Company registration As per Indian law there needs to be 2 directors to register a company in India. One share to be nominated to some one here to start the company registration that will be returned. Digital signatures certificate application forms of all persons, 2 directors and 1 nominee need to be submitted for company […]
If a building is taken on lease and expenditure incurred on renovation of the same, Explanation 1 will apply and such expenditure can be capitalised for claiming depreciation. When a company incurs expenditure either by way of construction or renovation to an existing building in leasehold premises, questions arise with regard to the deductibility of […]
In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer’s foreign affiliates.
Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations which carry out socio-development programmes […]
Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit’ relating to financial transactions for AIR, specified in one of the `frequently asked’ questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: “In schedule of AIR of all ITRS relating to financial transactions whether the limit fixed is for aggregate or single in each category as shown in the following transactions:
IT is now an axiomatic law that Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court. But our Boards do not have the habit of tracking down the multitude of circulars they issue and considering whether they are relevant after the Law has been amended and the Apex Court had already ruled on the issue. In the Dhiren Chemicals case (2002-TIOL-83- SC-CX), the Supreme Court had held that if there was a Board Circular which was not in tune with the views of the Supreme Court, the Board Circular would prevail. The whole idea is that the Department should not be seen arguing that the Board was wrong – even if it is wrong, the Departmental officers should be bound by it.
DEVELOPMENT AGREEMENT WITH THE BUILDER This Agreement is made here at New Delhi on this ….th day of ………, 200…., between ………………………………………………….. through its…………………………………………………….. s/o ……………………………………… r/o ………………………………………………………., hereinafter called the Owner, the First Party and M/S ………………………………………, ……………………………………… through its Director ……………………………………… s/o ……………………………………… r/o ………………………………………………………, hereinafter called the Developers, Second Party.
(1) No excisable goods shall be removed from a factory or a warehouse except under an invoice signed by the owner of the factory or his authorized agent and in the case of cigarettes, each such invoice shall also be countersigned by the Inspector of Central Excise or the Superintendent of Central Excise before the […]
IN the present case which was referred to the Third Member of the Tribunal, the dispute revolves around the issue of, whether interest u/s 201(1A) is payable on the ”usance interest” from the date of payment or from the date of pronouncement of High Court decision in the Vijay Ship Breaking Corpn case
Need for notice u/s 143(2) cannot be dispensed with in a case where AO proceeds to make inquiry for assessment, and determination of taxes payable after issuing notice u/s 143(1) as well – ITAT
