"June, 2013" Archive - Page 2

Empowering Through Value Addition And Overcoming Challenges In CA Profession

Let us first segregate the words and then it relate it with our profession. “EMPOWEREMENT” means” STRENGTHNING” and “VALUE ADDITION” in simple terms means -” ADDING VALUE”. So the basic argument is to strengthen the entire Chartered Accountancy profession through value addition of services which will not only help ...

Posted Under: CA, CS, CMA |

Registration Procedure under Gujarat Value Added Tax Act, 2003 for Companies

As per provision of Sec. 21 of the Gujarat Value Added Tax Act, 2003 a dealer is required to obtain compulsory registration when his total turnover in a particular financial year exceeds Rs. 5 lacs (including OGS, tax free sale and export) and turnover of purchase or sales of taxable goods exceeds Rs. 10,000/-....

Posted Under: CA, CS, CMA |

Luxury Tax Collection in Uttarakhand- A Reality

Advocate Rajnish R. Singla In order to discuss luxury tax collection in Uttarakhand- a reality, it will be imperative to go through The Preamble of Uttarakhand taxation & land Revenue Laws Act, 1975, Interpretation of Statutes, The Constitution of India....

Posted Under: CA, CS, CMA |

ICAI President's Message – July 2013

Dear Friends, It’s 6.18 in the morning. After getting back from a small walk, I had my first tea that is usually minus sugar and milk. My newspapers have been delivered. As I start reading some of them, I realise: Few more days and June will be over. July is ready to dawn in. July […]...

Posted Under: CA, CS, CMA |

Transfer Pricing – CBDT withdraws circular on Profit Split Method (PSM)

Circular No. 05/2013-Income Tax 29/06/2013

Circular No. 05/2013 It is noticed the Circular appeared to give the impression that there was a hierarchy among the six method listed in section 92C and that Profit Split Method (PSM) was the preferred method in the case involving unique intangible or in multiple interrelated international transactions....

CBDT amends Circular on conditions relevant to identify development centres engaged in contract R&D services with insignificant risk

Circular No.06/2013-Income Tax 29/06/2013

Circular No.06/2013 - (amending Circular No.03/2013 dated 26th March,2013) - It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of determining arm’s length price/tra...

Leasehold Rights Are Eligible For Depreciation

M/s Tirumala Music Centre (P) Ltd Vs Asst. Commissioner of Income-tax (ITAT Hyderabad)

In the grounds of appeal before the CIT(A) at ground No. 3 the assessee himself has submitted that the learned AO should have appreciated that during the previous year relevant to the AY 2008-09 the amount of Rs. 60 lakhs paid by the assessee company for deduction of Rs. 15 lakhs in question qualifies for inclusion under the head 'intangi...

Name availability guidelines,2011 – Registration of Electoral Trusts as Companies u/s. 25 of the Companies Act,1956

General Circular No. 12/2013 28/06/2013

However, the company to be formed under section 25 of the Act, shall be the new company and such company will be required to comply with section 293-A of the Act. Further, Name application may be accompanied with an affidavit to the effect that the name to be obtained shall be only for the purpose of registration of companies under Elect...

DVAT – Extension of date of filing Stock Statement in Form Stock -1 online

Notification No. F.7(43 3)/Policy-II//VAT/20 12/Part file/353-364 28/06/2013

In partial modification to Notification No.F.7(43 3)/Policy-II//VAT/20 12/472-483 dated 16.08.2012, I, Prashant Goyal, Commissioner, Value Added Tax, in exercise of the powers conferred on me under sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, do hereby extend the date for filing of stock stat...

Initiation of proceedings u/s 153C based on document seized from third party which neither mentions the name of the assessee or bears his signature is not justified

M/s Shouri Constructions Vs ACIT (ITAT Hyderabad)

This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own handwriting....