CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court) A deemed dividend could only have been assessed in the hands of a person who is shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is a member or partner having substantial interest. Admittedly, in the […]
Pr. CIT Vs Late Shantaben P. Patel (Gujarat High Court) In this case Since assessee had relied on the estimate made by the Registered Valuer for the purpose of supporting its value of the asset, any such situation would be governed by clause (a) of section 55A and AO could not have resorted to clause […]
Provisional list of IPs prepared in accordance with’ Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations,2018.’
Grundfos Pumpas India case: Where the provision was made on a scientific basis and not on an adhoc estimate, deduction in respect of provision for warranty was allowed
Statutory audits of banks and their branches are under process. Various issues relating to these audits are under discussion amongst the (auditors ) Chartered Accountants . One of such issues in bank branch audit is regarding reversal of unrealized interest on loans / advances which have became NPA in the year under audit. In this article an attempt has been made to discuss various aspects, prevailing practices and difficulties being faced relating to the reversal of interest on NPA accounts.
It is a known principle that ‘nothing comes free in business’ and the same is a proven fact in the recent ruling by Maharashtra Authority for Advance Ruling (AAR) in the case of Biostadt India Ltd and the circular 92/11/2019-GST which clarifies issues on treatment of sales promotion schemes under GST. Several promotional schemes are […]
Article explains what is Form DPT-3,Form DIR-3 KYC,Form INC – 22A (ACTIVE) and Form MSME-1, who has to file these forms, When thswe needs to be filed, Due date of filing, What if not filed, and Non Compliance Consequences. Particulars Form DPT-3 Form DIR-3 KYC Form INC – 22A (ACTIVE) Form MSME-1 What is Form […]
When there is annual turnover in previous year exceeds 1 CR you need to be done with Audit as per section 44AB of Income tax Act 1961, Except when you have opted for Section 44AD (When turnover for the previous year up to 2CR) From above lines the provisions looks very clear but the confusion […]
While importing goods in India on CIF (Cost, Insurance & Freight) basis, the supplier / exporter located in the foreign country is liable to engage and bear the cost of transportation of goods, from the respective country up to Indian ports. Hence, for the transportation of the goods, the supplier / exporter avails the services […]
CBDT has vide Notification No. 32/2019-Income Tax Dated 01/04/2019 released Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V. This post provide links to download such ITR and who can file such ITR. Also Read- Rule 12 of Income Tax Rules wef 1st April 2018 […]
