Section 14A cannot be invoked if there is no regular activity in respect of Investment. Addition for mere appearing of TDS credit in form 26AS not justified. Allowance of Chapter VI-A Deduction on enhanced Profits. Judgment of Delhi high court quashing rule 5A(2) of service tax rules, 1994 and holding service tax audits as invalid, has been stayed by Supreme Court. GST Rates Decided, 4 Slabs Ranging From 5 To 28%. Existing 80 Lakhs Assessees To Transfer on GSTN w.e.f 8th November 2016
Seven districts in Andra Pradesh notified for availing Tax incentives. Service Tax Return to be filed in Amended Form ST 3 by 25th October, 2016. Apex Indirect tax body ‘CBEC’ to be renamed as ‘Central Board of Indirect Taxes’(CBIT). Ratification of GST bill by another Congress- ruled State. RBI gives thumbs up to 18 per cent GST rate
Salary of employees pursuant to a secondment agreement is not subject to TDS in the assessed’s hands. Transactions to be entered at an Arm Length’s Price irrespective of the profit or loss yielded. Updates on GST. Service-tax billed on rendering of services is not includible as trading receipts