Daily Archives: May 12, 2017

No Leave travel concession u/s 10(5) for journey outside India : ITAT

By | May 12, 2017

Held On perusal of this section (Section 10(5) of Income tax act) , we are of the view that this provision was introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but there was no intention of the Legislature to allow the… Read More »

GST to have far reaching implications for Indian Economy – RBI Report

By | May 12, 2017

Today, the Reserve Bank of India (RBI) released the report entitled “State Finances: A Study of Budgets of 2016-17”, an annual publication that provides information, analysis and an assessment of the finances of state governments. It is the primary source for disaggregated state-wise fiscal data and delineates the changing dynamics of fiscal federalism over the… Read More »

Category: RBI

Appy Fizz to be classified as Health Drink under Kerala VAT

By | May 12, 2017

SUPREME COURT OF INDIA Parle Agro (P.) Ltd. v. Commissioner of Commercial Taxes, Trivandrum A.K. SIKRI AND ASHOK BHUSHAN, JJ. CIVIL APPEAL NOS. 6468 TO 6472 OF 2017 MAY  9, 2017 Aditya Bhattacharya, Victor Das, M.P. Devanath, L. Charanya and Ramesh Babu M.R., Advs. for the Appellant. G. Prakash, Jishnu M.L., Ms. Priyanka Prakash, Ms.… Read More »

GST Laws Manual : Acts, Rules and Forms – Book May 2017 – Rakesh Garg -Sandeep Garg

By | May 12, 2017

GST Laws Manual: Acts, Rules and Forms Paperback – May 2017 by Rakesh Garg (Author), Sandeep Garg (Author) Part A: GST at a Glance Part B: GST Acts 1. Amended/Inserted Articles by the Constitution (101st Amendment) Act, 2016 2. The Central Goods and Services Tax Act, 2017 3. The Integrated Goods and Services Tax Act, 2017… Read More »

Aadhaar in Income tax Return not mandatory for non-resident & super senior citizen – Notification

By | May 12, 2017

Aadhaar in Income tax Return not mandatory for certain Individuals Quoting Aadhaar in Income tax Return w.e.f 01.07.2017 not mandatory for certain Individuals as per notification below :- MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 11th May, 2017 S.O. 1513 (E).—In exercise of the powers conferred by sub-section (3) of Section139AA of the Income-tax Act,… Read More »

Income Tax Depreciation Rates Chart w.e.f 01.04.2017 – FY 2017-18 (AY 2018-19)

By | May 12, 2017

Income Tax Depreciation Rates Chart Below is Income Tax Depreciation Rates Chart as amended by the Income-tax (Twenty Ninth Amendment) Rules, 2016, w.e.f. 1-4-2017 Income Tax Depreciation Rate Chart for Financial Year 2017-18/ Assessment Year 2018-19 onwards  APPENDIX I ( See Note A below) [Effective from assessment year 2006-07 onwards] [See rule 5 of Income… Read More »

Submission of Statutory returns (SLR-Form VIII) in XBRL platform

By | May 12, 2017

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 May 11, 2017 The Chairperson All RRBs Madam/Dear Sir, Submission of Statutory returns (SLR-Form VIII) in XBRL platform It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month… Read More »

Section 98 Rajashtan GST Act 2017 – Procedure on receipt of application

By | May 12, 2017

Section 98 Rajashtan GST Act 2017 Section 98 Rajashtan GST Act 2017 explains Procedure on receipt of application and is covered in Chapter XVII Advance Ruling  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply… Read More »

Section 97 Rajashtan GST Act 2017-Application for advance ruling

By | May 12, 2017

Section 97 Rajashtan GST Act 2017 Section 97 Rajashtan GST Act 2017 explains Application for advance ruling and is covered in Chapter XVII Advance Ruling  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of… Read More »

Section 96 Rajashtan GST Act 2017 – Constitution of Authority for Advance Ruling

By | May 12, 2017

Section 96 Rajashtan GST Act 2017 Section 96 Rajashtan GST Act 2017 explains Constitution of Authority for Advance Ruling and is covered in Chapter XVII Advance Ruling  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State… Read More »

Section 95 Rajashtan GST Act 2017- Definitions – Advance Ruling

By | May 12, 2017

Section 95 Rajashtan GST Act 2017 Section 95 Rajashtan GST Act 2017 explains Definitions and is covered in Chapter XVII Advance Ruling  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply of goods or services… Read More »

Section 94 Rajashtan GST Act 2017 – Liability in other cases

By | May 12, 2017

Section 94 Rajashtan GST Act 2017 Section 94 Rajashtan GST Act 2017 explains Liability in other cases and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of… Read More »

Section 93 Rajashtan GST Act 2017- Special provisions regarding liability to pay tax, interest or penalty in certain cases

By | May 12, 2017

Section 93 Rajashtan GST Act 2017 Section 93 Rajashtan GST Act 2017 explains Special provisions regarding liability to pay tax, interest or penalty in certain cases and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST… Read More »

Section 92 Rajashtan GST Act 2017 – Liability of Court of Wards, etc

By | May 12, 2017

Section 92 Rajashtan GST Act 2017 Section 92 Rajashtan GST Act 2017 explains Liability of Court of Wards, etc and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and… Read More »

Section 91 Rajashtan GST Act 2017 – Liability of guardians, trustees, etc

By | May 12, 2017

Section 91 Rajashtan GST Act 2017 Section 91 Rajashtan GST Act 2017 explains Liability of guardians, trustees, etc and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection… Read More »

Section 90 Rajashtan GST Act 2017 – Liability of partners of firm to pay tax

By | May 12, 2017

Section 90 Rajashtan GST Act 2017 Section 90 Rajashtan GST Act 2017 explains Liability of partners of firm to pay tax and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for… Read More »

Section 89 Rajashtan GST Act 2017 – Liability of directors of private company

By | May 12, 2017

Section 89 Rajashtan GST Act 2017 Section 89 Rajashtan GST Act 2017 explains Liability of directors of private company and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy… Read More »

Section 88 Rajashtan GST Act 2017 – Liability in case of company in liquidation

By | May 12, 2017

Section 88 Rajashtan GST Act 2017 Section 88 Rajashtan GST Act 2017 explains Liability in case of company in liquidation and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy… Read More »

Section 87 Rajashtan GST Act 2017 – Liability in case of amalgamation or merger of companies

By | May 12, 2017

Section 87 Rajashtan GST Act 2017 Section 87 Rajashtan GST Act 2017 explains Liability in case of amalgamation or merger of companies and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision… Read More »

Section 86 Rajashtan GST Act 2017- Liability of agent and principal

By | May 12, 2017

Section 86 Rajashtan GST Act 2017 Section 86 Rajashtan GST Act 2017 explains Liability of agent and principal and is covered in Chapter XVI Liability To Pay In Certain Cases  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection… Read More »

SOP on rehabilitation of children in conflict with law developed by WCD Ministry

By | May 12, 2017

SOP on rehabilitation of children in conflict with law developed by WCD Ministry  The Ministry of Women and Child Development has developed a Standard Operating Procedures (SOP) for rehabilitation of children in conflict with law under the Juvenile Justice System. The said SOP aims to emphasize the cause of rehabilitation and social re-integration by providing… Read More »

USA IRS N-2017-31: May interest rate notice

By | May 12, 2017

Notice 2017-31 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect… Read More »