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Category: Indirect Tax

July 7, 2021 / Company Law Compliances

PROFESSIONAL UPDATE NOV 16,2015

PROFESSIONAL UPDATE NOV 16,2015 Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01.04.2009. ITAT Amritsar [Pardeep Singh Wazir vs. DCIT] Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex …

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July 14, 2021 / Chartered Accountant

PROFESSIONAL UPDATE NOV 16,2015

PROFESSIONAL UPDATE NOV 16,2015 PROFESSIONAL UPDATE:- In absence of return of notice sent by speed post it will be presumed to be delivered. [Petronet LNG Limited vs. DCIT] (ITAT Delhi). Delhi VAT extend the last date for filing of online returns for the 1st  and 2nd  quarter of the year 2015-16, in forms EC-II and EC-III …

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July 7, 2021 / Company Law Compliances

TAXATION UPDATE NOV 15,2015

TAXATION UPDATE NOV 15,2015 Indirect Taxes: Refund of Service Tax – input services used for export of goods – service tax paid by MIAPL is under category which was not classified under Notification 17/2009-ST – refund denied –(Hindustan Petroleum Corpn. Ltd. Versus Commissioner of Service Tax, Mumbai-I, CESTAT MUMBAI). Valuation – Reimbursement Expenses – Legal …

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July 7, 2021 / Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE NOV 15, 2015

CORPORATE AND PROFESSIONAL  UPDATE IT: In case of legal fees, only when legal matter is over and assessee advocate decides on quantum of fees, it becomes income in hands of advocate and entire advance amount that includes pocket payments would not bear any particular characterization for purpose of treating it as income IT: Where Assessing …

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May 11, 2024 / Company Law Compliances

Complete overview on Gold Bonds

Complete overview on Gold Bonds Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold aimed at bringing down gold imports and providing an alternative to physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The bond is issued by the Reserve …

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July 7, 2021 / INCOME TAX

DIRECT AND INDIRECT TAX UPDATE NOV 13,2015

TAX UPDATE Indirect Taxes: Back to Back transactions – The shipping vessel places an enquiry for required quantity of HSD with the Petitioner – Petitioner in turn places a back to back purchase order/nomination of the same quantity on any of the Oil Marketing Companies – After the delivery of the HSD to the nominated …

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July 7, 2021 / Business Set Up in India

INDUSTRIAL UPDATE NOV 9,2015

India’s chemical industry to touch $214 billion by 2019: report Oct 30, 2015 India’s chemical industry is likely to touch $214 billion (approx Rs. 13,91,000 crore) in the next four years from $139 (approx Rs. 9,03,500 crore) in fiscal 2014 with estimated growth of around 9 per cent a year amid growing demand scenario. A …

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July 7, 2021 / INCOME TAX

TAX UPDATES NOV 8,2015

TAX UPDATES : Excise & Customs : Chief Commissioner, being higher authority, is empowered to exercise powers conferred on subordinate authorities; hence, Chief Commissioner may also file appeal before Tribunal against order of Commissioner (Appeals) [2015] (Madras) Sree Vishnu Electronics v. Commissioner of Central Excise Competition Act : Where real estate developers i.e., Jaiprakash Associates (JAL) …

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July 7, 2021 / Company Law Compliances

PROFESSIONAL UPDATES FOR 1st NOVEMBER 2015

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 …

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July 7, 2021 / Company Law Compliances

CORPORATE TAX UPDATES NOV 1,2015

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) …

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