"12 February 2015" Archive

Disallowance for failure to withhold tax- Sec.195 rw Sec. 40(a)(i)

Circular No. 3/2015-Income Tax 12/02/2015

Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gains of business or profession", any interest, royalty, fees for technical services or other sum chargeable under this Act either payable in India to a non-resident (not being a company)/a foreign company or payab...

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Compilation of Circulars issued by MCA till date on Companies Act, 2013

 Please find below the Circulars issued by the Ministry of Corporate Affairs till-date, since the commencement of Companies Act, 2013. 1. General Circular No. 01/2015 dated February 03, 2015 – MCA has constituted a High Level Committee to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility ...

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Posted Under: Income Tax |

TDS Under Income Tax: Tedious Job With No Carrots Only Sticks..!!!

We can blame it on abbreviation , but TDS ( Tax Deducted at Source ) rhymes with TEDIOUS, as if reflecting the plight of Tax Payers and Tax practitioners. This is the most convenient way of collecting Income Tax by creating legal obligation on person making certain payments. ...

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Posted Under: Income Tax | ,

Risk Management Committee – Role and Responsibility

With the changing market scenario, now the Risk Management becomes the essential area for management to look it into and now this role is being diverted to the Committee with name Risk Management Committee. ...

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Posted Under: Income Tax |

FICCI issues Pre-Budget-Memorandum-2015-16

Adjustment of TDS in case of free look cancellations-Insurance Regulatory and Development Authority (IRDA) allows policyholders' to cancel the policy during the free look period (currently set to 15 days). In case of cancellations during free look period, the commission income accrued/ paid to agents needs to be reversed/ recovered....

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Posted Under: Income Tax |

Your Personal Website: A Great Tool To Get Your Dream Job

The question that comes to your mind is that a website typically means like a Flipkart or Amazon or Facebook or Google etc and consequently, how can someone has his or her own personal website. Well, the answer to your question is YES. You too can have your own personal website by the name of www.saurabhchopra.com or www.shuchigoel.com or...

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Posted Under: Income Tax |

Further Issue of Share Capital U/s. 62 of Companies Act,2013-PART II

Section 62 of the Companies Act,2013 deals with the Further Issue of share capital to Employees under Employee Stock Options Scheme and to any persons on preferential basis. In my previous article (Part –I), I have discussed about the Issue of shares to the employees under Employee Stock Options Scheme (ESOS)....

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Posted Under: Income Tax |

Insurance premium on Hire purchase transaction forms part of 'Sale'

TATA Engineering and Locomotive Co.Ltd.(Now Known as TATA Motors Ltd.) Vs State Of Maharashtra (Bombay High Court)

TATA Engineering and Locomotive Co.Ltd.(Now Known as TATA Motors Ltd.)[the Appellant or the Company] is a manufacturer of Motor Vehicles and also engaged in the business of hire finance of Motor Vehicles....

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SC upholds levy of Sales tax on processing / supplying of photographs

State of Karnataka Etc Vs. Pro LAB and Ors[2015-TIOL-08-SC-CT-LB]

Entry 25 of Schedule VI of Karnataka Sales Tax Act, 1957 (Entry 25) was inserted vide an amendment in July 1, 1989 thereby providing for levy of Sales tax for processing and supply of photographs, photo prints and photo negatives....

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Posted Under: Income Tax |

Date of presentation of Bill of Entry is relevant for determining rate of duty

Sunrise Enterprise Vs. Commissioner of Central Excise

Sunrise Enterprise (the Appellant) imported Global Star Brand Tyres, Tubes and Flaps (imported goods) falling under Chapter 40 of the First Schedule to the Customs Tariff Act, 1975 (the Customs Tariff Act) from Peoples Republic of China and Thailand and filed 3 Bills of Entries, one dated July 11,2007 and two dated July 12,2007....

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Posted Under: Income Tax |

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