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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
. Trust your inner voice (your guts) This might sound cliché and you might give me an Oh Come On! Expression, but I request you to pause for a second, delve into your past, and experience the decision making process you undertook. Was it pure logic? Was it based on data? Was it influenced by relationship or the rapport with the person? What was it dude?
Section 147 is clothed with a predominant and potential ascendancy of reopening the assessments framed under the statutory charter of Income Tax Act, 1961 accompanied by getting the assessments already framed into the clutch of the Department by making specific dominant references to the expressions `assess’, `reassess’ or `recompute’, all expressions of widest amplitude and magnitude.
Circular/Notification/Order Passed Under Companies Act- 2013 Sr. NO. Date of Circular Title of Circular/Notification/Rule/Order Section / Rule Gist Of Circular CIRCULAR 1. June 10, 2014 Non Requirement of PAN by foreign director or subscriber – A Foreign National who shall be a subscriber/promoter, and does not possess PAN shall submit a declaration in the said […]
Recently the Hon’ble High Court of Bombay have pronounced an order which is a land mark judgment for Indian E-commerce Industry specifically and including Coupon / voucher sub-industry considering the vacuum of judicial pronouncements on this aspect. The matter relates to CWP No. 5653 of 2010 & 7503 of 2013 decided on 20th March, 2015 […]
The assessee received revenue on account of the contract entered into with ONGC for providing services of seismic survey to the data correction supervision for the purpose of hydrocarbon reservoir exploitation, possible leak point identification and core site selection from available 2D and 3D seismic data, core acquisition with USBL System, sample processing, prevention and transportation, laboratories analysis and interpretation and report.
My Earlier article regarding this issue was Ways to Convert Black Money to White, which was basically to throw light on the wrong means adopted by people and it was not meant to encourage taxpayers to follow such methods but which was misunderstood by many. I trust that a tax planning should be done in such a way that it can stand the test of legal battle of course subject to debates.
E-filing of I.T. Returns has become mandatory for majority of the assessees and the procedure has undergone a lot of changes right from registration till filing rectification and put up ‘ Request for Re-issue of Refund’. Likewise the procedure for registration of legal heir, registration of DSC of the assessee and that of the CA, uploading of Audit Reports, Financial Statements etc., are to be meticulously followed by those who directly e-file the returns (without using readymade software).
Matching concept is a very significant concept of accounting. According to this concept income and expense must be recognised in the period to which they relate. In India, Profit & Loss is computed in accordance with two different sets of provision one set is Profit & Loss as per Companies Act, 2013 (earlier it was Companies Act, 1956) and second one is Profit & Loss as per Income Tax Act, 1961 (for the purpose of computing taxable income).
Dr. Sanjiv Agarwal ‘Resident firm’ can be Applicant (w.e.f. 1.3.2015) Vide Notification No. 9/2015-ST dated 1.3.2015, the facility of advance ruling has been extended to all resident firms w.e.f. 1.3.2015 by specifying the ‘resident firms’ under section 96A (b) (iii) of the Finance Act, 1994. For this purpose, ‘resident’ and ‘firm’ have also been defined […]
Further recruitment of manpower is not the Supply of manpower, recruitment is altogether different from supply of manpower. On the basis of above information it can be assumed that only supply of manpower is covered under RCM and no reference regarding recruitment of manpower services is made for purposes of RCM.
