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Archive: 30 July 2015

Posts in 30 July 2015

Indian Model of Goods & Service Tax (GST)

July 30, 2015 39972 Views 3 comments Print

Indian Model Of GST:- Generally, GST consist three prime models:- 1. Central GST-(CGST) 2. States GST-(SGST) 3. Dual GST (i) Non concurrent dual GST (ii) Concurrent dual GST

Applicability Of IND AS In India

July 30, 2015 3465 Views 0 comment Print

Shruti Agrawal 1. Voluntary Adoption: Companies may voluntary adopt Ind AS for financial statements for accounting period beginning on or after 1st April 2015 with the comparatives for the periods ending 31st March 2015 or thereafter. If any company adopts the Ind AS then it will be required to follow i.e. there is no option […]

No obligation to deduct TDS on amounts paid as reimbursement of expenses

July 30, 2015 18169 Views 0 comment Print

Delhi High Court in the case of CIT vs. DLF Commercial Project Corp held that There is no obligation to deduct TDS on amounts paid as reimbursement of expenses because it do not have the character of income.

No denial of refund on non-realisation of export proceeds

July 30, 2015 2372 Views 0 comment Print

Whether refund of accumulated Cenvat credit filed under Rule 5 of the Cenvat Credit Rules, 2004 can be denied on the ground that the sales proceeds in respect of goods exported have not been realised by the Appellant?

Applicability of Section 206AA in case of Non Resident

July 30, 2015 3587 Views 0 comment Print

Section 206AA has been brought into Act from 1.4.2010. This section talks about furnishing of Permanent Account number (PAN) by any person entitled to receive any sum or income or amount on which tax is deductible under Chapter XVIIB. This provision cast a obligation on any person receiving an income to furnish PAN to deductor, failing on which tax shall be deducted at the higher of following;

Procedure for Registration of Section 8 Company

July 30, 2015 33590 Views 1 comment Print

Section 8 Company Introduction Section 8 Company is a Company licensed under Section 8 of the Companies Act, 2013 (the Act), erstwhile known as Section 25 Company under the Companies Act, 1956, which has main object; For promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other […]

At Least After Death, No Excise Duty – SC

July 30, 2015 4438 Views 0 comment Print

Hon’ble Supreme Court in the case titled as Shabina Abraham & Ors. Vs. Collector of Central Excise & Custom in Civil Appeal No. 5802 of 2005 decided on 29.07.15 has held that assessment proceeding under the Central Excise and Salt Act, 1944 cannot be continued against the legal representative/estate of a sole proprietor/manufacturer after he is dead.

No addition for mere sharp decline in G.P ratio in absence of collaborating evidence

July 30, 2015 1175 Views 0 comment Print

In the case of of Pr. CIT vs. M/s Hues India Pvt. Ltd., High court of Rajasthan bench at Jaipur held that that quantum and penalty proceedings under the Act stand on a different footing and relying on decision in case of CIT v. Gotan Lime Khanij Udyog reported in 2002 (256) ITR 243 and Malani Ramjivan

Comments on Disclosure of Interest by Directors

July 30, 2015 3326 Views 0 comment Print

The disclosure of interest by a director is a statutory duty arising out of distinctive position held by him. Such position does pose some ambiguity. It is very well possible that in the first instance even a director may not be able to give a clear reply about his legal position.

Discipline- Without This, Our Life is Meaningless

July 30, 2015 5132 Views 0 comment Print

Discipline refers to ‘Orderliness, System and Code of behavior.’ We can notice the discipline in our surrounding nature also. Animals and plants have discipline. Birds fly in flocks. Bees and Ants work as a team. The upper part of a plant grows towards the sunlight while the underground roots spread searching for water and nutrition.

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July 2015