Adding a new twist to the 2G spectrum scam, the Comptroller and Auditor General (CAG) has in its latest communication told the department of telecom (DoT) that a vast majority of the 126 licences controversially issued by the government in 2008 are i
Mr. Satodiya Extractor Purchased a box of very rare and expensive cigars then insured them against, among other things, fire. Within a month, having smoked his entire stockpile of these great cigars and without yet having even one month complete Mr.
The case of the appellant was that she and respondent Santosh Kumar Singh were coworkers and were known to each other. They fell in love and ultimately the respondent proposed to marry the appellant. The appellant agreed to such proposal and on 21.03
The Centre has rejected the alternative model of Goods and Services Tax (GST) suggested by the empowered panel of State Finance Ministers and a few BJP-ruled States, which was suggested as a strategy to obviate the need for amendment to the Constitut
MRA with CPA, Ireland: We are delighted to inform that our Institute has signed recently its fourth membership recognition MRA with CPA Ireland for reciprocal recognition of each others qualification on a variable bridging mechanism. The agreement wa
The Institute of Chartered Accountants of India has entered into a into a mutual recognition agreement (MRA) with the Institute of Certified Public Accountants In Ireland (CPA Ireland). This agreement offers both bodies the opportunity for key strate
New validation for quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards. Amended file format and FVU version 3.0 & 2.129 released (October 01, 2010). NSDL releases FVU version 3.0 which applicable for quarterly e-TDS/TCS statement per
It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts have difficulties in collection of account payee cheques drawn in their name. With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, it is further clarified that collecting banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. While collecting the cheques as aforesaid, banks should have a clear representation in writing given by the co-operative credit societies concerned that, upon realization, the proceeds of the cheques will be credited only to the account of the member of the co-operative credit society who is the payee named in the cheque. This shall, however, be subject to the fulfillment of the requirements of the provisions of Negotiable Instruments Act, 1881, including Section 131 thereof.
According to Income-tax Act, 1961 “the Act” companies need to withhold tax under section 194H on amount of commission paid to its distributors/ agents or anyone else. Generally the companies selling goods through agents sell its product to agents at price less than market price, Now here arise the point of legal action, whether difference between the retail price (at which product is sold to end user) and the price at which product is transferred to agents is “discount” or “commission”. Income-tax authorities consider it to be commission to try cover such transactions under the ambit of section 194H and on the other hand companies consider it to be a discount. In recent times there flowed numerous judgements from various forums dealing on this issue, some against and some in favour of the assessee.
Telecom industry in India is suffering from the tussle between the odds of two interpretations. In recent time’s payments for various types of technology-related transactions has been a subject matter of disagreement between taxpayer and income tax d
