"01 May 2016" Archive

Implementation of Ind AS & its impact on calculation of MAT

From the FY 2016-17 Ind AS will be in place and have a big impact on the Financial Statement i.e. Net Profit of the company. Calculation of MAT depends upon the Net Profit as per the Books of Accounts after certain adjustments as defined in Section 115JB. So it can be derived that the adoption of Ind AS, the MAT liability of a company can...

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Posted Under: Income Tax |

Small MVAT Changes but A Big Effect on Small Dealers

Krishna, this year from April 2016 onwards the Maharashtra Sales Tax Departments has brought various small amendments in the VAT system. Because of these changes the small dealers covered under the composition scheme have great responsibility and such changes have a great impact. So what is the impact of such changes?...

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Posted Under: Income Tax |

All about National Company Law Tribunal

It has been more than 15 years that we first heard about National Company Law Tribunal [NCLT] & National Company Law Appellate Tribunal [NCLAT]. Way back in 2001. Why did it take so long for a body like this to be a reality? Why did it not see any light of the day so far? What caused the delay? ...

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Posted Under: Income Tax |

All about DEFERRED TAX and its entry in books

The word Deferred is derived from the word Deferments which means arranging for something to happen at a later date. Thus, deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in future taxable income & vice versa. The deferred tax may be a liability or...

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Posted Under: Income Tax | ,

Income Tax dues v/s Rights of Secured Creditors

Present welcome judgment of the Supreme Court in the case of V.S. Kandalgaonkar sets at rest the ongoing controversy and clearly holds that there is priority of rights of secured creditors over the rights of income tax department while recovering dues. This will go a long way and help those secured creditors who are facing difficulties in...

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Posted Under: Income Tax |

Some Facts Related To COFEPOSA, 1974

Foreign Exchange is important for every country for payment of import of essential goods and services. Foreign exchange will be collected from various ways, such as export of goods and services, remittances by NRIs, Persons Resident Abroad, Foreign Direct Investments etc.,...

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Posted Under: Income Tax |

One Person Company under Companies Act, 2013

What is One Person Company? Section 2 (62) of Companies Act 2013 defines ONE PERSON COMPANY- Means a Company which has only one person as a Member....

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Posted Under: Income Tax |

Transactions having contingent impact on profit/ losses are not international transactions

Siro Clinpharm Private Limited Vs DCIT (ITAT Mumbai)

The ITAT bench of Mumbai in the above cited case law held that any contingent impact on profit/loss would not take the transaction to fall within the purview of international transaction. In the present case...

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Who Are the Real Builders Of A Nation?

No, Not the planners, financiers, engineers, architects, managers. They are one of the inputs in the production process. These groups sit in their posh air-conditioned offices and strain their brain to do their work. Their job involves mental strain only....

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Posted Under: Income Tax |

One Employee, One EPF Account- Integration of Multiple Accounts

The Hon’ble Prime Minister of India launched the Universal Account Number (UAN) for EPF members in October 2014 with a view to enable members to have continuity in their PF membership on every change in job and/or location. UAN has been issued to all members in respect of whom at least one contribution has been received since January 20...

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Posted Under: Income Tax | ,