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Archive: 26 June 2016

Posts in 26 June 2016

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1128 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7677 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.

Burden of TCS on Sale or Purchase in Cash?

June 26, 2016 13135 Views 2 comments Print

Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?

Model GST Law, 2016: Levy and Time & Place of Supply

June 26, 2016 16225 Views 4 comments Print

Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules.

Requirement of PAN and TCS on Cash Transaction

June 26, 2016 11743 Views 1 comment Print

PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the said transaction, shall be quote.

Can Non Resident Assessee avail 10% Tax rate on LTCG?

June 26, 2016 4018 Views 0 comment Print

The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents.

Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

June 26, 2016 3394 Views 0 comment Print

While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment.

No addition for mere non-reconciliation of Professional fees with AIR details

June 26, 2016 7132 Views 0 comment Print

It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the clients.

Demolition/Redevelopment not amounts to transfer, so no withdrawal of 54F

June 26, 2016 3766 Views 0 comment Print

The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment.

In case of AIR based scrutiny AO’s scope is limited to AIR transactions only

June 26, 2016 5563 Views 0 comment Print

ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR.

Overview of IFRS in India and Its challenges

June 26, 2016 87892 Views 1 comment Print

It is well known that companies all over the world have become more and more internationally oriented during last few decades. They create fusion, make investment, conduct trade and co-operate over country borders. International Financial Reporting Standards (IFRS) is becoming the global language of business with over 40% of the world having moved to IFRS in the past few years.

Clarification regarding TCS on cash sales u/s. 206C(1D)

June 26, 2016 8884 Views 1 comment Print

CBDT after representation from various stake holders has issued Circular No. 23/2016 dated 24.06.2016 regarding clarity of applicability of Section 206C(1D) on transactions where sale consideration received is partly in cash and partly in cheque. Question Clarification Whether Tax Collection at Source under section 206C(1D) at the rate of 1% will apply in cases where […]

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