2 Archive - 14 September 2017

"14 September 2017" Archive

GST On Local Cable Operators (LCOs)

Entertainment is a big part of our daily lifestyle. Cable TV is the most easily available and play a vital role in our life . Under the Old Tax System indirect tax system like Entertainment Tax, VAT, CST are levied by state Govt, and the Tax rates ranges from 15% to 110%. Central Govt imposed Service Tax on big cable TV operators and broa...

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Transaction with related persons – GST impact

The transaction with related persons has been a special area of consideration for government and tax authorities on the assumption that the transaction may be motivated by something more than earning the profit. GST has introduced certain provisions that will affect the related party transaction of the business owner....

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CA FINAL & IPCE Exams : Final Gameplan

With almost one and half months left for the upcoming exams, students are yet in dilemma of whether to appear for both groups or appear only one group. Students are struggling with planning their studies and are not sure if their plan will materialize effectively. What is required required at this stage?....A thorough Self analysis about ...

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ITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16

Asst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai)

Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC....

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Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court)

It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

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Section 11 exemption cannot be denied for receipt of fees from non-members

DCIT (E) Vs. PHD Chamber Of Commerce And Industry (ITAT Delhi)

Assessee is an association of professional and businessman to protect and promote the interest of its members. The income of the assessee is from membership fees from its members, specialized services, services and facilities, meetings, seminars and training programmes, sale of publication etc. It is also noted that the income of the asse...

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Sec. 153C Seized incriminating materials should belong to person other than the person referred to in Section 153A

CIT Vs. Sinhgad Technical Education Society (Supreme Court of India)

Gujarat High Court in the  case of  Kamleshbhai Dharamshibhai Patel v. Commissioner of Income Tax-III, (2013) 31 taxmann.com 50 (Gujarat)  has categorically held that it is an essential condition precedent that any money, bullion or jewellery or other valuable articles or thing or books of accounts or documents seized or requisitioned ...

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Catchy learning regarding incorporation of company

For the beginners who want to incorporate the company, can easily with the help of this article incorporate a private company. Starting from the filing form INC-1 ( reservation of name of the company), Spice form 32, Spice form 33 (MOA), Spice form 34 (AOA). There is a short list of the FORMS required to be filed during incorporation and ...

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MACS to adopt Secretarial Standards issued by ICSI as benchmark

Malaysian Association of Company Secretaries (MACS) to adopt the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as the benchmark. ...

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MOU between MCA & CBDT for Automatic & Regular Information Exchange

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

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