Registration process and payment of Fee for registration is end to end online for all the Acts administered by the Department (MVAT Act, CST Act, Entry Tax Act, Profession Tax Act, Luxury Tax Act and Sugarcane Purchase Tax Act.
The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act.
Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what is required by sub-clause (i) is that cost of new house should be equal to or more than the amount of long-term capital gain.
So long as compensation has been directed to be paid, albeit under Section 357(3), Section 431, Section 70 IPC and Section 421(1) proviso would make it clear that by a legal fiction, even though a default sentence has been suffered, yet, compensation would be recoverable in the manner provided under Section 421(1).
Issue 1: Whether provision for unspent Corporate Social Responsibility expenditure is required to be made as per Ind AS? Response: Paragraph 14 of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets states:
It cannot be denied that a bogus person should not be accepted as a surety. A person who is offering surety must have acceptable residential proof. He may be a tenant, licensee. A beggar can also stand as surety provided he should have some acceptable residential proof.
Appellant/Assessee is inter alia engaged in the manufacture of clinker and cement falling under Chapter heading 25 of the CE Tariff Act, 1985. Between 16th July, 1997 and 30th September, 1999, the Appellant received ‘Clearing and Forwarding Agent Service’ from various services providers.
Section 254 does not indicate that Tribunal can recall entire order and pass a fresh decision and power to rectify a mistake under section 254(2) could not be used for recalling entire order.
One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act.
National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net basis at hourly intervals from 8:00 am to 7:00 pm on all working days.
