• Jul
  • 30
  • 2015

Indian Model of Goods & Service Tax (GST)

Added In GST
CGST: – Under this option, the two levels of government would combine their levies in the form of a single National GST, with appropriate revenue sharing arrangements among them. In the case of a Central GST (where all goods and services are taxed by the Central government only), the Centre will collect most of the country’s total tax revenue, leaving very little for the sub-national Governments.

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  • Jul
  • 30
  • 2015

Applicability Of IND AS In India

Added In Finance
Shruti Agrawal 1. Voluntary Adoption: Companies may voluntary adopt Ind AS for financial statements for accounting period beginning on or after 1st April 2015 with the comparatives for the periods ending 31st March 2015 or thereafter. If any company adopts the Ind AS then it will be required to follow i.e. there is no option […]

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  • Jul
  • 30
  • 2015

No obligation to deduct TDS on amounts paid as reimbursement of expenses

Delhi High Court in the case of CIT vs. DLF Commercial Project Corp held that There is no obligation to deduct TDS on amounts paid as reimbursement of expenses because it do not have the character of income.

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  • Jul
  • 30
  • 2015

No denial of refund on non-realisation of export proceeds

Added In Excise Duty
Whether refund of accumulated Cenvat credit filed under Rule 5 of the Cenvat Credit Rules, 2004 can be denied on the ground that the sales proceeds in respect of goods exported have not been realised by the Appellant?

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  • Jul
  • 30
  • 2015

CBDT notifies New ITR-3, ITR-4, ITR-5 ITR-6 & ITR -7 for A.Y. 2015-16

Added In Income Tax
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI NOTIFICATION NO.  61/2015, Dated: July 29, 2015 S.O. 2070 (E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 […]

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  • Jul
  • 30
  • 2015

Applicability of Section 206AA in case of Non Resident

Added In Income Tax
Section 206AA has been brought into Act from 1.4.2010. This section talks about furnishing of Permanent Account number (PAN) by any person entitled to receive any sum or income or amount on which tax is deductible under Chapter XVIIB. This provision cast a obligation on any person receiving an income to furnish PAN to deductor, failing on which tax shall be deducted at the higher of following;

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  • Jul
  • 30
  • 2015

Procedure for Registration of Section 8 Company

Added In Company Law
Section 8 Company Introduction Section 8 Company is a Company licensed under Section 8 of the Companies Act, 2013 (the Act), erstwhile known as Section 25 Company under the Companies Act, 1956, which has main object; For promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other […]

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  • Jul
  • 30
  • 2015

At Least After Death, No Excise Duty – SC

Added In Excise Duty
Hon’ble Supreme Court in the case titled as Shabina Abraham & Ors. Vs. Collector of Central Excise & Custom in Civil Appeal No. 5802 of 2005 decided on 29.07.15 has held that assessment proceeding under the Central Excise and Salt Act, 1944 cannot be continued against the legal representative/estate of a sole proprietor/manufacturer after he is dead.

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  • Jul
  • 30
  • 2015

Comments on Disclosure of Interest by Directors

Added In Company Law
The disclosure of interest by a director is a statutory duty arising out of distinctive position held by him. Such position does pose some ambiguity. It is very well possible that in the first instance even a director may not be able to give a clear reply about his legal position.

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  • Jul
  • 30
  • 2015

Discipline- Without This, Our Life is Meaningless

Added In Finance
Discipline refers to ‘Orderliness, System and Code of behavior.’ We can notice the discipline in our surrounding nature also. Animals and plants have discipline. Birds fly in flocks. Bees and Ants work as a team. The upper part of a plant grows towards the sunlight while the underground roots spread searching for water and nutrition.

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