"December, 2014" Archive - Page 6

Tax Audit Limit is arbitrary & Unconstitutional – HC

K. Bhagavatheeswaran Vs Institute Of Chartered Accountants of India (Madras High Court)

All the auditors cannot be placed on an equal footing and an assumption cannot be made that an auditor would be able to fulfil his obligations only up to 30 tax audit assignments under section 44AB of the Income-tax Act, per financial year. ...

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Tax Audit Puzzles- Arbitrary Limit & CAG Report

The Comptroller and Auditor General Report no. 32 of 2014 has taken the list of Chartered Accountants who have signed tax Audit cases under Income tax Act of more than 400 during FY 2012-13 and there are 22 people in the list....

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Forensic Accounting: An Emerging Sector

Introduction- With an upsurge in financial accounting fraud in the global economy, forensic accounting has become an emerging topic of great importance for academic, research and industries. Forensic accounting is perceived to have evolved in response to certain emerging fraud related cases. The scandals that shocked the corporate world w...

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Posted Under: CA, CS, CMA |

Proposed GST – Still Miles Away

The Union Government in third week of December, 2014 (19 December, 2014) introduced Constitution (122 Amendment) Bill, 2014 in Parliament which when passed shall pave the way for introduction of proposed Goods and Service Tax (GST) in India. ...

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Posted Under: CA, CS, CMA |

PM nominates ICAI for Swachh Bharat Abhiyaan

Hon'ble Prime Minister Shri Narendra Modi Ji has nominated ICAI for the Swachh Bharat Abhiyaan during his visit to Varanasi to mark Good Governance Day on 25th December 2014. ...

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Posted Under: CA, CS, CMA |

Income from growing of mushrooms cannot be treated as an agricultural income

Chander Mohan Vs ITO (ITAT Chandigarh)

Even if, growing of mushroom necessarily involve use of some soil, it could not by itself amount to carrying on a primary agricultural operation in the sense of cultivation of the soil. The assessee has failed to explain as to how it can be claimed that basic agricultural operations were carried out in mushroom production and how expendit...

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ITAT Should Not Dispose Appeals In light hearted or casual manner

State Bank of India Vs DCIT (Bombay High Court)

The Tribunal should pass a fresh order not only in relation to the objection raised by the Assessee to the exercise of powers under section 263 of the IT Act, but on the merits of the claim as well. Merely because such an opportunity is given by us does not mean that the Tribunal is obliged...

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Section -40(a)(ia) ITAT benches cannot overrule Special Bench Judgment in Merilyn Shipping

ACIT Vs Amit Naresh Sinha (ITAT Mumbai)

As per the AO the assessee did not file any details in this regard. Referring to the provisions of section 40(a)(ia) of the Act, he held that the assessee had defaulted in not deducting TDS as per the provisions of section 194C and 194J of the Act, that as per the provisions of section 40(a)(ia) of the Act the amount on which tax was dedu...

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Proposed Insurance Laws (Amendment) Ordinance, 2014: Key Aspects

The Union Cabinet had approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014 to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008 as reported by the Selec...

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Posted Under: CA, CS, CMA |

Change in processing of Quarterly TDS Statements

1. Step 1: CPC (TDS) will first process Original TDS Statements till the stage of 26AS generation for deductees reported. 2 Step 2: Short Payments and PAN Errors will be identified in the preliminary check of the Original statements....

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