Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | February 18, 2019

The Centre has exempted industries like steel, cement and metal from mandatory prior environment clearance for setting up a new or expanding the existing captive power plant employing waste heat recovery boilers (WHRB) without using any auxiliary fuel. The exemption to industries having potential for heat recovery has been given to promote energy conservation and reduce green house gas emissions, according to an order. This exemption was so far given to thermal power plants using waste heat boilers without any auxiliary fuel.


Source: Thehindubusinessline

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | January 23, 2019

Non-filers of GST returns for six consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network is developing an IT system such that businesses that have not filed returns for two straight returns filing cycles, which is six months, would be barred from generating e-way bills, an official said. “As soon as the new IT system is put in place, the new rules will be notified.”


Source: Thehindu

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | January 23, 2019

The government has cracked the whip on several large companies, which had either failed to deposit tax deducted at source (TDS) with the income tax (I-T) department or delayed the payment, with claims against top 10 such entities adding up to nearly Rs 350 crore. I-T authorities have gone ahead and launched prosecution action, while some of the companies have come forward to settle the cases. Under the law, individuals as well as companies have to deduct tax for several payments — ranging salaries to rent and payments to contractors above a specified threshold.


Source: Economictimes

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | January 18, 2019

The technical textile industry holds an immense growth opportunity in India. It is estimated that domestic technical textile industry will reach market potential of Rs 2,00,823 crore by 2020-21 from Rs 1,16,217 crore in FY18 with a CAGR of 20%, said Confederation of Indian Textile Industry (CITI). Quoting the Baseline Survey, CITI pointed out the demand for this sector is rising due to many factors including rapid urbanisation, advances in medical technology, expansion in construction sectors, awareness on safety and environmentalism and increased spending on healthcare.


Source : Financialexpress

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | January 10, 2019

In a huge relief to corporates in Mumbai’s Bandra Kurla Complex (BKC), Mumbai’s Income-tax Appellate Tribunal (ITAT) has ruled that lease premium — a one-time amount paid upfront to acquire long-term lease rights — will not attract any TDS. Long-term leases, usually ranging from 60 to 99 years, involve a hefty one-time ‘lease premium’ payment. Tax officials are known to have issued notices claiming TDS for such payments in a large number of cases.


Source : Businessline

Category: News 

Tags: News 

next>>