Articles compiles Checklist for Change in Financial Year under Section 2(41) of Companies Act, 2013 keeping in view the NCLT Rules, 2016 with procedural aspects and forms to be filed.
It is a second article in the series dealing with the issues of input tax credit. GST is expected to allow seamless flow of input tax credit to the registered taxable person, but taking into consideration the provisions of Revised Model Goods and Service Tax Law (hereinafter referred to as RMGL), it still looks like a distant dream for assessees.
Department is looking forward for GST and field formations have been instructed to adjudicate pending cases as early as possible, a new bunch of litigations started propelling in the form of rejecting the S B Cess refunds. May the CBEC issue instructions in this regard to in the form of clarification to settle things right.
(RBI issued guidelines for licensing of small finance banks and payments banks on November 27, 2014 and granted in-principle approvals to 10 applicants to set up small finance banks and to 11 applicants to set up payments banks.
Deaths and Births register maintained by the statutory authorities raises a presumption of correctness. Such entries made in the statutory registers are admissible in evidence in terms of Section 35 of the Indian Evidence Act. It would prevail over an entry made in the school register, particularly, in absence of any proof that same was […]
In this case on the applicability of VAT Rate under Bombay Sales Tax Act, 1959 it was held by Bombay High Court that Tribunal was justified in holding that the bearings sold by the Applicant were covered by Entry C-II-146 of the Bombay Sales Tax Act, 1959 and not by Entry C-II102(2) as auto parts and C-II135 as tractor parts read with Entry A-35 of the Notification issued under Section 41 of the Bombay Sales Tax Act, 1959.
In the present case, we find that the petitioners’ argument is that it is impossible for them to remember what was the issue and some decades back, what are the records on which it is based and how it is to be presented. Possibly all the records with them are destroyed or the units having been rearranged, it is impossible for them to retrace the records for want of staff and resources. In the circumstances, we do not think that the petitioners should be denied the relief.
To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. In our opinion, this was not a case, where, the Assessee could be said to have either concealed particulars or furnished inaccurate particulars of her income.
ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum.
All wages shall be paid in current coin or currency notes or by cheque or by crediting the wages in the bank account of the workman:
