Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) In the instant case the assessee has acquired certain fixed assets on lease and has charged depreciation on the same. The assets being the godown building, office building, power house building, Weigh Bridge room and machinery. The ld. AO on the basis of the statement made by […]
The fact that the consent application proposed by the Respondent was accepted by SEBI also on the footing that the Respondent has paid the settlement “without admitting or denying the charges” indicates that the SEBI was not unaware of the outcome of its case against the Respondent. There is no reason to believe or infer that consent application without admitting guilt amounts to evidence of an offence having been committed.
The AO was of the view that as per the provision of section 80AC of the Act any deduction under Chapter-VI A of the Act (Sec. 80IA of the Act is part of Chapter VIA of the Act) can be claimed only if the return of income for the relevant assessment year is filed on or before the due date prescribed u/s 139(1) of the Act. Since the assessee has not complied with the aforesaid conditions, the AO refused to allow deduction u/s 80IA of the Act.
The Institute of Chartered Accountants of India is contemplating conveying back regulation that prohibits undercutting of fees by audit firms. In a recent council meeting, council members discussed returning to the earlier ethical rule when firms weren’t allowed to undercut statutory audit fees. The members deliberated on the issue and directed the Ethical Standards Board […]
TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
Section 126 mandates that no penalty shall be levied for minor breaches of tax regulations or procedural requirements. Accordingly, non-mentioning of vehicle no. in part-B of E-way bill should be treated as minor breach specially where goods are carried with proper tax invoice, bilty no. showing vehicle No. and RC of vehicle etc.
MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of deactivated DINs of Directors, applicable w.e.f. 10 July, 2018
MCA is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. Important points to be noted: 1. Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’. 2. Due date of filing of DIR-3KYC is on or before 31st August, […]
There are numerous LLPs which were incorporated but have not done any business or stop doing business. In order to reduce the number of bogus entities, this is important to provide an ease in procedure of winding up. There are two ways of winding up of LLP first is voluntary winding up and second is compulsory winding up (by tribunal). If partners want to wind up the LLP the process they need to opt is of voluntary winding up. It is pertinent to note here that in case winding up of LLPs, procedure for winding up is different for functioning and de-functioning LLPs. For winding up of functioning LLPs the procedure is laid down in Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 and for defunct LLPs the ministry had specifically notified Form-24 in Limited Liability Partnership (Amendments) Rules, 2017 for granting procedural relief to those LLPs which are not doing business means which are defunct.
President of India inaugurates platinum jubilee celebrations of Institute of Cost Accountants of India; says Cost Accountants should ensure that products and services are delivered at a competitive price but without compromising on quality The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Cost Accountants of India […]
