Tax Collection Figures up to January 2017 show consistent trend of healthy growth; During January 2017, the Net Indirect Tax grew at the rate of 16.9% compared to corresponding month last year with growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively January,… Read More »
CESTAT, NEW DELHI BENCH Chambal Fertilisers & Chemical Ltd. v. Commissioner of Central Excise & Service Tax, Indore S.K. MOHANTY, JUDICIAL MEMBER AND ASHOK K. ARYA, TECHNICAL MEMBER FINAL ORDER NOS. 50025-50026/2017 ST/CROSS/4594/2012 SERVICE TAX APPEAL NOS. ST/1805 & 3853/2012 – CU (DB) JANUARY 2, 2017 B.L Narasimhan, Adv. for the Appellant. Govind Dixit, DR… Read More »
Time limit to carry forward MAT and AMT credit Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax and Alternate Minimum Tax by Finance Bill 2017 Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB. Currently,… Read More »
Tax rate on long-term capital gains from transfer of unlisted securities by non-resident Clarification regarding the applicability of section 112 Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted… Read More »
Tax on Income from transfer of Carbon credits Carbon credits is an incentive given to an industrial undertaking for reduction of the emission of GHGs (Green House gases), including carbon dioxide which is done through several ways such as by switching over to wind and solar energy, forest regeneration, installation of energy-efficient machinery, landfill methane… Read More »
Surcharge in case of individual, HUF, AOP, BOI or artificial juridical person. AY 2018-19 Currently, surcharge is levied at the rate of 15% of tax, if income exceeds Rs 1 crore in case of an individual, HUF, AOP, BOI or artificial juridical person. It is now proposed by Finance Bill 2017 to levy surcharge w.e.f… Read More »
TRANSPARENCY IN ELECTORAL FUNDING The existing provisions of section 13A of the Income Tax Act, inter-alia provides that political parties that are registered with the Election Commission of India, are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election Commission of India as mandated… Read More »
Issue Whether freebies given by the assessee to doctors expenses are illegal and consequently not allowable as per the Explanation to Section 37(1) of the Income-tax Act, 1961 in view of the fact that such payments are specifically prohibited w.e.f. 10.12.2009 by the Medical Council of India (MCI), which is the competent authority ? Held This… Read More »
GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE & TAXATION PUBLIC NOTICE KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS This is to inform all the concerned that the last date of e-filing of VAT-15 for the 3rd Quarter of 2016-17 has been extended till 20th February, 2017. Dated: 9th February, 2017 Excise & Taxation Commissioner, Punjab
Standardized PPT on Revised Model GST Law Dear Professional Colleague, The introduction of GST regime is round the corner. It has become imperative for our members to understand this new law to serve the businesses. Continuing with its efforts to update the members, the Indirect Taxes Committee has launched a Standardized PPT on Goods &… Read More »