Supreme Court held in the case of M/s Westinghouse Saxby Farmer Ltd. Vs. Commissioner of Central Excise, Kolkata that the ‘relays’ are classifiable as parts of ‘railway signalling equipment’, under Heading 8608 of the Central Excise Tariff. In holding so, the Hon’ble Supreme Court has given precedence to the ‘sole or principal use’ test of Section Note 3 over the Note 2(f) to Section XVII which specifically excluded ‘electric equipment’ from being classified under Section XVII, whether or not it is identifiable as being for the goods of that Section.
Direct Taxes Professionals’ Association (DTPA), Kolkata has made a representation for Extension of Due Date for filing of Income Tax Audit Report under Income Tax Act to Hon’ble Smt. Nirmala Sitharaman Ji, Union Minister of Finance, Ministry of Finance. Full Text of her representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, […]
Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021. 1. The entity shall be a company incorporated in India or a Statutory Corporation established in India.
The levying of tax is done on both direct taxes and indirect taxes by both State and Central Government. Thus, to forgo the tediousness and to have a unified law by subsuming duties levied on services such as ‘custom duty, excise duty, service tax, sales tax, VAT’ the central government came up with Goods and Service Tax.
The name of a private limited company may be altered anytime with the consent of the shareholders and the Ministry of Corporate Affairs (MCA). An alteration in name will not be allowed on a company that has not submitted annual returns or financial statements to the Registrar or has failed to repay or pay mature […]
The appointment of a Director is not only an important management requirement but also a process requirement that must be met by every company. Under the Companies Act, only one person may be appointed as a Director; a company, organization, firm, or other body with legal capacity cannot be appointed as a Director. Requirement of […]
Tax Advocates Association Gujarat has made a Request for waiver of Late Fees under section 234 F of the Income Tax Act, 196 and extension of DUe Date for filing of audit report & audited Income Tax Return for A.Y. 2021-22. Full Text of their representation is as follows:- Tax Advocates Association Gujarat To, 1. […]
Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022: AS 111, Financial Reporting of Interest in Joint Ventures, AS 28, Accounting for Associates and Jointly Controlled Entities, AS 103, Accounting for Amalgamations and AS 110, Consolidated and Separate Financial Statements
Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers, regardless of the structures or forms under which the joint venture activities take place.
Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities set out principles and procedures for recognising the effects of the investments in associates and to set out the requirements for application of the equity method when accounting for investments in associates and joint controlled entities.
