"08 January 2016" Archive

Unilateral action on the part of one party with absence of mutual agreement cannot result into an international transaction

CIT, LTU Vs Whirlpool of India Ltd (Delhi High Court)

Delhi HC in the case of WHIRLPOOL OF INDIA LTD. held that in the absence of ‘mutual agreement’ or ‘arrangement’ or ‘action in concert’ for the allocation or apportionment of or contribution to the cost or expenses incurred by the Assessee in connection with benefit, service or facility provided to the AE , there cannot be an i...

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An Overview of Core Investment Companies (CICs)

In laymen’s language, CIC or a Core Investment Company is basically a company that holds the stake in the group companies without actually being involved in its trading.The next question that would probably come up to our mind is that why CIC? With the stringent requirements being imposed on the NBFC, the NBFC formed as an investment co...

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Posted Under: Income Tax |

Changes in Annual Performance Appraisal Report format for Assessing Officers

The Department has modified the Annual Performance Appraisal Report (APAR) of assessing officers (Income Tax Officers as well as Assistant Commissioners/Deputy Commissioners of Income Tax) to bring about greater accountability in assessment functions. In the revised format, the performance of the assessing officers will also be specifical...

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Posted Under: Income Tax |

Decoding GST (Part 1) – Road To GST

To set the stage for the ambitious reform legislation, the Union Cabinet under the leadership of Shri Narendra Modi ji on 17th December, 2014 approved the proposal for introduction of a Bill in the Parliament for amending the Constitution of India....

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Posted Under: Income Tax |

Delhi VAT: Delhi Sugam-2 (DS-2) to be produced at check-post or barrier

No.F.7(433)/Policy-II/VAT/2012/PF/1259-70 (08/01/2016)

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN: I.P. ESTATE: NEW DELHI -110 002 No.F.7(433)/Policy-II/VAT/2012/PF/1259-70 Dated 08/01/2016 NOTIFICATION In exercise of the powers conferred under sub-section (2) of Section 61 of the Delhi Value Added Tax Act, 2004 read with sub-rule (1) of Ru...

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Details of elected members to ICAI Central Council of WIRC, SIRC, NIRC, EIRC & CIRC

No.54-EL(1)/14/2015 (08/01/2016)

Council of the ICAI is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Third Council of the Institute from the constituencies as given below:-...

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Delhi VAT: Conditions for downloading Central Statutory forms online

No.F.3(556)/Policy/VAT/2015/1271-82 (08/01/2016)

The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto-downloading on the basis of sale and purchase of next quarter...

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Details of members elected to 22nd ICAI Regional Council of WIRC, SIRC, NIRC, EIRC & CIRC

No.54-EL(1)/15/2015 (08/01/2016)

Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Second Regional Councils of the Institute as given below:-...

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Employers to pay PF Contributions by 15th- Grace period removed

No. WSU/9(1)2013/Settlement/35631 (08/01/2016)

As per paragraph 38(1) of the EPF Scheme, 1952, paragraph 3 of EPS, 1995 and paragraph 8(1) of EDLI Scheme, 1976, the employers are required to pay the contributions and administrative charges within fifteen days of dose of every month. The employer, as per para 5.1.3 of Manual of Accounting Procedure (Part-I General), is also allowed a g...

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Time to Remind for Timely Issue of TAR / ITR Forms & Utilities for A.Y. 2016-17

It is generally expected that the Income Tax Return (ITR) forms and Tax Audit Report (TAR) form and utilities for uploading them on the website of the Income Tax Department should become finally available for public use, as on the Ist day of the Assessment Year e.g., for AY 2016-17 on 01st April, 2016 and, thereafter there should not be a...

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Posted Under: Income Tax |