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Whether reassessment proceedings can be initiated on basis of CIT(A)’s directions

July 24, 2017 1491 Views 0 comment Print

It is the case on behalf of the petitioner that the assessment for A.Y 2008-2009 is sought to be reopen beyond the period of six years, solely on the directions issued by the learned CIT [A], which has been subsequently set-aside by the learned Tribunal. It is submitted that otherwise, the re-assessment proceedings beyond six years is not permissible.

CBDT Chairman’s Certificate of Appreciation on independence Day

July 24, 2017 2151 Views 0 comment Print

Kindly refer to this officer letter F.No.HRD/PM1425/2/2017-18/ dated 06.07.2017. Kindly find enclosed herewith the Scheme of Award of Chairmans Certificate of Appreciation on the occasion of the Independence Day.

ITD celebrates 157th Income Tax Day on 24th July 2017

July 24, 2017 786 Views 0 comment Print

Income tax was first introduced on 24th July, 1860 by the British to compensate for the losses suffered by them during our first war of independence in 1857, post-independence

EPFO: Implementation of e-court software- revised procedure

July 24, 2017 2139 Views 0 comment Print

As you are aware, in the e-court software the allotment of 7A & 14B cases among assessing authorities is automatic so as to ensure that the workload is spread uniformly and cases are allotted randomly.

SEBI: Online Filing System for REITs and InvITs

July 24, 2017 894 Views 0 comment Print

All applicants desirous of seeking registration as REITs or InvITs are now required to submit their applications online only, through SEBI Intermediary Portal at https://siportal.sebi.gov.in. Furthermore, all SEBI registered REITs and InvITs are now required to file/ submit/ apply for any request, as may be required under the provision of aforesaid Regulations & Circulars issued there under, through the online system only. The aforesaid online filing system has been made operational.

Master Direction – Lending to MSME Sector

July 24, 2017 3465 Views 0 comment Print

As you are aware, the Reserve Bank of India has, from time to time, issued a number of guidelines / instructions / circulars / directives to banks in the matters relating to lending to Micro, Small & Medium Enterprises Sector. The Master Direction enclosed incorporates the updated guidelines / instructions / circulars on the subject. The list of circulars consolidated in this Master Direction is indicated in the Appendix. The Direction will be updated from time to time as and when fresh instructions are issued. This Master Direction has been placed on the RBI website at www.rbi.org.in.

Not asked Jethmalani to use objectionable words For Jaitley: Kejriwal

July 24, 2017 1425 Views 0 comment Print

Extract of Reply Submitted by Delhi Chief Minister Arvind Kejriwal in Delhi High Court in which he stated that  he never asked senior advocate Mr. Ram Jethmalani to pose objectionable questions to Mr. Arun Jaitley or use objectionable words while recording of evidence in the Rs. 10-crore defamation suit initiated by Mr. Arun Jaitley.

Income tax dept cannot determine annual rent value on notional basis unless there is established fraud, collusion etc.

July 23, 2017 2193 Views 0 comment Print

Law does not permit the revenue to reject the amount determined as rent or license fees by the assesse on mere doubt or suspicion. There has to be cogent and satisfactory material to indicate that the rent or fees determined by the parties are not indicative of the fair or market rent.

Distribution of GST Provisional Id & Access Token of Phase 8 dealers

July 21, 2017 1233 Views 0 comment Print

Provisional Ids and Access Token of Phase 8 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department’s portal www.mahavat.gov.in, using their login credentials.

MVAT: TDS on work contracts executed prior to 30-6-2017

July 21, 2017 3294 Views 1 comment Print

Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS.

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