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Archive: 28 August 2018

Posts in 28 August 2018

Allowability of ESOP expenditure

August 28, 2018 56908 Views 0 comment Print

In today’s world employers have become increasingly motivated to make the employees a part of their wealth creation process.  A scheme of Employee Stock Option (‘ESOP’) is one such process where employers reward employees by making them partners/ rightful owners in wealth which they have build together by issuing shares in the entity at a discounted price which otherwise is available at higher price in the market due to various reasons such as market expecting to reap the reserves sitting in the books of accounts, goodwill generated by the Company in the market, expected discounted cash flow forecasts of the Company etc .

Photograph in IEC has been dispensed with: DGFT

August 28, 2018 2100 Views 0 comment Print

However, it is noted that new IEC allottees who have printed their electronic copy of IECs without any photograph on the IECs are facing difficulties in obtaining Registration cum Manufacturers Certificate (RCMCs) from the Export Promotion Councils (EPCs). It has been brought to notice that EPCs are not entertaining the applications for RCMC without photographs on the IEC.

Section 80EE : Deduction for interest on loan for residential house property

August 28, 2018 68153 Views 36 comments Print

Deduction in respect of interest on loan taken for residential house property(Section 80EE): Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee does not own any residential house property on the date of sanction of the loan. 

Norms for Spices under Advance Authorization- validity thereof

August 28, 2018 831 Views 0 comment Print

It is, reiterated that cases falling under the category of Policy Circular 5 (2013)/2009-14 dated 14.08.2013 may be redeemed on the SARs furnished by Spices Board, Cochin as has been the practice in the past. RAs need not send such applications (where spices are inputs) to NC in the Hqrs for fixation of ad-hoc norms. […]

Reverse Cenvat credit on bottles procured from sister units & sold in market: CESTAT

August 28, 2018 1098 Views 0 comment Print

M/s Hindustan Coca Cola Beverages Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Hyderabad) The facts of the case in dispute are that the appellant availed on common input services and goods and obtained to the services reversed under Rule 6(3A). The only questions to be decided are a) whether the value of the goods […]

Sec. 271(1)(c) Penalty not justified merely for disallowance of claim

August 28, 2018 17841 Views 1 comment Print

Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)  Mere making of a claim which had not been accepted, would not per se tantamount to furnishing of inaccurate particulars to attract penalty proceedings under section 271(1)(c) of Income Tax Act, 1961. Bare perusal of explanation furnished by the assessee went to prove that it had come up […]

GST on Component of solar power generation system & nature of supply

August 28, 2018 18201 Views 0 comment Print

In re Eapro global limited (GST AAR Uttarakhand) Component of solar power generation system and nature of supply thereof, whether mixed or composite and rate of tax there on? (i) Supply of solar inverter, controller, battery and panels would covered under “Solar Power Generating System” as a whole in terms of serial no. 234 of […]

ITC of goods & services used in erection of infrastructure for leasing to Telecom operators

August 28, 2018 13572 Views 0 comment Print

In re Vindhya Telelinks LTD (GST AAR Uttarakhand) Whether applicant is eligible for ITC of goods and services used for erection of infrastructure to which fibre cables are connected for leasing to Telecommunication operators? we observe that if the goods are movable from one place to another in the same position or liable to be dismantled […]

Income Tax Return due date for Kerala taxpayers extended to 15.09.2018

August 28, 2018 3069 Views 1 comment Print

CBDT extends the due date for furnishing return of income, from 31st August, 2018 to 15th September, 2018, in case of Income-tax assessees in the State of Kerala, who are liable to file their Income-tax returns by 31st August, 2018. F.No. 225/242/2018/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct […]

Complete Provisions of Seizure and Confiscation under Customs Act, 1962

August 28, 2018 77184 Views 0 comment Print

Confiscation means lawfully seize of illegal import of prohibited goods into India and seize of conveyance in Indian Customs water for concealing of exported goods or carrying smuggling of any goods. Confiscations of goods or conveyance are two ways by which a Customs officer can exercise his statutory power as provided under Customs Act.1962. The […]

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