It is herby informed to all concerned that department proposes to further streamline the matching of Annexure 2A and 2B as per the following procedures. Comments of all stakeholders are invited upto 20/07/15 before finalization of the same( As Directed by CLAT)
The useful lives of assets working on shift basis have been specified in the Schedule based on their single shift working. Except for assets in respect of which no extra shift depreciation is permitted (indicated by NESD in Part C above), if an asset is used for any time during the year for double shift, the depreciation will increase by 50% for that period and in case of the triple shift the depreciation shall be calculated on the basis of 100% for that period.
Visa / Master Card Credit card transaction: 1.45% of payment amount per transaction. Visa / Master Card/Rupay Debit Card transactions: For transactions upto Rs.2000/- : 0.75% of payment amount per transaction. For transactions above Rs.2000/- : 1.00% of payment amount per transaction.
As you are aware, ICAI has recently approved the new syllabi for CA Course, focusing on the industry and practical requirement. The syllabus is likely to be effective from 2016, subject to the Central Government approval. Kindly note, as clarified by the Institute, the existing scheme would not be immediately discontinued post notification of the new scheme and it is expected that the existing and new would continue for a few exams.
Supplier of Raw Material is not a manufacturer- A raw material supplier is not a manufacturer since s/he/it does not carry out any manufacturing activities. Where a company outsources a job to a 3rd party (job worker) for converting a raw material into an excisable product, the 3rd party, and not the company, is considered as the manufacturer. Hence, central excise duty can be levied in the hands of a manufacturer irrespective of ownership of materials. Thus, the job worker is liable to pay excise duty although s/he/it is not the owner of the finished product.
A works contract is an agreement which is a mixture of service or labour and transfer of goods. Under a works contract the contractor agrees to do certain job in execution whereof, certain goods are transferred to the contractee. Thus, an agreement of building construction, manufacture, processing, fabrication, erection, installation, repair or commissioning of any movable or immovable property, is a works contract.
Primary Condition for classifying the service under works contract is that the contract shall involve transfer of property in goods in executing such contract which should be leviable to tax as sale of goods. The contract is for the purpose of carrying out construction, erection, commissioning, installation, completion, fitting out, improvement, repair, renovation, alteration of any movable or immovable property.
Both assessee and revenue are in appeal against the action of deletion of penalty u/s 271AAA. CIT (A) has deleted part of penalty levied but another part of the penalty was retained by him. Assessee is in appeal against the retention order and revenue is against the deletion of penalty.
Provision of section 147 states that revenue can reopen an assessment within four years, from the end of the relevant assessment year in which return was filed, if any income escaped from assessment. If revenue wants to reopen an assessment after the expiry of four years prescribed then there must be failure on part of assessee to disclose fully
Whether tribunal was right in allowing appeal of the assessee holding that the interest income earned by the assessee on fixed deposits with the bank and other interest income are eligible for deduction u/s 80IA.
