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Archive: 10 May 2016

Posts in 10 May 2016

Why Health Insurance Plans are More than Just for Tax saving

May 10, 2016 3712 Views 0 comment Print

When it comes to buying health insurance, we Indian find another easy to save on taxes. Although investing in health insurance plans is one of the easiest ways to get a rebate on income tax under section 80D, it is not always recommended to invest in insurance plans to saves thousands on taxes.Needless to say, […]

Delhi VAT: Govt mandates display of Registration Certificate

May 10, 2016 3472 Views 0 comment Print

In compliance of Rule 14(3) of Delhi Value Added Tax Rules, 2005 all the ACs/ward incharges are hereby directed to ensure, within their respective jurisdiction, that all the registered dealers, shall prominently display the certificate of registration at their principal place of business and a certified copy thereof at all other places of business in Delhi.

Rate of interest on delayed payment of duty as applicable during the impugned period – Issues therein

May 10, 2016 153658 Views 0 comment Print

1. Whether applicable rate of interest for delayed payment under Section 11AA of the Central Excise Act, 1944 is the one prevalent during period(s) of delay? 2. Whether it is justified to levy penalty under Section 11AC of the Excise Act, when the Returns filed by the Assessee clearly indicated the duty amount payable but not paid?

ICAI invites Feedback on I-T Arrear Demand Verification Portal

May 10, 2016 2158 Views 0 comment Print

The Income Tax Department has launched an Arrear Demand Verification Portal at which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the outstanding demand against the assessee’s name.

Empanelment with CBI for Forensic Auditing

May 10, 2016 7891 Views 0 comment Print

Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time.

GN on Accounting for Real Estate Transactions for entities to whom Ind AS is applicable

May 10, 2016 3736 Views 0 comment Print

The objective of this Guidance Note is to recommend the accounting treatment by entities dealing in ‘Real Estate’ as sellers or developers. The term ‘real estate’ refers to land as well as buildings and rights in relation thereto. Entities who undertake such activity are generally referred to by different terms such as ‘real estate developers’, ‘builders’ or ‘property developers’.

India-Mauritius DTAA amended to tackle round tripping of funds

May 10, 2016 3265 Views 0 comment Print

Revised Protocol will tackle the long pending issues of treaty abuse and round tripping of funds attributed to the India-Mauritius treaty, curb revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between India and Mauritius.

CBEC Clarification on segregation of impurities

May 10, 2016 1363 Views 0 comment Print

Representations have been received from the members of the trade involved in manufacture of brass products, regarding applicability of provisions relating to clearance of segregated foreign materials as “inputs as such- from imported honey grade brass scrap.

Receipts from sale of carbon credits – revenue or capital in nature?

May 10, 2016 4741 Views 0 comment Print

The alarming rate of ever increasing pollution is a matter of concern for each of us especially those living in the territory of Delhi NCR. Recently, the Hon’ble Supreme Court termed that living in Delhi is like living in a gas chamber. In past, several measures have been taken to curb the pollution and make life of dilliwallahs comfortable.

Non-Consideration of Preposition laid down by Jurisdictional HC by Tribunal in its order is an apparent mistake

May 10, 2016 1000 Views 0 comment Print

Non consideration of proposition laid down by Hon’ble jurisdictional High Court Delhi in the case of CIT vs. Holcim India (P) Ltd., reported as (2014) 90 CCH 0081 (Delhi H.C.) is an apparent mistake in the order of the Tribunal.

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