"31 July 2015" Archive

ICAI President's Message – August 2015

Dear Friends, Despite diversity, the way educational system has developed and strengthened in India, we have to appreciate our ancestors for their vision and contribution. History confirms that India has been a destination for learning for centuries. Benjamin Franklin said: …only thing more expensive than education is ignorance. If ...

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Posted Under: CA, CS, CMA |

VAT not applicable on transfer of right to use of goods if effective possession and control of goods not transferred

Whether the Agreement of giving on hire two Deluxe buses for being run on the routes as per requirement of the person to whom they are hired, constitutes ‘transfer of right to use of goods’ so as to be liable to VAT under Section 2(1)(zc)(vi) of Delhi Value Added Tax Act, 2004?...

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Posted Under: CA, CS, CMA |

Various Types of Writs Under Constitution of India

Our constitution has given us various rights and obligations as a citizen of India. The Fundamental Rights to the citizen of India can be enforce through High Courts or Supreme Court of India according to the provisions of Article 32 of the Constitution. The High Courts or Supreme Court of India has power to issue various types of directo...

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Posted Under: CA, CS, CMA |

Directions issued by Central PF Commissioner to be complied by Sept 2015

Employer of the establishment covered under the Act is directed to a. Declaration in Form No. 11: Get the declaration in Form No. 11(New) from all the employees joining the establishment in a month and eligible to become member of the Fund and upload the same in Universal Account Number (UAN) Portal within 25 days […]...

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Posted Under: CA, CS, CMA |

Reimbursement from agents abroad for global telecommunication facility is not fees for technical service

Director of Income Tax Vs A.P. Moller Maersk A/S (Bombay High Court)

Due to the absence of any profit element in the amount paid by the agents it was held that it was purely in the nature of reimbursement of cost of MaerskNet. Further, MaerskNet was part of the shipping business and therefore subject to DTAA. ...

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What is Goods & Service Tax” As Per Supreme Court of Canada

Advocate Anandaday Misshra What is GST ? The Supreme Court of Canada in a case of  Reference re Goods and Services Tax had explained as to what is Goods & Service Tax . The important excerpts are reproduced herein below for better understanding of GST since the Indian GST is a version of Canada GST with a pinch […]...

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Posted Under: CA, CS, CMA |

Allowing credit period to the AE has to be considered along with main international transaction of sale of goods

ACIT Vs Information Systems Resource Centre Pvt. Ltd (ITAT Mumbai)

The transaction of allowing credit period to the AE on realization of sale proceeds is not an independent transaction and has to be considered along with the main international transaction of sale of goods....

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CBDT releases Manual on Exchange of Information

The CBDT had, in 2013, brought out a Manual to provide guidance to field officers on the scope and manner of exchange of tax-related information under the various tax treaties and agreements that India has entered into. Since then, there has been an increasing global consensus on the necessity of cooperation amongst countries to tackle th...

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Posted Under: CA, CS, CMA |

SEBI issues list of 193 defaulting Companies

PR No. 198/2015 (31/07/2015)

PR No. 198/2015-Caution to Investors 1. Some unlisted companies are luring retail investors by issuing  securities  including non-convertible and convertible debentures/ non-convertible and convertible preference  shares/ equity shares in the garb of private placement,  without  complying with the provisions of Companies Act, 1956 re...

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List of Companies involved in Corporate Frauds/Chit Fund Scams

Cases of Corporate Frauds/Chit Fund Scams Involving Companies The Ministry, during the last three years and current year, has ordered investigation into the affairs of 145 companies which were allegedly involved in illegal deposit taking activities.  A State-wise list of these companies is enclosed as Annexure. In many of the cases where...

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Posted Under: CA, CS, CMA |