Daily Archives: August 3, 2015

Who will file the income tax return in case of Death of Person

By | August 3, 2015

Legal heirs need to file income tax return in case of Death of Person Question : Whether Income Tax Return has to be filed in case the person dies? Its not only the living who have to pay their taxes. If one of your family members has died during the financial year and s/ he… Read More »

CA can be held liable for deficiency in service

By | August 3, 2015

A chartered accountant (CA) who duped his client was dragged to the consumer court. In a significant ruling, the forum held that negligence in discharge of professional duties constitutes an unfair trade practice. Fernandes received a summons from the income tax (I- T) department to appear at its Ballard Estate office. He engaged the services… Read More »

Transfer Pricing Non-voice based BPO can be compared with voice based BPO

By | August 3, 2015

Question Whether  Non-voice based BPO can be compared with voice based BPO for purpose of TP study ? Answer:  Non-voice based BPO can’t be compared with voice based BPO for purpose of TP study IN THE ITAT KOLKATA BENCH ‘C’ Acclaris Business Solutions (P.) Ltd. v. Income-tax Officer, Ward No. 2(2), Kolkata MAHAVIR SINGH, JUDICIAL… Read More »

Deduction of discount only if shown in tax Invoice

By | August 3, 2015

Question: Dealer has given discount and wants to claim deduction from total turnover to arrive at taxable turnover How can he do that ? or  Question : A Dealer did not show the discount given to the customers in the tax invoice, but issued credit notes towards the same separately. can he claim  deduction of discount… Read More »

IFRS 15 IASB Proposes modifications

By | August 3, 2015

IASB Proposes modifications in IFRS 15 Revenue from Contract with Customers  International Accounting Standard Board (IASB), the independent body of IFRS foundation and responsible for developing and promoting International Financial Reporting Standards (IFRS), has proposed some clarifications to IFRS 15 ‘Revenue from contract with customers’. The implementation of the said standard has already been deferred… Read More »