"02 May 2015" Archive

Taxation of Foreign National OR NRIs in India

Section 5 of Income Tax Act says resident global income ( both earned in India & foreign) is taxable in India however the Non- Resident’s only income which is received in India OR accrues or arises or deemed to accrue or arise in India is taxable....

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Posted Under: Income Tax |

Auditor’s Report On Consolidated Financial Statements Under Companies Act, 2013

The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statements of a company under the Companies Act 2013 in December 2014. ...

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Posted Under: Income Tax |

Format of Modified/ Qualified Auditors Report on consolidated financial statements Under Companies Act, 2013

The independent auditor of Consolidated Financial Statements: Has issued a Qualified Opinion with respect to the true and fair view of the financial statements on account of misstatement of inventories and unaudited financial statements of a branch of a subsidiary. The misstatement is deemed to be material but not pervasive to the fin...

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Posted Under: Income Tax |

Format of Unmodified/ Clean Auditors Report on consolidated financial statements Under Companies Act, 2013

Certain components which have been audited by auditor/s other than the Principal Auditor and such component/s is/ are material to the consolidated financial statements of the Group. The auditors of such components which are Indian companies, there is no requirement to report on section 143(3)(i) of the Companies Act, 2013 and they did not...

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Posted Under: Income Tax |

Education Cess & SHEC can be used for Excise Duty payment

We know that education cess and Higher education cess has been withdrawn on excise duty (though the same continues with service tax, income tax and other applicable taxes) w.e.f 01.03.2015. ...

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Posted Under: Income Tax |

A guide to formalising the charity work you are intending to do in India

Forming a, Trust or a Society, or a Company Generally speaking, any organisation that devotes its funds for public welfare is a not-for-profit organisation (NPO). This includes schools, colleges, hospitals, religious organisations, etc. It also includes non-governmental organisations (NGOs). There are three common forms of not-for-profit ...

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Posted Under: Income Tax |

Harder Days for those Involved in Illegal and Illicit Transfer of Money Across the Border

FM: Harder Days for those Involved in Illegal and Illicit Transfer of Money Across the Border; Various Steps Taken by the Present Government to Squeeze the Black Money Including Undisclosed Assets Within and Outside the Country...

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Posted Under: Income Tax |

High Level Committee to Interact with Trade & Industry for Bringing More Clarity in Tax Laws

A High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th November, 2014 to interact with trade and industry on tax laws, headed by Dr. Ashok Lahiri, former Chief Economic Advisor (CEA), Ministry of Finance....

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Posted Under: Income Tax |

Penalty not justified on voluntary surrender of unexplained income

Heranba Industries Ltd. Vs DCIT (ITAT Mumbai)

Where assessee surrendered unexplained income voluntarily even after receiving notice u/s 143(2) and the AO had not brought any evidence on record to prove that there was concealment of income, whether levy of penalty u/s 271(1)(c) is not justified....

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No interest on delayed payment of interest u/s 244A on principal refund amount be allowed to the assessee

CIT Vs Indian Farmer Fertilizer Co-operative (Delhi High Court)

Only amount which an assessee aggrieved by delayed payment can legitimately claim under the statute is interest and that no other interest on such statutory interest is payable. CIT Vs. Indian Farmer Fertilizer Co-operative (Delhi High Court)...

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