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Archive: 01 December 2013

Posts in 01 December 2013

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Independent Directors under Companies Act 2013

December 1, 2013 210365 Views 21 comments Print

Following class of companies are required to appoint at least 1/3 of total number of directors on their Board of Directors as independent directors: – Listed Companies, Public Companies having paid up share capital of one hundred crore rupees or more; or Public Companies having turnover of three hundred crore rupees or more;

Imparting of yoga training by Baba Ramdev Trust is charitable educational object

December 1, 2013 1558 Views 0 comment Print

Imparting of yoga training through well structured yoga shivirs/ camps also falls under the category of imparting education, one of the charitable objects defined under section 2(15) of the Act.

United Nations Handbook on Administration of Double Tax Treaties

December 1, 2013 1178 Views 0 comment Print

Tax treaties play a key role in the context of international coop¬eration in tax matters. On the one hand, they encourage international investment and, consequently, global economic growth, by reducing or eliminating international double taxation over cross-border income. On the other hand, they enhance cooperation among tax administra¬tions, especially in tackling international tax evasion.

Receipt of Arrears by lawyer who stopped his practice on being elevated as judge not taxable

December 1, 2013 2822 Views 0 comment Print

ince the assessee did not carry on any profession in the relevant previous year, the receipt cannot be taxed u/s 28 of the Act, since Section 176 (4) does not contain any deeming provision treating such receipt as income falling under the head “Profits and Gains of Business, Profession or Vocation” and also, it cannot be taxed as income from other sources u/s 56 of the Act.

In case of Part Payment Income tax paid shall first be adjusted towards interest payable

December 1, 2013 14966 Views 0 comment Print

A reading of the aforesaid passage from the decision of the Supreme Court in HEG Limited (supra) indicates that it would be incorrect and improper to regard payment of interest when part payment is made as interest on interest. What has been elucidated and clarified by the Supreme Court is that when refund order is issued, the same should include the interest payable on the amount, which is refunded.

S. 244A Department not obliged to pay interest on interest as same is not provided in the law

December 1, 2013 1012 Views 0 comment Print

In Sandvik case, Supreme Court had come to the conclusion that there was an inordinate delay on the part of the Revenue in refunding certain amount which included the statutory interest and therefore, directed the Revenue to pay compensation for the same not an interest on interest.

Sum paid for acquisition of clients of another company is intangible asset and eligible for depreciation

December 1, 2013 1090 Views 0 comment Print

Client acquisition cost paid by the assessee is towards acquiring an intangible asset and therefore eligible for depreciation u/s 32(1)(ii) of the Act.

Analysis of Punjab Value added Tax (Second Amendment) Act, 2013 – Part 3

December 1, 2013 1723 Views 0 comment Print

In a series of articles on the analsyis of Punjab Value added Tax (Second Amendment) Act, 2013 this is a third article in which the major amendments under Punjab VAT Act, 2005 are discussed herebelow:

Once application for admission u/s 245C is filed , it must be dealt with in accordance with law

December 1, 2013 1060 Views 0 comment Print

Once an application for admission u/s 245C is filed before the Hon’ble Settlement Commission, then the said application must be dealt with in accordance with law, i.e., refer to the contentions of the petitioners, the contention of the Revenue and then an objective, considered and a reasoned decision has to be taken.

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