Explore the important initial audit engagement step of agreeing to the terms of the audit engagement as outlined in SA 210. Learn about preconditions, roles, responsibilities, and the significance of the Letter of Engagement (LOE).
Classification of royalties and fees for technical services as income in India according to the Income-tax Act, 1961. Explore the definitions and implications of these categories, as well as the concept of Tax Deducted at Source (TDS) and its rates for residents and non-residents.
CESTAT Kolkata held that as mining services brought under the service tax net only with effect from 01/06/2007, service tax is not leviable on the same for the period prior to 01/06/2007.
Karnataka State Chartered Accountants Association (R.) addresses the significant issue of delay in income tax refunds. Read their comprehensive representation highlighting the challenges faced by taxpayers and suggestions for improvement.
Kerala High Court held that gratuity payable under the said Act has to be determined with respect to the date on which the gratuity became payable and not on the date on which sanction was accorded for payment of DCRG.
CESTAT Chennai held that demand for extended period sustained as appellant collected service tax without registration and without filing of ST-3 returns and also failed to credit the amount collected into the Government account.
MAAR upholds that MEK Peripherals India Pvt. Ltd.’s supply to IIUL does not qualify as export of service under IGST Act, emphasizing that the place of supply is India, not fulfilling the conditions for export as defined.
ITAT Mumbai held that amendment to section 40(a)(ia) of the Income Tax Act vide the Finance (No.2) Act, 2014 is effective from 01/04/2015 and shall be applicable from the Assessment Year 2015-2016.
Held that there was no reason to disbelieve, the observation made by the Commissioner (Appeals) that there was no evidence available before him as to the date on which the Reviewing Authority received the order. Appeal by department dismissed as time barred.
ITAT Delhi held that addition in case of bogus purchases is restricted to the extent of 25% of the purchases. As lower authorities made addition of 25% of bogus purchase, the same is sustainable.
