Company Law : Annual Compliances for Private Company based on Paid-Up Share Capital under Companies Act, 2013. Article Annual Compliances for Pr...
Company Law : Annual Compliances for Private Company on the basis of Turnover under Companies Act ,2013. Article explains Annual Compliances for...
Income Tax : Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at th...
Income Tax : Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in bus...
Income Tax : Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel fo...
SEBI : SEBI's income from fees and other charges dropped by 46 per cent to Rs 213 crore in the fiscal 2008-09 as against Rs 397 crore rec...
Income Tax : The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of...
Income Tax : Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bomba...
Finance : The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium ...
Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...
Income Tax : So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account o...
Income Tax : . In view of the above decision, the company whose principal business is that of granting of loans and advances, may earn a compar...
Income Tax : I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted...
Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...
Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...
Goods and Services Tax : As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a ...
As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)
THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnover of Rs. 2,48,26,964/ -. The net profit included Duty draw back turnover of Rs. 21,10,298/- and DEPB of Rs. 6,63,942/-. The Assessing Officer on verification of export in Form No. 10CCAC observed that the assessee has Loss on export turnover at Rs. 10,19,985/-.
CAN double benefits under Sec 10B and also under Section 80HHC be availed on export of the same goods? Should Income Tax allow Sec 80HHC benefits if an exporter procures orders and closes the transaction by procuring goods from a third country and shipping the same straight to the buyer country,
It is clarified that Domestic Venture Capital Funds registered with SEBI, have been permitted to invest in equity and equity-linked instruments only of off-shore Venture Capital Undertakings. Accordingly, Domestic Venture Capital Funds registered with SEBI, desirous of making investments in off-shore Venture Capital Undertakings may approach SEBI for prior approval.
Commissioner of Income-tax v. Catapharma (India) (P.) Ltd.- Section 80HHC of the Income-tax Act, 1961 – Deductions – Exporters – Assessment year 1997-98 – Whether excise duty and sales tax form part of total turnover while computing deduction under section 80HHC – Held, no.
