"29 July 2015" Archive

Conversion of Private Limited or Unlisted Public Company into LLP and Taxability under Income Tax Act, 1961

CS Deepak Pratap Singh The Government of India has introduced various types of business structures for doing business. An entrepreneur can choose one from various business structures available according to their suitability. These are Proprietorship, Firm, AOP, One Person Company, Private Limited Companies, Public Limited Companies, Limit...

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Posted Under: Income Tax |

Development of Mechanism to Monitor Tendering by CAs

Tendering has been prohibited in the exclusive areas of practice of chartered accountants like audit and attestation services. i.e. those areas where the assignments can be performed only by chartered accountants. In those areas, where alongwith chartered accountants, the other professionals can also apply for the tender, there is no res...

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Posted Under: Income Tax |

How to pay Service Tax physically or online

An Assessee has to fill GAR-7 Challan [ Download GAR -7 Challan ] and payment can be made through bank. Now, the banker shall stamp the acknowledgement of GAR-7 with CIN- Customer Identification Number containing- BSR Code, Date of Deposit, Serial No of Challan, which can be the proof of tax payment....

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Posted Under: Income Tax |

Legality of Single Stage Taxation under the Punjab Value Added Tax Act, 2005

On 01-04-2005 Government of Punjab introduced Punjab Value Added Tax Act, 2005 (in PVAT Act, 2005) by abolishing the Punjab General Sales Tax Act, 1948. As the name suggests it’s a tax charged on portion of Value Addition at each stage. At each stage, tax calculated on sales (Outputs) and vendors are able to claim tax credits to recover...

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Posted Under: Income Tax |

CBDT notifies New ITR-3, ITR-4, ITR-5 ITR-6 & ITR -7 for A.Y. 2015-16

Notification No. 61/2015 - Income Tax (29/07/2015)

Notification No. 61/2015 - Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...

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Set Off of Losses or Carry Forward and Set Off of Losses

SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME (INTER SOURCE). SET OFF OF LOSS FROM ONE HEAD AGAINST THE INCOME FROM ANOTHER (INTER HEAD) ...

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Posted Under: Income Tax |

Gift to be treated as genuine if identity of donors is genuine & source of gift stays explained

Prem Kumar Chowdhary Vs CIT (Income Tax Appellate Tribunal “B” Bench, Kolkata)

In the impugned year the blood relation is not necessary for the gift to be a genuine gift, but the relationship matters a lot. In all the probabilities the gift is found to be genuine as the donors have explained the source of gift, copy of bank accounts, income tax return. ...

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Factoring charges on sale cannot be termed as interest & not comes within the purview of section 2(28A)

M. Sons Gems N Jewellery Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

The Tribunal upheld the contention of the Assessee and also relied upon the judgment of the Hon’ble Calcutta High Court in the case of CIT vs. MKJ Enterprises which held that factoring charges were not interest and as such, provisions of TDS are not applicable....

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Standards On Auditing- Compilation Of Important SA’s

Why Auditing Standards are Important?? Auditing Standards are mandatory to be by followed by practitioners under the direction issued by the council of ICAI. If not complied with Auditing Standards in performing Assurance Engagement...

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Posted Under: Income Tax |

GST Rates – An Unresolved Issue- GST Knowledge Series-3

One of the crucial issue for successful implementation of GST relates to the determination of the GST rate. Since the GST is primarily intended as an exercise in reforming the consumption tax in India and not an exercise for additional resource mobilisation through discretionary changes, the CGST and SGST rates should be such rates which ...

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Posted Under: Income Tax |