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 …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …
NO TERMED AS SERVICE OF NOTICE – POSITION WHEN DISPATCHING NOTICE AT INCORRECT ADDRESS Recently in case of Ventrapathi Financial Services v. Superintendent of Central Excise (2015), honorable Andhra Pradesh high court held that dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …