GST on Agricultural Sector – Panel Discussions
Panel Discussions on Impact of GST on Agricultural Sector
Panel Discussions on Impact of GST on Agricultural Sector
Issue Whether additional depreciation claim of Rs. 2,18,50,976/= @ 20% under Section 32 [1](iia) of the Income-tax Act 1961 , allowed on the machinery purchased before 31st March 2005, but installed after 31st March 2005 ?” Revenue Contention In the present case the twin conditions of installation and use in the year under consideration has… Read More »
Held Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entries was highlighted… Read More »
Guidance for Assessing Officers verifying cash transactions relating to demonetisation: The Central Board of Direct Taxes (CBDT) issued standard operating procedures for Assessing Officers to follow as they verify cash transactions relating to demonetisation. Read a February 2017 report [PDF 354 KB] of KPMG Related Post Demonetization : SOP Issued for Assessing Officer for Verification of Cash… Read More »
Lower tax rate under tax treaty applies (even absent a permanent account number): The Special Bench of the Hyderabad Income-tax Appellate Tribunal held that certain tax law provisions do not override provisions of an applicable income tax treaty, to the extent that the treaty provisions are beneficial to the taxpayer. The case is: Nagarjuna Fertilizers and Chemicals… Read More »
Suggestions on Clause 32 of Finance Bill / Budget 2017- Section 79- Carry forward and set off of loss in case of eligible start-ups – Condition to be further relaxed The Finance Bill 2017 proposes to amend section 79 to provide that where a change in shareholding has taken place in a previous year in… Read More »
Suggestions on Clause 71 of Finance Bill 2017 – Section 206C(1D) – Exclusion of specific reference to sale of jewellery, cash consideration exceeding Rs.5 lakhs -Consequent implication Section 206C(1D) provides for TCS obligation on sale of jewellery, sale of bullion, and residuary limb being any other goods (other than bullion or jewellery) ,if the value of… Read More »
Suggestions on Clause 45 of Finance Bill / Budget 2017- Insertion of section 115BBG – Income from transfer of carbon credits to be taxed@10% – Inclusion in definition of income under section 2(24) and clarification regarding tax treatment for prior assessment years. The proposed introduction of section 115BBG providing for a 10 percent tax on… Read More »
Suggestions on Clause 29 of Finance Bill 2017 – Section 56- Insertion of new clause (x) in section 56(2) – Reference to be included in the definition of income under section 2(24) The Finance Bill 2017 proposes to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of… Read More »
Suggestions on Clause 22 of Finance Bill 2017 – Section 45(5A) – Special provision for computation of capital gain in case of joint development agreement (JDA) -Certain concerns to be addressed and scope to be enlarged The Finance Bill 2017 proposes to insert sub-section (5A) in the existing section 45 to provide that the capital… Read More »