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Archive: 18 November 2015

Posts in 18 November 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7344 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Trade facilitation – Monitoring of pending bills of entry

November 18, 2015 454 Views 0 comment Print

F. No. 450/25/2009-Cus.lV While reviewing various measures put in place for trade facilitation in recent months including the ;Customs Clearance Facilitation Committee, the Board has felt that Commissioners and Chief Commissioners need to increase their involvement by closely monitoring pending Bills of Entry.

Swachh Bharat Cess – CENVAT Credit against GST or Not

November 18, 2015 50080 Views 1 comment Print

Swachh Bharat Cess has been imposed on the value of all taxable services with effect from 15.11.2015 (vide Notification No. 21/2015-ST dated 06.11.2015). The said levy has been imposed by the Central Government by exercising its power under Section 119 of the Finance Act, 2015, which specifically indicates that SB Cess shall be levied and collected, as Service tax .

Swachh Bharat Cess – Not Cenvatable But Refundable

November 18, 2015 33194 Views 11 comments Print

I think the word Cess included in the name has created lot of fog in the minds of the tax payer as to whetherSwachh Bharat Cess should be applied on service tax value or on the value of services. To remove the doubts of tax payers, the CBEC came with a FAQ, a couple of days back giving clarity with good examples for all the pattern of payments.

Notification No. G.S.R. 883(E), Dated: 18.11.2015

November 18, 2015 841 Views 0 comment Print

In exercise of the powers conferred by the proviso to article 309 of the Constitution and in supersession of the Income Tax Department non statutory Departmental Canteens Recruitment Rules 2004.

Exemptions to Private Companies – A candle in a Dark Room

November 18, 2015 3099 Views 0 comment Print

This article provides a synopsis of all the exceptions, modifications and adaptations made in the Companies Act, 2013 for the Private Companies. AN attempt is made to highlight the venues that can be freely transacted by private companies.

Section 185- Loan to Directors under Companies Act, 2013

November 18, 2015 26139 Views 0 comment Print

AS PER SECTION 185: No Company ( Private & Public) Directly or Indirectly Advance any loan, including book debt, to any of its directors or to any **other person in whom the director is interested Any guarantee or provide any security in connection with any loan taken by him or such other person BACKGROUND: This […]

No TDS liability u/s 194J on roaming charges

November 18, 2015 2623 Views 0 comment Print

ITAT Bangalore held In the case of M/s. Idea Cellular Ltd. vs. ACIT that there is no human intervention involved in providing roaming services, therefore, roaming charges paid by the assessee do not amount to fee for technical services u/s 194J.

Mere wrong claim of deduction did not give rise to penalty u/s 271(1)(C)

November 18, 2015 2312 Views 0 comment Print

ITAT held in Pooja Industries Vs ITO that penalty u/s 271(1)(c) could not be levied only because that the assessee had wrongly claimed deduction u/s 80IC @ 100% instead of deduction u/s 80IB. Penalty could only be levied only

Loss to banks on security classification from one to another category as per RBI directions is allowable expenditure

November 18, 2015 590 Views 0 comment Print

ITAT Delhi held In the case of Oriental Bank of Commerce vs. ACIT that any loss arising to banks on account of classification of securities form one category to another category in compliance with RBI directions is an allowable expense.

Adjustment of seized cash before completion of assessment permitted against self assessment/ advance tax subject to specific request made by assessee

November 18, 2015 1771 Views 0 comment Print

ITAT Pune held In the case of ACIT vs. RDS Construction Pvt. Ltd. that on the matter of adjustment of seized cash with the self assessment tax, we find no infirmity in the order of the CIT(A) since the assessee vide letter dated 30-03-2010

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