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Archive: 08 June 2016

Posts in 08 June 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7050 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

7 things to know about TCS on sale of a motor vehicle

June 8, 2016 142537 Views 16 comments Print

With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any sale. the goods of the nature specified in sub-section (I D) or (IF) of section 206C is a buyer.

No Service tax on sale of under construction flats if contract price includes land value

June 8, 2016 25183 Views 2 comments Print

Hon’ble High Court of Delhi held that no Service tax under Section 65(105)(zzzh) of the Finance Act to be levied on composite contract as there is no machinery provision for ascertaining the service element involved in the composite contract.

Duty on Scrap Generated during process of Re-Made, Refining & Reconditioning

June 8, 2016 4153 Views 0 comment Print

When we discuss the sources of law, the precedent is one of the most important sources of law apart from the codified law and the law arrives though customs. When the law is not cleared enough through the statute then the role of the precedent came into picture.

Tax on income from / and of investment funds

June 8, 2016 13879 Views 0 comment Print

Tax Provisions on Income of Investment Funds and Income Received From such Fund Investment Funds pool resources from the investors and invest in new companies, social ventures and other areas which government considers as socially or economically desirable. Finance Act 2015 came with the concept of Investment Funds

Incorporation of Foreign Companies under Companies Act, 2013

June 8, 2016 11923 Views 0 comment Print

“Foreign company” means any company or body corporate incorporated outside India which— a)has a place of business in India whether by itself or through an agent, physically or through electronic mode; and b)Conducts any business activity in India in any other manner.

Assessment of Service Tax Considering the Free Supply

June 8, 2016 3130 Views 0 comment Print

The inclusion or exclusion of value of free supply particularly in the case of Industrial and commercial construction has been a bone of contention between the revenue and the assessee regarding assessment of Service Tax. The revenue always insists that the cost of free supply should be included for the purpose of assessment by taking shelter of 67 of the Finance Act, 1994. On the other hand according to assessee same should not be includable in the assessable value.

Some issues related to TCS Provisions W.E.F. 01st June 2016

June 8, 2016 8344 Views 3 comments Print

Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;

Detailed Analysis of Law related to Corporate Social Responsibility

June 8, 2016 5764 Views 0 comment Print

The Board of a company may decide to undertake its CSR activities approved by the CSR committee, through a registered trust or a registered society or a company established under section 8 of the Act by the company, either singly or alongwith its holding or subsidiary or associate company, or alongwith any other company or holding or subsidiary or associate company of such other company, or otherwise: After providing effect to the amendment suggested by Companies (Corporate Social Responsibility Policy) Amendment Rules, 2015, in the Proviso in clause (i) of Rule 4 Sub Rule 2

Trading in cash & derivative segment cannot be splitted as speculative & non-speculative

June 8, 2016 2842 Views 0 comment Print

ITAT held that simultaneous trading of shares in cash segment and arbitrage in derivative segment by assessee company cannot be splitted into speculative and non-speculative transactions . So, as soon as it is found that assessee is trading in shares , the entire trading activity to be treated as speculative business as per explanation to Sec 73 which clearly state that if any part of assessee’s business is trading in shares then the same trading to be treated as speculative business.

Record Maintenance of warehoused goods in electronic form

June 8, 2016 3769 Views 0 comment Print

Regulation 11 of the Warehouse (Custody and Handling of Goods) Regulations, 2016 requires the licensee to maintain detailed records of the receipt, handling, storage and removal of goods into and from the warehouse and file monthly returns regarding the same.

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