultural Produce in terms of the aforesaid notification and so supply of cold storage service in relation to these is exempt from the levy of GST.
Order No. 90 of 2018 In continuation of Order No. 184 of 2017 dated 26.10.2017, promotion of the following officers in the grade of Principal Commissioner of Income Tax (Pr. CIT) (level 15 in the pay matrix Rs. 1,82,200 – 2,24,100) against the panel year 2016-17 are, hereby, regularized with effect from the date of assumption of charge of the post by them:-
I, Alok Gupta, Commissioner, Commercial Taxes, Rajasthan, Jaipur, hereby declare the following Deemed Assessment Scheme for the Assessment of the year 2016-17
After issuing notice and after due dispatch, it must be placed in hands of the serving officer like the post office by speed post or by registered post etc., by which the officer issuing notice may not have control over the said notice after issuance of the said notice. It must be properly stamped and issued on the correct address to whom it has been Mere signing of notice cannot be equated with the issuance of notice as contemplated under Section 149 of the IT Act.
Non-debiting of the expenditure in the books of account is not relevant for allowability of the same as long as the expenditure is really incurred and is deductible as per law
Complaints have been receved regarding unwillingness of many big brands of groceries, clothing, retail stores, airline operators, travel agents and e-commerce websites, etc. to record UINs on invoices issued to Embassies, Missions, Consulates and UN Organizations.
