Daily Archives: July 24, 2016

Top 10 Income Tax Free Income in India

By | July 24, 2016

 Income Tax Free Income in India The relation between income and taxation is directly proportional, the more you earn, the greater will be your income tax liability. However, this statement is not entirely true as there are certain incomes for which your tax liability is nil. These earnings are not included in your assessable income for… Read More »

GST – Treatment of Supply without consideration

By | July 24, 2016

Treatment of Supply without consideration under GST The proposed Goods and Services Tax (GST) draft model law has been released by Empowered Committee of State Finance Ministers in June 2016 which proposes to subsume various taxes from the present indirect taxes structure. Unlike present regime where taxable event for Central Excise is “manufacturing”, for Service… Read More »

Category: GST

Govt Key decisions on National Spot Exchange Limited related cases

By | July 24, 2016

Review Meeting held under Secretary, DEA to monitor the action taken by various investigating and enforcement agencies for violations of law, criminal offences and default in payments to investors on the platform of National Spot Exchange Limited (NSEL);Key decisions taken including efforts to set-up an independent Court to hear NSEL related cases on exclusive basis… Read More »

Removal of M/s. Trans Border Safety Control Inspection Services LLC, USA from the list of Inspection and Certification Agencies

By | July 24, 2016

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110 011 PUBLIC NOTICE NO. 23/2015-2020 NEW DELHI DATED 22 July, 2016 Subject: Removal of M/s. Trans Border Safety Control Inspection Services LLC, USA from the list of Inspection and Certification Agencies (Appendix 2G). M/s. Trans… Read More »

In presumptive taxation , AO can’t ask explanation of expenses : ITAT Chandigarh

By | July 24, 2016

IN THE ITAT CHANDIGARH BENCH Nand Lal Popli v. Deputy Commissioner of Income-tax Central Circle-II, Chandigarh H.L. KARWA, VICE-PRESIDENT AND MS. RANO JAIN, ACCOUNTANT MEMBER IT APPEAL NOS. 1161 & 1162 (CHD) OF 2013 [ASSESSMENT YEARS 2007-08 AND 2009-10] JUNE  14, 2016 Vishal Mohan for the Appellant. Sushil Kumar for the Respondent. ORDER Rano Jain,… Read More »

Use of Berry ratio as a PLI in limited circumstances

By | July 24, 2016

HIGH COURT OF DELHI Sumitomo Corporation India (P.) Ltd. v. Commissioner of Income-tax S. MURALIDHAR AND VIBHU BAKHRU, JJ. IT APPEAL NOS. 381,382 OF 2013 & 702 OF 2014 AND 738 OF 2015 JULY  22, 2016 C.S. Aggarwal, Senior Advocate, Prakash Kumar and Himanshu Sinha, Advocates for the Appellant. Ashok K. Manchanda Senior Standing Counsel… Read More »

Book on Accounting Standards [2016 Edition ]

By | July 24, 2016

Students Guide to Accounting Standards for CA/CMA Final (English) (Paperback) BUY Specifications of Students Guide to Accounting Standards for CA/CMA Final (English) (Paperback) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9350719495 Edition Twenty Ninth Publication Year 2016 Language English ISBN-13 9789350719497 Binding Paperback

Book on Minimum Alternate Tax & Alternate Minimum Tax [2016 Edition]

By | July 24, 2016

Guide to Minimum Alternate Tax MAT & Alternate Minimum Tax AMT as Amended by Finance Act 2016 (English) (Paperback) BUY Specifications of Guide to Minimum Alternate Tax MAT & Alternate Minimum Tax AMT as Amended by Finance Act 2016 (English) (Paperback) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9350719150 Edition 2016 Publication Year 2016 Language… Read More »

Prevention of corruption & Benami transactions Bills for 2nd week of Monsoon Session

By | July 24, 2016

Bills relating to Afforestation Fund, Prevention of corruption, Benami transactions, Whistle Blowers Protection on the agenda for second week of Monsoon session of Parliament Five Bills passed during first week of Monsoon session ; Government lines up four more Bills Following the productive first week of the current Monsoon session of Parliament during when five… Read More »

No Depreciation on Leasehold rights in land , it not intangible Asset

By | July 24, 2016

Held we hold that by virtue of lease only an interest in land is created which does not qualify for allowance e of depreciation. IN THE ITAT BANGALORE BENCH ‘C’ Cyber Park Development & Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore SUNIL KUMAR YADAV, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER… Read More »

No penalty when show cause notice is silent on ‘ suppression ‘

By | July 24, 2016

CESTAT, CHENNAI BENCH GRR Logistics (P.) Ltd. v. Commissioner of Service Tax, Chennai P.K. CHOUDHARY, JUDICIAL MEMBER FINAL ORDER NO. 40865/2016 APPEAL NO. ST/42193/2015 MAY  31, 2016 B. Ganesh Prabhu, CA for the Appellant. L. Paneerselvam, AC (AR) for the Respondent. ORDER 1. This is an appeal filed against OIA No.125/2015 (STA-I) dated 27.7.2015 passed… Read More »