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Archive: April, 2016

Posts in April, 2016

Reopening to disallow deduction allowed during scrutiny assessment not permissible

April 16, 2016 2359 Views 0 comment Print

We are of the considered view that assuming of jurisdiction by the AO in this case is bad in law for the reasons inter alia that when the assessee has specifically claimed exemption u/s 10BA on the sum of duty drawback of Rs.3,72,186/- and the AO after applying its mind allowed the same, there was no tenable material with the AO to reopen the assessment;

Books cannot be rejected for mere irregularities in case payment

April 16, 2016 2194 Views 0 comment Print

The books of accounts are duly audited and no defect has been pointed out vis-a-vis the sales, purchase or profit. The purported defects are confined to cash book, which have no nexus with the trading results.

In absence of books of account, no penalty for non-Audit of books

April 16, 2016 8161 Views 0 comment Print

It is held that requirement of getting books of account audited can arise only where the books of account are maintained. In the absence of the maintenance of books of account, there can be no penalty u/s 271B of the Act.

BRIEF ON Excise duty on items of jewellery levied by Budget 2016

April 16, 2016 12358 Views 3 comments Print

Excise duty of 1% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Before dwelling deep into the subject, it would be appropriate to first understand the concept of excise duty.

Revised Scheme of Education & Training for CA Course

April 16, 2016 14020 Views 0 comment Print

 Revised Scheme of Education and Training for Chartered Accountancy Course Revised Scheme: Route 1 – Foundation Course# Under the Foundation Course Route, the following steps are required- Under the Foundation Course Route,the following steps are required: Register with Board of Studies (BoS) after appearing in Class Xll examination till June 30/Dec 31 Be eligible to […]

Tax treatment of share profits- Business income vs. Capital gains

April 16, 2016 10546 Views 1 comment Print

The present tax laws of India provides for taxation of income under specified heads. Any income for which a specific head is specified has to be taxed under the head and cannot generally be taxed under any other head. However since law cannot provide for every eventually, disputes arise as to whether a particular income shall be taxable under one head or the other head like the cases of profits on dealing in shares, rentals received on letting out of various assets.

Amendment of Consolidation Rules: Creates year end dilemma

April 16, 2016 34696 Views 0 comment Print

Section 129 (3) read with Rule 6 of Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation of financial statements of subsidiaries pursuant to Schedule III of the Act, 2013 and the applicable Accounting Standards. Also explanation to Section 129 (3) clearly states that for the purposes of this sub-section, the word subsidiary shall include associate company and joint venture but that is not envisaged by the Accounting Standard.

Infrastructure Cess on Vehicles levied by Budget 2016

April 16, 2016 2092 Views 0 comment Print

In view of the concern over pollution and traffic situation in Indian cities, a cess called infrastructure cess of 1 percent has been levied w.e.f. 01.03.2016 on small petrol, LPG, CNG vehicles laws, 2.5 percent on diesel cars of specified capacity and 4 percent on other higher engine capacity vehicles and SUVs.

Health insurance, one of the Best Tax Saving Investment

April 16, 2016 4636 Views 4 comments Print

Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of health problems in such case we need to live a safe and secure life. This is one of the major reasons for buying Health insurance, but […]

Interest not leviable if differential duty paid by 5th of following month under Packing Machine Rules, 2008

April 15, 2016 793 Views 0 comment Print

CESTAT held that in case of increase in the number of operating packing machines in the factory during the month on account of addition or installation of packing machines, the differential duty amount, if any, shall be paid by the 5th day of the following month.

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