Daily Archives: October 27, 2015

Apprentice is a trainee and not an employee : Supreme court

By | October 27, 2015

Supreme Court of India CIVIL APPELLATE JURISDICTION New India Assurance Company Limited v Abhilash Jewellery CIVIL APPEAL NO(s). 7972 OF 2002 [III (2009) CPJ 2 (SC)] Date of Decision: 22.01.2009 Issue :- The complainant/respondent, who had taken a jeweller’s block policy, lodged a claim with the opposite party insurer for loss of gold ornaments. The… Read More »

How Share certificate is to be signed

By | October 27, 2015

 Companies (Share Capital and Debentures) Second Amendment Rules, 2015. – Provision specifying the manner in which share certificate are required to be signed modified vide Notification F. No. 1/31/2013-CL-V-Part – Dated: May 29, 2015 –Kindly provide the new procedure under this section . Yes, Rule 5(3) of the Companies (Share Capital & Debentures) Rules, 2015… Read More »

5 Guidance Notes Withdrawn by ICAI

By | October 27, 2015

The Institute of Chartered Accountants of India has decided to withdraw 5 Guidance Notes on different accounting aspects. The list of the Guidance notes which have been withdraws are as follows:-   1. Guidance Note on Accounting for Depreciation in Companies   2. Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets… Read More »

Additional amount Paid to Purchaser on cancellation of Flat is not interest under section 2(28A) hence No TDS

By | October 27, 2015

On cancellation of booking of apartment if excess refund is made to old purchaser after taking advance from new purchaser, such excess payment could not be qualified to be interest as defined under section 2(28A); The amount refunded to the purchasers represents the consideration the purchasers paid towards the undivided shares in the property agreed… Read More »

Relaxation in Proposed place of effective management (POEM)

By | October 27, 2015

Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted by resident Indians, they will have to pay taxes in India only for the income… Read More »

Services Exports from India Scheme ,Eligible period extended up to 31.3.2016

By | October 27, 2015

(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-I SECTION-(I) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE NEW DELHI PUBLIC NOTICE NO. 42/2015-2020, Dated: October 26, 2015 Subject: Services Exports from India Scheme (SEIS) – Schedule under Appendix 3D as annexure to the Public Notice… Read More »

Section 54F Allowed even if construction not completed in 3 years

By | October 27, 2015

Facts of the Case  Assessee sold property situated at Dr.Shivaram Karanth Nagar under a sale deed dated 06.10.2008 and capital gain on sale of said property was invested by the assessee by purchasing a residential site at Nagarbhavi, II Stage on 13.10.2008.Assessee on 02.06.2010  obtained approval of the building plan from the local authority namely… Read More »

Monitoring and disposal of cases pending for adjudication , Officers will not be relieved till disposal of cases

By | October 27, 2015

F No 1080/09/DIA/Misc./15 Directorate of Legal affairs Central Board of Excise and Customs New Delhi the 23rd October, 2015 Instruction No 1/2015 To All Chief Commissioner of Central Excise, Customs and Service Tax Director General (Revenue Intelligence) Director General (Central Excise Intelligence) Subject: Monitoring and disposal of cases pending for adjudication –regarding. It is seen… Read More »

Contibution to Pension Fund allowed even if it is not Recognised by Jurisdictional Commissioner

By | October 27, 2015

Facts of the Case:- Commissioner initiated revision proceedings by observing that assessee had not made application to Jurisdictional Commissioner/Chief Commissioner for recognition of Pension Fund Trust and, therefore, said payment made was to be disallowed . Held: Pension Fund Scheme was jointly floated by State Transport Corporations and said fund was recognised by Commissioner, Chennai… Read More »

No Service Tax if entire Consideration received after issue of occupancy certificate

By | October 27, 2015

Press Information Bureau Government of India Ministry of Finance 26-October-2015 15:45 IST Mere transfer of title in immovable property is exempted from Service Tax In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in… Read More »