"04 June 2015" Archive

Clarification on Indirect Transfer Provisions under Income Tax Act, 1961

The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making significant changes to the indirect transfer tax provisions under the Income Tax Act, 1961 (Act)...

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Posted Under: Income Tax |

Free issue of samples is not liable for VAT

Commercial Taxes Officer vs M/s Indian Shaving Products Ltd. (Rajasthan High Court at Jaipur)

The fundamental principle of sales tax is that there should be sale of goods involving buyer and seller, there should be transfer of property in goods from the seller to the buyer and flow of consideration from the buyer to the seller. In case of samples issued by the assessee as a part of promotion program, first of all there is no buyer...

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Posted Under: Income Tax |

Depreciation As Per Schedule II of Companies Act 2013

♠ Schedule II to the Companies Act, 2013 requires depreciating the asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. ♠  The useful life of an asset is the period over which an asset is expected to […]...

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Posted Under: Income Tax | ,

Changes in Cenvat Credit Rule 4(1) & Rule 4(7) from 01.03.2015 & its applicability with respect to POT Rule 7

Cenvat credit in respect of input to be claimed within six months from the duty paying document with effect from 01.09.2014. [ Notification no. 21/2014- Central Excise dated 11.07.2014 ]- insertion of third proviso to rule 4(1)....

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Posted Under: Income Tax |

Whether levy of interest U/s. 234A, 234B and 234C of Income Tax Act, 1961 is mandatory

Whether the levy of interest under section 234A, 234B and 234C of the Income Tax Act, 1961, (the “Act”) is mandatory and whether or not Assessing officer should give a specific direction in his order to levy of such interest. There are some important case law laid down by Supreme court of India on issue […]...

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Posted Under: Income Tax |

Taxability of Resident Welfare Associations under Income Tax Act

Resident welfare association (RWAs) is categorized as Association of Persons (AOP) under Income Tax Law. They act as the voice of their members and not only take care of ensuring good maintenance of the place but also represent members when and where needed on matters related to the place....

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Posted Under: Income Tax |

Meaning of NBFC’s and Recent changes in law relating to NBFC’s

 Meaning of NBFC Section 45I of the Reserve Bank of India Act, 1934 defines ‘non-banking financial company’ as– a financial institution which is a company; a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lendin...

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Posted Under: Income Tax |

All about Share Certificate Under Companies Act, 2013

A share Certificate is a document issued by company evidencing that the person named in the certificate is owner of number shares of Company as specified in the Certificate. TIME PERIOD FOR ISSUE OF SHARE CERTIFICATES: In case of Incorporation: With in a period of 2 (Two) Month from the date of Incorporation to the subscriber of Memo...

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Notification No. 60/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 60/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government hereby directs that the powers of the Central Board of Excise and Customs under section 4 and section 5 of the said Act ...

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Notification No. 59/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 59/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs, Mundra to ...

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