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Next decade theme -- save environment -- cut less trees
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Currently manufacturing of furniture leads to lot of cutting of trees. Some company has already build inhouse capabilities to manufacture similar furniture with reduced use to wooden tree.
Depreciation will be considered while calculating net worth for computing Capital Gain in slump sale u/s 50B [CIT vs. Dharampal Satyapal (Delhi High Court), ITA 1003/2011, AY 2001-02, Date of Judgment: 06/01/2016]. Notice issued or assessment made post receiving direction u/s 124 from CIT to transfer the case is invalid [Raj Kumar Mangla Vs ACIT (ITAT Delhi); I.T.A No. 556-558/Del/2011]. Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes and if treatment made by assessee was revenue neutral [Goldfilled Mercantile Company vs. DCIT (ITAT Mumbai),IT Appeal No.-1965/2014]. Inadvertent mentioning of wrong assessee code does not invalidate payment [Devang Paper Mills Pvt Ltd Vs UOI (Gujarat High Court); Special Civil Application No. 12264 of 2015]. Recovery cannot be made from bonfide purchaser of Duty Free Import Authorisation (DFIA)/Duty Entitlement Pass Book (DEPB) license – CESTAT
Assessee would be liable to deduct tax at source under section 194C on payments made as transportation charges to intermediate parties who arranged actual transporters from open market for carriage of goods by transport for assessee, even if there was no written contract between assessee and intermediary party. HC denied to order valuation of goodwill as it arises on acquisition of business in slump sales. Penalty order is illegal and without jurisdiction if it was passed during pendency of assessment proceeding: HC. Commission agent's services are ineligible for credit as he isn't not 'sales promotion agent'. Off-shore under-construction installations or incomplete structures do not form part of 'India'/ 'taxable territory'; hence, services imported by them are not liable to service tax under reverse charge.
One Person Company Procedure Definition: section 2 (62) of the companies Act, 2013, ‘One Person Company means a company which has only one person as a member. Further, An OPC is owned and can be managed by one person as the sole member and director. Member of OPC: •Only a natural person •The person should be an Indian citizen and resident in India only •No person shall be eligible to incorporate more than 1 opc •No minor shall become member OPC or can hold share with beneficial interest 👥Directors of OPC: •Minimum one director is required. •First director shall be the person whose name is mentioned in Articles of Association. •The first director shall hold the office until the holding of general meeting. However, the first director can be re-appointed or another person can appointed in that meeting. •The OPC may have a maximum number of 15 directors. •Annual general meeting: The provision of holding of Annual General Meeting is not applicable to OPC. •Financial Statement of...
India saved about Rs 4,000 Cr in forex due to Ethanol. Expect forex saving of Rs 12,000 cr in the next 4 years, says @narendramodi
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