Daily Archives: July 27, 2015


SECTION 4 OF THE COMPANIES ACT, 2013 – MEMORANDUM – NAME OF COMPANY – USE OF WORD ‘NATIONAL’ IN THE NAMES OF COMPANIES OR LIMITED LIABILITY PARTNERSHIPS (LLPs) GENERAL CIRCULAR NO.2/2014 [F.NO.2/2/2014-CL-V], DATED 11-2-2014 It has come to the knowledge of this Ministry that Companies/Limited Liability Partnerships are being registered with the word ‘National’ in… Read More »

Refund of CENVAT available when export proceeds were not realized

Issue: Whether refund of CENVAT credit is allowed if input services were used in relation to export and the export proceeds were not realized? Held: Yes,Refund of CENVAT available when export proceeds were not realized  M/s P&P Overseas Vs. Commissioner of Central Excise, Excise Appeal Nos. 1307-1308 of 2011, Date of Decision: 29.10.2014, CESTAT –… Read More »

Brand expenses are revenue expenses

Question :Whether the brand registration expenses and other expenses upon development of brand incurred by assessee are in the nature of revenue expenditure ? Held  :Yes, Brand expenses  are revenue expenses and can be debited in profit and loss account and reduced from the income. M/s Seagram Distilleries Pvt. Ltd. Vs. Jt. Commissioner of Income Tax,… Read More »

Forensic Audit

Forensic Audit   Introduction With the growing complexity of business environment and other complex issues of financial market, cases of scams and financial irregularities are on a spree. None the less, these scams are highly affecting the Indian business environment and thus act as a key factor for downgrading the Indian economy. Subsequently the number of… Read More »


            SCRUTINY OF SERVICE TAX RETURN                    REVISED GUIDELINES FOR SCRUTINY OF ST-3 RETURN CIRCULAR NO. 185/4/2015-ST [F.No.137/314/2012-ST], DATED 30-6-2015 1. In the era of self-assessment, the need for a strong compliance verification mechanism cannot be over emphasized. Such a mechanism has… Read More »

Mistakes to avoid when filing Income Tax returns

Mistakes to avoid when filing Income Tax returns Interest on Fixed Deposits and Investments Don’t forget to include interest earned on investments and also declare those exempt from tax , like dividend income, PPF interest Interest Earned on FDR opened in the name of Minor Child You open a recurring deposit in your child’s name… Read More »