1 AUDIT ALREADY COMPLETED BUT NOT UPLOADED:-. The financial year preceding to the assessment year 2014-15 was ended on 31/03/2014 and audits for this year were started at any time after that date and completed before 25/07/2014 but the audit report are not uploaded on the IT site. Banks, Insurance Companies, PSUs and other assesses are included in this list. Now the auditors have to revisit them and collect the fresh information as incorporated in the new format.
It has been decided to call for Financial Documents from 10% of the applicants for Multipurpose Empanelment, selected on random basis, for the year 2014-15. Based on the random selection done by the computer, the above MEF has been selected as one of those to submit the Financial Documents in connection with the subject empanelment.
The Finance Bill, 2014 received assent from Hon’ble President on 6th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of “print media”as per Section 65B(39a) states as follows:
1. Creating a Business Plan: Before starting any business there should be a perfect business plan there. A business plan should have, along with others, the following thing: a. Cover Page Cover page should define objective, Mission and Vision of the Business. b. Table of Contents. There should be a table of content for easy reference of different sections of the business plan.
Goods Transport Agency (GTA) service is a misconception since its inception. The light of mess ignites more with its coverage under reverse charge mechanism. As per the provisions applicable for GTA Service, This service is covered under Reverse Charge Mechanism; therefore, the service tax liability is to be paid by the service recipient that being […]
As long as the expense is incurred wholly and exclusively for the purpose of earning an income, even if it is not necessarily for earning that income, it will still be deductible in computation of income. What thus logically follows is that even in a situation in which proximate or immediate cause of an expenditure was an event unconnected to earning of the income
Mr.Chhotaroy learned counsel for the revenue mentioned that the profit and loss account of the assessee as furnished by the petitioners would clearly indicate that the Assessing Officer had not applied his mind to the same.
Once the Assessing Officer is satisfied that a permanent establishment of the petitioner exists in India and business is being conducted from this permanent establishment, the attribution of profits is a necessary consequence.
The most awaited 2014-2015 Finance Budget was presented by Hon’ble Finance Minister, Arun Jaitley on 10th of July 2014. The sugar-coated budget did not aim at bringing any major change due to the reason that there was short time span but still changes in various issues have been introduced. The budget was both a shock […]
Naresh Kansala DOT-COM Companies, Accounting Concepts and “Its Practical Treatments” With the development of IT industry there is huge scope for growth not in the IT industry but in all other industries too and the growth of E-Commerce has revolutionized the way of conducting business. The buyers and the sellers are a mere click-of-the-mouse away. […]
