"12 June 2018" Archive

Get the fastest loan for CAs from Bajaj Finserv in just 24 hours

With simplest eligibility criteria that are tailored for CAs, you will find it easy to qualify for these Bajaj Finserv loans. Better yet, you will get money in hand in just 24 hours, with one of fastest disbursal timelines in country. ...

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Posted Under: Finance |

All about Nidhi Company – Incorporation, Requirement, Restrictions etc.

In this write-up we will discuss about the Objects, procedure, compliance requirement, restrictions, penalties & exemption related to a Nidhi Company. Before starting with the topic let us understand the meaning of the ‘Nidhi Company’ first. Sub-Section 1 of Section 406 of Companies Act, 2013 defines Nidhi as follows: – ...

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Posted Under: Finance |

Liquidated Damages under GST

The issue circling around charging of tax in cases of ‘Liquidated Damages’ (LD) under Goods and Service Tax (GST) law has been an issue from the beginning of GST law coming into force as even in the earlier regime under Service tax (ST) the issued has cropped many times but no clarification, judgement or ruling had been realised on th...

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Posted Under: Finance |

Addition U/s. 41(1) cannot be made for Amount not paid due to long pending dispute

Pyramid Consulting Engineers (P.) Ltd. Vs DCIT (ITAT Mumbai)

Where due to pending disputes with debtors, sales commission could not be paid to agents for longer period, taxation of such liability payable to agents under section 41(1) was not justified....

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Delay in filing revision cannot condoned for lack of Authorized Translator in Dept

The Commissioner Vs M/s T.V. Sundaram Ayangar & Sons (Uttarakhand High Court)

CIT Vs M/s T.V. Sundaram Ayangar & Sons (Uttarakhand High Court) It is stated that since there was no authorized translator in the Department as well as in the office of the Chief Standing Counsel, it took some time to translate the documents. Lastly, it is stated  that due to above mentioned reasons, delay has […]...

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GDPR – The Dawn of An Era in Data Protection

With increase in technological innovations such as Internet of Things (IOT), Cloud services and mobility coupled with constant connectivity, the geographical boundaries are reducing and exposing personal data to higher risks....

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Posted Under: Finance |

Invocation of rule 8D without recording of satisfaction contravenes section 14A(2)

Shri Ashok M. Wadhwa Vs ACIT (ITAT Mumbai)

As AO failed to arrive at satisfaction as to non-correctness of assessee’s claim as regards no expenditure against exempt income, invocation of rule 8D was in contravention of section 14A(2) and, therefore, disallowance was deleted....

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GST Registration – Confusions And Challenges

Chapter VI of The Central Goods and Services Act 2017 (CGST Act) deals with Registration. Section 22 deals with Person liable for registration; Section 23 deals with Persons not liable for registration and Section 24 deals with Compulsory registration in certain cases. ...

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Posted Under: Finance |

Can India Have A Simplified GST

India witnessed its biggest ever tax reform in July, 2017, almost a year back when it migrated to Goods and Services Tax (GST) w.e.f. 1st July, 2017, subsuming therein over a dozen central and state indirect taxes. Given the nature of its federal structure, India followed a dual model of GST with simultaneous levy of Central and State GST...

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Posted Under: Finance |

Input tax agony for professionals in GST Regime

This brief article explores items on which GST Input tax credits are disallowed in general and how this affects professionals in particular on a day to day basis....

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Posted Under: Finance |

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