Auditors of Mutual Funds: 1. The auditor of a MF, appointed in terms of Regulation 55 (1) of SEBI (MFs) Regulations shall be a firm, including a limited liability firm, constituted under the LLP Act, 2008.
ATTENTION TAXPAYERS! CALENDAR FOR GST RETURN FILING- FOR FILING OF GSTR-3B, GSTR-1, GSTR 4, GSTR-5, GSTR-5A, GSTR-6 for the Month of July 2017 to March 2018.
Hemant Kumar Pradhan Vs ITO (ITAT Cuttack) Original assessment u/s.143(3) of the Act was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of Rs. 49,10,212/-. It is trite law that once the books of accounts of […]
As no activity was undertaken by the assessee which could be said to be business activity, no deduction was allowable under section 36(1)(iii). Thus, AO was justified in disallowing the interest paid on borrowed capital to assessee.
Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that it is the responsibility of the assessee to ensure that the audited books are submitted in stipulated time and that Chartered Accountant (CA) does his job properly.
In the given case, memebrs of JV decided to form a JV only to secure the orders and execution of the orders was to be done by one of the constituents of the JV. JV was formed for the benefit of the individual members and a business was carried on for the benefit of the businessman. There was no sub-contract relationship existed between JV partners. Accordingly, the work executed by the AMRCL was not in sub-contract. Ground raised by revenue was dismissed.
Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard.
Due to the non-availability of the refund module on the common portal, it has been decided, on the recommendations of the Council, that the applications/documents/forms pertaining to refund claims on account of zero-rated supplies of goods or services or both without payment of integrated tax shall be filed and processed manually till further orders.
Trade and industry may have faced teething troubles from the Goods and Services Tax (GST) but the entire business landscape of FMCG (fast moving consumer goods), retail and logistics is going to be transforming into modern and efficient model with introduction of uniform tax regime, says a joint study by ASSOCHAM-MRSS India.
Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particulars of income. Under […]
