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Archive: 08 September 2015

Posts in 08 September 2015

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5100 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

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

July 18, 2024 4395 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!

Gain on transfer of capital assets to wholly own subsidiary is not INCOME at all in Income Tax Act. Hence, even MAT is not applicable

September 8, 2015 7747 Views 0 comment Print

In the case of Venture Pvt.Ltd vs. DCIT, ITAT Mumbai has held that (1) the Net profit shown in the Profit and loss account should be adjusted with the items given in Notes to accounts, meaning thereby,

Necessary Documents should be filed to prove bonafide intention when money received from overseas

September 8, 2015 726 Views 0 comment Print

ITAT Kolkata held In the case of Sri Som Dutt v ACIT that whenever, the money has been received from overseas, then the onus is on the Assessee to prove that all the transactions are bonafide when he is claiming that the amount has been received as Capital Receipt.

Substantial expansion possible only on existing units-Assessee eligible for 25% Deduction U/s. 80IC not 100%

September 8, 2015 1353 Views 0 comment Print

ITAT Chandigarh held In the case of M/s Shree Dhanwantri Herbals vs. The ITO that the careful reading of the form 10CCB, in a serial order would clearly show that the assessee is required to inform the location of the Industry and column (c) specifically ask the assessee to state whether business is a new business

FEMA provisions of Finance Act, 2015 effective from 09.09.2015

September 8, 2015 2867 Views 0 comment Print

S.O. 2454(E).—In exercise of the powers conferred by clause [A] of section 138 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints the 9th day of September, 2015 as the date on which the provisions of clause [13] of the said section, sections 140,141, 142 and clause (ii) of section 143 of the said Act shall come into force.

There Is Rate Change # Return Utility # No More Utility

September 8, 2015 3233 Views 0 comment Print

History of problems in return utility:- In 2012-2013, the return utility (July-Sept) had the facility of inserting an additional row and mentioning that differential rate of tax; thereby showing the additional tax to be paid in a particular month for a particular service.

Service tax under reverse charge mechanism on renting of passengers motor vehicle

September 8, 2015 225549 Views 14 comments Print

The extent of service tax in case of renting of any motor vehicle designed to carry passengers is depend on whether the provider of service has availed abatement or not. The condition to avail abatement is provided vide notification 26/2012 dated 20th June, 2012.

Capital Gain in case Cost of Acquisition of Capital Asset is Indeterminable

September 8, 2015 29761 Views 3 comments Print

The Supreme Court in the case of CIT v. B. C. Srinivasa Setty, 128 ITR 294, held that no capital gains tax is payable by an assessee where it was not possible to compute the capital gains u/s.48 of the Act. It held that capital gains could not be computed in cases where the cost of acquisition could not be conceived at all.

TNVAT – Forklift – Rate of Tax

September 8, 2015 6252 Views 0 comment Print

CA V. Sundararajan A dealer is engaged in importing and selling fork lift. For selling of fork lift the dealer is collecting taxes @5% (Capital goods-commodity code no -2025). However the assessing officer is of the view that fork lift will fall under the category of motor vehicles-and are liable to tax @14.5% under the […]

Conditions & Procedure for Export under Bond without Payment of Duty

September 8, 2015 23696 Views 4 comments Print

Dipesh Murarka Rule 19 of the Central Excise Rules, 2002 places following conditions and procedures for export of goods under bond without payment of duty. Let us see the conditions first:- CONDITIONS Any goods may be exported without payment of duty from a factory of the manufacturer or producer or warehouse or any other premises, […]

Anti-dumping duty on imports of Float Glass

September 8, 2015 1597 Views 0 comment Print

the Central Government had extended the anti-dumping duty imposed on the subject goods originating in, or exported from the subject countries vide notification No. 07/2014-Customs (ADD)

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