As the name suggests, ‘bundled services’ are the combination of two or more services. i.e. combination of provision of various services wherein provision of one service is combined with an element of provision of any other service or services.
In an era of zealous consumers wanting everything at the drop of a hat, we see a number of new start-ups mushrooming everyday with their unique and ingenuous ideas. We recently met the founderts of one such start-up that made us explore quite an interesting proposition. The start-up offers various items of clothing on rent to its customers including casual wear, party wear and designer wear which, for valuable consideration, are rented out to the customers for fixed number of days.
(i) Whether by a unilateral amendment in the Income Tax Act, an interpretation of the same term in the Double Taxation Avoidance Agreement can be changed? (ii) Whether by merely terming an amendment as ‘clarificatory’ and making it retrospective infact renders its retrospectivity valid in law?
In the Indian context, Constitution of India specifically reserves the power to impose tax on specific activities to specific level of Government, e.g., tax on import of goods can be imposed by Union Government only whereas tax on sale of goods involving movement of goods within the State can be imposed by State Governments only.
Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 1 Dated : 11.02.2016 The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on urgent basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, […]
GN (A) 35- Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013 Background 1. Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) […]
The initial assessment year has been defined and the expression or’ has been used in respect of new units by stating commences operation’ or complete substantial expansion’. Here the expression or’ is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation.
Ministry of Corporate Affairs issued a notice dated February 09, 2016 invited for comments on Revised Schedule III applicable to a company required to comply with Ind AS. Internationally IAS 1 – Presentation of Financial Statements prescribes the minimum set of requirements for IFRS compliant financial statements. However, it does not prescribe the exact order […]
Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA
ITAT Mumbai held In the case of M/s. Radiant Premises Pvt. Ltd. vs. ACIT that the phrase rent received and receivable u/s 23, contemplates the amount received for the enjoyment of the property and certain rights in the said property by the tenant.
