Do you think that the tax news in simple language are better? Can you write them in simple language? and then broadcast? Then Write them at shocks n mocks.
In the previous article we discussed about the............................ in this article, we will further difference between LLP and ordinary partnership.Login to write your news
Inox Lesiure has commenced commercial Multiplexes cinema theatre operations.It is taken on Leave & License basis in Pune(located at Dorabjees Royale Heritage Mall).It has 4 screens and 662 seats.Company now has Multiplexes in 58 cities, 119 Multiplexes, 472 screens and 1,18,947 seats.Login to write your news
The company is required to mandatorily file the attachment relating to cause of cessation alongwith Form 32; Director aggrieved with the cessation may file complaint with the ROC in the Investor Complaint Form. The ROC concerned will examine the complaint and mark the company as having 'management dispute' Till such dispute is settled, the documents filed by the company and by the contesting groups of Directors will not be approved/regis...Login to write your news
Hey guys, i think this article is for all the people who are curious about implementation of GST in india. As we already know that GST bills have been tabled in the upper house of the parliament for approval. The expected due date for rolling out the gst bills also seems to be acheived. However, a we are moving each step closer towards the biggest tax reform in india, there would be a lot of questions that would be popping you mind.Login to write your news
Korean small car maker Kia Motors plans to invest Rs.7,000 Cr.,in growing Indian car market.It will set up a manufacturing unit in Andhra Pradesh with an annual capacity of 300,000 units. Kia’s parent company Hyundai is the country’s 2nd-biggest car maker with a 17% market share.Construction of new manufacturing facility, will commence in last quarter of 2017 & to begin production in 2019.Login to write your news
Jyothi's case was picked up for scrutiny. On matching receipts in TDS certificates with books of a/cs, AO found that Jyothi has not added Rs30,46,742 to receipts. Ofcourse, AO added it back and levied penalty too. J went on appeal. Then whole series of melodrama .... happened... J's rep pleaded something and dept something else. But ultimately, case was remitted .... sent back to AO for finding out whether he added the correct amount or not....Login to write your news
Making flying easier & affordable for common man, PM Modi on Apr'27,17 launched UDAN (Ude Desh Ka Aam Nagrik) scheme. He flagged off 1st UDAN flight under Regional Connectivity Scheme, on Shimla-Delhi sector. Inaugural UDAN flights on Kadapa–Hyderabad & Nanded-Hyderabad sectors were also flagged off by him. UDAN fares of flights are capped at Rs 2500/seat/hour.Login to write your news
Assessee, a manufacturer and seller of silica, exported silica to its AE in Germany, and adoped Comparable Uncontrolled Price (CUP) as appropriate method. TPOfound that rates charged from AEs lower thanthose charged from unrelated parties, and made addition to assessee's ALP. CIT(A) held that TNMM should be applied. ITAT remanded the matter to TPO for fresh consideration.Login to write your news
Nizam of Hyderabad created a trust, and property passed to his step sister and on her death became liable to estate duty. Assistant Controller issued notice u/s 59 that property chargeable had escaped assessment by reason of undervaluation. High Court held that Revenue had no jurisdiction u/s 59 to reopen a matter which had been completed and which had become final before 1-7-1960. Supreme Court remanded the case to High Court.Login to write your news
An HUF was partitioned in 1946. In 1952 the ITO passed an order u/s 25A recording that the HUF was partitioned, and an order u/s 46(5) imposing tax upon the firm (resulting from the partition). The assessees challenged the order by writ. High Court held in assessees' favour as there was no order for apportionment under section 25A(2) and thus, proceedings for collection of tax could not be commenced. Supreme Court confirmed High Court's order.Login to write your news
Petitioner is public Ltd. Co.ran business of financial services. TRO issued notice to petitioner indicating that certain amt. was due from petitioner to assessee. petitioner filed writ for quashing of notice, whereby TRO treated petitioner as assessee in default & for quashing proceedings u/s 226(3) of Income Tax Act. HC held, order of TRO, treating petitioner as assessee in default can't be sustained & is quashed & attachment order too.Login to write your news
Assessee individual was a wholesale dealer of old DG Sets etc. She took unsecured loan from various parties including a loan of Rs.10 lacs, but could not furnish details of the party. AO considered unsecured loan of Rs.10 lacs as unexplained and made addition u/s.68. CIT(A) confirmed the addition. ITAT granted one more opportunity to assessee to present her case before CIT(A).Login to write your news
CBDT has decided that if due tax, surcharge and penalty under PMGKY, has been received by 31st March, 2017, and deposit in the Bond Ledger Account under the Deposit Scheme has been received by 30th April, 2017, then the declaration in Form No.1 under PMGKY can be filed by 10th May, 2017. CBDT had earlier stated that those who do not declare their stash under the PMGKY and are raided will face 107.25 per cent tax and penalty.
AO in assessment levied penalty on assessee u/s 271(1)(c) of I.T.Act, on account of expenses incurred with regard to suspended business. CIT(A) confirmed it. On appeal ITAT held,the expenses incurred were in the interest of business and merely because the assessee claimed a deduction which has not been accepted by the Revenue, penalty u/s 271(1)(c) of the Act is not attracted.
Thats overwhelming.... its been reported that Indian telecom industry stands beleaguered with a staggering loan of Rs21.4Kharab (figure of Sep 2016). The condition may worsen further as the industry's interest coverage ratio is getting below 1. Which means that the industry is not able to pay its full interest out of its operating profit. Cautious Central Bank (RBI) has directed banks to make provisions at a higher rate for this sector.
Awesome..., younglings ....this is getting better and better....hmmmm..... Looks like, now one can buy MF using Paytm. Yes sharpies, SEBI-boss of stock exchange, may allow this. So, stirr up your investing mind, raise your hood, forget agonies of payment gateways (enough of broken links) and buy MFs using digital wallet. But WAIT, don't invest more than Rs50K in a year. AND don't start it in next second... wait for a while its still a proposal
Assessee entered in international transactions for purchase of raw material and alse of finished product through its Aes and others. Assessee used Cost Plus Method (CPM) to determine the ALP. TPO adopted the margin but made adjustment to asseessee's ALP. TPO accepted CPM but while making adjustment adopted CUP method. DRP confirmed. ITAT set aside TPO's order and remanded the matter.
During search at assessee's premises, officers found details of share capital invested by Kolkata-based companies. AO carried out investigation and on inspector's report made additions of Rs 30,00,000 as unexplained cash credit u/s 168, and invoked rule 8D for prior to 2008-09. ITAT sat aside additions as they were made without enquiry and merely on basis of inspector's report. and held rule 8D not to be invoked for years prior to 2008-09.Case Law,Apr. 25, 2017
Assessee manufactured gherkins pickles. It claimed deduction u/s 10B. AO held that assessee did not manufacture pickles but only did packing. He disallowed claim u/s 10B. CIT(A) confirmed AO's order. ITAT allowed the claim and held that assessee was a 100% EOU and was covered by s 10B under the definition of “manufacture” as given in Chapter IX of Export Import Policy 2002 to 2007, and s 2(r) of Special Economic Zones Act, 2005.
Hexaware Technologies Ltd. gained 4.5%,most since Nov' 25.Net profit fell 6.3% to Rs 113.9 cr compared to Rs 121.5 cr in previous quarter.Revenue grew 2.1% to Rs 960.5 cr compared to Rs 940.9 cr sequentially. Earnings before interest & taxes fell 1.3% to Rs 146.5 cr, while EBIT margins fell 50 basis points to 15.3% compared to 15.8% in previous quarter.
UltraTech Cement,Aditya Birla Group company,reported 11% fall in consolidated March quarter net profit at Rs 726 crore against Rs 818 crore logged in same period last year, largely due to higher cost & lower realisation.Net sales increased 3% to Rs 7,924 crore (Rs 7,700 crore).Co. declared dividend of Rs. 10/share leading to total outgo of Rs.330 cr including corporate dividend tax of Rs.56 cr.
Prime Minister to have simultaneous elections to Lok Sabha & state assemblies & change to January- December fiscal year. In Niti Aayog Governing Council's 3rd meeting,attended by several state chief ministers, Modi said,India suffered from economic & political mismanagement.Due to it, many good initiatives & schemes had failed to deliver.We need to have arrangements to function amidst diversity.Others,Apr. 24, 2017