Daily Archives: October 21, 2016

Handbook on the Right to Information Act

By | October 21, 2016

Handbook on the Right to Information Act   Handbook on Right to Information Act is a complete and comprehensive commentary which explicates all aspects of the Act in a reader-friendly manner. Key features: • Updated with latest legislative amendments including those passed by different states. • Compendium of recent and landmark judgments pronounced by the… Read More »

Capital Asset defination under Income Tax Act (India) -section 2(14)

By | October 21, 2016

Capital Asset under Income Tax Act –  Section 2(14) Definition of capital asset in section 2(14) of the Act “capital asset” means— (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by a Foreign Institutional Investor which has invested in such securities… Read More »

Compulsory Acquisition Taxability

By | October 21, 2016

Compulsory Acquisition Taxability What is Compulsory acquisition Compulsory acquisition is the power of government to acquire private rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government. The booklet How to compute capital gains published by… Read More »

Escalation rates for Procurement of Power by Distribution Licensees as per PPA

By | October 21, 2016

CENTRAL ELECTRICITY REGULATORY COMMISSION NOTIFICATION New Delhi, the 6th October, 2016 No. Eco-2/2016-CERC.—In pursuance of Clause 5.6 (vi) of Ministry of Power Notification on “Guidelines for Determination of Tariff by Bidding Process for Procurement of Power by Distribution Licensees”, dated 19.01.2005, as amended from time to time, the Central Electricity Regulatory Commission notifies the following… Read More »

GST impact on Food Sector

By | October 21, 2016

GST impact on Food Sector Imposing GST on food could have more impact on the poor. But exception of food from GST regime will shrink the tax base. Easy and Faster Availability of Food items ;After implemntion of GST because of the removal of octroi and entry tax which will significantly reduce the time and hassle… Read More »

Clear refunds, drawback before GST roll-out

By | October 21, 2016

CBEC on Wednesday asked its officials to chalk out action plan for clearing pending refunds and drawback payment for smooth transaction to GST — the new indirect taxation regime that is to be rolled out from April. In a communication to top officials, Chairman of Central Board of Excise and Customs Najib Shah said preparations… Read More »

Category: GST

Shifting the GST goalpost

By | October 21, 2016

The outcomes of the latest meeting of the Council tasked with steering the Goods and Services Tax regime are worrying. For one, it leaves the Centre hard-pressed to meet its intended deadline for the new indirect tax regime, April 1, 2017. Finance Minister Arun Jaitley had set a November 22 target to resolve all operational… Read More »

Category: GST

Key Points about New ICDS (Income Computation and Disclosure Standards)

By | October 21, 2016

 ICDS (Income Computation and Disclosure Standards) Key Points about ICDS -Income Computation and Disclosure Standards Notification No of ICDS :- Central Government has notified Income Computation and Disclosure Standards vide Notification No. S.O. 3079(E), dated 29-9-2016 In pursuance of the powers granted to it under section 145(2) of Income Tax Act 1961 Old Notification on ICDS Rescined :-… Read More »