Bansode & Associates, Tax Consultancy and Financial Services

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Cenvat Credit utilisation to pay GTA service Tax prior to 01.03.2008 In the case of M/s. Surya Pharmaceuticals Ltd. Vs. Commissioner of Central Excise, it was held that the assessee can utilize accumulated Cenvat Credit to discha

http://taxguru.in/income-tax/section-80-ic-100-deduction-allowed-substantial-expansion-total-period-10-years-itat.html

S. 80IC: 100% deduction allowed on every substantial expansion ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year

Retrospective Amendment of CENVAT Credit Rules, 2004 Recently, vide the Notification No. 01/2016 - Central Excise (N.T) dated 01 February, 2016 Central Government omitted the proviso to Rule 3, in sub-rule (1), in clause (vii), of the CENVAT Credit Rules, 2004 vide which the importer was entitled to avail CENVAT credit upto a limit of 85% of the CVD p

Insurance Claim For Loss Of Stock DETERMINATION VALUE OF STOCK ON THE DATE OF DESTRUCTION: 1. From Stock Records 2. If stock records are destroyed, then prepare trading account on the date of destruction by taking previous years Gross Profit rate into account. Value of stock will be balancing figure in the trading account.

Whether Dividend can be paid in kind Provision: As per Section 123(5) of Companies Act, 2013 Dividend not be payable except in cash. Dividend: Section 2(35) of the Companies Act, 2013 simply states that “Dividend Includes Any Interim Dividend”. Thus, the definition of dividend under the Companies Act is an inclusive definition. Note: I

CAG online empanelment application date extended to 22/02/2016 The last date for submission of online application form for Empanelment with O/o C&AG for the year 2016-17 for audit of PSUs is extended to 22nd February, 2016 as a one time relief. Online application can be filled at http://cagofindia.delhi.nic.in/caregistration/ at the earliest to avoid the last m

Guidelines for seeking info from Financial Intelligence Unit-India As you are aware , FIU-IND is an intelligence organization under Ministry of Finance and provides information to designated agencies as per the established protocol of sharing of information. Information is provided by FIU-IND under section 66 of the Prevention of Money Laundering Act, 2002.

Service Tax implications on Land Development Agreements In case of a Real estate and construction industry, where due to various political and economical reasons we have seen that there is a sharp downturn being noted in the sale of residential and commercial construction projects irrespective of fact that the prices of land are still reaching sky high.

Comparative Analysis of Secretarial Standard-1 With CA, 2013 The Ministry of Corporate Affairs (MCA) approved the Secretarial Standards issued by ICSI on Board and General meetings vide circular dated 10th April, 2015, which has been notified in the official gazette on 23rd April, 2015 and are applicable w.e.f. 1st July, 2015.

CARO reporting under CA 2013 and Proposed CARO, 2016 The Ministry had set-up a Committee on 16th September, 2015 to examine and recommend matter for inclusion in the statement to be attached with Auditor’s Report under Section 143(11) of the Companies Act, 2013 for the financial year 2015-16 onwards. The said Committee has since made recommendations i

Service tax on Educational Services The Education sector in India is poised at a crucial stage in its growth. Coaching which aids or supplements formal education also play a catalytic role in advancement of Education system in our country. Commercial training and coaching service was introduced in Budget 2003 with a view to tax the mu

Assessee need not prove genuineness and credit worthiness of sub-creditor CIT Vs. Shiv Dhooti Pearls & Investment Ltd. (Delhi High Court) Assessee has indeed discharged its onus of proving the creditworthiness and genuineness of the lender (TIL). There was no requirement in law for the Assessee to prove the genuineness and credit worthiness of the sub- creditor, which is

Mere Collaboration agreement with Builder & subsequent receipt of Property and Sale cannot be termed as business Shanti Banerjee (deceased) by LRs. Vs. DCIT (Delhi High Court) In the return filed for Assessment year 1992-93 the Assessee claimed that she did not have any residential house. She offered to tax capital gains arising from the transfer of the 40% rights to the builder in terms of Section 54 F read w

No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of transfer of original house

No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of... ACIT Vs. Sagar Nitin Parikh (ITAT Mumbai) In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which ca

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Revised Schedule VI

Revised Schedule VI online lectures by CA Raj Agarwal

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How to detect fraud during the Audit - A tool for auditors

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caclubindia.com I felt a need to write about this important topic after experiencing that often times a fraud is detected by chance during the audit either by external or the i

Accounting Treatment in Case of Reverse Charge of Service Tax | caparivaar

caparivaar.com " Prepared by CA Gaurav Arora and can be reached at [email protected]" Under Reverse Charge Mechanism the service recipient is liable to pay the service tax instead of service provider. However in certain cases both service provider and service recipient has been made liable to pay service t...

PPT on Income Tax Assessment Procedure

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Procedure & Documents for VAT / CST / PT Registration in Maharashtra

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CA Shiksha

New IPCC Lecture of Income Tax on "Set-off of Losses"
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CA Shiksha

New IPCC Lecture of Accountancy on "AS 19 - Leases"
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How to Save Taxes by forming HUF

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Companies need Central Govt approval to pay over 10% of net profit to directors

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Free software to Prepare ITR & TDS Return

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Maharashtra LA Bill No.XVII of 2012

taxguru.in LA Bill No.XVII of 2012 regarding the proposed amendments in Tax Laws according to Maharashtra Budget 2012 -Download Maharashtra LA Bill No.XVII of 2012

Budget 2012 – Late Filing or Non filing of TDS Statement Made Costly

taxguru.in No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions – Fee for lat

Checklist & Resolutions for Appointment of Managing Director

taxguru.in The following are the steps involved in appointment of Mr. A as Managing Director in a Company who is not an Managing Director in any other Company 1- Co