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 …
PROFESSIONAL UPDATE Sum paid to foreign AE for secondment of high level managers is taxable as ‘FTS’ Food World Supermarkets Ltd. v. DDIT [ITAT Bangalore] ITA No. 1356 & 1357 of 2013, Date of Decision: October 28, 2015 Facts of the case :The assessee is an Indian company engaged in the business of ownership and …
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 …
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 …