PROFESSIONAL UPDATES INCOME TAX ACT SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE Comparables & adjustments/Comparables – Illustrations : Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required – [2015] (Delhi – Trib.) SECTION …
CORPORATE UPDATES: IT: Income received by ‘All India Football Federation’ from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India [2015] 362 (Delhi – Trib.) Deputy Director of Income -tax (Exemption) …
PROFESSIONAL UPDATE FOR 29th OCTOBER 2015 INCOME TAX UPDATE: Government of India makes changes in indirect tax rates, effective from yesterday Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: In view of the continued fall in international prices of wheat and the anticipated adverse impact of …
COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE. ü This Act shall come into force on 26th May, 2015 ü Details Of Amendment: The proposed amendments deal with related party transactions, fraud reporting by auditors, public inspection of Board resolutions, responsibilities of audit committee, restrictions on bail, making common seal optional, requirement for minimum paid-up share capital, …
CORPORATE BULLETINS FOR THE MONTH OF OCT 2015 Direct Tax CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock The assessees engaged in the business of mining are required to file a Annual Return with Indian Bureau of Mines (‘IBM’)(Form H-1 in case of Iron Ore mining …
Basic Compliance related to Annual Filling of ROC Following e-forms are required to be filed with ROC for the Annual Filing for the financial year 2014-15. MGT-14 (For approval of financial Accounts and Board’s Report) ADT-1 (For appointment of Auditor) AOC-4(For filing of Notice, Directors’ Report and Financial Statement) MGT-7 (For Annual Return) Form MGT-14:(To …
PROFESSIONAL UPDATE FOR THE MONTH: IT : Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction [2015] (Pune – Trib.) ACIT v. AshokaBuildcon Ltd. Service Tax : Where collection of entrance …
YOGA,MEDITATION CLASSES AND CATEGORY OF HEALTH AND FITNESS SERVICES ARE TAXABLE UNDER SERVICE TAX. Recently, in the matter of Malabar Hill Citizens Forum Versus Commissioner of Central Excise, Mumbai, 2015 (9) TMI 789, Mumbai CESTAT held that amounts collected for conducting Aerobics and Yoga classes would fall under Health & Fitness Services and accordingly would be …
REFUND PROCEDURE of SERVICE TAX PAID ON INPUT SERVICE – NOTIFICATION 41/2012-ST The Government of India issued a Notification No. 41/2012-Service Tax Date-29.06.2012 to enable the Exporter of Goods/ services to claim the SERVICE TAX what ever they have paid to effect the export of goods beyond the place of removal ( Factory ) to the port of export. …
CORPORATE LAW UPDATE FOR THE MONTH : MCA MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only. The recently …