"15 June 2015" Archive

Hamari Aadhuri Kahani….. Non receipt of Income Tax Refund!

Income Tax Department has issued Circular No. 09/2015 dated 9th June, 2015 regarding income tax refund. Taxpayer wants Refund of excess of Income Tax paid as early as possible. Then today please tell me about income tax refund and about this circular. The one who have not received the income tax refund feels that his Kahani is Aadhuri. ...

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Posted Under: Income Tax |

From Hotel Room To Semi Finals Of The French Open

I recently read a news article how Timea Bacsinszky reached the semi-finals of the French Open 2015. As per the news reports, Timea entered the semi-finals despite not being among the favorites and that too considering she used to work in a hotel as a worker. The headlines itself was so catchy that I couldn’t […]...

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Posted Under: Income Tax |

Smoothen Your TDS Compliances By Using Digital Signature – Part 1

For many applications on the TRACES website, deductor is required to provide KYC Validation. KYC Validation refers to three main details to be provided by the user to gain access to facilities such as downloading a justification report, filing an online correction in TRACES, download of Form 16A and so on....

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Posted Under: Income Tax |

Service Tax on TDS In Case of Import of Service

As you all are aware that as per the general principle of service tax law, the liability to pay service tax lies on the service provider but as per Section 68(2) of Finance Act, 1994 read with Rule 2(1)(d)(G) of Service Tax Rules, 1994 in certain cases specifically mentioned therein, there is a reverse charge mechanism whereby the liabili...

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Posted Under: Income Tax |

Optimal Size of CA Firm for Government Audits

There is always debate in the minds of practicing Chartered Accountants over the size of the firms and their role in innovation. Some argue for their importance of large size having the top slab of the categories of firms, while some others argue for small size firms. In fact, the size of a firm is not clear in our minds that are correlat...

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Posted Under: Income Tax |

New Regulations of NPS on withdrawals

With the provision in the recent budget for allowing an additional deduction of Rs. 50,000/- in respect of contribution towards NPs, the interest of the taxpayers who till now did not have an NPS account has gone up substantially. People have started making enquiries and I have received a few emails seeking further guidance and clarifica...

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Posted Under: Income Tax |

All you wanted to know about NPS and additional benefit of Rs. 50,000

One my colleague Susan who is retiring this year was advised to deposit Rs. 50,000/- in NPS account this year to reduce her tax liability approached me for guidance. Based on my interaction with her I realised that the people generally do not know much about the NPS scheme in general and about this additional deduction of Rs. 50,000/- in ...

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Posted Under: Income Tax |

An Overview on E-Commerce Transactions

CA Pankaj Kumar Agrawal Today e-commerce has become an integral part of everyday life. Accessibility to E-commerce platforms is not a privilege but rather a necessity for most people, particularly in the urban areas. India is witnessing a digital revolution with internet becoming an integral part of its population and availability of inte...

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Posted Under: Income Tax |

BEPS Action Plan 13 – Complete turnaround of documentation structure!!

In An increasingly interconnected world, national tax laws have not kept pace with global corporations, fluid capital, and the digital economy thereby leaving gaps that can be exploited by companies who avoid taxation in their home countries by pushing activities abroad to low or no tax jurisdictions....

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Posted Under: Income Tax |

Sec. 194C applies only if there exist a contractual arrangement between parties

Jalandhar Improvement Trust Vs ITO TDS, Jalandhar (ITAT Amritsar)

It is only when payments are made ‘in pursuance of a contract’ that the provisions of section 194C come to into play. The contract may be oral or written, express or implied but there must be a contract nevertheless. In the present case, however, the payment is on account of legal obligation under section 24(1) of the Punjab water Sup...

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Mandating Board Diversity in India

 Amitav Ganguly MANDATING AND MEANING OF DIVERSITY The listing agreement under Securities Contracts {Regulation} Act 1956, for the first time has mandated companies whose shares are listed on stock exchanges to formulate, publish and implement a Board Diversity Policy. The term “diversity” of Board of Directors {Board} has not been d...

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Posted Under: Income Tax |

Analysis of Form 15CA & 15CB requirement for payments made for import of goods

Provisions of Sec. 195(6) of the income tax act got amended by the Finance Act 2015 and it comes into force with effect from 1-6-2015. As per the amended provision, the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident shall be required to furnish the information of the prescribed sum in such form ...

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Posted Under: Income Tax | ,

Assessee not bound by Quantum of Admission during assessment proceedings if same not offered in ROI

Commissioner of Income-tax vs. M/s. Everest Kento Cylinders Ltd. (Bombay High Court)

An Assessee cannot be compelled with the quantum of additions as admitted during the course of assessment proceedings if the said additions were not offered to tax in the return of income....

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Business transaction amounts are not taxable as deemed dividend

Ishwar Chand Jindal Vs ACIT (ITAT Delhi)

The main issue in both the years relates to whether transaction made in normal course of business can be treated as deemed dividend u/s 2 (22) (e) of the act. The another issue besides the issue above in AY 2007-08 is addition of Rs. 45,00,000/- as unexplained cash credit....

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No adjustment for disallowance of license fees and management charges U/s. 44C of Income Tax Act 1961

M/s. Lloyd’s Register Asia (India Branch Office) Vs The Asst. CIT (ITAT Mumbai)

In our conclusion, neither the payment of license fees nor the management charges, falls within the ambit and purview of section 44C and, accordingly, the nature of adjustment to the total income for the purpose of disallowance is not required. Thus it is held that license fees and management charges do not fall in the nature of head offi...

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Allowability of depreciation claimed during the course of assessment proceedings?

ITO Vs Bhartiya Vidya Mandir Trust (ITAT Chandigarh)

The assessee was not satisfied as the assessing officer did not allow the depreciation which was subsequently claimed during the course of assessment proceedings. The assessee in Cross Objection has challenged the order of the learned CIT (Appeals) in upholding the disallowance of claim of Rs.2, 57, 90,420/- made by the trust in respect o...

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Whether the provisions limiting the period of condonation for delay in filing appeal ultra vires?

Heritage Auto (P.) Ltd.Vs. Union of India and others (Punjab & Haryana High Court)p

We are unable to discern any legal flaw in the proviso to Section 85(3) of the Act, that would enable us to hold that the proviso impedes the rights of the petitioner to file an appeal or is in any manner in excess of legislature power or should be read down....

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Cenvat Credit of Input Services In ‘Setting-Up’ of A Factory

With effect from 01.04.2011, the Government has provided an equipped weapon to Revenue Officers by deletion a word i.e. ‘Setting-up’ from the definition of input services vide Notification No. 03/2011-CE(N.T.) dated 01.03.2011, to dispute the Cenvat Credit of Input Services, availed in relation to ‘setting-up’ a factory. Prior to ...

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Posted Under: Income Tax |

Types of Duties under Customs

Basic Customs Duty- Goods imported into India are chargeable to basic customs duty (BCD) under Customs Act, 1962. The rates of BCD are indicated in I Schedule (for Imports) of Customs Tariff Act, 1975. Education cess (EC) @2% and secondary & higher education cess (SHEC) @1% are applicable extra....

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Posted Under: Income Tax |

Exemptions to Private Companies (other than subsidiary of a public company)

Exemptions to Private Companies (other than the subsidiary of a public company) [Issued under section 462(1) (a) & (b)]. MCA issued the Notification dated 5th may 2015 by which it has provided for much awaited exemptions to Private Companies. After this notification now the private companies are relieved from the stringent compliance of t...

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Posted Under: Income Tax |

Expenditure claimed on account of maintaining corporate entity cannot be disallowed even when no business is carried out

Preimus Investment & Finance Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Whether expenses incurred for maintaining corporate entity & expenditure for day to day functioning of the company are allowable expenses u/s 37 even when no business activity was carried out by the assessee? Whether claim of set off of brought forward losses depreciation brought forward from earlier years should have been allowed?...

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President assents Negotiable Instruments (Amendment) Ordinance, 2015

6 OF 2015 (15/06/2015)

NOW THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:-...

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Types of Director under Companies Act 2013

I. Definition:- As per Section 2(34) of Companies Act 2013 Director means a director appointed to the Board of a Company.  II. Responsibility:- The board of directors of a company is primarily responsible for: determining the company’s strategic objectives and policies; monitoring progress towards achieving the objectives and polic...

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Posted Under: Income Tax |

Penalty u/s 271D & 271E cannot be levied on transaction entered through journal voucher

Goldstar Electricals Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Hon’ble Bombay High Court in the case of Triumph International Finance (I) Ltd., 345 ITR 270, held that settling claims by making journal entries in the respective books is also one of the recognized modes of repaying loan or deposit. In the absence of any finding recorded in the assessment order or in the penalty order to the effect th...

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Notification No. 38/2015-Customs Dated-15th June, 2015

Notification No. 38/2015-Customs (15/06/2015)

Notification No. 38/2015-Customs Dated-15th June, 2015 - Amendment in notification no 24/2015-Customs dated 08.04.2015 regarding Export categories or sectors ineligible for duty credit scrip entitlement. ...

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Clubbing of Income and related provisions- Part II

Anjali Goyal In My Previous Article titled Clubbing of Income and related provisions- Part I I have discussed the meaning of Clubbing, When it is applicable, and some of the provisions related to Clubbing. In this article I have further covered the remaining provisions :-  Analysis of ‘Revocable’ transfer of asset As per the provisio...

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Posted Under: Income Tax |

Provision for Import, auction/sale and re-export of rough diamonds in SNZ notified

Notification No. 11/2015-2020 (15/06/2015)

Import, auction/sale and re-export of rough diamonds by entities, as notified vide RBI Notification 116 of 1st April, 2014, as amended from time to time, on consignment or outright basis, will be permitted in Special Notified Zone (SNZ) administered by the operator of SNZ, under supervision of Customs. The procedure of import, auction/ s...

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Notification No. 61/2015-Customs (N.T.) Dated- 15th June, 2015

Notification No.61/2015-Customs (N.T.) (15/06/2015)

Notification No.61/2015-CUSTOMS (N. T.) Dated- 15th June, 2015 Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namel...

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Amnesty on pending SCNs for 30 days… from 14/05/2015

The Finance Act,2015 has come into effect from 14/05/2015.The new liberalized scheme on penalties under section 76 and 78 has been made applicable to all pending SCNs in Service tax matters and no order has been passed,till this date.The newly inserted section 78B,in the Finance Bill,2015 had specifically clarified this....

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Posted Under: Income Tax |

Repairs & maintenance Service of wind mills situated away from factory is eligible for Cenvat Credit

Central Excise Appeal No.15/2012 in case of COMMISSIONER OF CENTRAL EXCISE AND CUSTOMS, AURANGABAD Vs. ENDURANCE TECHNOLOGY PVT LTD the matter came before Mumbai high court by an appeal filed by Revenue. High court framed the following question of Law....

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Posted Under: Income Tax |

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