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Archive: 26 June 2016

Posts in 26 June 2016

Britain voted to leave European Union, What Next?

June 26, 2016 2542 Views 0 comment Print

Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity. Britain has had a troubled relationship with the EU since the beginning and has made various attempts to break away from it.

MVAT TDS in New Automation System

June 26, 2016 12892 Views 2 comments Print

Tax deducted at Source (TDS) is governed under Section 31 of MVAT Act,2002 read with Rule 40 of MVAT Rules, 2005, is a form of deduction which shall be made by the Employer (dealer) at the time of making payment to the Contractor (supplier) for execution of works contract awarded within the state of Maharashtra, at the rates prescribed.

Clarification on amendment in section 206C of Income Tax Act

June 26, 2016 20308 Views 8 comments Print

In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees.

FAQs on necessity to prepare Consolidated Financial Statements

June 26, 2016 4621 Views 1 comment Print

These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements

Earning of profit from an incidental activity does not affect charitable status

June 26, 2016 1642 Views 0 comment Print

Even after amendment of the Trust Deed the main object of the trust was to promote education. Letting out was incidental and not the principle activity of the assessee trust.Thus carrying out such incidental activity and the income derived from it is used for the educational institute and not for any particular person & thus newly inserted proviso to section 2 (15) will apply only to entities.

Commercial Guarantee by Co. to its subsidiary can’t be considered same as that of provided by Bank for ALP

June 26, 2016 1120 Views 0 comment Print

Assessee had provided a corporate guarantee on behalf of its associated enterprise M/s. Thomas Cook Mauritius Operations Co. Ltd. for banking facilities availed by it from HSBC bank to the extent of Rs.6,01,80,000/-.

AAR cannot be applied for Transaction already pending before Tax Authorities

June 26, 2016 1912 Views 0 comment Print

The Assessee filed application with AAR for for determination of the question regarding taxability of its profits arising from offshore sales. The AAR rejected the applications as notice Section 143(2)/ 142(1) were already issued prior to the filing of the application before the AAR, the transaction in respect of which the ruling of the AAR was sought was filed before the date of the application.

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