• Oct
  • 23
  • 2014

Deemed dividend applies only where there is ‘actual payment’ & not on transaction in kind

CA Pankaj G. Shah Deemed Dividend – For invoking provisions of Section 2(22)(e) there should be actual payment, existence of Reserves at the time of making payment – Credit sale is not ‘loan’ or ‘advance’ for purpose of S.2(22)(e) – ITAT Indore Bench Please find attached a recent decision of Parag Desai v. Addl. CIT […]

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  • Oct
  • 22
  • 2014

Celebrating Diwali Differently

Added In Finance
Dr. Sanjiv Agarwal As we all celebrate the festival of Diwali next week, we see hectic business activities and preparations all around – host of business exhibitions; sale of what not; decked up markets, shops, showrooms, hotels etc; investments in durables, metal, stocks, vehicles, appliances and tons of shopping at personal level. Each one has […]

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  • Oct
  • 22
  • 2014

Delhi VAT -Filing of online return for 2nd quarter of 2014-15 – extension of due date

Added In GST
I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of second quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures/enclosures to 10/11/2014.

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  • Oct
  • 22
  • 2014

Tax Treatment of Income from Salary in Brief

Added In Income Tax
1. Income under the head Salaries 1.1 Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund

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  • Oct
  • 22
  • 2014

Reporting on Internal Financial Control deferred for one year i.e., up to 01.04.2015

Added In Company Law
Ministry of Corporate Affairs has amended Rules for Chapter 10 (Audit and Auditors) of the Companies Act, 2013 and Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 31.03.2015. The auditor shall report on the existence of adequate internal financial control and its operational effectiveness for the financial years on or after 01.04.2015.The auditor may voluntarily report for the year from 01.04.2014 to 31.03.2015.

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  • Oct
  • 22
  • 2014

ICAI invite suggestions on ITRs & other Income Tax forms

Added In Income Tax
ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962. – (21-10-2014) The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same, suggestions are […]

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  • Oct
  • 22
  • 2014

CPC-TDS enables Online TDS Statement Correction functionality

Added In Income Tax
The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at least one correction for the relevant statement has been processed by CPC (TDS). Download Tutorial on above from the following link :- http://contents.tdscpc.gov.in/docs/e-Tutorial%20-%20Online%20Correction-%20Challlan%20Correction.pdf

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  • Oct
  • 22
  • 2014

Very few takers for One Person Company (OPC)

Added In Company Law
Data provided by the Ministry of Corporate Affairs revealed that only few takers for One Person Company(OPC), which is introduced as a new business ownership concept by virtue of the Companies Act, 2013. The statistics on number of entities such as public companies, private companies, OPC and LLPs registered from 1st April, 2014 to 26th […]

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  • Oct
  • 22
  • 2014

Service Tax on Joint Development Agreements

Added In Service Tax
A. Whether the agreement between developer and land owners is in the nature of joint venture? B. If it is not a joint venture then whether the transaction of giving 400 units of flats in return of a land (i.e. a non – monetary consideration) amounts to service and whether the same is liable for service tax?

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  • Oct
  • 22
  • 2014

CBI caught DCIT taking Rs.23-lakh bribe

Added In Income Tax
CBI ARRESTS A DEPUTY COMMISSIONER AND TWO INSPECTORS OF INCOME TAX DEPARTMENT IN A BRIBERY CASE The Central Bureau of Investigation has arrested a Deputy Commissioner and two Inspectors, all the three of Income tax Department in a bribery case. A case was registered against a Dy Commissioner of Income Tax, Karimanagar (Telangana) on the […]

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