"02 April 2015" Archive

Simple Yet Significant Exams Tips- Part 2

After I got an overwhelming response to my first article titled Simple Yet Significant Exams Tips- Part 1, I decided to go in to further to give some more tips on preparation of examination and time management therein. I hope as earlier, these too render some help to fellow students and professionals. ...

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Posted Under: CA, CS, CMA |

Mobile Insurance and Anti-Theft “Mobile App” – VAT or Service Tax

Now the day’s companies have started providing smartness and security to smart phones by providing/selling insurance and anti theft application on mobile through software (mobile app) operated by them and other allied services to the consumers through their distributors and retailers. Now the following questions arise: Whether the compa...

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Posted Under: CA, CS, CMA |

Travails of the Service Tax Payer

CA. M. Lakshmanan Payment of Service Tax on the last day of the Financial Year viz. on the 31st March is more cumbersome and the assessees are put to lot of practical problems in paying the same. Since all are trying to pay the same on the last day including the service tax they have […]...

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Posted Under: CA, CS, CMA |

FAQs on provisions of Corporate Social Responsibility U/s. 135 and Rules thereon

Frequently Asked Questions On the provisions of Corporate Social Responsibility under Section 135 of the Companies Act 2013 and Rules thereon The background of these Frequently Asked Questions (FAQs) is to give clarifications regarding treatment of Corporate Social Responsibility (CSR) spending in the books of accounts and disclosures in ...

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Posted Under: CA, CS, CMA |

Key Takeaways of Foreign Trade Policy, 2015-2020

Foreign Trade Policy 2015-20 Unveiled: Aiming to nearly double India’s exports of goods and services to USD 900 billion by 2020 Commerce and Industry Minister Mrs. Nirmala Sitharaman unveiled the Prime Minister Mr. Narendra Modi-led government’s new Foreign Trade Policy, 2015-2020 (“FTP”) on April 1, 2015 at the Vigyan Bhawan,...

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Posted Under: CA, CS, CMA |

Whether provisions of Section 206AA overrides provisions of Section 90(2) of Income-tax Act, 1961

Dy. Director of Income-tax Vs Serum Institute of India Limited (ITAT Pune)

The assessee had made payments to non-residents on account of interest, royalties and fees for technical services and the same were subject to withholding under Section 195 of the Act. The assessee in accordance with provisions of Section 90(2) deducted tax on such payments as per the beneficial rates prescribed in the DTAA with respectiv...

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Addition for Bogus Purchases based on mere Assumptions not justified

Shri Ganpatraj A Sanghavi Vs ACIT (ITAT Mumbai)

Further, it is not the case of the assessing officer that the assessee has indulged in accounting of bogus purchases. When the assessee submitted that he could not have effected the sales without making corresponding purchases, the AO has taken the view that the assessee could have effected purchases in the grey market, which conclusion i...

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Foreign Trade Policy 2015-2020 Unveiled

The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the Make in India vision of Prime Minister....

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Posted Under: CA, CS, CMA |

No change in rate of Service Tax from 01.04.2015

Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified that the change in the rate of Service Tax will be effective from the date to be notified after enactment ...

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Posted Under: CA, CS, CMA |

ICAI President's Message – April 2015

Dear Friends, The great Indian philosopher Sri Aurobindo believed in the purposefulness of evolution-life has evolved from matter and then mind has from life. We have been evolving for ages by responding to our respective environments. Evolution always had a purpose to make us better. Our life has a purpose too. The whole human existence ...

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Posted Under: CA, CS, CMA |