VAT refund in five months if AAP wins, says Kejriwal By CA Ojas Aggarwal Promising to clear the value-added-tax (VAT) refund backlog in five months if his Aam Aadmi Party (AAP) was voted to power in the state, Delhi chief minister Arvind Kejriwal has asked industrialists and traders to suggest other issues to include in the manifesto.
Description of Goods/Items along with their Item codes By CA Rashmi Sharma The Government of National Capital Territory of Delhi vide Notification No. F.3(30)/Fin(Rev-I)/2015-16/dsvi/121 dated 12/04/2016 had notified rules for furnishing description of goods/items along with their item code in the formsDVAT-30, Dvat-31 and DVAT return Form 16 and its Annexures.
Govt may restore 'Lucky VAT' to boost revenue By CA S K Verma Taking a cue from the Aam Aadmi Party (AAP) government's initiative in New Delhi to provide incentives to customers who demand bills for purchases and thus pay value-added tax (VAT) promptly, the state government is mooting a lucky draw scheme where customers -who pay VAT for each and every purchase - will be properly rewarded.
Relevant Market’ Under Competition Act, 2002 By CA S K Verma The object of the Competition Act, 2002 (‘Act’ for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Tax paid in black money scheme must be white By CA Manu T George tax payment for unaccounted assets declared under the black money scheme cannot be made out of any undisclosed income, making it clear that the money used to pay tax must be white.
Tax department searches Indiabulls offices By CA Rashmi Sharma The income-tax department on Wednesday conducted searches on multiple offices of Indiabulls Group in connection with its probe against the firm on charges of alleged tax evasion.
Tax department must trust assessees By CA Mayank Jain Making a case for increasing the taxpayer base, Finance Minister Arun Jaitley has said the government's intention is to keep taxation rate "moderate" and emphasised that tax department needs to start trusting the assessees.
Extra tax mop-up will help government achieve its fiscal deficit target By CA S K Verma Implementing the Seventh Central Pay Commission's recommendations could make it difficult for the government to achieve its fiscal deficit target if revenue falls short of estimates, although the possibility of granting allowances from a later date gives it some wriggle room.
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
Regarding Form CR-II. By CA Manu T George In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
Interest from Non-SLR securities of Banks By CA Ojas Aggarwal It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
CIT vs. CitiBank N.A. (Supreme Court) By CA S K Verma Interest paid for broken period should not be considered as part of the purchase price, but should be allowed as revenue expenditure in the year of purchase of securities. American Express vs. CIT 258 ITR 601 (Bom) affirmed, Vijaya Bank 187 ITR 541 (SC) distinguished
CIT vs. Shree Balaji Alloys (Supreme Court) By CA Ojas Aggarwal Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt & not taxable as income. Alternatively, such receipts are "derived" from the industrial undertaking and are deductible u/s 80-IB
R K P Company vs. ITO (ITAT Raipur) By CA Atul Gupta S. 40(a)(ia): When there are conflicting judgements of non-jurisdiction High Courts, the Tribunal is not permitted to choose based on its perception of what the correct law is because it will amount to sitting in judgement over the High Courts’ views.
ACIT vs. Jindal Power Limited (ITAT Raipur) By CA Mayank Jain S. 37(1): Expenditure on Corporate Social Responsibility (CSR), though voluntary, is allowable as business expenditure. Explanation 2 to s. 37(1) inserted w.e.f. 01.04.2015 is not retrospective. It applies only to CSR expenditure referred to in s. 135 of the Companies Act and not to voluntary CSR expenditure
Provisioning pertaining to Fraud Accounts By CA Rashmi Sharma Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
Conference on Companies Act gets under way By CA Manu T George The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
Rupee drops on weak shares; inflation eyed By CA Nilesh Sahu The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
Reforming the Direct Tax Reforms in India By CA Devender Singh On April 29, 2016, India’s Income Tax Department released tax statistics after a gap of almost 16 years. Till 2000, the Tax Department used to publish All India Income Tax Statistics but the publication was discontinued for some unknown reason.
CBDT signs 'Advance Pricing Agreements' By CA Mayank Jain The Central Board of Direct Taxes (CBDT) entered into seven Unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers including a few agreements with a rollback provision.
CBDT to issue notification to ensure secrecy By CA Manu T George CBDT is likely to issue a fresh notification making it clear that information about those who declare their black money under the compliance window which ends on September 30 will be kept secret, a senior official said today.
Finance Minister slipped on Service Tax By CA Andrew F Thomas Former Finance Minister and senior Congress leader P. Chidambaram has said that his successor Mr. Arun Jaitley “slipped” when he told Parliament on Tuesday that the Centre does not share Service Tax revenues with States.
When can service tax and VAT be levied on purchase of property By CA Rashmi Sharma Service tax and VAT are applicable, only on properties that are booked at under-construction stages. So, both these taxes cannot be levied on properties that are purchased, after the builder has obtained its completion certificate. Similarly, there is no service tax or VAT for completed properties that are purchased under resale.
How will the GST impact your startup business By CA Atul Gupta The Good and Services Tax (GST) bill, introduced in the Lok Sabha in December, 2014, is expected to be finally passed in the upcoming monsoon session, to be held from July 18.
Amendment to Notification No. 61/94-Customs By CA Atul Gupta In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
Customs Cadet Corps set to spread wings By CA Nilesh Sahu Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
Manner of payment of interest on warehoused goods By CA Manu T George Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
Security under section 59 (3) of the Customs Act By CA Andrew F Thomas Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
Plastics industry ripe for mergers and acquisitions By CA Ojas Aggarwal Custom injection molder and mold and automation manufacturer MGS Mfg. Group Inc. (Germantown, WI) is just the latest plastics company to be acquired by investment firms looking for strong manufacturers in this industry
No tax waiver for revealing illegal assets By CA Atul Gupta Union finance minister Arun Jaitley has said that the central government's ambitious 'Income Declaration Scheme' (IDS) is for disclosure of unaccounted wealth and does not provide for waiver of tax or penalty amount.
Raids on entry operators reveal new list of possible tax evaders By CA Rashmi Sharma The income tax department has prepared an integrated databank of suspected black money holders across the country who have taken the help of 'entry operators' to launder large amounts of unaccounted cash through banking channels over the past few years.
Do you how to calculate tax on your interest income By CA Nilesh Sahu Interest earned above a certain limit attracts tax deduction on interest income, but many individuals are not sure how tax is treated or how their interest income is getting charged under tax.
No indirect tax recovery during pendency of stay By CA Manu T George The Central Board of Excise & Customs (CBEC) has directed its field officials not to proceed with the recovery of a "confirmed" demand in relation to indirect taxes if the matter has been stayed, providing significant relief to industry.