Law of Limitation – Kept Intact

Posted on March 27, 2017 by Parveen Kumar

Section 197(C) of the Finance Act 2016 provided for assessment of undisclosed income relating to any period prior to Income Disclosure Scheme, 2016 (IDS) is proposed to repealed in the Budget 2017 presented by Hon’ble Finance Minister Mr. Arun Jaitley on 1 st February 2017. Continue reading →

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Key Highlights of the Revised Model GST Law

Posted on March 26, 2017 by admin

The Draft Model GST Law was released in the public domain on 14.06.2016. However, the draft law contained many anomalies / inconsistencies which needed to be addressed. After receiving recommendations / representations from various stakeholders, the government released the revised version of the Model GST Law on 26th November, 2016. Continue reading →

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Key Highlights Of The Model GST Law

Posted on March 25, 2017 by Sabeena Vasudeva

As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the public domain on 14 th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable way forward with optimism to see it implemented in full swing by April 2017. Continue reading →

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Tax Exemptions for Start Ups in India

Posted on March 25, 2017 by admin

Indian start-ups may issue shares at consideration exceeding the fair market value without attracting tax as deemed income in company’s hands

Section 56(2)(viib) of the Income Tax Act, 1961 (the Act) provides for taxing in the hands of a company, the amount of consideration received from a resident person, for issue of shares exceeding the face value, to the extent of the consideration that exceeds fair market value of shares. Continue reading →

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Recent Amendments in Service Tax

Posted on March 24, 2017 by Sabeena Vasudeva

1. Exemption from service tax is being provided on services by acquiring bank on payment upto INR 2000 in a single transaction through credit card, debit card, charge card or other payment card service vide Notification No. 52/2016-Service Tax dated 8th Dec 2016. Continue reading →

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