Interest expenditure, depreciation and profit margin not be taken into consideration for arriving at the cost of production
Posted Date : 30-Nov-2015 , 09:50:54 am | Posted By
CA Bimal Jain
Interest expenditure, depreciation and profit margin not be taken into consideration for arriving at the cost of production
C.C.E., Vadodara-I Vs. Nirma Ltd. & Ors. [2015 (11) TMI 605 - SUPREME COURT]
Nirma Ltd. & Ors. (“the Respondent”) was engaged in the manufacture of Li...
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Category : Excise |
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Refund claim is allowed even if the claim is not filed on letter head
Posted Date : 29-Nov-2015 , 09:30:17 am | Posted By
CA Bimal Jain
Refund claim is allowed even if the claim is not filed on letter head and further, the question of foreign exchange realization does not arise in case of export of goods as free replacement of defective goods
Commissioner of Central Excise, Raipur Vs. Simplex Engineering & Foundary Works P. Ltd...
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Category : Excise |
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0 | Hits : 323 |
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Cenvat credit towards exempted goods (Man Structural Pvt. Ltd. Vs. C.C.E. & S.T. Jaipur-I )
Posted Date : 28-Nov-2015 , 08:12:33 am | Posted By
CA Bimal Jain
When Cenvat credit towards exempted goods has been reversed after audit objection but before issuance of SCN, penalty under Section 11AC of the Excise Act read with Rule 15 of the Credit Rules is not imposable
Man Structural Pvt. Ltd. Vs. C.C.E. & S.T. Jaipur-I [2015 (11) TMI 664 - CESTAT NEW...
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Category : Excise |
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0 | Hits : 301 |
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Services Which is exempt from Service Tax (Symbiosis Society Vs. Commissioner of Central Excise, Pune III)
Posted Date : 27-Nov-2015 , 10:20:29 am | Posted By
CA Bimal Jain
Courses in : (i) Mass Communication, (ii) International Business Management, (iii) Telecom Management, (iv) Information Technology, (v) Management Studies, (vi) Geo-informatics and (vii) Operational Management are 'vocational courses' and therefore, exempt from Service tax.
Symbiosis Soci...
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Category : Service Tax |
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0 | Hits : 329 |
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Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax
Posted Date : 26-Nov-2015 , 01:35:06 pm | Posted By
CA Bimal Jain
Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax
Chowgule Industries (P.) Ltd. Vs. Commissioner of Central Excise, Pune-III [2015 (63) taxmann.com 6 (Mumbai - CESTAT)]
In the instant case, Chowgu...
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Category : Service Tax |
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0 | Hits : 388 |
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The Trending Stuff About Trademark Registration Procedure.
Posted Date : 25-Nov-2015 , 10:48:16 am | Posted By
Dobiz
A trademark is a visual symbol which may be a word to indicate the source of the goods, a signature, name, device, label, numerals, or combination of colors used, or services, or other articles of commerce to distinguish it from other similar goods or service originating from another.
The process f...
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Category : Corporate Law |
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0 | Hits : 826 |
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No VAT on brand franchisee fee without transfer of effective control over brand
Posted Date : 17-Nov-2015 , 01:04:21 pm | Posted By
CA Bimal Jain
No VAT on brand franchisee fee without transfer of effective control over brand
State of Karnataka, Bangalore Vs. United Breweries Ltd. [(2015) 63 taxmann.com 41 (Karnataka)]
United Breweries Limited (“the Respondent”) being owner of Kingfisher Brand entered into contracts wit...
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Category : VAT |
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Online service providers like 'Flipkart' facilitating sale and purchase of goods through online portals cannot be considered as dealer of goods - Not liable for VAT
Posted Date : 16-Nov-2015 , 07:01:23 pm | Posted By
CA Bimal Jain
Online service providers like 'Flipkart' facilitating sale and purchase of goods through online portals cannot be considered as dealer of goods - Not liable for VAT
Flipkart Internet (P.) Ltd. Vs. State of Kerala [(2015) 62 taxmann.com 387 (Kerala)]
Flipkart Internet (P.) Ltd. (“...
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Category : VAT |
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0 | Hits : 589 |
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Customs Department does not need to go deep into matter and by hair-splitting and semantic niceties deny benefit of Exemption Notification
Posted Date : 16-Nov-2015 , 12:08:19 pm | Posted By
CA Bimal Jain
Customs Department does not need to go deep into matter and by hair-splitting and semantic niceties deny benefit of Exemption Notification
GMR Energy Ltd. Vs. Commissioner of Customs, Bangalore [2015-TIOL-259-SC-CUS]
GMR Energy Ltd. (“the Appellant”) claimed the benefit of the Exem...
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Category : Custom |
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0 | Hits : 377 |
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THREE NEW & MAJOR NOTIFICATIONS ISSUED FOR SWACHH BHARAT CESS
Posted Date : 13-Nov-2015 , 10:56:17 pm | Posted By
Raman Singla
We carried the article on our website titled “Swachh Bharat Cess – Not so Swachh” containing the issues that needs to be settled by the board relating to Swachh Bharat Cess (SBC). The Board acted proactively and responded even when we all our busy with our diwali celebration...
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Category : Service Tax |
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0 | Hits : 796 |
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Principal manufacturer eligible to take credit of duty so paid by job-worker
Posted Date : 13-Nov-2015 , 04:21:32 pm | Posted By
CA Bimal Jain
Principal manufacturer eligible to take credit of duty so paid by job-worker
Commissioner of Central Excise, Chennai-III Commissionerate Vs. Sundaram Auto Components Ltd. [2015 (62) taxmann.com 242 (Madras)]
The Department has denied credit of duty paid by job-worker to Sundaram Auto Component...
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Category : Excise |
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0 | Hits : 435 |
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“SWACHH BHARAT CESS - NOT SO SWACHHâ€
Posted Date : 12-Nov-2015 , 07:27:11 pm | Posted By
Raman Singla
The thrust of Modi Government towards clean India has made the government to impose Swachh Bharat Cess. With the objective of financing and promoting Swachh Bharat initiatives, enabling provisions were made in the Finance Bill’ 2015 to empower the Central Government to impose a Swachh Bharat C...
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Category : Service Tax |
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0 | Hits : 599 |
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Service Tax on SIM Cards
Posted Date : 05-Nov-2015 , 01:39:04 am | Posted By
VINAMAR GUPTA
In this article an attempt has been made to consolidate the important developments of service tax law on taxability of SIM card transactions
Amount received for subscription of SIM card is exigible to service tax only
The charges paid by the subscribers for procuring a SIM Card are gen...
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Category : Service Tax |
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0 | Hits : 706 |
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Principles and Procedures of Assessment u/s 153C dealt comprehensively by Delhi High Court
Posted Date : 05-Nov-2015 , 01:37:34 am | Posted By
VINAMAR GUPTA
Delhi High Court in Judgment delivered in the case of RRJ Securities Ltd. ITA 164/2015 dated 30-10-2015, has dealt comprehensively the principles and procedure of framing assessment u/s 153C.
Relevant provisions of Section 153C are as under:
Notwithstanding anything contained in section 139...
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Category : Income Tax |
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0 | Hits : 574 |
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All about Capital Market Tax
Posted Date : 02-Nov-2015 , 12:57:29 pm | Posted By
Gautam Gupta
Taxation for Capital Market ...
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Category : Income Tax |
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0 | Hits : 834 |
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TREATMENT OF EDUCATION CESS – DECENT NOTIFICATION FOR SERVICE PROVIDERS
Posted Date : 01-Nov-2015 , 08:11:46 pm | Posted By
Raman Singla
As per the amendment made by Finance Act’ 2015, the rate of service tax has been increased from 12.36% to 14% w.e.f. 01.06.2015. In this respect the issue which arise is that “Whether the cenvat credit of education cess which is available on 31st May’ 2015 and cannot be ful...
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Category : Service Tax |
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0 | Hits : 574 |
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Credit of EC & SHEC can be used for payment of Service tax
Posted Date : 30-Oct-2015 , 02:15:39 pm | Posted By
CA Bimal Jain
Dear Professional Colleague,
Credit of EC & SHEC can be used for payment of Service tax
With the underlying theme of setting the stage for Goods and Services Tax (“GST”), the Union Budget, 2015 had proposed to do away with the Education Cess (EC) and Secondary and Higher Educatio...
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Category : Service Tax |
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0 | Hits : 418 |
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SECTION 3 OF COMPANIES ACT 2013
Posted Date : 30-Oct-2015 , 02:15:22 pm | Posted By
Manshi Baid
SECTION 3 OF COMPANIES ACT 2013 READ WITH THE COMPANIES (INCORPORATION) RULES , 2014
FORMATION OF COMPANY TYPES OF COMPANIES -------
Public Company --- At least 7 persons
Private Company --- At least 2 persons
One Person Company – Only one person with a person as...
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Category : Corporate Law |
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0 | Hits : 420 |
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Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions
Posted Date : 29-Oct-2015 , 11:34:09 am | Posted By
RAGHAV GUPTA
Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions
Introduction
The Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transa...
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Category : Income Tax |
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0 | Hits : 753 |
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SECTION 189 OF THE COMPANIES ACT 2013
Posted Date : 28-Oct-2015 , 11:29:27 am | Posted By
Manshi Baid
SECTION 189 OF COMPANIES ACT 2013 READ WITH SECTION 184 , SECTION 188 OF THE COMPANIES ACT 2013 AND RULE 16 OF THE COMPANIES (MEETING OF BOARD AND ITS POWER ) RULES 2014
REGISTER OF CONTRACTS OR ARRANGEMENTS IN WHICH DIRECTORS ARE INTERESTED
APPLICABILITY : This section appli...
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Category : Corporate Law |
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0 | Hits : 1048 |
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Law relating to deductibility of expenses in Contractual and Statutory liability disputes dealt at length by the Special Bench of ITAT
Posted Date : 23-Oct-2015 , 04:05:29 pm | Posted By
VINAMAR GUPTA
Special Bench presided by ITAT President Mr. DD Sud in the case of National Agriculture Co-operative ITA 1999 & 2000/Del/2008 pronounced on 16-10-2015 has touched and dealt at length the issues of deductibility of expenses in case of Contractual and Statutory liability disputes with the ai...
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Category : Income Tax |
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0 | Hits : 370 |
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Proposed GST Report on Returns under GST on public domain
Posted Date : 21-Oct-2015 , 07:54:57 pm | Posted By
CA Bimal Jain
Dear Professional Colleagues,
Draft GST Report on Returns under GST on public domain
In order to engage with the stakeholders and invite comments from the public at large, the Ministry of Finance on October 6, 2015, placed the following Draft Business Processes of GST on public dom...
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Category : GST |
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0 | Hits : 551 |
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Why to take care of yourself ?
Posted Date : 19-Oct-2015 , 10:36:44 pm | Posted By
Tanushree Agrawal
Its very important in todays world to take care of yourself because the world is selfish. Its important to have financial freedom, health freedom so you can get the decision freedom and life freedom.
If you are earning for yourself then if you wish to buy something you can buy and take deci...
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Category : CA |
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1 | Hits : 1661 |
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Addiction to Self-Improvement
Posted Date : 18-Oct-2015 , 01:25:55 pm | Posted By
Tanushree Agrawal
Become addicted to continuous and unlimited self-improvement.
Be a diamond by daily polishing yourself !
If daily you learn one self-improvement technique you would have learn 365 techniques in a year.
And in 5 years time you would be a different person with 1825 technique...
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Category : CA |
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0 | Hits : 1208 |
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All About HUF
Posted Date : 15-Oct-2015 , 05:45:47 pm | Posted By
Manan Gupta
All About HUF
Meaning;
What is an HUF? As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has basically evolved from ancient Hindu law. There are two scho...
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Category : Income Tax |
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0 | Hits : 959 |
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Excise duty Rebate admissible on both inputs and final products
Posted Date : 14-Oct-2015 , 04:07:44 pm | Posted By
CA Bimal Jain
Excise duty Rebate admissible on both inputs and final products
We are sharing with you an important judgment of the Hon’ble Supreme Court in the case of Spentex Industries Ltd. Vs. Commissioner of Central Excise [2015 (10) TMI 774 - SUPREME COURT] on following issue:
Issue:
Wheth...
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Category : Excise |
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0 | Hits : 414 |
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Corporate Social Responsibility
Posted Date : 08-Oct-2015 , 11:42:15 am | Posted By
Mohit Garg
Corporate Social Responsibility
- Introduced in Company Act 2013.
Application of CSR:
If any of the following conditions are satisfied CSR will be applicable: 1. Company having Net worth of Rs.500 Cr or more. 2. Turnover of Rs.1000 Cr or more. 3. Net profit of Rs.5 Cr or more...
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Category : Auditing |
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0 | Hits : 577 |
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Complete Solutions for 15CA & 15CB form
Posted Date : 05-Oct-2015 , 03:35:08 pm | Posted By
Manan Gupta
Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB.
Section 195(6)of Income Tax Act- The person responsible f...
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Category : Income Tax |
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2 | Hits : 2611 |
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Stock Audit Basics & Checklist of Documents Required.
Posted Date : 03-Oct-2015 , 11:48:58 am | Posted By
CA. Niket Agarwal
What is a Stock Audit?
It is the physical verification of the inventory. However at times it may also include valuation of the inventory, this would depend upon the terms of reference or the engagement letter of the assignment.
Important thing to remember in a stock audit is the purpose ...
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Category : Auditing |
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0 | Hits : 12158 |
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Reporting Financial Institution and their procedure
Posted Date : 25-Sep-2015 , 12:25:39 pm | Posted By
Gautam Gupta
Reporting Financial Institution and their registration under income tax Act, 1961 and submission of form 61B Chapter-1
According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of finan...
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Category : Income Tax |
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0 | Hits : 401 |
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