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Archive: 27 January 2016

Posts in 27 January 2016

Extension of validity of Agencies as listed in the Appendix 2G of A&ANF of FTP 2015-20 up till 31.05.2016

January 27, 2016 435 Views 0 comment Print

The validity of recognition of those Pre-shipment Inspection Agencies (PSIAs) included in the Appendix 2G of Appendices and Aayat Niryat Forms (A&ANF) of Foreign Trade Policy (2015-20) who have completed their tenure of three years as PISAs as on date or whose validity would expire on or before 31st May, 2016, is extended up till 31st May, 2016.

Delhi VAT: Reg. issuance of statutory forms under Central Sales Tax Act, 1956

January 27, 2016 2432 Views 0 comment Print

Circular No. 35 of 2015-16 The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto downloading on the basis of sale and purchase of next quarter.

Kerala HC stays Retrospective Provisions of Payment of Bonus (Amendment) Act, 2015

January 27, 2016 7824 Views 1 comment Print

Hon’ble Kerala High Court in the case of The United Planters Association of Southern India Vs. Union of India, Stayed the Operation and Implementation of Payment of Bonus (Amendment) Act, 2015 to the extent the same gives retrospective from 01.04.2014

Eligibility Of S.T.P Units and Computation of Their Profits For Deduction U/s. 10A of Income-Tax Act, 1961

January 27, 2016 7048 Views 0 comment Print

Ten year tax holiday is available under section 10A to certain undertakings in free trade zones, electronic hardware technology parks, software technology parks or in special economic zones. The exemption is however subject to fulfillment of certain conditions. What are these conditions and how to meet them to avail the maximum benefit is explained by the learned author. Some doubts which normally arise or which the Assessing Officer may raise are also dealt with properly which may help in arranging the affairs.

Penalty U/s. 271C whether leviable for non-deduction of tax from salary paid abroad

January 27, 2016 3803 Views 0 comment Print

number of foreign companies have established their liaison offices in India. The liaison offices of these foreign companies engage a number of employees in their offices in India. Some of the employees are deputed to these liaison offices by the parent companies from abroad. Such expatriate employees continue to be on the pay-roll of the parent company also and the parent company continues to pay them a part of salary in lieu of retainership, etc.

Expenditure on repairs and renovations of accommodation provided to employee is not a perquisite

January 27, 2016 4031 Views 1 comment Print

The present opinion relates to the issue whether expenditure on repairs and renovations by the employer, in respect of an accommodation occupied by the employee, could be brought to tax as a perquisite in the hands of the employee. This opinion is being provided, because there are situations where the employer has to incur expenditure on repairs and renovations in respect of an accommodation leased for providing rent-free accommodation to the employee.

Licence/ Royalty fees to facilitate Trading Operation & Effective Management is Revenue in Nature

January 27, 2016 1501 Views 0 comment Print

ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an indefinite future.

Proceedings under rule declared unconstitutional by HC in invalid

January 27, 2016 851 Views 0 comment Print

The CESTAT Mumbai in the case of Vipul-S Plasticrafts P. Ltd. vs. Commissioner of Central Excise held that when the rule under which duty is sought to be demanded itself has been struck down as unconstitutional by various High Courts, the show-cause notice which are based upon rule 8(3A) cannot survive and are liable to be set aside.

Composition of mixture important for classifying fertiliser-CESTAT

January 27, 2016 3469 Views 0 comment Print

for the purpose of classification of fertilisers, it is important to see where the products consists of nitrogen phosphorous and potassium as laid down in the explanatory notes, it should be classified as fertilizers.

Disallowance u/s 14A on exempt investment

January 27, 2016 8579 Views 0 comment Print

i. There is no interest expenses relatable to exempt investment. Assessee has made investment in the heads of tax free income. Investment in equity shares, insurance policies etc. are related to earlier years and were invested from the own capital funds. Therefore that investment is not related to this year. Hence, provisions of sec 14A […]

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