"15 March 2015" Archive

Taxpayer’s follow March end “Rule” Otherwise you may be an April “Fool”

Everyone is in haste due to March end financial and tax planning. Krishna, Please explain what all should a Taxpayer do before 31st March, so that he will not become an 'April Fool'? Arjuna, the month of March is very important for all Taxpayers. In our Country, the Financial Year April to March is applicable for all Tax Laws. ...

Posted Under: Income Tax |

CA certificate in case of exemption or deduction claim by the assessee

CBDT Should make it mandatory to obtain the CA certificate in case of exemption or deduction claim by the assessees is in excess of certain amount for other than audit and salaried assessees for verifying the correctness and genuineness of claim....

Posted Under: Income Tax | ,

Transfer Pricing- Foreign entity can be taken as a tested party for comparison

General Motors India Pvt. Ltd Vs DCIT (ITAT Ahmedabad)

We are in disagreement with the revenue’s argument that GMDAT should not be selected as a ‘tested party’ as the comparable as the comparable companies selected by the assessee doesn’t fall within the ambit of TPO’s jurisdiction and, thus, he can neither call for any additional information nor scrutinize their books of accounts....

Acche Din- Mandatory documents for Import/ Export Reduced to 3

IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documents each (w.e.f 1st apr,15): India took a step forward in improving ‘Ease of Doing Business’ by reducing the compulsory documents required for import and export of goods. The Directorate General of F...

Posted Under: Income Tax |

Procedure to incorporate Section 8 Companies

Objectives of Company proposed to be formed under Section 8 of Companies Act 2013 should be to promote commerce, art, science, sports education, research, social welfare, religion, charity, protection of environment or any such other object. [Section - 8(1) of Companies Act 2013]...

Posted Under: Income Tax |

Credit of Capital Goods not owned by manufacturer during receipt at factory

CENVAT rules state that when the capitals goods are used by manufacturer, the taxes paid on the same are allowed as input credit and if the goods as final product are not chargeable to duty then credit is not allowed. Manufacturing industries are working to manufacture the product for the consumption of the consumer requires lot of machin...

Posted Under: Income Tax |

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