Follow Us :

Archive: 07 October 2015

Posts in 07 October 2015

Delayed refund of SAD would entitle assessee to claim interest u/s 27A of Customs Act,1962

October 7, 2015 2866 Views 0 comment Print

The Hon’ble Delhi High Court in the case of Riso India Private Limited held that the Special Additional Duty of Customs is also a duty leviable under Customs Act,1962 and all the procedures regarding demand, refund , drawback as applicable to all other custom duties would also be applicable to SAD.

Return can be revised under Income Tax Act 1961 u/s 139(5)

October 7, 2015 5615 Views 0 comment Print

If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the completion of assessment*, whichever date is earlier. [* Scrutiny assessment or best judgement assessment]

Allow FDI in multi-brand retail through PPP mode: ASSOCHAM

October 7, 2015 354 Views 0 comment Print

ASSOCHAM has reiterated for allowing foreign domestic investment (FDI) in retail industry and modernisation of wet market through public-private partnership (PPP) with adequate safeguard so that these new corporations do not become monopolistic and charge high price.

GST to be implemented w.e.f April 1, 2016: K.M. Mani

October 7, 2015 1672 Views 0 comment Print

GST constitutional amendment may be passed in Winter Session of Parliament The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken, said Mr K.M. Mani, chairman of the GST Empowered Committee […]

ITAT dismisses appeal on failure to file revised Form No. 36 post amalgamation

October 7, 2015 2340 Views 0 comment Print

Rights and liabilities of erstwhile company were transferred to new company, therefore, it was essential to move an application for filing on record the amended memo of parties and also to file a fresh Form 36, mentioning the amalgamation of the assessee company with new company to peruse appeals in the name of new entity. Since assessee despite directions given by the Bench, failed to file amended Form 36, Bench was left with no option but to dismiss the appeals.

Draft GST Reports on payment process, refund process and registration on public domain

October 7, 2015 3684 Views 0 comment Print

In order to engage with the stakeholders and invite comments from the public at large, Ministry of Finance has decided to make available the Draft Business Processes of GST. Following are the Draft Reports on GST available on public domain for virtual feedback of the public: Report of the Joint Committee on Business Processes for GST on Refund Process; Report of the Joint Committee on Business Processes for GST on Registration; Report of the Joint Committee on Business Processes for GST Payment Process.

Transfer of shares of loss-making company by shareholder-company to its subsidiary not hit by section 79

October 7, 2015 3821 Views 0 comment Print

CIT vs. AMCO Power Systems Ltd (Karnataka High Court) Whether the Tribunal was correct in holding that the assessee would be entitled to carry forward and setoff of business loss despite the assessee not owning 51% voting powers in the company as per Section 79 of the Act by taking the beneficial share holding of M/s. Amco Properties & Investments Ltd.?

Major draw backs or obstacles in achieving anticipated results under RTI Act

October 7, 2015 860 Views 0 comment Print

Whereas in the matter of Principles of Natural Justice, and the field of Justice Delivery the saying Justice Delayed is Justice Denied is honestly accepted, it seems that there is no weightage to such proverb in the Right to Information Act, 2005. In fact, there is no guarantee about supply of information within particular span of period.

Free CIBIL Scores In India ?

October 7, 2015 5129 Views 7 comments Print

CIBIL scores are increasingly becoming important in our life. This three digit numerical expression of our credit wellbeing does not only impact the access to loans and funding, but has started to have a bearing on other financial aspects as well.  Thus, it becomes highly important for one to be able to maintain a good […]

Ratification Of Statutory Auditor Under Companies Act, 2013

October 7, 2015 187947 Views 19 comments Print

Appointment for 5 Years: {Section: 139(1)} Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. Ratification of Auditor: […]

Search Post by Date
October 2015