"09 September 2015" Archive

Non Extension of Date of Tax Audits & Company Audits – Adamant Views of FM & CBDT

1. DUE DATES OF FILING OF ITR AND TAX AUDIT REPORTS We all know that the due date of filing of the returns and audit reports are as follows- 31st July – filing of return of income for the people other than whom tax audit under income tax act applies and companies. 30th September – filing of tax audit report, Income tax return of the p...

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Posted Under: Income Tax |

Agenda for Board Meeting Required to be Held before AGM for Private Limited Companies –SS-1

In this article I am going to discuss about the Agenda of Board Meeting required to be held for following purposes: Like: Approval of Directors’ Report/ Annual Account and issue of Notice of AGM. As we know that secretarial Standard on Board Meeting has been applicable from 1st July, 2015. On or after 1st July, 2015 all the Board Meetin...

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Posted Under: Income Tax |

Major Differences Between ICDS and Accounting Standards

This Income Computation and Disclosure Standard is applicable to all the assesses following mercantile system of accounting for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of accounts. ...

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Posted Under: Income Tax |

Assessee cannot be asked to prove something which is beyond its control

DCIT Vs Raj Kumar Saraogi (ITAT Kolkata)

In the case of DCIT Vs. Raj Kumar Saraogi the Kolkata ITAT held that comparison with the items of jewellery found at the time of search with wealth tax return, which were filed much earlier was putting an onerous task on assessee to prove something impossible...

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Volatility, uncertainty, complexity and ambiguity

VUCA is an acronym used to describe or reflect on the volatility, uncertainty, complexity and ambiguity…a scenario witnessed in India…rather worldwide. VUCA probably originated as a concept in the 1990s and derives from military vocabulary and has been subsequently used in emerging ideas in strategic leadership that apply in a wide ra...

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Posted Under: Income Tax |

Count Your Blessings

We have a tendency to always notice what we lack. Even if we may have everything but someone else got something which we don’t, we see the lack of that thing in our lives.Why should we try to find that thing within our lives? We may as well have something that person doesn’t. But still our mind will only notice that one thing. ...

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Posted Under: Income Tax |

Indirect Tax Collections for Aug 15 increases by 36.7%

Indirect Tax Revenue (Provisional) Collections during Month of August 2015 Increased by 36.7% as Compared with August 2014 while, Overall Indirect Tax Collections During April-August 2015 Increased to Rs. 2,63,089 Crore from Rs. 1,92,677 Crore during the same Period Last Year and thereby Registering an Increase of 36.5%....

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Posted Under: Income Tax |

Potable alcohol Manufacturing companies to be under State Govt. Control

NA (09/09/2015)

It will ensure that industries engaged in manufacturing alcohol meant for Potable purposes shall be under the total and exclusive control of States in all respects. This should also assign accountability to States for manufacture of Potable alcohol. ...

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Salient features of norms for spectrum trading

Close on heals of the decision on spectrum sharing, the Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today approved a proposal of the Department of Telecommunications on guidelines for spectrum trading arising from the recommendations of the Telecom Regulatory Authority of India (TRAI). ...

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Posted Under: Income Tax |

Reg. Safeguard Duty on product HR Coil

G.S.R. 690 (E) (09/09/2015)

Director General (DG) of Safeguards Recommends Imposition of Provisional Safeguard Duty @ 20%, for a Period of 200 Days for Hot-Rolled Flat Products of Non-Alloy and other Alloy Steel in Coils of a Width of 600 MM OR More; Recommendations of the DG Safeguards to be Examined by the Board of Safeguards Headed by the Commerce Secretary...

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