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Archive: 05 June 2015

Posts in 05 June 2015

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4866 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4215 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Special drive for disposal of objections relating to mismatch of Annexure-2A/2B-cases for AY 2012-13

June 5, 2015 802 Views 0 comment Print

In suppression of this Department’s Circular Nos. 18, 20, 22, 24 & 27 of 2014-15, issued on the above mentioned subject, the Competent Authority is pleased to designate every Ward in-Charge, who is Assistant Commissioner/VATO, as the authorised Special

Single Centering & shuttering material used in construction can be treated as plant

June 5, 2015 27645 Views 0 comment Print

CIT Vs. S. Vijaya Kumar (Andhra Pradesh High Court) Individual items of centering and shuttering material used collectively in construction process constitute ‘Plant’ in terms of first proviso to section 32 (1), even if they can’t be used on stand alone basis.

Disallowance for bogus purchases should be restricted to reasonable profit % of such Purchases

June 5, 2015 5915 Views 0 comment Print

In the case of M/s Sharma East India Hospitals & Medical Research Ltd vs. DCIT, ITAT Jaipur held that disallowance out of unverifiable purchases may be restricted to 15% following the consolidated order in the cases of Sh. Anuj Kumar Varshney and ors. Vs. ITO, ITA No. 187/JP/2012

Incentive paid by BSNL to its franchisee is a trade discount not commission liable to TDS

June 5, 2015 4771 Views 0 comment Print

ITAT held in ITO Vs General Manager Bharat Sanchar Nigam Ltd that the incentive offered by the BSNL to its franchisee was in the nature of trade discount not in the nature of commission because after the payment made by the franchisee to the BSNL all risks and rewards relate to the franchisee.

Exemptions to Nidhis under section 462 of CA 2013

June 5, 2015 6470 Views 0 comment Print

entral Government in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to Nidhis, namely:-

Exemptions to Private Companies U/s. 462 of Companies Act, 2013

June 5, 2015 205638 Views 1 comment Print

Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to a private company, namely:-

Exemptions to Section 8 (Non-Profit Companies) U/s. 462 of CA 2013

June 5, 2015 19696 Views 0 comment Print

Central Government in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to a body to which a licence is granted under the provisions of the aforesaid section 8, namely :-

Expeditious disposal of applications for rectification under section 154

June 5, 2015 1276 Views 0 comment Print

225/148/2015-ITA-II Expeditious disposal of applications for rectification under section 154 of the Income-tax Act, 1961 (Act) during the Financial Year 2015-16 – reg.- Union Finance Minister in his key-note address has also exhorted the Income-tax Department to be prompt in redressing the grievances of taxpayers. It has been a matter of concern that the rectification applications as 154 filed by the taxpayers before the field officers are not being dealt with promptly.

Indirect & Direct Tax Due Dates For June, 2015

June 5, 2015 27347 Views 0 comment Print

Tax calendar for the month of June, 2015 Due Date Period Event Form Return under the Central Excise Act, 1944 10-June-15 May -2015 Excise Return by Non SSI Unit ER-1 10-June-15 May -2015 Excise Return by EOUs ER-2 10-June-15 May -2015 Excise Return by Units paying duty more than Rs. 1 Crore (CENVAT + PLA) […]

S. 194H Discount by BSNL to its franchisee on recharge coupon is not commission

June 5, 2015 2197 Views 0 comment Print

In the Case of ITO-TDS vs. BSNL, the Hyderabad Tribunal observed that the relationship between the BSNL and the franchisee was recognised by the CBDT by inserting third proviso to S.194H. The assessee being public sector undertaking stands on a different footing and the view taken by Delhi High Court

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