Section 71 CGST Act 2017 [ Section 71 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 71 CGST Act 2017 explains Access to business premises and is covered in Chapter XIV – Inspection , Search , Seizure and Arrest [Note : CGST Act 2017 also known as CENTRAL… Read More »
Section 70 CGST Act 2017 [ Section 70 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 70 CGST Act 2017 explains Power to summon person to give evidence and produce documents. and is covered in Chapter XIV – Inspection , Search , Seizure and Arrest [Note :… Read More »
FAQ on treatment of Securities Premium Account under Ind AS on the date of transition. – (17-04-2017) Source – Institute of Chartered Accountants of India Question: 1Company ABC Ltd. had issued non-convertible debentures redeemable at premium, which were outstanding as on March 31, 2015. The Company has measured this financial liability at amortised cost in… Read More »
Income tax withheld outside India disallowed as deduction under section 37(1) The Ahmedabad Bench of the Income-tax Appellate Tribunal held that income tax that is withheld (“deducted”) outside India is not allowed as a deduction under section 37(1) of the Income-tax Act, 1961 because the amount is covered under the “disabling provisions” of section 40(a)(ii).… Read More »
Disallowance of expenses related to shares held as stock-in-trade: The Kolkata Bench of the Income-tax Appellate Tribunal held that the rules for expense disallowance under section 14A of the Income-tax Act, 1961 apply to shares held as stock-in-trade, but that such expense disallowance is limited to those shares that have yielded dividend income in the… Read More »
Rules for merger, amalgamation of foreign company with Indian company: The government of India has released guidance providing rules with respect to mergers and amalgamations between a company registered under the Companies Act and a foreign company (and vice versa). There is also guidance issued in conjunction with the Reserve Bank of India (RBI) to… Read More »
Government actions to implement goods and services tax (GST) still pending: The Central GST Bill, the Integrated GST Bill, Union-Territory GST Bill, and the GST (Compensation to States) Bill, have received assent from the president of India to become “acts of Parliament,” thereby making implementation of GST in India by 1 July 2017 possible. However,… Read More »
IRS Reminds Taxpayers of April 18 Tax-Filing Deadline WASHINGTON — The Internal Revenue Service has received 103.6 million 2016 individual income tax returns as of April 7 and expects millions more to be filed by the April 18 deadline. Special filing deadline rules apply to members of the military serving in combat zones, those living… Read More »