Daily Archives: February 10, 2017

Unquoted shares taxable at fair market value w.e.f AY 2018-19 -Section 50CA

By | February 10, 2017

Fair Market Value to be full value of consideration in certain cases Under the existing provisions of the Income tax Act, income chargeable under the head “Capital gains” is computed by taking into account  the amount of full value of consideration received or accrued on transfer of a capital asset. In order to ensure that… Read More »

Shifting base year from 1981 to 2001 for computation of capital gains w.e.f AY 2018-19

By | February 10, 2017

Shifting base year from 1981 to 2001 for computation of capital gains The existing provisions of section 55 of Income tax Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in… Read More »

How to interpret terms used in DTAA w.e.f AY 2018-19

By | February 10, 2017

Clarification with regard to interpretation of ‘terms’ used in an agreement entered into under section 90 and 90A. Under the existing provisions of Section 90 of the Act, power has been conferred upon the Central Government to enter into agreement with the Government of any country outside India for granting relief in respect of income… Read More »

Increase in deduction for provision for bad & doubtful debts of Banks w.e.f AY 2018-19

By | February 10, 2017

Increase in deduction for provision for bad and doubtful debts The existing provisions of sub-clause (a) of section 36(1)(viia) of the Act, inter-alia provides that a scheduled bank (not being a bank incorporated by or under the laws of a country outside India) or a non-scheduled bank or a co-operative bank other than a primary… Read More »

Taxability of income from NPAs on receipt basis w.e.f AY 2018-19 for Cooperative banks

By | February 10, 2017

Taxability of income from NPAs on receipt basis Extension of scope of section 43D to Co-operative Banks The existing provisions of section 43D of the Act, inter-alia, provides that interest income in relation to certain categories of bad or doubtful debts received by certain institutions or banks or corporations or companies, shall be chargeable to… Read More »

No carry forward of excess Foreign tax credit (FTC) allowed against MAT/ AMT

By | February 10, 2017

Finance Bill 2017 proposed to amend section 115JAA and 115JD of Income tax Act so as to provide that the amount of tax credit in respect of MAT/ AMT shall not be allowed to be carried forward to subsequent year to the extent such credit relates to the difference between the amount of foreign tax credit… Read More »

Government amends the Mega Exemption Notification 25/2012 -Service Tax

By | February 10, 2017

Seeks to amend notification No. 25/2012-Service Tax, dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services. NOTIFICATION NO.7/2017-ST, DATED 2-2-2017 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance… Read More »

CENVAT Credit (Amendment) Rules 2017

By | February 10, 2017

CENVAT CREDIT (AMENDMENT) RULES, 2017 – AMENDMENT IN RULES 6 AND 10 NOTIFICATION NO.4/2017-C.E. (N.T.), DATED 2-2-2017 In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to… Read More »

Amendment in Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008

By | February 10, 2017

PAN MASALA PACKING MACHINES (CAPACITY DETERMINATION AND COLLECTION OF DUTY) AMENDMENT RULES, 2017 – AMENDMENT IN FORM NO.2 NOTIFICATION NO.2/2017-C.E. (N.T.), DATED 2-2-2017 In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further… Read More »

6% concessional excise/CV duty on machinery required for setting of fuel cell for generation of power

By | February 10, 2017

Seeks to prescribe 6% concessional excise/CV duty on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen. NOTIFICATION NO.5/2017-C.E., DATED 2-2-2017 In exercise of the powers conferred… Read More »

Cenvat Credit available on input services even if depreciation is also claimed on it

By | February 10, 2017

CESTAT, MUMBAI BENCH Shree Pandurang SSK Ltd. v. Commissioner of Central Excise, Pune-III RAMESH NAIR, MEMBER, (J.) APPEAL NO. E/592 OF 2012 ORDER NO. A/85139/17/SMB DECEMBER  7, 2016 Sanjay Hasija, Superintendent (AR) for the Respondent. ORDER Ramesh Nair, Member (J.) – The issue involved in the present case is that appellant availed Cenvat credit in… Read More »

Direct Tax and Indirect Tax Collection upto January 2017

By | February 10, 2017

Tax Collection Figures up to January 2017 show consistent trend of healthy growth; During January 2017, the Net Indirect Tax grew at the rate of 16.9% compared to corresponding month last year with growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively January,… Read More »

Service receiver has locus standi to claim refund under Service tax laws

By | February 10, 2017

CESTAT, NEW DELHI BENCH Chambal Fertilisers & Chemical Ltd. v. Commissioner of Central Excise & Service Tax, Indore S.K. MOHANTY, JUDICIAL MEMBER AND ASHOK K. ARYA, TECHNICAL MEMBER FINAL ORDER NOS. 50025-50026/2017 ST/CROSS/4594/2012 SERVICE TAX APPEAL NOS. ST/1805 & 3853/2012 – CU (DB) JANUARY  2, 2017 B.L Narasimhan, Adv. for the Appellant. Govind Dixit, DR… Read More »

Time limit to carry forward MAT and AMT credit w.e.f AY 2018-19

By | February 10, 2017

Time limit to carry forward MAT and AMT credit Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax and Alternate Minimum Tax by Finance Bill 2017 Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB. Currently,… Read More »

Tax rate on long-term capital gains from transfer of unlisted securities by non-resident

By | February 10, 2017

Tax rate on long-term capital gains from transfer of unlisted securities by non-resident Clarification regarding the applicability of section 112 Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted… Read More »

Tax on Income from transfer of Carbon credits w.e.f AY 2018-19 -Sec 115BBG

By | February 10, 2017

Tax on Income from transfer of Carbon credits Carbon credits is an incentive given to an industrial undertaking for reduction of the emission of GHGs (Green House gases), including carbon dioxide which is done through several ways such as by switching over to wind and solar energy, forest regeneration, installation of energy-efficient machinery, landfill methane… Read More »

Political Party can’t receive Cash donation >Rs 2000 w.e.f 01.04.2017 from any person

By | February 10, 2017

TRANSPARENCY IN ELECTORAL FUNDING The existing provisions of section 13A of the Income Tax Act, inter-alia provides that political parties that are registered with the Election Commission of India, are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election Commission of India as mandated… Read More »

Free diaries, pen sets, calendars etc to Doctors by Pharma Co is allowable Expenses

By | February 10, 2017

Issue Whether freebies given by the assessee to doctors expenses are illegal and consequently not allowable as per the Explanation to Section 37(1) of the Income-tax Act, 1961 in view of the fact that such payments are specifically prohibited w.e.f. 10.12.2009 by the Medical Council of India (MCI), which is the competent authority ? Held This… Read More »

Punjab VAT-15 Due Date for 3rd Quarter of 2016-17 Extended

By | February 10, 2017

GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE & TAXATION PUBLIC NOTICE KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS This is to inform all the concerned that the last date of e-filing of VAT-15 for the 3rd Quarter of 2016-17 has been extended till 20th February, 2017. Dated: 9th February, 2017                                             Excise & Taxation Commissioner, Punjab

PPT on Revised Model GST Law by ICAI Indirect Tax Commitee released

By | February 10, 2017

Standardized PPT on Revised Model GST Law Dear Professional Colleague, The introduction of GST regime is round the corner. It has become imperative for our members to understand this new law to serve the businesses. Continuing with its efforts to update the members, the Indirect Taxes Committee has launched a Standardized PPT on Goods &… Read More »

Auditing & Assurance Book for CA Inter IPC – 6th Edition 2017

By | February 10, 2017

Auditing & Assurance – CA-Intermediate (IPC) (6th Edition 2017) by CA Pankaj Garg  This book on Auditing & Assurance also Incorporates Revised and New Standards on Auditing – 260,570,610,700,701,705 & 706 Companies (Accounts) Amendment Rules,2016 Companies (Cost Records and Audit) Amendment Rules,2016 Companies (Accounting Standards) Amendment Rules,2016 Companies Act,2013 (All Relevant Section notified till 31 Oct… Read More »

Information Technology and Strategic Management Book for CA Inter IPC

By | February 10, 2017

Information Technology and Strategic Management – CA Inter IPC by G Sekar  This book on Information Technology and Strategic Management covers :-  1 Latest Syllabus – Full Coverage in all Topics. 2 Refreshing Point-by-Point Style Discussion. 3 Detailed Coverage of Flowcharts & Decision Tables. 4 Glossary / Alphabetical Index of Keywords. Quick Referencer for Important Terms &… Read More »

Taxation Book for CA IPCC May and Nov 2017 Exam

By | February 10, 2017

Students Handbook On Taxation CA IPCC May 2017 by T.N.Manoharan CA IPCC Study Material for May 2017 & Nov 2017 exam has been released recently for Group 1 & Group 2, With Password. ICAI also updated the study material for CA Final May 2017 exams. These IPCC Study Materials have been incorporated with all recent amendments,… Read More »

Discussion on Union Budget 2017-18 in Rajya Saba -Videos

By | February 10, 2017

 Discussion on Union Budget  2017-18 in Rajya Saba Sh. P Chidambaram’s remarks| Discussion on Union Budget( 2017-18) Sh. Prabhat Jha’s remarks| Discussion on Union Budget( 2017-18) Sh. Vishambhar Prasad Nishad’s remarks| Discussion on Union Budget( 2017-18) Sh. Sukhendu Shekhar Roy’s remarks | Discussion on Union Budget( 2017-18) Sh. Tapan Kumar Sen’s remarks| Discussion on Union… Read More »

FM Arun Jaitley reply on Budget 2017-18 in Lok Sabha on 09.02.2017

By | February 10, 2017

FM Arun Jaitley reply on Budget 2017-18 in Lok Sabha Books on Budget 2017-18 Taxmann’s Budget 2017-18 -Book Budget 2017-18- Notifications on Central Excise , Customs and Service tax – New Book Ajit Prakashan’s Union Budget 2017-18 -New Book BDP’s Customs Law Manual (2017-18 Budget Editon with CD) -New Book Related Post on Budget 2017-18… Read More »

Cost Accounting And Financial Management Book For C.A Inter IPC

By | February 10, 2017

Students Handbook On Cost Accounting And Financial Management For C.A Inter (IPC) Key features of this book On Cost Accounting And Financial Management For C.A Inter (IPC) 1 Full Syllabus Covered with Theory & Practical Qns 2 Refreshing Point-by-Point by Style write-up. 3 Concept Clarification through Charts & Graphs. 4 About 475+ Illustrations with Step… Read More »

Practical Guide to Limited Liability Partnership Law Practice and Procedures -Book 2017

By | February 10, 2017

Practical Guide to Limited Liability Partnership Law Practice and Procedures by PL Subramanian as amended by Finance Act 2016 Topic-wise Discussion Section-wise Brief Commentary Contains Act with Explanatory Notes, LLP Rules, 2009 with Forms LLP (Winding up and Dissolution) Rules, 2012 Partnership Act, 1932 You can buy this Book for Rs 1273. Click to buy this… Read More »

M P Vijay Kumar book on Business Laws, Ethics & Communication for CA IPC May 2017

By | February 10, 2017

FIRST LESSONS IN Business Laws, Ethics & Communication (updated till Dec 2016) by M P Vijay Kumar  For CA – IPCC Students. (Along with November 2016 Solved Paper). ( All past exam papers solved as per The Companies Act, 2013 ) Complimentary Pocket size book- REFERENCER OF CASE LAWS is given along with this edition to… Read More »

Jurisdiction of Debts Recovery Tribunals at Chandigarh -Notified

By | February 10, 2017

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 9th February, 2017 S.O. 379(E).—Whereas, by a notification of the Government of India in the Ministry of Finance number G.S.R. 258(E), dated the 24th March, 2000, published in the Gazette of India, Extraordinary, Part II, Section 3 Sub-section (i), the Central Government established the… Read More »