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Archive: 07 February 2016

Posts in 07 February 2016

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

May 15, 2024 6501 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.

Registered Valuer: A Helping Hand to the Company

February 7, 2016 5995 Views 1 comment Print

A person who is registered as a Registered Valuer in pursuance of Section 247 of the Act with the Central Government and whose name appears in the register of Registered Valuers maintained by the Central Government or any authority, institution or agency, as may be notified by the Central Government only can act as a registered valuer.

Recommendations of CLC for Small / Private Limited Companies

February 7, 2016 2713 Views 1 comment Print

As we are aware that on 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee (CLC) on its website. In this post, we will discuss recommendations of the committee related to Small Companies / Private Limited Companies. Committee recommended many more new relaxations for Small Private Companies for ease of doing […]

Manner of Signing of Certificates by Chartered Accountants

February 7, 2016 5385 Views 0 comment Print

With a view to bring uniformity in the manner of signing of certificates, has decided to require the members of the ICAI to include (in addition to any other requirements in this regard prescribed by the relevant law or regulation under which the certificate is being issued) the following details in their “Signatures” on the certificates issued by them:

Natsamrat’s Love, Gift and Income Tax

February 7, 2016 2587 Views 0 comment Print

When it comes to Love, it is obvious that we carry out monetary transactions and even lending and borrowing of money is done, but we have to be careful, proper planning should be made; so that one should not suffer like Natsamrat. Natsamrat is famous Marathi movie of Nana Patekar. Wherein Father gifted all his assets to loved children’s and then suffers. In the Context of Love of Natsamrat and Love on the occasion of Valentine’s Day, explain Love and gift with Income Tax provisions.

Introduction to Service Tax in Brief

February 7, 2016 3830 Views 0 comment Print

Budget 2012 has ushered a new system of taxation of services, which is also popularly known as Negative list. The new changes are a paradigm shift from the existing system, where only services of specified descriptions were taxed. Old scheme (before 30.06.2012) levied tax on 119 prescribed services and every service has a unique code, but new scheme (from 01.07.2012) levies tax on all the services except certain negative listed services.

License fee for use of application software with limited right to use, is revenue expenditure u/s 37

February 7, 2016 3956 Views 0 comment Print

ITAT Delhi held In the case of GE Capital Business Process Management Serves Pvt. Ltd. vs. ACIT that M/s. GECC (USA), to whom payment has been made, itself has received the right to use the software internally including its group entities for its business and it does not have any right to commercially exploit the software.

Allowance of interest on bank loan is case of Advance to subsidiary & Loans to directors out of reserves

February 7, 2016 1017 Views 0 comment Print

The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim.

Give CBDT Powers to Grant Immunity From Penalty U/S.271B

February 7, 2016 3633 Views 0 comment Print

Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)

Get ready for Email assessment

February 7, 2016 2196 Views 0 comment Print

Impact on All- 1. It will bring transparency and speed in the assessment procedure. It will especially reduce the travelling time / meeting time / waiting time of both AOs and CAs increasing their efficiencies. 2. There will be permanent / reliable repository [ on cloud ] to store / retrieve the submissions. 3. The geographical location of any concerned person will become completely irrelevant.

Demystifying Refund Process for Goods and Services Tax

February 7, 2016 2308 Views 0 comment Print

In normal course of business, the registered dealer buys goods from the registered dealer and avails the input tax credit and utilizes the same for paying the output tax liability on sales. There will be certain cases where the inputs are taxed and the output is not taxed or inputs are taxed at higher rate and output is taxed at lower rate or inputs are taxed at normal rates and output is tax exempted on account of supplies to deemed export units or exports etc.

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