"07 August 2015" Archive

Delhi VAT- Filing of online return for 1st quarter of 2015-16- extension of due date to 17/08/2015

18 of 2015-16 (07/08/2015)

In partial modification to this department's Circular No. 17 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, Vijay Kumar, Commissioner, Value Added Tax, do hereby ...

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How GST Progressed in This Monsoon Session

To set the stage for the ambitious reform legislation, The Modi Government introduced the Constitution (122nd) Amendment Bill, 2014 in the Lok Sabha on 19th December, 2014 for amending the Constitution of India. This was necessary for empowering the govt. to facilitate the introduction of Goods and Services Tax (GST) in the country as in ...

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House Rent Allowance – Case Study and Provisions

Raghav Sharma Employees generally receive a House Rent Allowance (HRA) from their employers to meet the cost of a rented house taken by the employee for his stay. This allowance is generally a part of the salary package or as stated in the terms and conditions of the employment. HRA is taxable under the head […]...

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Incorporation of Private Limited Company

Features of Private Limited Company Separate Legal Status Capacity to borrow Easy Transfer of shares Minimum number of Members : 2 ;  Maximum number of Members : 200 Minimum Capital : Nil {omitted by Companies (Amendment) Act, 2015} Limited Liability Minimum number of Directors : 2 Foreign investment permitted (subject to applicable Sect...

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If payment is for variety of services & use of land is minor, Payment cannot be treated as rent –SC

Japan Airlines Co. Ltd Vs CIT (Supreme Court of India)

The charges such as Landing Charges, Lighting Charges, Approach and Aerodrome Control Charges, Aircraft Parking Charges, Aerobridge Charges, Hangar Charges, Passenger Service Charges, Cargo Charges etc. ...

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IFRS : IASB proposes clarifications to IFRS 15

The International Accounting Standards Board (IASB) today published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers....

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CBDT Finally releases e-filing utility for ITR 6 for A.Y. 2015-16

Further Update on 07.08.2015 CBDT has released finally e-filing utility for ITR -6 on 06.08.2015 after 127 from the start of new financial year and gives Assessee a time of 55 days for complete his e-filing instead of 183 days due to delayed release of e-forms....

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13 Reasons why CA students are facing failure in exam?

CA Pankaj Kumar Agrawal  First of all, Congratulations to those students who have cleared CA- IPCC and CA- Final exam. After the declaration of Result, there are a few happy faces of candidates who’ve managed to clear the exams. Their hard work has been rewarded and they are all charged up for a good career […]...

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Reg. increase in basic customs duty on wheat from nil to 10% upto 31.03.2016

Notification No. 44/2015-Customs (07/08/2015)

NOTIFICATION NO. 44/2015-Customs (a) in the Table, against S. No.34, for the entry in column (4), the entry 10% shall be substituted; (b) after the Table, in the proviso, after clause (ab), the following clause shall be inserted, namely:- (ac) the goods specified against serial number 34 of the said Table on or after the 1st day of Apri...

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Posts of Independent Directors in Boards of Public Sector Undertakings

The Boards of Central Public Sector Enterprises (CPSEs) comprise of functional, Government and non-official Directors. The proposals for appointment of non-official Directors on the Boards of CPSEs are initiated by the concerned Administrative Ministries/Departments by recommending names of at least 3 eligible persons for each position pr...

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