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Compulsory audit of accounts section 44AB Limit of 40,00,000 has been increased to 60,00,000 in case of business and from 10,00,000 to 15,00,000 in case of profession. For the purpose of presumptive taxation u/s 44AD, the threshold limit of total turnover or gross receipts would be increased from 40 lakhs to 60 lakhs. The threshold limit is proposed to be increased to facilitate business operations of small taxpayers. Means to reduce the compliance burden of small businesses and professionals.
CIR/MIRSD/16/2011 With a view to simplify and rationalize the account opening process, we have reviewed, consolidated and updated all the documents/requirements prescribed in respect of account opening process over the years, in consultation with major stock exchanges and market participants. The simplification includes replacement of all client-broker agreements with the ‘Rights and Obligations’ document, which shall be mandatory and binding on the existing and new stock brokers (including trading members) and clients. Accordingly, SEBI (Stock Broker and Sub-Broker) Regulations, 1992 have been amended suitably vide notification No. LADNRO/GN/201 1-12/19/26273 dated August 17, 2011.
. It has been represented to SEBI that distributors incur expenditure on traveling and incidentals for reaching investors and procuring business for Mutual Funds. Distributors are also required to set up appropriate infrastructure for servicing investors as well as incur certain expenses while marketing the units of Mutual Funds. In order to enable people with small saving potential and to increase reach of Mutual Fund products in urban areas and smaller towns, it has been decided that a transaction charge per subscription of Rs. 10,000/- and above be allowed to be paid to the distributors of the Mutual Fund products from the date of this circular. However, there shall be no transaction charges on direct investments. The transaction charge shall be subject to the following:
Acer India Pvt. Ltd. Vs. DCIT (ITAT Bangalore) – Provision for warranty stood crystallised as soon as the sale was made which a customer would like to be fulfilled within the warranty period and is at the cost of an assessee ‘Goodwill Therefore, the residual amount purported to have been held by the AO as an excess provision cannot be considered as a contingent provision and not an ascertained liability.
CIT Vs DCM Limited (Delhi High Court)- Whether a mere proposal for enhancement of property tax would result in crystallisation of liability qua that portion of rate able value which was sought to be enhanced. There can be no dispute that liability does not cease to exist merely because the quantification of the liability is deferred.
Amit Jain Vs ITO (ITAT Kolkata)- Assessee made a foreign trip to Roam, Dubai and Kathmandu and claimed expenses at Rs. 1,45,151/-. Assessing Officer required the assessee to produce the evidence and also business purposes. Assessee stated that foreign tour was for surveying interiors of foreign hotels and resorts at the request of his client Arneja Creation & Hotels (P) Ltd. who wanted interiors of their hotel project at Darjeeling in similar fashion as those at Kathmandu. Assessee explained that tour to Roam was for the purpose of exploring prospectus of importing special type of Marbles for interior decoration and Dubai was a stop-over en-route to Rome. Assessing Officer in the absence of evidence treated 20% of foreign trip expenses as personal in nature and disallowed a sum of Rs. 29,003/-. We find that none of the authorities below have denied that this is not for the purpose of business. Once it is not denied, the foreign trip expenses cannot be disallowed on ad-hoc basis.
If two views are possible than Assessing Officers should take the one favourable to the Assessee and penalty for concealment cannot be levied. CIT Vs Mahavir Irrigation Pvt Ltd (Delhi High Court)- In this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false.
XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported
