Daily Archives: May 12, 2017

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

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

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 »

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

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)

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

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

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

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

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

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

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 »

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

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 »