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Archive: 28 April 2016

Posts in 28 April 2016

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

May 15, 2024 6435 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.

Delhi VAT: Form DVAT-16, DVAT-17 & DVAT-48 date extended to 16.05.2016

April 28, 2016 1768 Views 0 comment Print

In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures to 16/05/20

Framework for computation of book profit for MAT levy on Ind AS compliant companies

April 28, 2016 3037 Views 0 comment Print

On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereaf

Mobilization expenses to move assets to client’s premises allowable as revenue expenditure

April 28, 2016 1471 Views 0 comment Print

The ITAT bench of Mumbai in the above cited case held that when the assessee company in its continuing and existing business of chartered hiring of rigs imported new rigs to be moved to and installed at the site of the clients desirous of taking the same on hire for oil drilling, all the mobilization expenses which is in connection with these new rigs till these new rigs mobilization is completed and these rigs are installed at clients site and start commencing drilling of oil for the client is a revenue expenditure and not a capital expenditure.

Comparison between ICDS and AS & Changes due to ICDS in ITR

April 28, 2016 12196 Views 0 comment Print

Due to ICDS there are changes in ITR Form no. 4,5,6. Now assessee has to provide for 1. The Effect on the profit because of deviation , if any as per ICDS notified under section 145(2) in column Part A – OI at third no. 2. Now schedule of ICDS will be prepared which shows the Effect of ICDS on profit

Minimum Wages Law wages is equal for male & female workers

April 28, 2016 2290 Views 0 comment Print

Under the provisions of the Minimum Wages Act, 1948, the wages fixed by the appropriate government are equally payable to both male and female workers and the Act does not discriminate on the basis of gender.

Budget 2016: Changes in National Pension System (NPS)

April 28, 2016 2824 Views 0 comment Print

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the subscriber covered under NPS has been made tax exempt.

TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

April 28, 2016 5851 Views 0 comment Print

The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.

No Penalty for non-deduction of Tax based on CA Certificate

April 28, 2016 5989 Views 0 comment Print

In the present case also, assessee has engaged a chartered accountant to guide her in complying to statutory requirements. Therefore, when the C.A. issued a certificate opining that there is no requirement for deduction of tax at source, assessee under a bonafide belief that withholding of tax is not required did not deduct tax at source on the remittances made.

Revised Income Tax rules & Forms for in-house research & development facility

April 28, 2016 7027 Views 0 comment Print

The report in Form No.3CL referred to in clause (b) shall be furnished electronically by the prescribed authority to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over such company within one hundred and twenty days,-

MVAT: Govt notifies New Electronic Forms 101,103 & 105

April 28, 2016 6622 Views 0 comment Print

In exercise of the powers conferred by sub-rule (1) and sub-rule (2) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, (hereinafter referred to as ,the Commissioner of Sales Tax, Maharashtra State hereby notifies that,—

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