No announcement yet.

Latest India Tax News 16 May 2017

  • Filter
  • Time
  • Show
Clear All
new posts

  • Latest India Tax News 16 May 2017

    1. CBDT Request stakeholders to comments on Draft Income Computation and Disclosure Standards (ICDS) on Real Estate Transactions to be applicable from assessment year 2017-18.
    2. Delhi High Court refused to stay the income tax proceedings against Young Indian Ltd in the case of alleged misappropriation of assets of National Herald newspaper involving Congress leaders Sonia Gandhi and Rahul Gandhi.
    3. Government of India mandates Aadhar Card for Atal Pension Yojana (APY).
    4. RBI has introduced additional settlements in the NEFT system at half-hour intervals to enhance the efficiency of the system and add to customer convenience.
    5. SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India. [2017] 81 175 (ATFFE/FERAB).
    6. NOC from Advocate to appoint new advocate not required as litigant has the absolute right to appoint an advocate of his choice and to terminate his services any time and for whatever reason. Karnataka Power Transmission Corp Ltd vs. M. Rajashekar (Karnataka High Court)
    7. Vijaya Bank invites online application for empanellement of concurrent auditors for the year 2017-18. The CA firms should be on RBI panel and be a partnership concern.

  • #2
    Corporate tax cuts: Stocks that gain the most

    Earnings growth for India Inc, which has been on the first gear in recent times, is all set to receive a boost from lower tax outgo, with the reduced corporate tax rates. For many manufacturing companies, the savings on this front could give them room to reduce prices or improve other spends, thereby spurring demand. Many companies in sectors such as infrastructure, capital goods, and FMCG stand to gain. Some others in the auto, steel, oil, and gas, and real-estate segments could also get a leg-up. IT companies may be better off under the current regime though, given the lower tax incidence at present.