PCIT Vs Novell Software Development (India) Pvt. Ltd. (Karnataka High Court) Facts: 1. Taxpayer, a captive software development and support service provider, is subsidiary of Novell Inc US. The taxpayer provided software development and support services to its US Associated Enterprise and adopted Transactional Net Margin Method. 2. The taxpayer was providing depreciation as per […]
Note on Prevention of Sexual Harassment of Women At Workplace ((Prevention, Prohibition And Redressal) Act, 2013 (Posh Act) BACKGROUND: The Act to prevent incidents of sexual harassment at workplace was enacted after 16 years of the Supreme Court judgment in the case of Vishaka & Ors. vs. State of Rajasthan & Ors. (1997 (7) SCC […]
The Standard on Quality Control (SQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost statements, cost records and other related documents, and other assurance and related services engagements and applies to all firms of Cost Accountants.
You should never accept ‘NO’ as an answer in any situation, when once you are convinced that you are right. You should fight till you succeed! I wish to narrate hereunder one of my own personal experiences, to drive home the point, as to how the ‘Effort Never Dies!’ As all of us know that […]
Ministry of Corporate Affairs (MCA) has vide its notifications dated 18th December 2020, issued amendment in following rules: 1. Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020: MCA has relaxed certain provisions under the law w.r.t. mandatory online proficiency self-assessment test that one has to undergo, post inclusion of his/her name in data […]
ICAI in it’s guidance note on tax audit has given a glimpse of the method of computation of turnover and profit for the transactions entered in derivatives
Direct Taxes Professionals’ Association has Requested FM for extension of validity of LLP settlement scheme, 2020, companies fresh start scheme, 2020 and scheme for relaxation of time for filing forms related to creation or modification of charges. It requested that all the deadlines of ROC compliances be extended to 31st March, 2021 or the scheme […]
In June, 2020, the US Trade representative initiated an investigation of India’s 2020 Equalisation levy (EL 2020) under the Section 301 of the Trade Act of 1974 to determine whether India’s EL 2020 is unreasonable / discriminatory and burdens / restricts U.S. commerce. The report was made public on 06 January, 2021.
For Taxpayers (with aggregate Annual Turnover more than 5 Crore during the FY 2020-21)- 6 Digits of HSN Code for Goods and Services to be mentioned mandatorily in all Tax Invoices. For Taxpayers (with aggregate Annual Turnover up to 5 Crore during the FY 2020-21)- 4 Digits of HSN Code for Goods and m Services to be mentioned mandatorily in B2B Tax Invoices- 4 Digits of HSN Code for Goods and Services to be mentioned on optional bases in B2C Tax Invoices
CPC Handbook For Tax Consultants/Taxpayers – November 2020 Centralized Processing Center, Bangalore has prepared a handbook in order to provide guidance to taxpayers and taxpayers’ representatives regarding e-filing of returns, processing of returns, issue of refunds, validation of bank accounts, filing of rectification applications and various other connected topics. The answers to the Frequency Asked […]
