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Archive: 04 September 2015

Posts in 04 September 2015

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2997 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

SEBI amends Listing and Disclosure Regulations

September 4, 2015 3376 Views 0 comment Print

SEBI has notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015, after following the consultation process. A time period of ninety days has been given for implementing the Regulations.

Discount adjustment allowed while calculating suppression of sale due to difference in price of menu card and daily stock sheet

September 4, 2015 591 Views 0 comment Print

ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons.

Benchmarking Under Transfer Pricing

September 4, 2015 25517 Views 0 comment Print

The purpose of a benchmarking study is to select comparable transactions by rationally deriving arm’s length price based on the financial data of selected comparable. On one side the comparables selected by assesses are rejected in many cases particularly of loss making companies and on the other hand high margin comparables are cherry picked and applied.

Mistakes to be Avoided While Filing An Income Tax Return

September 4, 2015 4127 Views 0 comment Print

Incorrect Bank Account Number and IFSC code- Bank Account Number entered in ITR shall not be less than 9 digits in any case and an accurate IFSC code should be specified, otherwise it may delay your Income Tax Refund.

Exclusive Method’ of accounting is valid in absence of any notified standard by Department

September 4, 2015 5762 Views 0 comment Print

In A.C.I.T. vs. Kiran Industries Pvt Ltd, the Ahmedabad Tribunal following its co-ordinate bench decision and relying upon the decision of Hon’ble High Court (T&AP) held that excise duty component need not to be included in valuation of inventory if the assessee is following exclusive method of accounting.

S.54 Exemption on advance to builder- Non completion of construction & transfer of title

September 4, 2015 8460 Views 1 comment Print

ITAT Mumbai has held in the case of Hasmukh N. Gala vs. ITO that Giving advance to builder constitutes ‘purchase’ of new house even if construction is not completed and title to the property has not passed to the assessee within the prescribed period.

Taxes to Be Subsumed In GST

September 4, 2015 173849 Views 2 comments Print

GST is commonly described as indirect, comprehensive, broad based consumption Tax. The Dual GST which would be implemented in India will subsume many consumption taxes. The objective is to remove the multiplicity of tax levies thereby reducing the complexity and remove the effect of Tax Cascading. The objective is to subsume all those taxes that […]

Impact under GST on Job work transactions

September 4, 2015 23152 Views 10 comments Print

Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee base on Central side itself is expected to rise to approximately 60 lacs assessees from existing base of apprx. 15 lacs.

Income from business of letting of property taxable as Business Income

September 4, 2015 1514 Views 0 comment Print

Kolkatta High court held Shyam Burlap Company Ltd Vs CIT that as the assesse’s main business is purchasing, developing and letting out of property. The same was mentioned in the object clause of memorandum of the company.

Notification No. 90/2015-Customs (N.T.) Dated: 04/09/2015

September 4, 2015 379 Views 0 comment Print

the Central Board of Excise and Customs hereby appoints the Additional/Joint Commissioner of Customs, Inland Container Depot, Patparganj, Gazipur Village, Delhi to act as a Common Adjudicating Authority to exercise the powers and discharge

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