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Archive: April, 2016

Posts in April, 2016

Business Transactions Vs. Investment Transactions

April 17, 2016 8812 Views 0 comment Print

The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income from business.

New Composition scheme under Delhi VAT for food stalls and restaurants

April 17, 2016 3733 Views 0 comment Print

In order to minimize the compliance burden on small dealers a single tax rate is fixed at a low level which is directly linked with the turnover amount. The input credit is not allowed to these classes of dealers against purchases made and restriction is put on issuance of tax invoice.

S. 172 No TDS on payment to non-resident shipping companies

April 17, 2016 4381 Views 0 comment Print

Bombay High Court held that there was no obligation to deduct tax at source in respect of payment made towards demurrage charges in cases where section 172 of the IT Act applies. The Revenue did not dispute in the present case that section 172 applied.

Export of duty free goods procured alongwith export goods not mandatory under N/N. 43/2001-CE

April 17, 2016 1255 Views 0 comment Print

The CESTAT New Delhi in the above cited case held that procurement of duty free goods under notification no 43/2001 is subject to condition of the use of such goods in the manufacture or processing of goods to be exported.

Consolidation of TDS Entries in Scrutiny Cases with more than 1000 Entries

April 17, 2016 3598 Views 0 comment Print

It has been noticed in previous years that in several cases having large number of TDS claims in ITR and TDS entries in Form NO. 26AS, AOs face technical difficulty while passing the assessment order under section 143(3) on AST system towards the end of March.

FAQs on EPFO Grievance Redressal

April 17, 2016 13333 Views 0 comment Print

What is the nature and source of grievances received in EPFO? Grievances generally arise out of: i)   Settlement of PF/Pension/Insurance Claims. ii)   Transfer of PF accounts. iii)    Non enrolment of employees. iv)  difficulty arising out of old PF accounts on the CPGRAMS portal. v) difficulties relating to Universal Accounts Number (UAN). Grievances are raised by […]

12 Common Silly Behaviours of Humans

April 17, 2016 5671 Views 3 comments Print

The behavior of human beings tends to vary depending on the age, situation, education, and status in the society. An individual display different conduct when alone as compared to his demeanor in a group. Some people are timid at home and act fearless in other places.

Clarity under Section 185 of Companies Act 2013

April 17, 2016 8461 Views 0 comment Print

According to Section 185 (1), No Company shall directly or indirectly advance any loan, including the loan represented by the book debt, or any other person in whom the director is interested or provide any guarantee or securities in connection with the loan taken by him or any such person.

FAQS on Issuance of Rupee denominated bonds overseas

April 17, 2016 3547 Views 0 comment Print

1. Who can issue? Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) is eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under the regulatory jurisdiction of […]

Revised Thresholds for combinations- Competition Act, 2002

April 17, 2016 15373 Views 0 comment Print

REVISED THRESHOLDS On March 4, 2016, the Central Government issued notifications pertaining to the statutory thresholds for the purposes of “combinations” under Section 5 of the Competition Act, 2002 (Act). 1. Increase in thresholds: Pursuant to Notification No. S.O. 675(E) dated March 4, 2016, the value of assets and the value of turnover has been […]

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