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Archive: 19 February 2017

Posts in 19 February 2017

Know more on Overseas Direct Investment (ODI) with more & more Indian Co.’s going global

February 19, 2017 9303 Views 0 comment Print

ODI primarily refers to a situation in which an Indian party is willing to acquire stake or some other form of a financial commitment, partially or wholly, in an overseas company.

GST Business Impact Analysis on Manufacturing Companies

February 19, 2017 6264 Views 0 comment Print

Branch and depo transfers will be treated as taxable supplies accordingly IGST will be chargeable on such transfers made from one state to other. It will result in increase in working capital requirements as though the tax paid by receiving unit/depo is allowed as input tax credit but there will be a time gap between the time of payment of tax and utilization of its credit on subsequent sale.

Comedy of corruption! The curious case of Sale Tax Department

February 19, 2017 36756 Views 48 comments Print

I hurried inside the elevator of the Sale Tax Department among others and breathed in the usual fragrance of tobacco and paan plastered colourfully on the door.

Mark to Market Losses on open forward exchange contract is allowable

February 19, 2017 3195 Views 0 comment Print

AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed.

Non-Service of notice U/s. 143(2) at correct address of assesse within prescribed time limit makes notice invalid

February 19, 2017 4122 Views 0 comment Print

This Appeal under Section 260-­A of the Income Tax Act, 1961 (the Bombay Act) challengesthe order dated 6th December, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2006­-07.

Non resident assessee eligible to avail benefit of proviso to Section 112(1)

February 19, 2017 1446 Views 0 comment Print

From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax payable by the assessee.

Aishwarya Rai gets relief from Penalty in TDS deduction default case

February 19, 2017 6834 Views 1 comment Print

In Aishwarya Rai Bachchan vs. ACIT, the assessee had not deducted tax at source, AO treated the assessee as an assessee in default under section 201(1) and passed an order demanding tax of Rs. 4,27,910 and interest under section 201(1A) of Rs. 34,233.

Startup India Initiative

February 19, 2017 3909 Views 2 comments Print

The Government of India announced Startup India Action plan, in order to build a strong eco-system for nurturing innovation and to provide bank finance for the startup, that results in sustainable economic growth and generate large scale employment opportunities.

A Quick summary on small company

February 19, 2017 6546 Views 0 comment Print

The concept of Small Company has been introduced in the Companies Act, 2013. As per the act some companies are small companies based on their capital and turnover position for the purpose of providing certain relief/exemptions to these companies.As this concept is introduced because they do not require more compliances as large private and public companies require

Convergence to IFRS (Ind AS) – Indian Insurance scene

February 19, 2017 1494 Views 0 comment Print

Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards.

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