Now it’s time to do act online like: File claims and Submit intimations, case portfolio, export related documentations, provisional assessment, file the refund claim, complete/amend/ surrender the registration certificate, file all types of returns through online as well as through excel utility and also you can get the help at every point.
Our elections are held on the single ‘transferable vote’ system under which the voter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some members are under the impression that only the ‘ first’ preference vote has value. This impression is not correct.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services.
The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction was offered to tax. As the client did not pay for the shares, the assessee wrote off the amount due and claimed the same as a bad debt u/s 36 (1) (vii). The AO rejected the claim on the ground that as the said “debt” had not “been taken into account in computing the income”,
Class Action lawsuits have recently made to the front page news, more particularly in western countries. The reason being the sudden fall (bankruptcy) of financial industry giants like Freddie Mac, Wachovia, AIG to name a few and the consequent losses suffered by large number of investors amounting to millions of dollars.
In view of large increase in credit to the Commercial Real Estate (CRE) sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs). Accordingly, it has now been decided to increase the provisioning requirement for advances to the CRE sector classified as ‘standard assets’ from the present level of 0.40 per cent to 1.00 per cent.
Professional Competence Examination-It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services.
* Roll Numbers of candidates where no change in marks found click Here All these candidates are being intimated by post. * Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers found click Here Revised Mark Sheet is being sent.
Media reports on Wednesday said that ICAI had withdrawn the showcause notice issued to Price Waterhouse for alleged violation of norms. The Institute of Chartered Accountants of India (ICAI) on Thursday denied media reports that it has withdrawn an 8 October showcause notice against accounting firm Price Waterhouse that was statutory auditor for the erstwhile Satyam Computer Services Ltd. Price Waterhouse New Delhi in a Wednesday statement claimed that the notice had been withdrawn.
The Central Excise duty is leviable on the process of “manufacture”. Any process that brings a new article into existence with different name, character and use is known as manufacturing activity. For levying duty on any article it must satisfy 2 basic conditions that it must be “goods” and should have come into existence as a result of “manufacture”.
