How you verify GST before Statutory Audit? Verification of Outward Supplies (i.e. Payable side): 1. Check the Credit side of the Statement of Profit and Loss (SPL) in order to track the items which are chargeable to GST. Even, some amounts of credits have also been credited to Expenses account which is to be deeply […]
E-Handbook on GST Amendments has been specifically designed to provide an in-depth knowledge of various aspects/provisions under GST which has undergone changes impeccable for smooth implementation of GST vide Notification, Circulars, Orders.
ICAI has come up with the revised E-Handbook on Job-work under GST. This handbook is designed to provide an in depth knowledge about detailed and thorough study of the procedure, conditions and restriction for supplying goods to job worker, provisions relating to removal of inputs / semi-finished goods/capital goods by principal to a job worker
The CBDT has recently notified the new ITR Forms applicable for AY 2018- 19 vide notification no. 16/2018, dated 03.04.2018. These ITR Forms contain significant changes which need due analysis. As you all are aware the ICAI has always been proactive in disseminating the knowledge and sharpening the skills of its members. In furtherance of […]
Power Plant Engineers Ltd. Vs ITO (ITAT Delhi) It is apparent that the persons deputed by the recipient of the income were not routine employees, but were highly qualified and technical employees who were providing the head and brain’ to the assessee company. It cannot be said to be the reimbursement of salary expenditure when […]
Assessee held own funds of Rs. 23,580 lakhs, whereas investment in subsidiaries stood at Rs. 1,576 lakhs. Presumption in such case would be that assessee had used only its own funds for making investments. Further, there was commercial expediency in making said investments, hence no disallowance was called for.
DCIT Vs Jhajjar Central Coop Bank Ltd. (ITAT Delhi) Ld. Authorised Representative submitted that the provision pertained to audit fee payable to the statutory auditor for the ensuing year. It was further submitted that the statutory audit has to be carried out by a CA Firm recommended by NABARD and the audit fee is also […]
These are the appeals filed by assessee against the order of CIT(A)-12, Mumbai dated 30/05/2014 for A.Y. 2008-09 and A.Y. 2009-10 in the matter of order passed under Section 143(3) of the Income Tax Act (hereinafter the Act). In the A.Y. 2010-11, Revenue is in appeal before us with respect to disallowance of similar expenses.
Elektrobit Automotive GmbH AM Vs Deputy DIT (ITAT Delhi) It was held that license agreement as entered by the assessee itself points out the word royalty. Moreover, considering the facts of case, that license terms obliges the licensee to furnish to assessee monthly statement of supplied products to customers using his software and consequent raising […]
DCIT Vs Dia Vikas Capital Pvt. Ltd. (ITAT Delhi) On going through the above details from the assessee’s ledger account, it is seen that sum of Rs. 80,00,000/- is a provision made on 31.12.2008 against the consultancy fees. Similarly there is another item of Rs. 84,50,000/- which is again a provision for consultancy fee. This […]
