In Recent past we noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS. Recently and MD of a
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Sunday, December 20, 2015
Saturday, December 19, 2015
Circular/Guide to TDS on Salary for Assessment Year 2016-17
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2015-16 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. Reference is invited to Circular No.17/2014 dated 10.12.2014 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of
Taxability of shares alloted under ESOP
ESOP is an option given to the employees of the company to purchase the company’s shares at a discounted price than the present market price. This option is generally given to high-ranking employees of the company.
Recipient of Services located outside India - Money received in convertible foreign exchange - fact that advice resulted in investment in India not relevant.
Commissioner of Service Tax, Mumbai-I v/s N.V. Advisory Pvt. Ltd. [2015 (39) STR 210 -Mumbai)
Recipient of Services located outside India - Money received in convertible foreign exchange - fact that advice resulted in investment in India not relevant.
FACTS:
The Respondent is providing services in the nature, of advice on investment opportunities
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CAG Report on wrong Availment of Service Tax Exemptions
Availment of Exemptions
Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon.
During the course of this performance audit we observed 14 cases of incorrect availing of exemptions
Extended period cannot be invoked for the period prior to the issue of clarificatory circular by CBEC
Greaves Ltd vs. Commissioner of Central Excise and Customs, Aurangabad. 2015 (322) ELT 772 (s.c.)
Extended period cannot be invoked for the period prior to the issue of clarificatory circular by CBEC.
FACTS:
CBEC, vide its circular dated 30/10/1996 clarified the manner valuation of captively
11 Measures taken by CBDT recently to simplify Tax Compliance
CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer .
The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and
Waiver of penalty u/s. 80 may not be available on the sole ground of financial hardship, for delayed payment of taxes. Penalty is imposable even in cases where tax is paid before issuance of show cause notice
Bootleggers Island vs. CESTAT, Chennai.2015 (39) STR 569 (Mad.)
Waiver of penalty u/s. 80 may not be available on the sole ground of financial hardship, for delayed payment of taxes. Penalty is imposable even in cases
Thursday, December 17, 2015
Railways and ICAI to introduce online system for tracking costs
NEW DELHI: With a chartered accountant, Suresh Prabhu, at the helm, the
railways is introducing an online system for tracking cost and output
creation at divisional level for better financial management and
reporting that will usher in more transparency and efficiency in the
system.
To be called Performance and Activity Based Unit Costing, the process is expected to produce an
To be called Performance and Activity Based Unit Costing, the process is expected to produce an
IPO irregularities: Sebi to refund disgorged funds to investors
NEW
DELHI: Capital markets regulator Sebi will distribute among eligible
investors the funds it has collected through disgorgement orders in
cases of IPO irregularities - a move that will benefit as many as 4.63
lakh investors.
The total amount to be distributed is Rs 18.06 crore, which includes Rs 7.35 crore recovered by Sebi
The total amount to be distributed is Rs 18.06 crore, which includes Rs 7.35 crore recovered by Sebi
CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers
The Central Board of Direct Taxes (CBDT)
has issued a Circular revising the monetary limits for filing of appeals by the
Department with the objective of reducing litigation as a part of its
initiatives to reduce grievances of the taxpayers.
The monetary limits for filing of
appeals by the Department before the Income Tax Appellate
5 Key takeaways from amended FCRA Rules
The
Govt. has notified amended Foreign Contribution (Regulation) Rules,
2015 whereby access to all FCRA services has been made easier. Now
everything would be done online thereby reducing human
CBDT revised Monetary Limits For Filing Appeals By tax authorities and direct to withdraw old appeals also: – the question is whether subordinates of CBDT will follow instructions? It is doubtful considering past experience.
CBDT revised Monetary Limits
For Filing Appeals By tax authorities and direct to withdraw old appeals
also: – the question is whether subordinates of CBDT will follow
instructions? It is doubtful considering past experience.
The last article on this issue by the same author was “Revenue should withdraw appeals in cases of tax effect below present prescribed limits for filing of appeals” was webhosted on September 22,
2017 C & AG Empanelment Ranking Points Policy & Conditions
The comptroller and auditor general of India
office have recently invited applications from the Chartered accountants Firms/
LLP for the year 2015-16. The online application format shall
be available from 1st January 2016 to 15th February 2016; the firms/LLPs can
apply/update the data
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