"25 September 2011" Archive

Summary of recent Rationalisation and Liberalization in External Commercial Borrowing (ECB) Policy

On a review of the current ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB Policy as under : (i) The limit for eligible borrowers to avail of ECB under the automatic route per financial year has been enhanced as follows: corporates in real […]...

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Posted Under: Fema / RBI |

Download book covering direct and indirect tax, accounting standards, LLP, Companies Act, Partnership Act in brief

ICAI has released Book titled 'Quick Insight on CA profession' to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, webs...

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Posted Under: Fema / RBI | ,

Service Tax on Goods Transport Agency – Pay peanuts worry extra

Since inception year 1997, Goods Transport Agency (GTA) Service is caught by bundles of controversies like a celebrity always stay for the publicity stunt. Service Tax Legislation was just 3 years old and one can forget the childish introduction of GTA Service. However, even after sequential amendments the levy has ended up being a migrai...

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Posted Under: Fema / RBI | ,

Understanding Deemed Dividend with Latest Case Laws

It is very important to have the knowledge of provisions of deemed dividend under section 2(22)(e) of the Income tax act, 1961 before making any transaction with the closely held companies....

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Posted Under: Fema / RBI | ,

Service Tax – Renting of Immovable Property Service- HOME SOLUTIONS RETAILS (INDIA) LTD Vs UNION OF INDIA & ORS – Delhi HC

Home Solutions Retails (India) Ltd. Vs Union of India (Delhi High Court)

In the dictionary clause in Section 65(90A), while defining renting of immovable property, it has been stated that it includes renting, letting, leasing, licencing or other similar arrangements for immovable property for use in the course or furtherance of business or commerce....

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How to e-file Service tax Return in ACES?

How to e-file return in ACES? Log onto www.aces.gov.in and Click 'Service Tax' Link on top menu bar. If you are registered with ACES, use your username and password to log-in. Select your return from RET menu and submit self-assessed return online. If not registered with ACES, furnish e-mail ID of the authorized person to your ...

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Posted Under: Fema / RBI |

How to Pay MCA 21 Fees / ROC fees Via NEFT (Updated)

Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, which means that only the account holders of these banks can avail Internet banking facility. Further, payment via challan can only be made in ...

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Posted Under: Fema / RBI |

Transfer Pricing – Benchmark cannot be applied on a global basis but has to be on a transaction basis ; Tribual explains Important Principles of Cost Plus, CUP and TNMM

Assistant Commissioner of Income Tax Vs Tara Ultimo Private Limited (ITAT Mumbai)

By way of this appeal, the Assessing Officer has challenged correctness of CIT(A)’s order dated 29th March 2010, in the matter of assessment under section 143(3) of the Income Tax Act, 1961 for the assessment year 2 004-05, mainly on the following ground:...

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Company can follow cash accounting system for tax purposes even though section 209(3) of Companies Act mandates accrual system

DCIT Vs Stup Consultants Pvt. Ltd. (ITAT Mumbai)

Assessee has been following cash system of accounting and this method has been regularly employed by the assessee in recording its day today business transaction. It is not a case where the assessee has been maintaining its accounts of day to day business under the mercantile system of accounting and thereafter prepares accounts in accord...

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Transfer Pricing – Important Law On ‘Comparable Uncontrolled Transaction’ Explained

DCIT Vs BP India Services Pvt. Ltd. (ITAT Mumbai)

DCIT Vs BP India Services Pvt Ltd (ITAT Mumbai)- Decisive factors for determining inclusion or exclusion of any case in/from the list of comparables are the specific characteristics of services provided , assets employed, risks assumed, the contractual terms and conditions prevailing including the geographical location and size of the mar...

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