"16 April 2018" Archive

Manner of determination of ITC of services associated with Capital goods

Manner of determination of ITC of services associated with Capital goods - whether under Rule 42 as input services or Rule 43 as Capital Goods. Position in CENVAT vis a vis GST regime....

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TDS Rate Chart for Financial Year 2018-19

Article compiles Section wise TDS Rates / TDS Rate Chart for Financial Year 2018-19 or Assessment Year 2019-20 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Section Nature of Payment  Threshold Rs Indv / HUF TDS Rate (%) Others TDS Rate (%) 192 […]...

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Non-Residents and their Bank Accounts (A Brief)

Introduction: Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/POIs which is spread all across the world and which despite being away from India is making significant contribution to the [&helli...

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CBDT assigns jurisdiction to CIT (Appeals) under Black Money Act, 2015

F. No. 279/Misc./M-44/2018-(ITJ) (16/04/2018)

As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act have not yet been notified and the juris...

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Reg. Income Tax returns pushed to Assessing Officers by CPC

To avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing shall be handled in a chronological manner....

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How to change name of company incorporated in India? -A practical step-wise guide in view of latest amendment

Change in name of company is basically a change in Name Clause of Memorandum of the Company. Thus, the process under Section 13 of the Companies Act,2013 (hereinafter referred to as ‘Act’) for alteration of Name Clause in Memorandum is to be followed. The article provides a practical step-wise guide for changing name, in light of the...

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Critical issues in Insolvency and Bankruptcy Code, 2016

IBC code are now operational at full length. This article covers the critical aspects of the implementation of the code like No voice of Operation Creditors in Committee of Creditors, Financial Creditors' favored code etc and among other provisions....

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Payment of little higher rate of interest on unsecured loans justified as it involves lesser formalities

DCIT Vs. M/s. Ahmedabad Strips P. Ltd. (ITAT Ahmedabad)

There is no dispute with regard to the fact that creditors do fall within the category of specified persons contemplated in section 40A(2)(b) of the Act. Short question before us is, whether payment of interest at the rate of 18% to such persons on the loans availed from them is excessive or not, having regard to the fair market value of ...

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Final War-Last 15 days of Exams

Finally the Exams are approaching, finally the dreams are about to come true and finally you are going to free yourself from this burden called CA Final Exams....

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Conversion of Un-garbled Pepper to garbled Pepper is not manufacture

Nishant Export Vs. Assistant Commissioner Of Income Tax (Kerala High Court)

Nishant Export Vs. ACIT (Kerala High Court) The assessee was engaged in the procurement and export of pepper. The assessee procured un-garbled pepper, which by a process got garbled; making it fit for human consumption and was exported. The assessee had been claiming allowance under Section 80HHC for its export turnover as computed under ...

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