CA Amresh Vashisht

108 Economist Vs 131 CA- Tracking The Trial

CA, CS, CMA - On 14th March 2019, The 108 economists and social scientists issued an open letter alleging that Indian statistics were “under a cloud for being influenced and indeed even controlled by political considerations.” In clear words they mention “[Any] statistics that cast an iota of doubt on the achievement of the government see...

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Considerable Points for Staying of Income Tax Demand

CA, CS, CMA - Applications seeking of stay of demand during the pendency of first appeal before CIT (Appeals) are generally rejected in a casual manner causing considerable hardships to the assessee. The assessing officers insist to deposit 20% deposit of tax demand as per July 2017 revised guidelines as precondition to grant a stay. However, the same ...

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Enforceability of Section 153A/ Section 153C –An Analysis

CA, CS, CMA - Section 153 A of the Income-tax Act, 1961 provides for the scheme of assessment of income in case of a searched person. In terms of the said section, the Assessing Officer can frame assessment of a searched person for six assessment years immediately preceding the year of search. One of such facet is whether while […]...

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Service Tax Audit! Audit Me! Audit Me Not!

CA, CS, CMA - Service Tax is dead but still the undying ghost of Service Tax Audit approaching the pillars and posts of the assessee, department and the professionals. The department is trying its best to salvage their ground and right of an audit till June 2017 setting aside the numerous judgements against their moves. The department still making [&he...

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ICAI- Be a God of Small Decisions

CA, CS, CMA - Now a day’s winds are blowing against the ICAI. Large value decisions like NFRA, COE committee findings inherently suggest that the magnitude of the potential consequences will be high. The upper level of Disciplinary has taken out from the ICAI by placing the NFRA and now withdrawing the second level of disciplinary seems to be [&helli...

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Allahabad Bank – Empanelment for Concurrent & Revenue Audit

CA, CS, CMA - Application For Concurrent / Revenue Audit ( Year 2015-16 )- 1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank....

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Today is last day to submit form to secure Unstructured CPE learning Hours

CA, CS, CMA - As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the con...

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Soon you will be able to Download your TDS Certificate online; Deductor will not be required to issue manually

CA, CS, CMA - Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Numb...

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Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI

CA, CS, CMA - ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Se...

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Appointment of statutory auditor for Public sector bank for 2009-10

CA, CS, CMA - Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed by the end of first week of March.As you know there are 26 public sector banks and like previous year Fifteen banks shall opt for autonomy .But in practical ,there will not be change of any policy as these Bank...

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ST- Service Tax Levied On Presumptive Basis Not Sustainable

Al-Faheem Meatex Private Limited Vs Commissioner of Service Tax, Meerut (CESTAT Allahabad) - Show cause notice was issued without scrutiny of the taxable value on which service tax was due from the appellant. He submitted that had Revenue scrutinized the entire transaction that was reflected in balance sheet, Revenue would have come to know that the freight charges reflected in balance shee...

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IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain

Sudha Garg Vs ITO (ITAT Delhi) - Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the s...

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Recent Posts in "CA Amresh Vashisht"

108 Economist Vs 131 CA- Tracking The Trial

On 14th March 2019, The 108 economists and social scientists issued an open letter alleging that Indian statistics were “under a cloud for being influenced and indeed even controlled by political considerations.” In clear words they mention “[Any] statistics that cast an iota of doubt on the achievement of the government see...

Read More
Posted Under: Income Tax |

Considerable Points for Staying of Income Tax Demand

Applications seeking of stay of demand during the pendency of first appeal before CIT (Appeals) are generally rejected in a casual manner causing considerable hardships to the assessee. The assessing officers insist to deposit 20% deposit of tax demand as per July 2017 revised guidelines as precondition to grant a stay. However, the same ...

Read More
Posted Under: Income Tax |

Enforceability of Section 153A/ Section 153C –An Analysis

Section 153 A of the Income-tax Act, 1961 provides for the scheme of assessment of income in case of a searched person. In terms of the said section, the Assessing Officer can frame assessment of a searched person for six assessment years immediately preceding the year of search. One of such facet is whether while […]...

Read More
Posted Under: Income Tax |

Service Tax Audit! Audit Me! Audit Me Not!

Service Tax is dead but still the undying ghost of Service Tax Audit approaching the pillars and posts of the assessee, department and the professionals. The department is trying its best to salvage their ground and right of an audit till June 2017 setting aside the numerous judgements against their moves. The department still making [&he...

Read More
Posted Under: Income Tax |

ST- Service Tax Levied On Presumptive Basis Not Sustainable

Al-Faheem Meatex Private Limited Vs Commissioner of Service Tax, Meerut (CESTAT Allahabad)

Show cause notice was issued without scrutiny of the taxable value on which service tax was due from the appellant. He submitted that had Revenue scrutinized the entire transaction that was reflected in balance sheet, Revenue would have come to know that the freight charges reflected in balance sheet included various elements such as frei...

Read More

ICAI- Be a God of Small Decisions

Now a day’s winds are blowing against the ICAI. Large value decisions like NFRA, COE committee findings inherently suggest that the magnitude of the potential consequences will be high. The upper level of Disciplinary has taken out from the ICAI by placing the NFRA and now withdrawing the second level of disciplinary seems to be [&helli...

Read More
Posted Under: Income Tax |

Unjustified Discrimination for Small CA Firms/Small City firms

It is no secret that small and medium-sized CA firms have been neglected by the ICAI since years. There is no motivation for a young CA today to start his/her own practice. A profession which was once chosen by many to become the master of their fate and captain of their souls no longer serves this purpose...

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Posted Under: Income Tax | ,

ICAI- Why surnames used in CA name being prefixed in our organization?

Why are surnames used in members name being prefixed in our organization? Does it not lead to promoting caste-ism and why such arrangements are being used in electoral? The electoral be corrected before going for next round of elections....

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Posted Under: Income Tax | ,

The Government Paying No Heed to ICAI

It clearly seems that the Central Government is paying no heed to the Council of the Institute Of Chartered Accountants of India.  Being an autonomous body, ICAI denotes a self-governing body, independent, or subject to its own laws. It was created by the same constituent assembly of the Country which was entrusted with a job […]...

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Posted Under: Income Tax |

An Open Letter to CBDT Chairman for TAR Extension

In the year 2018, You have already extended the date for filing Income Tax Returns by those assessees whose accounts are not required to be audited for a month without levy of any interest and also extended the submission of Tax Audit Reports by 15 days i.e up to 15th October 2018....

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