Definition of “payable” under section 40(a)(ia) The Supreme Court of India addressed the term “payable” when there is a requirement to withhold (deduct) tax at source and remit the withheld tax to the government. Section 40(a)(ia) applies not only to situations when the amount is “payable” but also when it is “paid”. The case is:… Read More »
Resolution of “debatable” issues The Supreme Court of India addressed when an Assessing Officer can make an adjustment when the issue is “debatable.” If the issue is settled by a High Court having jurisdiction, then the issue is “not debatable.” The case is: Raghuvir Synthetics Ltd. Read a May 2017 report [PDF 475 KB] of… Read More »
Amended rules for valuation of unquoted equity shares The Central Board of Direct Taxes issued a release along with a draft notification proposing to amend the rules used to determine the method of valuation of unquoted equity shares for the purpose of applying section 56(2)(x) and section 50CA of the Income-tax Act, 1961. Read a… Read More »
Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data IRS YouTube Videos: Do Not Include SSNs on Form 990 English | Spanish | ASL WASHINGTON — The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May.… Read More »
RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 May 08, 2017 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Sir, National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net… Read More »
The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today. Hailed as the biggest tax reform since India’s independence, GST will replace an… Read More »
HIGH COURT OF GUJARAT Principal Commissioner of Income-tax, Ahmedabad v. Devendranath G. Chaturvedi* M.R. SHAH AND B.N. KARIA, JJ. CIVIL APPLICATION (OJ) NO. 166 OF 2017† STAMP NO. 9 OF 2017 (Arising out of order of ITAT in IT Appeal No. 385 (Ahd.) of 2011, dated 29-1-2016.) APRIL 3, 2017 Nitin K. Mehta, Adv. for… Read More »
Tax treatment of development & maintenance of software under GST Development, maintenance or any other aspect of software has been specifically provided to be a case of supply of services under the CGST Act 2017. The entry in this regard has been provided in clause 5(d) of schedule II of CGST Act 2017 : (d) development,… Read More »
Section 25 Rajashtan GST Act 2017 Section 25 Rajashtan GST Act 2017 explains Procedure for registration and is covered in Chapter VI Registration ( 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 of goods or… Read More »
Section 24 Rajashtan GST Act 2017 Section 24 Rajashtan GST Act 2017 explains Compulsory registration in certain cases and is covered in Chapter VI Registration ( 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 of goods… Read More »