"10 August 2015" Archive

Local Body Tax Partial Abolition: Confusions Galore

CA Satish Sarda LBT has the dubious distinction of one of the most badly written, implemented and followed laws of India. And law makers and law followers both are responsible for messing up this law. Law should have been drafted only after discussion with various stakeholders like Assessees, Field Staff , Tax Consultants , Consumers [&he...

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Opinions: Accept or Avoid

If there’s one thing that people would willingly give- for FREE, that’ll be their opinions or advise. Now, the interesting question which must cross our minds is that, Do these people really follow what they preach? it is very easy to give advise, but to follow the same, not a cake walk....

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Capital Gain Tax on Conversion of private company into LLP?

Clause (xiiib) of section 47 read with sub-section (4) of section 47A of the Income Tax Act, 1961, inserted by the Finance Act, 2010, with effect from assessment year 2011-12 provide that the transfer of a capital asset or intangible asset to LLP or any transfer of share or shares held in the company by a shareholder on conversion of a pr...

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Risk Factors – Indent Creation & Cancellation

From the raising of the indent request from the particular department till its fulfillment by the personnel department, there are many Risk factor involved which need to be paid concern and are therefore mitigated. Process– In IT companies, it all begins from the place of creation of requisition for an indent then it get processed [...

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Driving through water clogged areas, a common behaviour of Indian Motorists – ICICI Lombard survey

car owners are ignorant of safe driving behaviour during the monsoon as well as applicability of insurance cover in case of damage to engine due to water ingression. Our endeavor through this survey is to address these gaps so that motor insurance customers are well informed and exhibit the right behavior when driving in the monsoon seaso...

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Tips To Score At Least 60+ In IPCC Accounts & Advanced Accounts

This article (A compilation of tips) is written to help students who are week in CA IPCC Accounts & Advanced Accounts to score good marks. However the relavent part of this article is also applicable for all PRACTICAL SUBJECTS like Costing & Financial Management & Taxation....

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List of special resolutions to be passed under Companies Act, 2013

A special resolution is a resolution where the intention to propose the resolution as special resolution is specified and at-least 3/4th votes required for passing the resolution. Special resolutions are required for important decisions, such as for altering the terms of the articles of association or the memorandum of association, or mak...

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Tax at source not deductible on reimbursement of cost

Lionbridge Technologies Private Limited Vs ITO (International Taxation) (TDS) (ITAT Mumbai)

ITAT Mumbai has held in the case of Lionbridge Technologies Private Limited vs ITO (International Taxation) (TDS) that There is no liability to deduct tax at source on reimbursement of cost. Consequently for not deducting tax at source, the assessee cannot be treated as assessee in default under sections 201/ 201(1A). ...

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Deduction u/s 194C instead of u/s 194J renders shortfall liable for disallowance u/s 40(a)(ia)

CIT Vs PVS Memorial Hospital Ltd (Kerala High Court)

The Court relied on the agreement concluded between Assessee and M/s Lakeshore according to which M/s Lakeshore would run Gastroenterology, Gastrointestinal surgery, Urology, Nephrology and Anesthesiology departments of the assessee upon receipt of payments as per the agreement which was not the case of undertaking a contract work. ...

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Rules not within the limits of Parent Act are unsustainable and bad in law – SC

Wipro Ltd Vs Assistant Collecter of Customs & Ors. (Supreme Court)

The appellant contented that such a notional fixation of the handling charges with the addition of one per cent of free on board value of the value of goods, irrespective of the nature of goods, size of the cargo...

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