PROFESSIONAL UPDATE CREDIT RISK A credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments. In the first resort, the risk is that of the lender and includes lost principal and interest, disruption to cash flows and increased collection costs. From Today we will discuss about Export Credit Guarantee Commission of …
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 …
“WHETHER CS CERTIFICATION MANDATORY ON FORM MGT 7 OR NOT?” Annual filing time is in progress and we, being professionals are facing one major common problem regarding the certification of Form MGT-7 (Annual Return) – We have received many queries by Professionals on this common issue. In the said matter, we would like to provide …
INCOME TAX ACT SECTION 10(37) AGRICULTURAL LAND, COMPENSATION FOR Condition precedent : Where assessee was not carrying on any agricultural activity in land in question in preceding two years prior to its compulsory acquisition, appellant would not be entitled to benefit of section 10(37) – [2015] (Karnataka) SECTION 10AA SPECIAL ECONOMIC ZONE “Existing SEZ unit” means every …
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 …
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) …
INDIRECT TAXES: Activity of converting /assembling Gas Generating Sets (Gensets ) comprising of engine (prime mover) coupled with Alternator on common base frame into Power Pack after certain processes – Activity is amount to manufacturing activity- (M/s Quippo Energy Private Ltd, Shri Montu Patwa Versus Commissioner, Central Excise & Service Tax, Ahmedabad, CESTAT AHMEDABAD). Activity of blending …
INDUSTRIAL UPDATES WASHINGTON: America’s multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart’s “suspected bribery” unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs …
CORPORATE UPDATION Cash loans to firm couldn’t held as Inter-firm transactions due to common partner in both firms; penalty upheld [2015] (Karnataka)HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mysore Canara Housing Development Co.* Section 269T, read with section 271E, of the Income-tax Act, 1961 – Loans deposits mode of taking or accepting – Assessment year …
CORPORATE TAX UPDATE FOR 2nd NOVEMBER 2015 The bulls say India is the ‘next China’. Odds are they are right, if not today then within a decade or so. But even if this proves to be right in terms of growth, India is a very different country than China on many fundamental dimensions, demography and democracy …