"13 November 2018" Archive - Page 2

Registration of Your Trademark

 WHY BRAND NAME REGISTRATION NECESSARY? With the economic growth the demand for trademark registration is also growing. It is very important for all corporate owners be it businessman or individual entrepreneur, to protect your company as it is directly linked to your company’s success.  The basic motto is to protect your business ag...

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Posted Under: Corporate Law |

TDS Provisions under Income Tax Act, 1961

 WHAT IS TDS AND PURPOSE OF ITS INTRODUCTION TDS is abbreviated for tax deducted at source which was introduced to collect taxes at source from where the income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income at the time it is […]...

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Posted Under: Corporate Law |

A Complete Guide on Annual Return : GSTR 9

All companies (private limited company, one person company, limited company, section 8 company, etc) are required to file an annual return with the MCA every year. In addition to filing MCA annual return, companies would also be required to file income tax return. The concept of Annual returns has been effectuated under GST. Although the...

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Posted Under: Corporate Law |

Practical Effects of Companies (Amendment) Ordinance 2018

The twin objectives of the Ordinance are the promotion of Ease of Doing Business along with better corporate compliance. The key aim of the amendments are as follows....

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Posted Under: Corporate Law |

CoinSwitch Review – This Cryptocurrency Trading Platform is the biggest exchange in the crypto world right Now

Cryptocurrencies are a form of digital currencies that is passing through the hurdles to be competent to the fiat currencies. Though cryptocurrencies are falling and making its way up the ladder every now and then, the craze for these cryptos is always on the higher end....

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Posted Under: Corporate Law |

Sec. 153C Addition cannot be made merely based on Dumb documents

ITO Vs Kranti Impex Pvt. Ltd. (ITAT Mumbai)

When dumb documents like loose sheets of papers are recovered and revenue wants to make use of it, onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. As AO failed to do so, addition made under section 153C was deleted....

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Rice mill Lease rentals taxable as Income from other sources

Kanyaka Parameswari Rice Mill Vs ITO (ITAT Visakhapatnam)

In this case Since the rice mill owned by the assessee was let out to another rice mill and the rental income was received without carrying on any business activity or rendering any services incidental to carrying on the rice mill, therefore, the AO rightly assessed the income under the head ‘Income from other sources’....

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Validity of scrutiny assessment- Notice issued U/s. 143(2) based on original Vs revised return

M/s Padmini Products Pvt. Ltd. Vs DCIT (ITAT Bangalore)

M/s Padmini Products Pvt. Ltd. Vs DCIT (ITAT Bangalore) Assessee filed return of income declaring loss and thereafter, filed revised return enhancing the amount of loss declared in the original return. The case of the assessee was selected for scrutiny and notice under section 143(2) was issued by AO. The assessee contended that the scrut...

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Mere affidavits of CAs not sufficient to Condone Delay in Filing Appeal

M/s. Astec Lifesciences Ltd. Vs DCIT (ITAT Mumbai)

The only change in facts is that there are divergent statements by way of affidavits from two Chartered Accountants, one in favour of the assessee and one is against the assessee. Except this the assessee has not brought out any records to prove its bonafide attempts made in filing appeal against the order passed by the AO. ...

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Transfer Pricing- AMP expenses-Brand promotion vis-a-vis product promotion

Nivea India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Nivea India Pvt. Ltd Vs ACIT (ITAT Mumbai)  TPO had not brought on record the fact that AMP expenses incurred by assessee were not for its own business. The sole basis on which adjustment, under the head AMP expenditure, was made was that expenditure incurred by assessee was significantly higher than that of its comparable […]...

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