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If payment is for variety of services & use of land is minor, Payment cannot be treated as rent –SC

August 7, 2015 1881 Views 0 comment Print

The charges such as Landing Charges, Lighting Charges, Approach and Aerodrome Control Charges, Aircraft Parking Charges, Aerobridge Charges, Hangar Charges, Passenger Service Charges, Cargo Charges etc.

IFRS : IASB proposes clarifications to IFRS 15

August 7, 2015 703 Views 0 comment Print

The International Accounting Standards Board (IASB) today published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers.

CBDT Finally releases e-filing utility for ITR 6 for A.Y. 2015-16

August 7, 2015 8366 Views 0 comment Print

Further Update on 07.08.2015 CBDT has released finally e-filing utility for ITR -6 on 06.08.2015 after 127 from the start of new financial year and gives Assessee a time of 55 days for complete his e-filing instead of 183 days due to delayed release of e-forms.

13 Reasons why CA students are facing failure in exam?

August 7, 2015 115289 Views 26 comments Print

Here is the 13 (Thirteen) Interesting Reasons for being failure in exam with RemediesI would strongly suggest you all to stick to the basics of study to avoid further failure and ensure success. For me some basics of study are as follows:

Reg. increase in basic customs duty on wheat from nil to 10% upto 31.03.2016

August 7, 2015 451 Views 0 comment Print

NOTIFICATION NO. 44/2015-Customs (a) in the Table, against S. No.34, for the entry in column (4), the entry 10% shall be substituted; (b) after the Table, in the proviso, after clause (ab), the following clause shall be inserted, namely:- (ac) the goods specified against serial number 34 of the said Table on or after the 1st day of April, 2016

Posts of Independent Directors in Boards of Public Sector Undertakings

August 7, 2015 1785 Views 0 comment Print

The Boards of Central Public Sector Enterprises (CPSEs) comprise of functional, Government and non-official Directors. The proposals for appointment of non-official Directors on the Boards of CPSEs are initiated by the concerned Administrative Ministries/Departments by recommending names of at least 3 eligible persons for each position proposed to be filled.

S. 80IB(10) Restriction on extent of commercial area not applies to projects approved before 1.4.2005

August 7, 2015 942 Views 0 comment Print

CIT vs. Sarkar Builders (Supreme Court of India)- Restriction on extent of commercial area in ‘housing project’ imposed w.e.f. 1.4.2005 does not apply to housing projects approved before 1.4.2005 even though completed after 1.4.2005 – Section 80-IB(10).

Deduction u/s. 80HHC allowable only against profit from export business- SC

August 7, 2015 10363 Views 0 comment Print

The appellant-assessee is engaged in the business of export of marine products and also financial consultancy and trading in equity shares. Its total business does not consist purely of exports but includes business within the country as well which situation is covered by Section 80HHC (3)(b).

Rules for the purpose of FATCA entered into between India & USA

August 7, 2015 3467 Views 0 comment Print

Notification No. 62/2015 – Income Tax Dated: August 7, 2015 S.O. 2155(E) – In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Board for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-

Assessee making periodically RBI approved royalty payments to its AE, TPO not justified in determining ALP at Nil

August 7, 2015 756 Views 0 comment Print

The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee entered into international transactions with its AE situated in Kuwait.

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