Clearing the decks for implementation of GST In India, Finance Minister Shri. Arun Jaitley on March 27 tabled four Bills of GST legislations in Lok Sabha. The discussion on the four Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill could be taken up on Tuesday.
Law Commission recommends that comprehensive amendment should be brought forth in Advocates Act, not only keeping in view the present requirements, but such other requirements that may arise in future for the better management and regulation of the legal profession
FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval
Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration.
After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation.
It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the requirement of the certificates.
127A. Authentication of notices and other documents- (1) Every notice or other document communicated in electronic form by an income-tax authority under the Act shall be deemed to be authenticated,-
Union Government has proposed several amendments to Finance Bill 2017 presented in Lok Sabha on 01.02.2017 by introducing notice of amendment to finance bill 2017 Lok Sabha on 01.02.2017. Some of the important amendment proposed are as follows :- 1. Appointment of, and remuneration to, the ITAT Member 2. Make Aadhar card mandatory for filing […]
Union government has proposed making Aadhaar mandatory for filing income tax returns and for obtaining Permanent Account Number (PAN) through proposed amendments to the finance bill 2017. The government on 21.03.2017 proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the PAN. According to the amendments, from 1 […]
Revenue Secretary Dr Hasmukh Adhia tweeted on 21.03.2017 that In the official amendment to Finance Bill 2017 Govt has proposed that limit of 3 lakhs for cash transaction, beyond which it is illegal, be reduced to 2 lakhs. The penalty for violating this is a fine equivalent to the amount of transaction.
