Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and
The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as Smart Cities.
When young be a youngster, when old be mature.-Don’t let the opinions of the average man sway you. Dream and he thinks you’re crazy. Succeed, and he thinks you’re lucky. Acquire wealth, and he thinks you’re greedy. Pay no attention. He simply doesn’t understand. By Robert Allen
It is an admitted position that theft/ fraud had indeed taken place in the assessee company and the AO had nowhere doubted the fact of fraud but he disallowed the claim of the assessee for the reason that the assessee could not establish the fact of fraud like non- production of copy of FIR and not taking any legal action against the employee who was involved in this activity of fraud.
It is quite common where an entity provides some amounts as Share Application Money for the sake of allotment of such shares in future. The amount in substance will be advance given for such investment and the entity is waiting for the same to be converted into an Equity in future.
Thus, GST system of filing return would help to avoid the last minute rush to file the return with regular update for claiming credit. It would also encourage taxpayer to not default as the defaulting parties would not be able to pass on credit which would guard their customer/clients to not work with them. Also with technology playing an important role here all the work would be done from the desk of the tax payer it would avoid the futile wastage of time and energy which can be utilized in advancing the business.
In this article an attempt has been made to peep into scope of some important direct tax proposals contained in Budget 2017 as under
It was found that Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany.
Goods and Services Tax, as the name suggests is a tax on every supply of goods and/or services. GST is a metamorphic reform, which is finding its way towards the final stage i.e. implementation slowly and steadily.
Model GST Law published on 25th Nov 2016 prescribes certain conditions and eligibility for taking input tax credit. As per Section 16 (1) Every registered taxable person is eligible subject to the time and manner specified in Section 44 and be entitled to take credit of input tax charged on any supply of goods or services to him which are used or intended to be used in the course or furtherance of his business.
