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Assessee-Co. provided advisory & support services to its AEs. It had international transact'ns with associated enterprises. In TP report assessee benchmarked margin at cost plus 12.33% by taking 14 comparable. However, TPO at 30.49% on basis of 19 comparables. TPO made an upward adjustm't to arm's length. DRP set aside objections raised by assessee. On appeal ITAT directed AO/TPO to provide the information collected TPO u/s 133(6) to assessee...Login to write your news
Certain steps are involved in the process of resignation of director. For simplicity and understanding, I have categorised the entire process into 3 small parts. Further, links for samples of various documents required for resignation have also been provided with a view to assist you in this process.Login to write your news
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Who is a casual taxable person? How is he different than a normal taxable person? What are his obligations, duties and rights? How will be he treated under GST? All your questions related to CTB are now answered. Read onLogin to write your news
A person running a business has to get various licenses and registration under the respective law. For example, As per Delhi vat act,a person selling clothes on which vat is payable has to get registered, VAT, if his turnover exceed Rs. 20 lakhs in a year.This limit of Rs. 20 lakhs is called threshold limit. Similarly in GST also, the government has fixed a limit for sales above which shall be required to be registered.Login to write your news
Toddlers (babies) love if you toss them up in the air and catch them back... The twinkle in their eyes... and the sweet shriek that they make is like music to eyes, ears... I feel... the same excitement whenever I access my emails... or anything that comes to me through the internet... through the air... People call it ONLINE INFORMATION... Law further adds... database access or retrieval services... and section 2 (sub-section 17) of IGST Act 201...Login to write your news
It happens while filing TDS return every quarter….Sometimes few entries are missed, details of all TDS payments not mentioned….For such errors, revision facility is provided….So why this write up…Login to write your news
Have you rented out your property on rent? Do you have income from leasing or renting? Or do you have your business place on rent? If yes and you are worried about impact of GST on your income and business. Worry not. We bring to you everything you should know about GST and its impact on rental income.Login to write your news
You had to pay your tax on due date, but you forgot. Now what? Will you be fined? Will you be penalized? What will happen now? A lot of confusion and apprehensions are there under GST. So let us see the provisions under GST that seek to punish the lazy taxpayersLogin to write your news
While state-owned Cochin Shipyard is coming up with its initial public offer (IPO) on Jul' 25, efforts made by private shipbuilders to revive their businesses have been in vain. Government is trying to boost domestic shipbuilding sector for quite some time, It is due to this IPO that sector has come into some limelight,Cochin Shipyard, country’s largest public sector shipyard, will see a 10% disinvestment by government & a 20% fresh issue of s...Login to write your news
First time Nifty crossed the 10,000 mark.But Sensex touched a low of 32,374. Nifty created history over 10,000 marks, All-time high reached 10,011 points. But the rupee's exchange rate has declined. Hero MotoCorp, Bharti Airtel, HDFC Bank, Tata Steel, Power Grid, ICICI Bank, Kotak Bank, NTPC, Bajaj Auto, SBI, MM, Dr. Reddy and Adani Ports were trading in today. This year, Nifty gained about 22% & is among top performers worldwide this year.Login to write your news
Assessee was assembling instruments and apparatus for measuring and deleting ionizing radiators and claimed deduction u/s 10B. AO rejected the claim that assessee was manufacturing articles and held that it only assembled items. CIT(A) upheld AO's order, but ITAT held that assessee was manufacturing and entilted u/s 10B. High Court held that assessee was into manfacturing activity producing an article or thing and eligible for deduction u/s 10B.Login to write your news
Malu Paper Mills (MPM) imported machinery (under EPCG scheme) at concessional duty. MPM was supposed to export 8 times of duty saved in 8 years. As procedure, MPM issued bank guarantee (BG) to UOI. However, MPM could not fulfil the export obligation in 8 years. But sought extension in export time under a separate scheme of FTP. But,customs encashed the BG. HC held that MLM can avail benefits of separate scheme and customs return the sum encashed
ABC limited is a listed company with a shareholding of Rs. 20 million. It has its registered address on Kolkata which means it has to comply with all the legal formalities of the state of West Bengal. However, in recent times, the directors feel that the tax system of Kolkata is too much hectic and it is hampering the business of ABC ltd with lags in work, corrupt officials and unfavorable local environment. At the same time, they believe that...
Do you have shares…? Are you planning to sell your shares…? Do you know how much tax you may have to pay…? If you are going to sell your shares, you should be careful on the tax provisions applicable to your sale.
Transportation is often called the backbone of any industry and also economy as a whole. Transportation of goods is a basic necessity to sustain any and every type of economic or industrial activity. Let us see what GST holds for ‘Goods Transport Agencies’ which are of paramount importance for the country.
This is a common word that we hear often from many people around us specially from salaried people. It is also required when you apply for loan or a credit card from a bank. But what is it? What is its significance? What information does it hold that is so dear? What if you don’t have it? Lets find out about Form 16
Since last date of filing income tax return is fast approaching, everyone keeps talking about form 26 AS and its importance while filing return. What is form 26 AS and how does it relate to income tax return. All your queries, answered here.Case Law,Jul. 19, 2017
Capital gain is profit or the gain which arises due to sale of assets such as land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewellery, shares and so on. Such assets are held by assessee as a Capital Assets. And when he sells these assets, Capital gain arises and hence Capital gain tax shall be applicable.
This article is specially dedicated to the ladies. Why, because it talks about gold, a woman’s best friend. A very luxury yet utmost important item without which any women’s life is incomplete has been kept in a lower tax bracket under GST. Lets see more about Gold under GST
The most famous, respected, sought-after and one of the most intelligent breed of professionals, the Lawyers hold a high position in society. Lawyers can be found in any field be it politics, corporate, social or any other. The role played by lawyers is indispensable and cannot be substituted by any other. Let us see what GST holds for these gentlemen.
It is the time of auditing and filing of return, and you may have a problem regarding who holds the authority to sign your financial statements.Case Law,Jul. 13, 2017