Issue: Whether refund of CENVAT credit is allowed if input services were used in relation to export and the export proceeds were not realized? Held: Yes,Refund of CENVAT available when export proceeds were not realized M/s P&P Overseas Vs. Commissioner of Central Excise, Excise Appeal Nos. 1307-1308 of 2011, Date of Decision: 29.10.2014, CESTAT –… Read More »
Question :Whether the brand registration expenses and other expenses upon development of brand incurred by assessee are in the nature of revenue expenditure ? Held :Yes, Brand expenses are revenue expenses and can be debited in profit and loss account and reduced from the income. M/s Seagram Distilleries Pvt. Ltd. Vs. Jt. Commissioner of Income Tax,… Read More »
Forensic Audit Introduction With the growing complexity of business environment and other complex issues of financial market, cases of scams and financial irregularities are on a spree. None the less, these scams are highly affecting the Indian business environment and thus act as a key factor for downgrading the Indian economy. Subsequently the number of… Read More »
CBDT extends due date of filing wealth-tax return from July 31, 2015 to Aug. 31, 2015 Click to View the notification
Question: Can Firm take money from partner in cash ? Answer Yes . Transaction of loan between a firm and its partner does not attract s. 269SS. If other High Courts have taken a consistent view, that should be followed even if opposite view is possible. HIGH COURT OF DELHI Commissioner of Income-tax, Delhi-VIII, New… Read More »
SCRUTINY OF SERVICE TAX RETURN REVISED GUIDELINES FOR SCRUTINY OF ST-3 RETURN CIRCULAR NO. 185/4/2015-ST [F.No.137/314/2012-ST], DATED 30-6-2015 1. In the era of self-assessment, the need for a strong compliance verification mechanism cannot be over emphasized. Such a mechanism has… Read More »
Mistakes to avoid when filing Income Tax returns Interest on Fixed Deposits and Investments Don’t forget to include interest earned on investments and also declare those exempt from tax , like dividend income, PPF interest Interest Earned on FDR opened in the name of Minor Child You open a recurring deposit in your child’s name… Read More »
Recommendations of SIT on Black Money as Contained in the Third SIT Report Misuse of exemption on Long Term Capital gains tax for money laundering Misuse of Participatory notes for money laundering Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report) Action under PMLA for Trade Based Money laundering Use of… Read More »
Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import of gold and to provide its owners with some income apart from freeing them from the problems of… Read More »
Question: whether there is any Tax on Advance received on transfer of development right ? Answer No. Tax is payable when the conveyance deed is executed. CIT Vs. M/S. DLF Commercial Project Corporation, I.T.A. No. 627/2012, Date ofOrder: 15.07.2015, High Court of Delhi The assessee follows the accrual system of accounting. The accrual system of… Read More »