THE issue is – Whether the provisions for Non-Performing Assets can be equated with provision for bad and doubtful debts, for purpose of claiming deduction u/s 36(1)(viia)(b). NO is the […]
Capital or revenue expenses:- membership fees etc, having enduring advantage
Summary: Some contributions or payments in nature of membership fees or development fees are made in the course of business or profession to other organizations or for trade or local […]
Some important features relating to direct Taxes in Finance Bill 2010
Budget 2010-2011 Some important features relating to direct Taxes. Relevant links: Finance Bill 2010. Revenue loss: The Finance Minister has estimated revenue loss due to direct tax proposals at Rs. […]
DUTY PAID BY MISTAKE ON EXEMPTED GOODS DOES NOT MAKE THE GOODS LIABLE TO DUTY.
Central Government is given power in tax laws to give exemption to assessee or group of assessee from tax either partly or wholly; temporarily or permanently; either in any […]
Implications of Haryana VAT on Builders Joint Development Agreements
Abbreviations used: LO – Land Owner; BD – Builder/Developer; PB – Prospective Buyer; Haryana Value Added Tax Act, 2003 – HVAT Act 1. Introduction In Haryana, we look around numerous […]
The Institute of Chartered Accountants of India
1. The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to […]
Indian Tax Administration issues draft indirect transfer rules; invites comments from stakeholders
The Central Board of Direct Taxes (CBDT), the apex administrative body for direct taxes in India, has recently issued draft rules and forms in relation with the indirect transfer (IDT) […]
Valuation of stocks and particularly scrap and obsolete stock much disputes about almost nothing- revenue should adopt a purpose seeking approach in overall context.
Scrap and obsolete stock Scrap means such stock or items, which are generated in the course of manufacturing or producing goods and things. The extent of scrap and its value […]
SHOW CAUSE NOTICE ISSUED TO ASSESSEE OUTSIDE JURISDICTION IS NOT VALID EVEN IN CASE OF CENTRALIZED BILLING
The provisions of Chapter V of Finance Act 1994 require that every service provider is to get registration with the Superintendent of Central Excise having jurisdiction. A service provider […]
Cost Accounting Record Rules 2011 to Service Industry
Applicability of Cost Records in Real Estate/Construction Industry :- Till the year 2010-11, cost records were required to be maintained for companies in the manufacturing, mining, processing industry dealing with […]