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Archive: 04 January 2015

Posts in 04 January 2015

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

May 15, 2024 6138 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19203 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Happy New Year!! But is it for the Taxpayers??

January 4, 2015 3325 Views 0 comment Print

Arjuna, In Income Tax Act there are two types of years i.e. Assessment Year and Previous Year. According to section 2(9) Assessment Year is 1st April to 31st March. According to Section 3, Previous Year means the year in which the Income is earned. Income earned in Previous Year is taxable according to tax rates of Assessment Year.

Loopholes in Prosecution & Penalties in Central Excise & Service Tax

January 4, 2015 9810 Views 1 comment Print

Summary of Recommendations by Comptroller and Auditor General  of India on Administration of  Prosecution and Penalties in   Central Excise and Service Tax  vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissioners at field level to ensure adequacy of action taken to satisfy the Court about existence of sufficient grounds for permitting withdrawal of complaint where warranted. […]

Income & Wealth Tax Issues in SEZ assessment

January 4, 2015 3997 Views 0 comment Print

1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign currency remittances’ into India is the underlying intent spelt out in section 10A, section 10B and […]

Introduction of GST & amendments to Land Acquisition Act to Revive Infrastructure Growth: FM

January 4, 2015 3159 Views 0 comment Print

Present Government has taken Number of Bold Steps like Introduction of Constitution Amendment Bill on Goods and Services Tax (GST), Amendment of Land Acquisition Act to Revive Infrastructure Growth: FM The Union Finance Minister Shri Arun Jaitley said that the present Government has taken number of bold steps like Goods and services Tax (GST). He […]

19 Mistakes in claim/allowance of Depreciation -Income Tax Act

January 4, 2015 56440 Views 12 comments Print

The present article deals with audit issues relating to deficiencies in applying the provisions of the Act and relevant Rules/Judicial pronouncements by the Assessing Officers (AOs) during assessments.

Mistakes in Amortisation U/s. 35D, 35DD & 35DDA of Income Tax Act,1961

January 4, 2015 36888 Views 0 comment Print

Introduction- Sections 35D, 35DD and 35DDA of the Act provides for amortisation on preliminary expenses, expenditure in case of amalgamation or demerger and expenditure incurred under voluntary retirement scheme respectively. Present chapter deals with cases relating to amortisation where AOs did not apply relevant provisions correctly.

CAG on depreciation under Income Tax Provisions

January 4, 2015 2389 Views 0 comment Print

Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country.

Control issues of ITD relating to allowance of depreciation & amortisation

January 4, 2015 1181 Views 0 comment Print

There is no mechanism available in the ITD to verify the veracity of claim of the assessees for depreciation in respect of additions made to the block of assets in previous year.

If dividend is not received, disallowance u/s 14A cannot be made

January 4, 2015 2850 Views 0 comment Print

In further held that Once the assessee has been found to have made a business investment by way, of shares in related line of business, the said investment though held by way of shares in the said company cannot be subjected to disallowance under section 14A of the Act

Incorrect claim would not tantamount to furnishing of inaccurate particulars

January 4, 2015 4245 Views 0 comment Print

The dictum laid down in case of Rubber Udyog Vikas (P) Ltd. is that incorrect claim would not tantamount to furnishing of inaccurate particulars unless it is established that assesee has acted with malafide intention.

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