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Archive: 30 August 2014

Posts in 30 August 2014

Interest paid on late payment of services tax dues and TDS is allowable

August 30, 2014 47061 Views 1 comment Print

DCIT Vs Narayani Ispat (P) Ltd. (ITAT Kolkata) Interest was paid for delayed payment of service tax & TDS. The interest for the delay in making the payment of service tax & TDS is compensatory in nature. As such the interest on delayed payment is not in the nature of penalty in the instant case […]

Start-Up’s Beware of Vodafone!

August 30, 2014 3343 Views 0 comment Print

CA Paras Mehra Mr Ashish Ranjan, developer, started his business in Hong Kong. Since he was good at marketing, his business soon started generating profits. Ashish, through his Hong Kong Company expands his business in India and incorporates a company which is fully controlled by Hong Kong Company. Ashish, because his business was doing well, […]

Deduction U/s 80IC can be claimed, despite no chemical change in composition of the raw material during manufacturing process

August 30, 2014 7229 Views 0 comment Print

assessee had set up a unit at Baddi in Himachal Pradesh for packaging of Horlics, Boost for Glaxo Smithkline Consumer Healthcare Ltd. The assessee filed its return of income claiming deduction u/s 80IC of Rs. 6,59,69,287/- @ 100% on the profits of the eligible business alleging

ICAI extends time period to complete ITT and Orientation Course

August 30, 2014 849 Views 1 comment Print

It has been brought to the notice of the Council that some students registered under Direct Entry Scheme between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course could not comply with regulatory requirements relating to Information Technology Training (ITT) and Orientation Course(OP).

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