The total revenue received under GST for the month of December 2017 (received in December/ January up to 24th January) has been Rs. 86,703 crore till 24th January 2018. The Last Date for filing of GSTR 3B return for the month of December 2017 was 22nd January 2018.
Considering the fact that several mistakes were being reported which occurred on account of wrong punching of data in the OLTAS by the banks, the CBDT introduced a new challan correction mechanism for paper based payments of income tax.
All the foreign currency remittances/payments are required to be reconciled with details provided in Form No. 15CA. RBI report 2012-13 provides that the foreign currency remittances for imports
Rule 26 of the Income-tax Rules, 1962 which states that For the purpose of deduction of tax at source on any income payable in foreign currency, the rate of exchange for the calculation of the value in rupees of such income payable to an assessee outside India shall be the telegraphic transfer buying rate of such currency as on the date on which the tax is required to be deducted at source under the provisions of Chapter XVIIB by the person responsible for paying such income.
The Finance Act, 2016 had inserted a new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs in case of an Individual, HUF and Firm at the rate of 10%. The Finance Act, 2017 extended the scope of section 115BBDA of the Act
PLIs are ratios between the operating profits and operating costs / operating revenue /capital employed. It provides a sound basis to match operating profits of the company with that of the unrelated companies.
The Finance Act, 2017 amended section 115JAA of the Income-tax Act, 1961 to provide that the tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB of the Act can be carried forward up to fifteenth assessment year immediately succeeding the assessment year in which such tax credit becomes allowable.
Presently, there is increased focus on resolution of large NPAs faced by banking sector. The Government and RBI are vigorously pursuing several measures to reduce NPAs through different debt-restructuring schemes.
The Finance Act, 2016 inserted a new Chapter XII-EB to provide for levy of additional income tax in case of conversion into, or merger with, any non-charitable form/entity or on transfer of assets of a charitable organisation on its dissolution to a non-charitable institution.
AS 10 has been taken as the base for formulating the upgraded Standard on Property, Plant and Equipment. The upgraded Standard on AS 16 is almost similar to AS 10. However, there are certain differences between draft AS 16 and AS 10.
