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Archive: 04 June 2016

Posts in 04 June 2016

Income Ka Top Up with Exide Life Income Advantage Plan

June 4, 2016 3658 Views 0 comment Print

Every offering by Financial Institutions attempts to give its investor audience something tailor made to their needs. A new one- Exide Life Income Advantage Plan by Exide Life Insurance, goes a step further and allows the investor to pick from two options allowing them to customise the payment terms based on their needs. But before […]

Mere AIR Information not sufficient to believe Income escapement

June 4, 2016 7093 Views 1 comment Print

Stand alone AIR Information is not sufficient to hold that cash deposits constitute income. Cash deposits in bank account may or may not be Income. Hence when the treatment of the amount as Income is itself doubt , it definitely can not constitute Income escaping assessment and, therefore, it shall be too far fetched to hold that AIR Information constitutes Reason to believe that Income has escaped assessment.

Service tax not applicable on sale of statistical data

June 4, 2016 783 Views 0 comment Print

Ms Society of Indian Automobile Vs CST (CESTAT Delhi) So far as demand of service tax on sale of statistical data (statistical service subscription) is concerned we find that the appellant provide various kind of data pertaining to automobile industry after collecting the same from various sources. This data is available to members as well […]

Integrated Central Excise and Service Tax Audit Manual 2015

June 4, 2016 7852 Views 0 comment Print

As you are aware, the existing Central Excise Audit Manual and Service Tax Audit Manual were last updated in 2008 and 2011 respectively. Over the years the Central Excise and Service Tax statutes have undergone many changes and there have been regular feedback from field formation on the shortcomings in the existing audit manuals.

Analysis of TCS on cash sale of goods or services w.e.f. 1-6-2016

June 4, 2016 127468 Views 16 comments Print

The seller will not be obliged to collect the tax at source (TCS), if the buyer has deducted the tax at source from the payment. Thus Provider of a service may not be obliged to collect tax, if the recipient has deducted tax at source.

Analysis of NCLT & NCLAT provisions effective from 01.06.2016

June 4, 2016 5956 Views 0 comment Print

Analysis of Notifications dated 01.06.2016 related to Companies Act, 2013 in respect of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) Which Come Into Force w.e.f. 01st June, 2016

Analysis of Indirect Tax Dispute Resolution Scheme, 2016 (IDRS)

June 4, 2016 3424 Views 0 comment Print

Any person whose appeal is pending before Commissioner (Appeals) can opt for this scheme except the following cases, when: (a) the impugned order is in respect of search and seizure proceeding; or (b) prosecution for any offence punishable under the Act has been instituted before the 1st day of June, 2016; or

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