Daily Archives: March 1, 2017

Additional depreciation allowed even if acquisition & installation is not in same year

By | March 1, 2017

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 »

Guidance for AO verifying cash transactions relating to demonetisation

By | March 1, 2017

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 Permanent Account Number)

By | March 1, 2017

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 »

Relax conditions for Carry forward / set off of loss for Startups – Budget 2017-18 Suggestions

By | March 1, 2017

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 »

Clear confusion of TCS on Sale of Jewellery w.e.f 01.04.2017 – Budget 2017-18 Suggestions

By | March 1, 2017

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 »

Transfer of carbon credits not treated as Income u/s 2(24)? Budget 2017-18 Suggestions

By | March 1, 2017

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 »

Gift u/s 56(2)(x) not treated as Income u/s 2(24)? Budget 2017-18 Suggestions

By | March 1, 2017

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 »

Capital Gain – joint development agreement -Budget 2017-18 Suggestions

By | March 1, 2017

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 »

Transfer of unquoted shares – double taxation for seller and buyer -Budget 2017-18 Suggestion

By | March 1, 2017

Suggestions on Clause 26 and 29 of Finance Bill 2017 – Section 50CA and section 56(2)(x)(c)- Fair Market Value to be full value of consideration in case of transfer of unquoted shares –Amendment required in view of double taxation in the hands of seller as well as buyer The Finance Bill 2017 proposes to insert new… Read More »

Budget 2017-18 Suggestion- Turnover Limit needs to be increased for TDS section 194A/ 194H/ 194I & 194J

By | March 1, 2017

Suggestions on Section 44AB as proposed to be amended by Finance Bill 2017- Increased threshold for presumptive tax cases under section 44AD – Consequential amendments required in section 194A/ 194H/ 194I & 194J The Finance Bill, 2017 proposes to amend the section 44AB to exclude the eligible person, who declares profits for the previous year… Read More »

GST- Disabling Provisional Id and Access Token by Maharashtra sales Tax dept if not collected or Activated

By | March 1, 2017

Office of the Commissioner of sales Tax, Maharashtra State, Flr., Vikrikar Bhavan, Mazgaon, Mumbai-400010 TRADE CIRCULAR No. JCST/Mahavikas/GST Enrollment/2016-17/B-1215 Mumbai, Dt. 27/02/2017 Trade Circular No. 5T of 2017 Subject: (a) Last date for Disabling Provisional Id and Access Token of Non-Compliant Phase 1 & Phase 2 dealers, (b) Distribution of Provisional Id and Access Token… Read More »

Demonetization Act 2017 – Notified -Specified Bank Notes (Cessation of Liabilties) Act 2017

By | March 1, 2017

Demonetization Act  to be called Specified Bank Notes (Cessation of Liabilties) Act 2017 received Assent of President on 27.02.2017 and Notified as Follow :- THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ACT, 2017 NO. 2 OF 2017 The following Act of Parliament received the assent of the President on the 27th February, 2017, and is hereby… Read More »

How to compute limit of GST composition scheme if GST comes on 1st July 2017

By | March 1, 2017

If GST will come from 01.07.2017, for calculating limit of Rs.50 Lacs under composition scheme, the turnover from April’2017 to 30 June, 2017, is to be considered or turnover for April 2016 to March’2017? Answer: The provision of section 9 Draft CGST Law provides that the turnover of preceding financial year will be considered for… Read More »

GST- CBEC looks at restructuring itself

By | March 1, 2017

As GST approaches, CBEC looks at restructuring itself Amid staff concerns over redundancy in the post-goods and services tax (GST) regime from the coming financial year, the Central Board of Excise and Customs (CBEC) is identifying new areas of work in international customs, risk assessment, post-clearance audits and taxpayer services, among others, to remain relevant.… Read More »

Category: GST

GST final draft to retain clause on state wise services sector Registration

By | March 1, 2017

The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks, and insurance firms for a single registration system. At present, service providers benefit from a single… Read More »

Category: GST

Trade Unions Act 1926 by Adv. S. D. Puri (2017 Edition) Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Trade Unions Act 1926 by Adv. S. D. Puri (2017 Edition) Trade Unions Act, 1926 You can buy this Book for Rs 120. Click there to buy Online Related Books on Labour Law Labour Laws Labour Laws -Jan 2017 edition Book by Taxmann   Bare Act on Contract… Read More »

Child & Adolescent Labour (Prohibition & Regulation) Act 1986 by Adv. S. D. Puri 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Child & Adolescent Labour (Prohibition & Regulation) Act 1986 by Adv. S. D. Puri 2017 Edition Book Child & Adolescent Labour (Prohibition & Regulation) Act, 1986 You can buy this Book for Rs 70. Click to buy this Book online Related Books on Labour Law Labour Laws Labour Laws… Read More »

Equal Remuneration Act 1976 by Adv. S. D. Puri- 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act of The Equal Remuneration Act 1976 by Adv. S. D. Puri- 2017 Edition Book The Equal Remuneration Act, 1976 Book WITH EQUAL REMUNERATION CONDITIONS OF SERVICE RULES, 1976 ALONGWITH FORMS & CENTRAL ADVISORY COMMITTEE ON EQUAL REMUNERATION RULES, 1991. You can buy this Book for Rs 60. Click to buy… Read More »

Sales Promotion Employees (Conditions of Service) Act 1976 by Adv. S. D. Puri 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on Sales Promotion Employees (Conditions of Service) Act 1976 by Adv. S. D. Puri 2017 Edition Sales Promotion Employees (Conditions of Service) Act, 1976 You can buy this Book for Rs 50. Click to buy this Book online Related Books on Labour Laws Labour Laws Labour Laws -Jan 2017 edition… Read More »

Employment Exchanges (Compulsory Notification of Vacancies) Act 1959 by Adv. S. D. Puri 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Employment Exchanges (Compulsory Notification of Vacancies) Act 1959 by Adv. S. D. Puri 2017 Edition Book Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 SYNOPSIS OF THE ACT WITH RULES AND FORMS. RATIOS ON SUPREME COURT AND HIGH COURT DECISIONS. You can buy this Book for Rs 50.… Read More »

Bare Act on Industrial Employment (Standing orders) Act 1946 by Adv. S. D. Puri 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Industrial Employment (Standing orders) Act 1946 by Adv. S. D. Puri 2017 Edition Book Industrial Employment (Standing orders) Act 1946 With The Bombay Industrial Employment (Standing Orders) Rules, 1959 AND THE INDUSTRIAL EMPLOYMENT [STANDING ORDERS] CENTRAL RULES, 1946. You can buy this Book for Rs 140. Click to… Read More »

Bare Act on Maternity Benefit Act 1961 by Adv. S. D. Puri- 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Maternity Benefit Act, 1961 by Adv. S. D. Puri, 2017 Edition Book Maternity Benefit Act 1961 You can buy this Book for Rs 80. Click to buy this Book online Related Books on Labour Law   Labour Laws Labour Laws -Jan 2017 edition Book by Taxmann   Bare… Read More »

Bare Act on Contract Labour (Regulation & Abolition )Act 1970 by Adv. S. D. Puri- 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on The Contract Labour (Regulation & Abolition )Act 1970 by Adv. S. D. Puri, 2017 Edition Book Contract Labour (Regulation & Abolition )Act, 1970 WITH THE MAHARASHTRA CONTRACT LABOUR (REGULATION AND ABOLITION) RULES, 1971 You can buy this Book for Rs 150. Click to buy this Book online Publisher: Snow… Read More »

Bare-Act of Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices (MRTU & PULP) Act 1971 by Adv. S. D. Puri – Book

By | March 1, 2017

Snow White Publication’s Bare-Act of The Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices (MRTU & PULP) Act, 1971 by Adv. S. D. Puri, 2017 Edition Book Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices (MRTU & PULP) Act, 1971 WITH THE INDUSTRIAL COURT REGULATION, 1975 AND THE M.R.T.U.… Read More »

Book – Payment of Gratuity Act 1972 by Adv. S. D. Puri- 2017 Edition

By | March 1, 2017

Snow White Publication’s Bare Act on Payment of Gratuity Act 1972 by Adv. S. D. Puri, 2017 Edition Book WITH THE PAYMENT OF GRATUITY (CENTRAL) RULES, 1972. ALONGWITH THE PAYMENT OF GRATUITY MAHARASHTRA RULES, 1972. You can buy this Book for Rs 140. Click to buy this Book online Publisher: Snow White Publications Pvt. Ltd… Read More »

Book – Minimum Wages Act 1948 by Adv. S. D. Puri 2017 Edition

By | March 1, 2017

Snow White Publication’s Minimum Wages Act, 1948 by Adv. S. D. Puri, 2017 Edition Book With The Maharashtra Minimum Wages Rules, 1963. The Maharashtra Minimum Wages [unclaimed Accounts] Rules, 1968. & The Minimum Wages [Central Advisory Board] Rules, 2011. You can buy this Book for Rs 450. Click to buy this book online Publisher: Snow… Read More »

Bare Act of The Payment of Wages Act, 1936 – Adv. S. D. Puri- 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act of The Payment of Wages Act, 1936 by Adv. S. D. Puri, 2017 Edition  You can buy this Book for Rs 140. Click to buy book online Related Book on Labour Law Labour Laws Labour Laws -Jan 2017 edition Book by Taxmann   Digest of Important Labour Cases – 2017… Read More »

Maharashtra Labour Welfare Fund Act 1953 by S. D. Puri, 2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on Maharashtra Labour Welfare Fund Act, 1953 by S. D. Puri, 2017 Edition Maharashtra Labour Welfare Fund Act, 1953 Bare Act You can buy this book for Rs 90. Click to buy this Book online Related Books on Labour Laws Labour Laws Labour Laws -Jan 2017 edition Book by Taxmann  … Read More »

Building and Other Construction Workers Act 1996 – 2017 Edition Book -Adv. S. D. Puri

By | March 1, 2017

Snow White Publication’s Bare Act on The Building and Other Construction Workers Act 1996 by Adv. S. D. Puri  2017 Edition Building and Other Construction Workers Act 1996 THE BUILDING AND OTHER CONSTRUCTION WORKERS (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) ACT, 1996 WITH THE MAHARASHTRA BUILDING AND OTHER CONSTRUCTION WORKERS REGULATION OF EMPLOYMENT AND CONDITIONS… Read More »

Industrial Disputes Act 1947 – 2017 Edition Book -Adv. S. D. Puri

By | March 1, 2017

Snow White Publication’s Industrial Disputes (ID) Act, 1947 by Adv. S. D. Puri, 2017 Edition by Adv. S. D. Puri  Industrial Disputes Act 1947 Act with Rules and Forms at Glance Important Notifications Ratio of Supreme Court and High Court Decisions Ferquently Asked questions Status of HRA as components of wages You can buy this Book… Read More »

ESI Act 1948 – 2017 Edition Book -Adv. S. D. Puri

By | March 1, 2017

Snow White Publication’s Bare Act of The Employees State Insurance Act, 1948 by Adv. S. D. Puri, 2017 Edition | ESI Act, 1948  by Adv. S. D. Puri  ESI Act 1948 – Employee State Insurance Act, 1948 Bare Act THE EMPLOYEES STATE INSURANCE CENTRAL RULES, 1950. THE ESI GENERAL REGULATIONS 1950. AND THE ESIC [GENERAL… Read More »

Bare Act on Maharashtra Shops and Establishment Act 1948 by Adv. S. D. Puri -2017 Edition Book

By | March 1, 2017

Snow White Publication’s Bare Act on Maharashtra Shops and Establishment Act, 1948 by Adv. S. D. Puri, 2017 Edition by Adv. S. D. Puri  Bare Act on Maharashtra Shops and Establishment Act (Title Substituted for THE BOMBAY SHOPS & ESTABLISHMENTS ACT, 1948) With Maharashtra Shops and Establishments Rules, 1961 You can buy this Book for Rs… Read More »