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Archive: 10 September 2012

Posts in 10 September 2012

All about Investor Education & Protection Fund

September 10, 2012 30116 Views 0 comment Print

The Preamble of the SEBI describes the basic functions is to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. The SEBI only act as market regulator and control the irregular market practices.

Right To Use –Tax Applicability & Tax Planning

September 10, 2012 23560 Views 0 comment Print

Transfer of Right to use is a taxable event in the eye of law. A thin line of demarcation has been made as to when the activity will be covered under the provisions of Sales Tax law and when the same will be qualified as a service. To getting a clear understanding of the same, the provisions laid down are discussed here forth.

MVAT- Latest Suspicious Dealers List of 1362 Dealers

September 10, 2012 12116 Views 0 comment Print

The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and further list was updated covering 1009 names.

Clarification on Reverse Charge Mechanism

September 10, 2012 9395 Views 0 comment Print

The main question arise whether the service providers whose gross turnover is less than Rs. 10 lacs has to registered with service tax if they provide services mentioned under reverse mechanism.

Court should not interfere in decision passed by overwhelming majority of share-holders

September 10, 2012 1999 Views 0 comment Print

In a case of scheme of arrangement pending for approval of the Court under Section 391 Court should act as umpire. It would not be a rubber stamp being a blind folded instrument of putting of seal of approval. It would certainly consider the objections raised by the objectors, to the extent, permissible under the corporate jurisprudence.

ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

September 10, 2012 15628 Views 0 comment Print

The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not available) and the amount of turnover of service receiver or service provider is totally irrelevant.

Different Dimensions of Mergers & Demergers

September 10, 2012 73096 Views 12 comments Print

The term ‘Amalgamation’ or ‘Merger’ or ‘De-merger’ is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions.

ICAI to take action against those misusing name of CA firms

September 10, 2012 4063 Views 0 comment Print

Cases of (1) alleged forged use of signatures and seal of members of the Institute / Proprietary concerns / firms of Chartered Accountants on various documents; (2) alleged false representation/practice as Chartered Accountants by non-Chartered Accountant (1) The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants […]

To claim bad debts,assessee need not prove that debt actually become bad

September 10, 2012 4121 Views 0 comment Print

Thus, as per the decision of Hon’ble Apex Court, for claiming the deduction of bad debts, the assessee need not prove that the debt has actually become bad. Mere writing off in the books of account is enough.

Non or Inaccurate Submission of Assets bills makes Assessee liable to penalty u/s. 271(1)(c)

September 10, 2012 3029 Views 0 comment Print

The contention of the assessee that Audit Reports and minutes of meeting of Board of Directors were enough to prove the genuineness of the transactions in the case under consideration was unacceptable. There is no doubt that Tax Audit Report is an important document, but it cannot take place of the evidence required for claiming a deduction.

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