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Archive: 25 October 2019

Posts in 25 October 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7356 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Provision for mark to market loss on trading in derivative market allowable

October 25, 2019 8805 Views 0 comment Print

Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on ‘Accounting for Equity Index & Equity Stock Futures and Options’ issued by ICAI and claimed the loss as deductable business expenditure.

Master Circular for Stock Exchange and Clearing Corporation

October 25, 2019 2884 Views 0 comment Print

Master Circular for Stock Exchange and Clearing Corporation is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue.

Examination for Confirmation of Enrollment of GST Practitioners

October 25, 2019 24180 Views 16 comments Print

Examination for Confirmation of Enrollment of GST Practitioners will be a Computer Based Exam. The registration for the exam can be done by the eligible GSTPs on a registration portal, link of which will be provided on NACIN and CBIC websites. The registration portal for exam scheduled on 12.12 .2019 will be activated on 22nd November, 2019 and will remain open up to 5th December, 2019.

Impact of 20% Input Tax credit Restrictions in GST

October 25, 2019 16173 Views 0 comment Print

Recently, notification no 49/2019-central tax on 9th October, 2019 has come restricting the input tax credit to 120% of the eligible input tax credit on the basis of invoices actually uploaded by supplier under section 37(1). We have analyzed the notification in detail and below is the mechanism how to arrive at this 120% and […]

Accounting By Schools For Gratuity Benefit

October 25, 2019 3144 Views 0 comment Print

1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of ‘Payment of Gratuity Act’ in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification S.O. 1080 by Ministry of Labour and Employment. 2. How Schools should do their accounting is explained by […]

Role of Independent Directors in Corporate Governance

October 25, 2019 3516 Views 0 comment Print

Sub: Role of Independent Directors in Corporate Governance Independent Directors are directors who are not associated with the company. They plays a key role in promoting the corporate governance in the company. An independent director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. These directors […]

Understanding Section 115JB of Income Tax Act (Minimum Alternate Tax)

October 25, 2019 9750 Views 1 comment Print

Income Tax Act as well as Companies Act both governs companies, and company needs to provide their Income Statement (Profit and Loss Account) and Balance Sheet to the Income Tax department while Preparing Tax Returns and also Final accounts are to be audited and submitted as Annual Returns under Companies Act.

Depreciation on Imported Software Not Considered as Royalty & Not Liable for Disallowance u/s 40(a)(ia)

October 25, 2019 933 Views 0 comment Print

The issue under consideration is whether depreciation on ‘imported software’ will be considered as royalty and liable for disallowance under section 40(a)(ia) for want of TDS?

Interest on Unutilized Funds which could not be used in development of Port Terminal is Capital Receipt

October 25, 2019 1233 Views 0 comment Print

M/s. Karanja Terminal & Logistics Pvt. Ltd. Vs DCIT (ITAT Mumbai) Interest income received by the assessee from the FDRs/ICDs made out of funds are inextricably linked to the development of port terminal and other infrastructure at Karanja Creek which is yet to be completed and commissioned. We would like to add that the these […]

Compensation/ liquidated damage cannot be treated as service to levy Service Tax

October 25, 2019 9834 Views 0 comment Print

Show Cause Notice mentions the leviablity of Service tax on the amount received towards the compensation for non supply of the agreed quantity of manganese ore under Section 64E(e) of Finance Act which is even otherwise is purely the transaction sale of the iron ore to the Appellant by M/s Amit Mines. Thus, the compensation amount is towards default on the sale of the goods. The sale could not be effected and, therefore, Appellant received the liquidated damage by way of raising the debit note which was honoured by M/s AML. Thus, this amount of compensation/ liquidated damage cannot be treated as service under Section 64 E(e) of the Act.

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