"17 January 2015" Archive

All about Form AOC 5 – Companies Act 2013

Form AOC-5: Notice of address at which books of account are maintained. eForm AOC-5 is required to be filed pursuant to Section 128 of the Companies Act, 2013 and the same is available for filing w.e.f. January 17, 2015. Section 128 is reproduced here for your reference :-...

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DVAT Registration Online Process In 2015

Hello readers, we all are fond of changes that took place in the near past under DVAT Act consequently nearly everything goes online including registration process; which was much simpler earlier when conducted manually , atleast in my opinion....

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Posted Under: Company Law |

A Poem Dedicated to ICAI & Chartered Accountants

I will start with our Motto, With regard to the Institute and its members in toto. That person who is awake in those that sleep, Works day and night to take a giant leap. A giant leap for a student is to win the CA Final game, For the one who has become, it is […]...

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Posted Under: Company Law |

Evolution of Works Contract Tax (WCT)

This article is basically written to give you understanding of evolution of works contract tax in India and its entire journey from beginning till date. Before I take you into the mid of ocean we have to first understand that why the need arises of introduction of works contact tax and its respective calculation methods. ...

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Posted Under: Company Law |

Decoding 122nd Constitutional Amendment Bill-Goods & Service Tax

The Indian Industry is waiting very desperately for GST because it will subsume major indirect taxes levied by Central Government and State Government which will remove the cascading effect of taxes on costing of the Industry. ...

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Posted Under: Company Law |

Input Credit On Capital Goods Under Delhi Value Added Tax

The Tax Credit shall not be allowed: A) In the case of the purchase of goods from a Unregistered dealer; B) For the purchase of non-creditable goods (THE SEVENTH SCHEDULE); C) For the purchase of goods which are to be incorporated into the structure of a building owned or occupied by the person;...

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Posted Under: Company Law |

SEBI gives a New Year gift – issues PIT Regulations, 2015

SEBI on January 15, 2015 issued SEBI (Prohibition of Insider Trading) Regulations, 2015 (Regulations, 2015) which is to come into force on 120th date of its publication in Official Gazette. SEBI (Prohibition of Insider Trading) Regulation, 1992 (Regulations, 1992) shall stand repealed. ...

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Posted Under: Company Law |

Disallowance u/s 40(a)(ia) for mere deduction of TDS under wrong section

ADIT, International Taxation Vs Express Drilling Systems LLC (ITAT Delhi)

The provisions of section 40(a)(ia) of the Act has two limbs one is where, inter alia, assessee has to deduct tax and the second where after deducting tax, inter alia, the assessee has to pay into Government Account....

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Refund of TDS to TDS Deductor & Interest on TDS refund

Navneet Singal  The introduction of section 200A of the Income Tax Act, 1961 had brought a change in the process of refund of excess TDS deducted. The Section 200A describes the processing of TDS return and also the process to refund the amount in case any amount paid by the deductor is in excess of […]...

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Whether Official Liquidator can be called as Dealer & assessed to Sales tax?

Since the conduct of an auctioned sale involved transfer of goods, it falls within the wide ambit of section 2(viii)(f) of the Kerala General Sales Tax Act, 1963. Therefore, it can be concluded that the liability to pay sales tax, in the present case, would be on the Official Liquidator in the same manner as the dealer, that is, the Compa...

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Posted Under: Company Law |