"February, 2016" Archive - Page 40

Demystifying Refund Process for Goods and Services Tax

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 rat...

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Payment for purchase of software is considered as royalty if it’s a right to use of software and not as a product

Pr. CIT Vs M Tech India P. Ltd. (Delhi High Court)

Pr. CIT vs. M Tech India P. Ltd (Delhi High Court) Where the payments are made for purchase of software as a product, the consideration paid cannot be considered to be for use or the right to use the software....

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Ready Reckoner -Secretarial Standard 1 (Board Meeting)

The Ministry of Corporate Affairs conferred its approval to Secretarial Standard-1 (relating to Board Meeting) and Secretarial Standard-2 (relating to General Meeting) issued by the Institute of Company Secretaries of India (ICSI). No other country of the world except India has yet adopted the Secretarial Standards (SS). The Board of Dire...

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Definitions under CA, 2013 & under proposed CLC Report

Associate company in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company....

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Impact of Audit Committee under CA, 2013 & SEBI Listing Regulations

Audit Committee is one of the several committees that has been recommended by the Companies Act, 2013. This committee has a remarkable role to perform in today’s environment and not merely an ornamental one. If duly constituted, this committee has the ability to act as guard against the unintentional illegal transaction and thereby wide...

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Summons Under Service Tax Provisions

Legally a ‘summons’ is a legal document issued by a Court or by an administrative agency of a Government for various purposes. Summons is of various types. One among them is ‘notice to appear’. In this summons is prepared and served on a person by a law enforcement officer, compelling the appearance of a person before him within a...

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Budget 2016: Recapitulation Of Errors That Need Instant Rectification!

With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to ...

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Whether Excise duty can be demanded jointly and severally?

The primary and fundamental meaning of Excise Duty or Duty of Excise is tax on articles produced or manufactured in the taxing country and intended for home consumption (i.e. consumption within the same country). It is an indirect duty which the manufacture or producer passes on the ultimate consumer, that is, its ultimate incidence will ...

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Incorporation under CA-2013 & amendment Proposed by CLC Report

To amend 4(1)(C) to allow companies to have an option to have a more generic object clause, i.e. ‘to enlarge in any lawful act or activity or business as per the law for the the time being in force’ in the MOA...

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Reassessment u/s 147 not permissible merely on change of opinion: ITAT

ACIT Vs Reliance Industrial Infrastructure Ltd. (ITAT Mumbai)

ITAT Mumbai held In the case of ACIT vs. Reliance Industrial Infrastructure Ltd. that on perusal of the reasons recorded by AO for initiating the re-assessment proceedings, it is clear that the said details were available while completing the assessment u/s 143(3). Further, the AO has reopened the assessment after expiry of four years fro...

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