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Archive: May, 2015

Posts in May, 2015

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

May 15, 2024 6354 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 19380 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!

ITR Forms Simplified – New ITR-2A to come- Due Date extended to 31.08.2015

May 31, 2015 28488 Views 0 comment Print

Govt to simplify ITR Forms- New ITR-2A to come- Due Date extended to 31.08.2015 from 31.07.2015- No need for Foreign Travel and Dormant Bank A/c details Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual […]

Changes In Direct Tax Provisions Effective from 01-06-2015 along with PPT

May 31, 2015 27534 Views 0 comment Print

As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D.

TDS/TCS Rates Chart for FY 2015-16 / AY 2016-17

May 31, 2015 1254680 Views 61 comments Print

TDS/TCS Rates Chart for Financial Year 2015-16 / Assessment Year 2016-17 vide Finance Act 2015 i.e Budget 2015-16- We have updated the TDS rate chart considering the amendments made by Finance Act, 2015. Some of these amendments takes effect from 01.04.2015 and other have taken effect from 01.06.2015.

Modification in Syllabi of Accounting Papers & applicability for forthcoming CA Examinations

May 31, 2015 4561 Views 0 comment Print

Modification in the Syllabi of Accounting Papers and its applicability for the forthcoming Chartered Accountancy Examinations It has been decided that the following modification be made for the forthcoming examinations in context with Final Paper 1 : Financial Reporting and Intermediate (IPC) Paper 5 : Advanced Accounting :‐ Exclusion from the syllabus with effect from […]

No disallowance U/s. 43B for Service Tax not debited to Profit & Loss Account

May 31, 2015 40447 Views 0 comment Print

In our opinion since the assessed did not debit the amount to the Profit & Loss Account as an expenditure nor did the assessed claim any deduction in respect of the amount and considering that the assessed is following the mercantile system of accounting, the question of disallowing the deduction under section 43B not claimed would not arise.

Service tax on long term lease of Immovable property inconsistent with other laws

May 31, 2015 28297 Views 0 comment Print

Service tax payable on long term lease of Immovable property under Renting of Immovable Property – not in sync with Service tax Act, Accounting Standard, Bombay Stamp Act & Income Tax Act

Service Tax U/s. 43B not allowable as no expenditure claimed by assessee

May 31, 2015 7603 Views 0 comment Print

Issue- On the facts and in the circumstances of the case, the Ld.CIT(Appeals) has erred on facts and in law in deleting the addition of Rs.10,83,555/- which was made by the Assessing Officer by invoking the provisions of section 43B of the Act as the service tax payable in the balance sheet was not deposited before due date of filing of return.

Changes in TDS provisions vide Finance Act, 2015

May 30, 2015 32791 Views 0 comment Print

Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A Gist of the same is as follows:

Schedule II of Companies Act, 2013 (Depreciation) and Practical Implication

May 30, 2015 364380 Views 28 comments Print

So Friends, the time for Preparation of the first financial statements as per Companies Act is here. One of the most important provisions of the Act for the Companies as well as Auditors to consider is the New Method of calculating Depreciation as per Schedule II Part C of the Companies Act 2013. I would […]

Considerable Issues after the Death of Practicing CA

May 30, 2015 20598 Views 6 comments Print

The whole of CA fraternity got shocked by a recent news about a young chartered accountant dies after being electrocuted. Last month a young Chartered accountant of Lucknow died in an accident. The fraternity loose more than hundred members a year. Local fraternity tried to help out by raising the funds for the family.

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