While expanding the definition of agriculture to include dairy, poultry and stock breeding, the Goods and Services Tax (GST) Council last month declined entry of individuals leasing out farmland on rent or share cropping as agriculturist, thereby bringing absentee landlords and food processing companies hiring land for farming under the proposed indirect tax net. As… Read More »
Issue “Whether a person who fails to deduct at source under section 194C is not liable to pay interest under section 201(1A) if the payee of such amounts has files a nil return or a return showing a loss? Held The language of Section 201 is clear and unqualified. It indeed does not permit an… Read More »
Held it is clear that though the assessee had claimed deduction of amounts allegedly paid to doctors towards commissions, the assessee did not produce the vouchers or any other supporting documents to substantiate the claim. The assessee did not even disclose the names of the recipients. In other words, these are cases where the assessee… Read More »
CIRCULAR IMD/HO/FPIC/CIR/P/ 2017/ 001 January 02, 2017 To, All Designated Depository Participants (“DDPs”)/ Custodian of Securities All Foreign Portfolio Investors through their designated Custodians of Securities Sir / Madam, Subject : Reference to Circular no. FITTC/FII/02/2002 dated May 15, 2002- In regard to credit of proceeds due to write off of securities held by Foreign… Read More »
Vide the Companies (Incorporation) Amendment Fifth Rules, 2016 dated 29th December 2016, INC-2 is deprecated and INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs and Companies… Read More »
Registration for statement of financial transactions (SFT) in Form 61A as per section 285BA of Income-tax Act, 1961 The procedure for registration and submission of statement of financial transactions in Form 61A has been notified as follow by Principal DGIT (Systems) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax… Read More »
DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India Ministry of Finance Central Board-of Direct Taxes Directorate of Income Tax (Systems) Notification No. 14 of 2016 New Delhi, 30thDecember, 2016 Procedure for Registration and Submission of Form V for Reporting under Pradhan Mantri Garib Kalvan Deposit Scheme (PMGK), 2016 In exercise of the powers conferred by Subsection (c) of… Read More »
Notification No 50/2016-CENT dt. 31-12-2016
Notification No. 49/2016-Central Excise (N.T.)
Notification No 37/2016-CE, dt. 31-12-2016