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Govt servants to get Salary directly in bank Account

April 27, 2017 1551 Views 0 comment Print

All payments to Government servants, including salary payments, shall be made by electronically signed payment advices for direct credit to their bank accounts, subject to availability of banking facilities:

Court cannot review decision to not exempt goods from Excise: SC

April 26, 2017 1194 Views 0 comment Print

Once the appellant accepts that in law it was liable to pay the duty, even if some of the units have been able to escape payment of duty for certain reasons, the appellant cannot say that no duty should be recovered from it by invoking Article 14 of the Constitution.

Analysis of Changes in Profession Tax rules in Maharashtra

April 26, 2017 14010 Views 0 comment Print

FM of Maharashtra presented Budget on 18th March 2017. In order to give effect to announcements made in house, certain amendments have been made to Maharashtra State Tax on Profession, Trade, Callings and Employments Act, 1975.

AIR of duty drawback with respect to Guar and its products- Reg.

April 26, 2017 930 Views 0 comment Print

Regarding amendment in Notification no. 131/2016-Customs (N.T.) dated 31.10.2016 relating to AIR of duty drawback with respect to Guar and its products

No Tax on amount not receivable under a void contract

April 26, 2017 1755 Views 0 comment Print

On the contract becoming void ab initio, the transaction of income from ICICI Home Financing Co. Ltd. was reversed by the assessee since there was no legally enforceable right to such income on the contract being declared as void ab initio.

Nomination not amounts to Will: Delhi HC

April 26, 2017 3933 Views 0 comment Print

In view of the settled legal position that nomination is not a Will, and in the absence of the any Will only those persons who are legal heirs under the Hindu Succession Act inherit the properties.

Section 80(5) & 4th Proviso to S. 10B(1) are constitutionally valid: HC

April 26, 2017 1515 Views 0 comment Print

Section 10B(1) of the Act, gives numerous benefits to the assessees and the fourth proviso does nothing but requires compliance of the time line provided in Section 139(1) of the Act for claiming the benefit of Section 10B(1).

Prepayment Features with Negative Compensation: Proposed amendments to IFRS 9

April 25, 2017 891 Views 0 comment Print

Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017.

Aayakar Seva Kendras (ASK) be made as a Transaction Centre

April 25, 2017 5430 Views 0 comment Print

Telefax 011- 23411131, 011- 23411129 Fax 011- 23411780 DIRECTORATE OF INCOME-TAX (TPS-I) Ministry of Finance, Department of Revenue 5th Floor, Mayur Bhawan, Connaught Circus New Delhi-110001 E-mail : delhi.adg,[email protected] F.No. ADG(TPS-1)/ASKs/Transaction Centre/2017- 18/147 Dated: 25.04.2017 To Pr. DGIT (Systems). All Pr. CCsIT/Pr. CsIT. DIT (IPS-I ). DIT (O&MS), All CIT(Admn. & TPS), All ITO(TPS) Madam/Sir, Sub: […]

Banks cannot Refuse to accept scribbled /coloured /faded bank notes

April 25, 2017 29826 Views 4 comments Print

Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Z 500 and 7 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason.

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