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Archive: November, 2018

Posts in November, 2018

Framework Governing Internal Audits

November 28, 2018 5823 Views 0 comment Print

Framework for Standards on Internal Audit was, originally, issued by the Board in August 2007, which was recommendatory in nature. The revised Framework Governing Internal Audits shall become mandatory from such date as notified by the Council. 1. Introduction and Scope 1.1. The Framework Governing Internal Audits lays down the underlying principles and boundaries for […]

Preface to the Framework and Standards on Internal Audit

November 28, 2018 2976 Views 0 comment Print

Preface to the Standards on Internal Audit was, originally, issued in November, 2004, revised in July, 2007, and was recommendatory in nature. The revised Preface to the Framework and Standards on Internal Audit shall become mandatory from such date as notified by the Council. 1. Introduction This Preface to the Framework, Basic Principles and Standards […]

Extension of due dates for filing GST returns for districts affected by Cyclone Titli & Gaza

November 28, 2018 936 Views 1 comment Print

In view of disturbances caused to daily life by Cyclone Tali in district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu the competent authority has decided to extend due dates for filing various GST returns

CBDT directives on scope of inquiry in cases selected for Limited Scrutiny

November 28, 2018 31941 Views 0 comment Print

i. The Assessing Officer shall duly record the reasons for expanding the scope of ‘Limited Scrutiny’ to the extent mentioned in para 2 and 3, above; ii. The same shall be placed before the Pr. CIT/CIT concerned and upon his approval, further issue can be considered during the assessment proceeding;

Taxation of leave Encashment

November 28, 2018 21963 Views 3 comments Print

The encashment of leave is allowed during continuance of the employment as well as on leaving the job as part of full and final settlement. Income tax laws also give concessional treatment for encashment of such paid leaves by employees.

Deputation of Employee’s – Whether A Supply or Cost Sharing ?

November 28, 2018 14220 Views 1 comment Print

1. It often happens that an individual is employed by let us say A Ltd. Under the terms of the employment contract (generally referred as joint employment contract), said employee can be deputed by A Ltd. to another group company B Ltd. Hence the concerned employee is deputed with his consent.

Deduction U/s. 80P to cooperative society on Interest earned on FDs and saving bank deposit

November 28, 2018 11340 Views 0 comment Print

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi) Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of […]

Notice u/s 143(2) issued by AO before return filing has no meaning

November 28, 2018 2637 Views 0 comment Print

Shri Sudhir Menon Vs ACIT (ITAT Mumbai) The assessee filed return of income under section 148 of the Act vide letter dated 23.05.2013 stating that the original return of income can be treated as return filed in response to notice under section 148 of the Act. It means that the assessee has filed return of […]

ITAT order cannot be termed erroneous for negligence of Dept

November 28, 2018 648 Views 0 comment Print

ITO Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai) If we examine the facts of the present case it can be seen that in the previous year relevant to the assessment year under dispute, the assessee had received certain unsecured loan and share capital investment which were examined by the Assessing Officer during the assessment […]

Reassessment u/s 147 void in absence of fresh tangible material with AO

November 28, 2018 3747 Views 0 comment Print

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai) Under the new provisions of section 147, an assessment can be reopened if the Assessing Officer has ‘reason to believe’ that income chargeable to tax has escaped assessment; but if he wants to do so after a period of four years or merely on […]

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