MUMBAI : THE appellant entered into contract with the provider of service, namely Maersk Line - for export of goods, which comprised services at Port of Load, place of receipt, port of discharge, place of delivery etc. The port of loading is located in India and port of discharge and place of delivery is located
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Wednesday, September 9, 2015
ST - No sum can be collected from assessee if it is not as per law, as has been provided under Article 265 of Constitution - Amount of tax credited to exchequer on which admittedly no ST is leviable takes nature of deposit and Commr(A) is in error in refusing refund of same: CESTAT
MUMBAI : THE appellant entered into contract with the provider of service, namely Maersk Line - for export of goods, which comprised services at Port of Load, place of receipt, port of discharge, place of delivery etc. The port of loading is located in India and port of discharge and place of delivery is located
If the ICAI wants fair election, why there is not a complete ban on seminars etc during the election period
The norms are absolutely casual. One Master Shahab also known as tax
guru or Income-tax encyclopedia now will start his magic show, on each
and every he will try to reach and in seminars, than he will carefully
speak too much about his own candidate. His slogan is he is gentleman
and is doing very-well.
I was also council member and also contesting the election being sitting council member but never employed
I was also council member and also contesting the election being sitting council member but never employed
Tuesday, September 8, 2015
Chartered Accountant firm required for Accounting Services of IIM
Indian Institute Of Management
Last Date : Sep 09, 2015
Provide of Chartered Accountant firm for Accounting Services.
Address: Indian Institute of Management Udaipur, Polymer Science Building, Mohanlal Sukhadiya
Last Date : Sep 09, 2015
Provide of Chartered Accountant firm for Accounting Services.
Address: Indian Institute of Management Udaipur, Polymer Science Building, Mohanlal Sukhadiya
Expression of Interest for Appointment of Auditors of Food Corporation Of India
Food Corporation Of India
Last Date : Sep 09, 2015
Expression of Interest for Appointment of Auditors.
Last Date : Sep 09, 2015
Expression of Interest for Appointment of Auditors.
ITAT accedes to ICAI's plea in Miscellaneous Application to modify/review its order wherein the Tribunal had strongly criticized the Institute's functioning
ITAT
accedes to ICAI's plea in Miscellaneous Application to modify/review
its order wherein the Tribunal had strongly criticized the Institute's
functioning; Tribunal accepts ICAI's argument that that its
observations in the original order about the CA profession and conduct
of the students pursuing the CA
Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets
F.No. 285/90/2013 IT(Inv.V)
Government of IndiaMinistry of Finance
Department of Revenue
(Central Board of Direct Taxes)
*****
E-2, ARA Centre, ihandewalanExtn.,
New Delhi-110055.
Dated: 04th September, 2015
To
All Pr.CCsIT/CCsIT/Pr.DOsIT/DGsIT
Sir/Madam,
Subject: Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in
Vacancy for articleship
we have vacancy for article in my office and one vagrancy for newly
qualified ca for my client office is there. interested fellow may please
send their resume to undersigned
list of important points to remember while calculating Depreciation as per Companies Act, 2013
Here is a list of important points to remember while calculating Depreciation as per Companies Act, 2013:
1⃣ Schedule II of the Companies Act, 2013 for calculating depreciation is applicable only on tangible assets. For calculating amortisation on intangible
1⃣ Schedule II of the Companies Act, 2013 for calculating depreciation is applicable only on tangible assets. For calculating amortisation on intangible
Monday, September 7, 2015
Vacancy for CA/CS in PWC
| Requirement | Assistant Manager - Merger & Acquisitions - 6068/[2014] | ||
| Location | |||
| Openings | 2 | Experience | 2.00 to 5.00 years |
| Education | NA | ||
| Skills | Experienced in tax, M&A Tax preferred | ||
 |
|||
| Job Description |
Job Profile :
PwC’s
M&A Tax & Regulatory practice provides end-to-end solutions for
different types of domestic and cross-border transactions including
mergers, demergers, acquisitions, divestitures, joint ventures,
corporate restructuring, inbound and outbound advisory, transaction and
business model structuring, due diligence and family arrangements. The
services consider a host of legislations and regulations including
direct tax, indirect tax, stamp duty, corporate laws, exchange control
regulations, accounting standards, etc.
The tasks, roles and responsibilities concerned with the job will include the following:
| ||
Dual Screen Lunark Smartphone Concept
The ‘lunark’ concept by Allan Ospina
was developed to empower people to multitask simply and to help users
maximize their productivity by enhancing the interface experience using
two separate screens linked together with a special hinge that allow
them to connect seamlessly. Apps will compatible with the bi-fold
screen. It also features longer battery life and would allow apps that
get interrupted by a phone call go to idle on the screen avoiding the
need to press the home button.
Tender invited from chartered accountant firm / individual for concurrent audit work.
District Co.operative Central Bank Limited
Last Date : Sep 08, 2015
Tender invited from chartered accountant firm / individual for concurrent audit work.
Last Date : Sep 08, 2015
Tender invited from chartered accountant firm / individual for concurrent audit work.
THE WHISTLE BLOWERS PROTECTION ACT, 2011 – AN OVERVIEW – PART I
Introduction
A ‘whistle blower’ is a person who exposes any kind of information or activity that is deemed illegal, dishonest, or not correct within an organization that is either private or public. The information of alleged wrongdoing can be classified in many ways: violation of company policy/rules, law, regulation, or threat to public interest/national security, as well as fraud, and corruption. Those who become whistleblowers can
A ‘whistle blower’ is a person who exposes any kind of information or activity that is deemed illegal, dishonest, or not correct within an organization that is either private or public. The information of alleged wrongdoing can be classified in many ways: violation of company policy/rules, law, regulation, or threat to public interest/national security, as well as fraud, and corruption. Those who become whistleblowers can
ST - When allegation in SCN is of undervaluation and demand of differential tax liability and question of re-classification was never charged, both lower authorities have misdirected their findings to classify services under Advertising agency: CESTAT
MUMBAI
: THE issue is regarding the service tax liability on the appellant in
providing the activity of painting, pasting, displaying and/or
maintaining the same on side-panel of buses on behalf of the client
namely M/s. LIC and M/s. New India Insurance Co. Ltd.
The
appellant had charged an amount as "display charges" from their clients
but did not discharge the service tax liability under the category of
"Advertising Agency" service.
The demands were confirmed along with imposition of penalties besides demanding interest.
Before
the Tribunal, the appellant submitted that the services rendered by
them would not fall under the category of "Advertising agency" but under
"Sale of Space or Time for Advertisement" and is taxable from
01.05.2006 whereas the demand in the case in hand is from April 2003 to
March 2008. Reliance is placed on the decision in Dhanshree Publicity -
2007-TIOL-1983-CESTAT-DEL to emphasise that the painting activity
undertaken by a sole proprietor will not amount to advertising agency
services. Furthermore, it is informed that appellant on his own from
01.05.2006 has discharged the service tax liability under the category
of "Sale of Space or Time for Advertisement".
The AR submitted that the appellant had got registered under the category of "advertising agency" services and discharged their tax liability but now were claiming reclassification of the services and that the SCN only sought to recover differential tax on the charge of under-valuation.
The Bench observed -
SC dismisses Revenue’s appeal, upholds Bombay HC’s judgment quashing order passed by the appropriate authority u/s 269UD(1) (providing for pre-emptive purchase of immovable property by Govt in case of significant undervaluation of property with a view to evade tax
SC
dismisses Revenue’s appeal, upholds Bombay HC’s judgment quashing order
passed by the appropriate authority u/s 269UD(1) (providing for
pre-emptive purchase of immovable property by Govt in case of
significant undervaluation of property with a view to evade tax); In
respect of assessee’s
Sunday, September 6, 2015
Engagement of CA / CMA firms for annual accounts preparation work.
West Bengal Essential Commodities Supply Corporation Limited
Last Date : Sep 07, 2015
Engagement of CA / CMA firms for annual accounts preparation work.
Last Date : Sep 07, 2015
Engagement of CA / CMA firms for annual accounts preparation work.
Chartered Accountant Firms For Statutory Audit Of Idco For The Financial Year2014-15.
Industrial Development Corporation Orissa Limited
Last Date : Sep 07, 2015
Chartered Accountant Firms For Statutory Audit Of Idco For The Financial Year2014-15.
Last Date : Sep 07, 2015
Chartered Accountant Firms For Statutory Audit Of Idco For The Financial Year2014-15.
Selection of chartered accountant firm for horticulture mission & water management.
Department Of Horticulture And Food Processing
Last Date : Sep 07, 2015
Selection of chartered accountant firm for horticulture mission & water management.
Last Date : Sep 07, 2015
Selection of chartered accountant firm for horticulture mission & water management.
Vacancy for CA in Ultratech
Job Description
Requisition Title
:DH -Accounts (AGM/DGM/GM)Job Number:
:150105WCSchedule
:Full-timePrimary Location
:India-Gujarat-BhujOrganization
:Sewagram Cement Works
Introduction about the Business
A
US $40 billion corporation the Aditya Birla Group is in the League of
Fortune 500. It is anchored by an extraordinary force of over 136000
employees belonging to 42 different nationalities. The Group operates in
1% Additional Levy under GST: Where is it heading us?
Introduction:-
Goods
and Service Tax (GST) has been a topic of debate in the recent past.
With the NDA government looking firm to bring in the GST, the members of
Rajya Sabha still have a number of objections to raise, and for their
very reasons. Finance Minister Arun Jaitley has been strongly contending
that the implementation of
Extension of due date of filing return of wealth for A.Y. 2015-16
Deputy Secretary
02-JUL-2004 23:41 From:
F.No.328/08/20 5-WT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes(CBDT)
New Delhi, dated the 3 111 September, 2015
To
All Pr. Chief Commissioners of Income-tax
Subject: Extension of due date of filing
Impact under GST on Job work transactions
Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee base on Central side itself is expected to rise to approximately 60 lacs assessees from
Solar Paper - World's Thinnest and Lightest Solar Charger
Solar Paper by Yolk
is the world's thinnest and lightest solar charger made with most
efficient solar panel. They are offering 5 watt, 7.5 watt and 10 watt
chargers, with 2, 3 or 4 panels, respectively. In bright sunlight, the 5
watt charger can fully charge an iPhone 6 in about 2.5 hours, which is
similar to a wall charger. For more powerful devices like tablets or
cameras, or for faster charging, you’ll want to opt for one of the
higher-wattage versions.
Friday, September 4, 2015
CBDT- Highlights of 27 FAQs on Black-money law amnesty scheme and download circular
Highlights:
If a public limited company makes a declaration then Directors of the company will not get immunity against offence punishable under SEBI Act or under IPC.
In case of an e-wallet or virtual card account online which is normally maintained for playing online
A Heart Touching Letter From A Non CA to CA Community
“You can love it, you can hate, but you definitely can’t ignore it”, it is a cliché put to apt use for the CA course.
I never had any inclination towards it (coz of me being a genius with numbers and all). I know it’s not rocket science, but then it does look like it, to people like me. The sleepless nights, the social cut-off, the angst and agony of completing a mammoth syllabus in a limited period, all this and what
I never had any inclination towards it (coz of me being a genius with numbers and all). I know it’s not rocket science, but then it does look like it, to people like me. The sleepless nights, the social cut-off, the angst and agony of completing a mammoth syllabus in a limited period, all this and what
Competition Act : Exemption from the applicability of Competition Act granted by the Central Govt.
Competition
Act : Exemption from the applicability of Competition Act granted by
the Central Govt. u/s 54(a) of the Act cannot be denied to appellants on
the ground that market purchases of Equity shares of
POWERS OF INCOME TAX APPELLATE TRIBUNAL
Acceptance of cash from wife can't be construed as a loan or advance under sec. 269SS, doesn't attract penalty
September 4, 2015[2015] 60 taxmann.com 407 (Delhi - Trib.)/[2015] 38 ITR(T) 247 (Delhi - Trib.)/[2015] 168 TTJ 561 (Delhi - Trib.)
IT
: Where there was no monetary transaction between assessee and
creditor, rather by mere journal entry liability was created, it could
not be said that loan or deposit accepted by assessee from creditor was
in
Thursday, September 3, 2015
ICAI forms 'prima facie' view on NSEL auditor
The Institute of Chartered Accountants of India (ICAI) has formed a ‘prima facie’ opinion in the complaint against the auditor of National Spot Exchange (NSEL) at the time of the latter’s payments scam.
The institute said in a reply to a query under the Right to Information law) that its director (discipline) had formed the view and this had been sent to the (internal) ‘competent authority’. The decision of the latter
Required A company Secretary
One of our clients need a Company secretary with following additional attributes :
Experience : Fresh to 2 years
Excellent communication skills. Good command over English/Punjabi and Hindi.
Knowledge of general business laws, should be capable of drafting legal documents like agreements etc.
Should have good typing speed of more 40 words per minute.
Designation:
Business development and compliance officer
Profile:
Would be involved in new business initiatives and their legal compliances.
Corresponding with all the interested external parties and internal employees of the organisation.
Establishing systems and procedure for new business operations.
FEATURES OF GST (Vol.1)
1. GST would be applicable on supply of goods or services as against
the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
2. GST would be a destination based tax as against the present concept of origin based tax.
3. It would be a dual GST with the Centre and the States simultaneously levying it on a common
3. It would be a dual GST with the Centre and the States simultaneously levying it on a common
Wednesday, September 2, 2015
Securities and Exchange Board of India (SEBI) Recruitment 2015 – 46 Vacancy - CA, ICWA
Securities and Exchange Board of India (SEBI) has issued a recruitment
notification for the recruitment of Officer Grade A through recruitment
notification . Candidates who have completed MBA, CA, LLB, LLM, ICWA can
apply for the new recruitment notification from Securities and
ICAI : 10 Suggestions by ICAI President for CA Students
How to Prepare for CA Final exams
A complete guide on how you should prepare and strategies every subject of CA Final for upcoming Nov 2015 attempt.
Since the CA Final exams are knocking on the door, every examinee must be well prepared for this much awaited period. It is the time to buck up and put in all their strengths to earn the degree. Here is
Since the CA Final exams are knocking on the door, every examinee must be well prepared for this much awaited period. It is the time to buck up and put in all their strengths to earn the degree. Here is
8 Habits To Become a Successful CA
A man is a result of his thoughts, which finally
converts into habit. Everybody wants to be successful but success can't
be achieved overnight. We can't improve you in few days or month,
RECEIVER CANNOT AVAIL THE BENEFIT OF THRESHOLD EXEMPTION SCHEME
Threshold Exemption Scheme
A
threshold exemption scheme was introduced in Union Budget 2005-06
(effective from 1.4.2005) exempting from service tax aggregate value of
taxable services not exceeding four lakh rupees received by the service
provider during a financial year. A point has been raised whether
payments
Arbitration 2015-Weapon Reloaded
“When will mankind be convinced and agree to settle their difficulties by arbitration?” Benjamin Franklin.
Historically,
arbitration was successfully used by the ancient Greeks and the Vikings
to solve interstate and intrastate conflicts. In more recent history,
arbitration played an important role in solving international border
disputes. Currently, negotiation and mediation are the widespread
Tuesday, September 1, 2015
SCOPE OF EXEMPTED SERVICES FOR CENVAT CREDIT
Exempted Services [Rule 2(e)]
Exempted
services would include only services (not goods) which are taxable
services but are exempt from the whole of service tax leviable thereon
(such as services for which payment is received in foreign exchange or
services rendered to Diplomatic Missions etc.). Exempted services will
also
Cabinet approves arbitration law amendments for expeditious case disposal, cost-effective arbitration
Union Cabinet approves amendments to arbitration law, with an aim to ensure neutrality of arbitrators, expeditious disposal of cases, making arbitration more user friendly & cost effective; Amendments include disqualification of arbitrator if he has any relationship or interest in the matter, insertion of a provision for fast track procedure for conducting arbitration; Also includes
Monday, August 31, 2015
Compulsory manual selection of cases for scrutiny during the Financial Year 205-2016
To
Government of India
Subject: Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016-
Government of India
Ministry of Finance
Department of Revenue (CBDT)
Instruction No. lJ.t.:./2015
North-Block, IT (A-II) Division
New Delhi the 31st of August, 2015
All Pro Chief-Commissioners of Income-tax/Chief-Commissioners of Income-tax
All Pro Directors-General of Income-tax/Directors-General of Income-tax
Sir/MadamSubject: Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016-
Due date of filing of returns for the people of Gujarat has extended
Due date of filing of returns for the people of Gujarat has extended till 7th sep
Sunday, August 30, 2015
ICAI takes back its decision on Mechanism to Monitor Tendering
ICAI takes back its decision on Mechanism to Monitor Tendering
As reported by us that ICAI has reversed its decision on Mechanism to Monitor Tendering vide our post titled “ICAI – Tendering- Council Retreat – Decision Reverted” , ICAI has made an announcement to such effect on its website vide its press release dated 24.08.2015, text of the same is
As reported by us that ICAI has reversed its decision on Mechanism to Monitor Tendering vide our post titled “ICAI – Tendering- Council Retreat – Decision Reverted” , ICAI has made an announcement to such effect on its website vide its press release dated 24.08.2015, text of the same is
Registration of trust can't be cancelled due to non-filling of return of income
Registration of trust can't be cancelled due to non-filling of return of income
August 26, 2015[2015] 60 taxmann.com 183 (Chennai - Trib.)/[2015] 38 ITR(T) 634 (Chennai - Trib.)
IT
: Since non-filing of a return did not find a mention as a cause for
Thursday, August 27, 2015
When lights are off at night, one must not view the hand phone! or permanent loss of eye sight is possible
Habitually using hand phones before bedtime in the dark can lead to serious problems.
Recently, an increasing number of 30-40 year-old patients are seeking medical attention due to using hand phones in the dark.
Professor Li Li, director of the Hospital of Ophthalmology said: direct glare of >30 minutes would
Recently, an increasing number of 30-40 year-old patients are seeking medical attention due to using hand phones in the dark.
Professor Li Li, director of the Hospital of Ophthalmology said: direct glare of >30 minutes would
Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA
Citation: –
The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd,
(Goa High Court) Income Tax
Appeal no 37/2007, Date of Pronouncement 23.04.2015
Brief
of the case
In the case
of The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt.
Ltd High Court of Goa has
Monday, August 24, 2015
CA required
Required a ca with experience of 1 year or fresh with adequate training
capable of handling company audits can contact us at
CBEC clarifies on SCN issuance & proceedings conclusion as per amended penal provisions in Service Tax and Central Excise
The
penal provisions under the Service Tax and the Central Excise has been
liberalised vide the Finance Act, 2015, effective from May 14, 2015,
whereby, in terms of the amended provisions, if an assessee is willing
to pay the duty/tax along with interest either before the issuance of
Show Cause
Sunday, August 23, 2015
Saturday, August 22, 2015
CA-assisted tax filing is now FREE!
Aug 21 at 8:59 PM
|
Friday, August 21, 2015
Restrictions under Cenvat Credit Rules- An analysis
WowTables: Exclusive fine dining meals & experiences
WowTables is a culinary platform offering classic table reservations and
curates exclusive dining experiences for guests by associating with
quality restaurants across India in Mumbai, New Delhi, Bangalore and
Pune. WowTables was launched in late 2012 in Mumbai under the name
'GourmetItUp' by Deepa and Kunal Jain. This brainchild of theirs is the
first online reservation portal
Requirement of chartered accountants
Required two chartered accountants having 3 years of experience on assignment basis for 8 to 9
Five major reasons for Bloodbath in Indian financial markets
• Fears of global slowdown, china plays an important role after Chinese Yuan devaluations
RBI issues FAQs on Forex facilities and 'Liberalised Remittance Scheme' for residents
Are
you planning to travel abroad and you are not sure how much foreign
exchange can you buy when travelling on private visits to country
outside India? You are not sure as how much foreign currency can be
carried in cash for travelling abroad? You want to know how much Indian
currency
Exchange of gifts among unknown persons held taxable under section 68
Exchange of gifts among unknown persons held taxable under section 68
August 20, 2015[2015] 60 taxmann.com 133 (Delhi)/[2015] 373 ITR 301 (Delhi)/[2015] 275 CTR 166 (Delhi)
IT
: Where donor and donee (assessee) were not known to each other, mere
ESI COURT DOES NOT HAVE POWER TO GRANT EXEMPTION UNDER SEC.75 (1)(g) OF ESI ACT, 1948
The
Employees Insurance Act, 1948 (‘Act’ for short) is a piece of social
welfare legislation to extend certain benefits to certain classes of
employees. Section 74 gives powers to the State Government to
Wednesday, August 19, 2015
INCOME-TAX (TWELFTH AMENDMENT) RULES, 2015 - INSERTION OF RULE 126 NOTIFICATION NO.70/2015 [F.NO.142/12/2015-TPL]/SO 2240(E), DATED 17-8-2015
INCOME-TAX (TWELFTH AMENDMENT) RULES, 2015 - INSERTION OF RULE 126
NOTIFICATION NO.70/2015 [F.NO.142/12/2015-TPL]/SO 2240(E), DATED 17-8-2015
In
exercise of the powers conferred by Explanation 2 to clause (1) of
section 6 read with section 295
No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return
No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return
August 19, 2015[2015] 60 taxmann.com 135 (Bombay)
IT
: Where there was complete disclosure of facts by assessee that an
amount of Rs. 1.11 crore, which was received on account of a project not
Tuesday, August 18, 2015
SERVICE TAX AUDIT OPPORTUNITY IS MARKED BY STIFF CONDITIONS AND LOWER FEE
Objectionable
Condition No. 1- On receipt of audit report, department may call the
auditor for seeking any clarification or ask them to complete audit, if
it is found that particular area has not been examined properly.
- It will only result in unending process and shall always be open to receive department dictates. After
- It will only result in unending process and shall always be open to receive department dictates. After
Sunday, August 16, 2015
Saturday, August 15, 2015
PM Modi's Independence Day speech: 12 keys announcements
NEW DELHI: In a 85-minute speech from the ramparts of the historic Red Fort, PM Narendra Modi referred to the major issue facing his government — 'One-Rank, One-Pension' (OROP) — on which
Thursday, August 13, 2015
Expression of interest for audit of J Gupta & Co.
Company Name/Employer Name J Gupta & Co.
We are looking for auditors who are DISA qualified.
Skill Required Chartered Accountant, DISA qualified
We are looking for auditors who are DISA qualified.
Skill Required Chartered Accountant, DISA qualified
Expression Of Interest (EOI) (Appointment Of Internal Auditors For Hal Barrackpore Division)
Hindustan Aeronautics Limited
Last Date : Aug 14, 2015
Expression Of Interest (EOI) (Appointment Of Internal Auditors For Hal Barrackpore Division)
Last Date : Aug 14, 2015
Expression Of Interest (EOI) (Appointment Of Internal Auditors For Hal Barrackpore Division)
Tuesday, August 11, 2015
Various policies to be laid down as per CA2013
Mandatory as per Section /
Rule
|
Policy
|
Who shall formulate the Policy
|
Remarks
|
Risk
Management Policy
|
Reference
is found in Section 134(3)(n)
|
||
Section
178(3)
|
Policy relating to the remuneration
for the Directors, Key Managerial Personnel and other Employees
|
Nomination and Remuneration
Committee
|
Black money law: No case for extending compliance window deadline, says Das
The Finance Ministry has ruled out any extension of the last date for
declarations, which is September 30, allowed under the ‘compliance
window’ in the new black money law.
The compliance window — which has been declared as a one time facility —
allows declaration of unaccounted foreign assets along with payment of
tax at rate of 60 per cent (30 per cent plus 30 per
Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid, rules HC
Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid, rules HC
August 11, 2015[2015] 60 taxmann.com 144 (Karnataka)
IT
: Section 234E does not suffer from any vices for being declared to be
ultra vires of the Constitution. Section i.e., 234E is intra vires of
the Constitution
•
In the instant petition the petitioners challenged the constitutional
validity of Section 234E contending that it is ultra virus of
Constitution of India .
•
According to petitioners levy or imposition of 'fee' is regarded as a
written or
Monday, August 10, 2015
Trust can earmark its existing fixed deposits for future application to claim exemption under sec. 11(2)
Trust can earmark its existing fixed deposits for future application to claim exemption under sec. 11(2)
Saturday, August 8, 2015
TDS on quarter-end and year-end provisions – Battle lost in IBM but the war continues
Bangalore ITAT, while dealing with assessee’s
liability to deduct tax at source (‘TDS’) on provisions, had hitched IT giant
IBM India Private Ltd [TS-305-ITAT-2015(Bang)] with liability to pay interest
u/s 201(1A). ITAT held IBM liable to
deduct TDS on quarterly expense provisions entries made through credit in
suspense account as per global group accounting policy
A recent decision of the Hon’ble Bangalore
Income Tax Tribunal on the TDS provisions has generated lot of debate, mainly
due to the practical difficulty it can create in complying with the TDS
provisions and also due
New mandatory pre-deposit law under excise section 35F and customs section 129E is constitutionally valid and irrespective of date of issue of notice/order, it would apply to all appeals filed on or after 6-8-2014
Excise & Customs : New
mandatory pre-deposit law under excise section 35F and customs section
129E is constitutionally valid and irrespective of date of issue of
notice/order, it would apply to all
Sunday, August 2, 2015
CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR 4, ITR 5, and ITR-7 for filing tax return for AY 2015-16
CBDT
notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR
Notice issued u/s 148 with approval of CIT in place of JCIT has no validity
Citation
of the case:-
CIT vs.M/s. Soyuz Industrial Resources Ltd.
(Delhi High Court), ITA No. 158/2015, Date of Decision: 27.02.2015
Issue before
court:
Whether CIT
can give approval for initiating proceeding u/s 147 in place of JCIT
who is prescribed authority to give such approval u/s 151 (2) of the Income-tax
Act.
Brief facts:
o For
AY 2002-03, assessment was
framed under Section 143(1).
o Based
upon information received by the AO, a satisfaction note was recorded
sometime in early 2009 and a notice was issued in 25.03.2009 i.e. four years
beyond the end of the assessment year. Since the case was reopened after
Just 17 individuals owe a whopping Rs 2.14 lakh crore tax arrears
http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/just-17-individuals-owe-a-whopping-rs-2-14-lakh-crore-tax-arrears/articleshow/48284890.cms
Auto driver's son from Dombivli cracks CA finals in first attempt!
Mumbai: Where there is a will there is definitely a way! Sachin Dubey from Dombivili, Kalyan district emerged victorious in clearing the Chartered Accountancy exam held in May 2015 in his very first attempt! Sachin, whose father is an auto-driver, was felicitated on his achievement by
Yakub Menon not a CA from 1993 onwards
As per Sec 2(1)(b) of Chartered Accountants Act,1949 , Chartered
Accountants means a person who is a member of ICAI. Since his name was
removed in 1993 from register of member, he is not a CA from 1993
onwards. Whenever general public quote that he is a CA, we should argue
that his name
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