Taxability of retention from bill for performance Q If the sum is retained in contract subject to completion of defect free period , when it will be taxed ? on Accrual basis or on receipt basis ? Where right to receive contract amount was contingent upon there not being any defects in works during stipulated period,… Read More »
Interest Free Loan to wife under wealth tax Act Q : Can the Assessee give interest free loan to his wife and When this loan will not be clubbed in the hands of husbands under wealth tax act? Where assessee had given interest free loan to his wife who purchased residential house and jewellery and Assessee’s… Read More »
Packaging of fertilizer not liable to service tax Q : Whether Packaging of fertilizer is liable to service-tax ? Since fertiliser cannot be marketed without packaging, packaging of fertiliser as per Fertiliser (Control) Order, 1985 would be an integral part of manufacture and, therefore, it would not be taxable under Packaging Activity Services CESTAT, MUMBAI BENCH New… Read More »
COMPANIES INDIAN ACCOUNTING STANDARDS RULES 2015 COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the… Read More »
COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standard (Ind AS 2) Inventories (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.)… Read More »
Q; Can the Assessee claim that there was oral partition of Property and hence capital gains should be apportioned among the members ? Assessee filed his return of income declaring certain capital gains apportioned amongst himself and his three sons stating that there was an oral partition Assessing Officer completed assessment accepting income declared by… Read More »
Construction of foot over bridges and bus shelters are parts of infra facility for claiming section 80IA Deduction Q : Whether bus shelters are part of a highway project as per clause (b) of the Explanation? yes Construction of foot over bridges and bus shelters are parts of infra facility for claiming section 80IA Deduction Facts… Read More »
All penalties are waived if Section 80 is applicable Q: When Section 8o is applicable i.e there was reasonable cause for failure , whether penalty can be imposed under any Section ? Service Tax : Once section 80 is found applicable, entire penalties under sections 76 to 78 must be waived; Tribunal cannot pass an… Read More »
Income declared after search was not undisclosed if covered by advance tax and TDS Q; Assessee declared certain income in belated return after date of search. Whether such income can be treated as undisclosed ? Section 158B(b), read with section 139, of the Income-tax Act, 1961 Subject :Income declared in belated return in Block assessment in search… Read More »
scientific Research expenditure can not be deferred Q Whether scientific Research expenditure can be deferred and claimed as deferred revenue expenditure over the succeeding years? There is no provision under section 35 which provides for allowance of deferred research expenses u/s 35 expenditure Facts of the Case Section 35 of the Income-tax Act, 1961 Issue… Read More »