Presentation on Standard on Cost Auditing Planning an Audit of Cost Statements (SCA 101)- Planning an audit of cost statements and records is considered necessary to ensure achievement of audit objectives with available resources and securing coordination with the auditee.
Applicant (‘GKB Lens Pvt. Ltd.’) is an importer and seller of Optical Lenses and Frames for Spectacles and Accessories, etc (goods) having head office in West Bengal. These goods are transferred to branches in other States. Applicant wishes to understand valuation for the purpose of charging GST on such transfer of goods.
Applicant (Photo Products Company Pvt. Ltd.) is printing content supplied by the customers on photographic paper which is already present with applicant. The customers who wish to publish posters, pictures, photographs, design layouts etc. provide the content as files on digital media such as CD, DVD, HDD or pen drive.
The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]
It is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her succession, it can create havoc and chaos for the grieving family and for the business in general. Family succession planning involves passing the wealth […]
Intra-state E-way bill has been rolled out in many states and the same has been made applicable within the State of Punjab from 01.06.2018. Section 68 of the GST Act, 2017 read with Rule 138 of GST Rules, 2017 provides for furnishing of the information prior to commencement of movement of goods and generation of […]
The Secretary General, General Insurance Council, Mumbai vide his letter dated 04.05.2018 has requested to exempt GST on reinsurance services provided for exempted Government Sponsored Insurance Schemes which are listed as below:
Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions.
When income of assessee was determined on estimation basis of net profit, then no penalty under section 271(1)(c) could be imposed for concealment and furnishing inaccurate particulars.
L&T Finance Ltd. Vs DCIT ( ITAT Mumbai) We have given a thoughtful consideration to the facts of the case and are of the considered view that ‘Slump sale’ as defined in section 2(42C) means the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values […]
