Daily Archives: July 29, 2015

Audit of Engineering Industry

By | July 29, 2015

Institute of Cost Accountants issues guidance on internal audit of Engineering Industry The Institute of Cost Accountants of India (ICAI) has recently issued a guidance note on internal audit of Engineering industry which provides elaborated guidance to auditors on the aspects to be considered while performing internal audit. The document provides elaborated guidance on the… Read More »

Audit of plantation industry

By | July 29, 2015

Institute of Cost Accountants issues guidance on internal audit of plantation industry    The Institute of Cost Accountants of India (ICAI) has recently issued a guidance note on internal audit of plantation industry which provides elaborated guidance to auditors on the aspects to be considered while performing internal audit. The document provides elaborated guidance on… Read More »

Internal audit of Power Industry

By | July 29, 2015

Institute of Cost Accountants issues guidance on internal audit of Power Industry  The Institute of Cost Accountants of India (ICAI) has recently issued a guidance note on internal audit of power industry which provides elaborated guidance to auditors on the aspects to be considered while performing internal audit. The document provides elaborated guidance on the… Read More »

Merchant Banker SEBI issued FAQ

By | July 29, 2015

SEBI issued FAQs for Merchant Bankers FAQ ON MERCHANT BANKERS  PRESS RELEASE, DATED 16-7-2015 1. What is the procedure of obtaining registration as a Merchant Banker from SEBI? For registration as a Merchant Banker, an applicant is required to pay a non-refundable application fee of Rs.50,000/- by way of demand draft drawn in favour of… Read More »

Draft Rules on Land Acquisition Act

By | July 29, 2015

RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT (COMPENSATION, REHABILITATION AND RESETTLEMENT, DEVELOPMENT PLAN) RULES, 2015 NOTIFICATION NO. GSR 547(E) [F.NO.13011/01/2015-LRD), DATED 8-7-2015 The following draft of certain rules, which the Central Government proposes to make in exercise of the powers conferred by clauses (b), (e), (f), (g), (h), (i), (j), (k),… Read More »

Tax Challan

By | July 29, 2015

COLLECTION OF DIRECT TAXES – OLTAS MASTER CIRCULAR DGBA.GAD. NO.3/42.01.034/2015-16, DATED 1-7-2015 This circular may be downloaded from  website www.mastercirculars.rbi.org.in. (Extract of circular) Mandatory Electronic Payment of Tax by Certain Categories of Taxpayers CBDT has made electronic payment of taxes mandatory for the following categories of taxpayers: A Company A person (other than a company) to whom provisions of… Read More »

Section 194H TDS on Discount allowed on recharge coupons

By | July 29, 2015

Discount allowed by assessee to its distributors in respect of starter packs and recharge coupons for its prepaid mobile service amounted to payment of commission or brokerage requiring deduction of tax at source under section 194H HIGH COURT OF CALCUTTA Hutchison Telecom East Ltd. v. Commissioner of Income-tax, TDS, Kolkata GIRISH CHANDRA GUPTA AND ARINDAM… Read More »

Appointment include ratification

By | July 29, 2015

Query: Section 102(2) of the Companies Act, 2013 while defining ordinary business refers to appointment of and fixing remuneration of Auditors. While as per Section 139 of the Companies Act 2013, Auditor appointed for a term of five years needs to be ratified every year in AGM. Does the term as used in Section 102(2),… Read More »

MRP on cement cleared to builders and Govt

By | July 29, 2015

Question : Whether there is a need to declare MRP on cement cleared to builders and Govt.? Answer : Builders, government and RMC (Ready-mix Concrete) producers quality as ‘industrial/institutional buyers’ and there is no need to declare RSP (retail sale price) on cement cleared to them CESTAT, NEW DELHI BENCH Ultratech Cement Ltd. v. Commissioner of Central… Read More »

Preoperative expenses are Revenue expenses if

By | July 29, 2015

  Question : Whether the Preoperative Expenses are Revenue expenses if company expanded its existing business?   Answer : Where assessee company expanded its existing business and claimed said expenses as pre-capitalisation cost, same was to be treated as revenue expenditure HIGH COURT OF DELHI Commissioner of Income-tax v. SRF Ltd. S. RAVINDRA BHAT AND R.… Read More »

Inherited property Capital Gain Calculation

By | July 29, 2015

Question : How to Calculate Capital Gain in case of inherited property ? Answer : Capital gain in case of inherited property is to be computed by taking CII of the year in which asset is acquired by previous owner   As per section 49 where capital asset became property of assessee by succession or inheritance, then… Read More »