Mere because, as per bond, assessee had agreed to pay interest at 24 per cent per annum, that would not take away right of Supreme Court to reduce rate of interest if ends of justice so warrant; hence, on facts, rate was reduced to 9 per cent SUPREME COURT OF INDIA Commissioner of Customs, Hyderabad… Read More »
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 12th October, 2015 G.S.R. 776(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59 read with section 44 and section 45 of the Lokpal and Lokayuktas Act,… Read More »
Expenditure incurred by car-manufacturer on gifts of cars to State police department was held not an eligible expenditure under section 37(1) as it was found not incidental to carrying on business and there was no commercial expediency in incurring this expenditure IN THE ITAT CHENNAI BENCH ‘B’ (THIRD MEMBER) Hyundai Motor India Ltd. v. Deputy… Read More »
Is sitting fees payable to a director who participates in a meeting through video conferencing? Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. Rule 4 of the Companies (Appointment and Remuneration of… Read More »
NEW DELHI: The government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail. The digital and smart platform is called the Income Tax Business Application-Permanent Account Number… Read More »
Securities and Exchange Board of India CIRCULAR No. CIR/CFD/CMD/6/2015 Dated- October 13, 2015 To All Listed Entities All the Recognised Stock Exchanges Dear Sir/Madam, Sub: Format of uniform Listing Agreement 1. The requirement of executing a listing agreement with the Stock Exchange is specified under different regulations related with initial issuance of capital, the details… Read More »
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi- – August, 2015 Contents of the Report/Index 1.0 Introduction 2.0 Situations where refund would arise (A) Excess Payment of Tax due to mistake or inadvertence (B) Export (including deemed export) (C) Finalization of Provisional… Read More »
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON GST PAYMENT PROCESS Empowered Committee of State Finance Ministers New Delhi- April, 2015 CONTENTS OF THE REPORT 1. Introduction 2. Payment by taxpayers through internet banking including Credit Card/Debit card A. Process involved in e-payment of GST B. Role to be played by each… Read More »
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON GST REGISTRATION Empowered Committee of State Finance Ministers New Delhi July, 2015 1. Introduction 2. Assumptions 3. Structure of registration number 4. Procedure for obtaining Registration 5. Facilitation Centers and Tax Return Preparer Scheme 6. New Applicants 7.… Read More »
A company (say Company X) is a key player in media industry. The requirements of media industry is such that the company continuously needs to incur heavy amount on promotions, advertising, internal and external communications and promotions, incurring expenditure on campaigns such as save water, save energy, Green earth, etc. The company incurs substantial expenditure… Read More »