Description: In case of legal Consultancy Service, the services provided to any business entity, by any person, in relation to representational services before any court, Tribunal or authority are chargeable to service – tax. However, representational services provided by any person to any person other than a business entity are not chargeable to service – […]
Read MoreDescription: The apex court in the case of Southern Technologies Ltd b. Joint CIT (2010) 32 (I) ITCL 505 (SC) : (2010) 320 ITR 577 (SC) has held that nature of expenditure cannot be conclusively determined by the manner in which the accounts are presented in terms of Non –Banking Financial Companies Prudential Norms (Reserve […]
Read MoreDescription: All income cannot be taxed, but only those incomes on which the taxpayer has a legitimate and enforceable right is liable to tax, ITAT held, According to ITAT order, taxmen do not have the right to tax any receipts as the law is well settled that all receipts are not income, only those receipts […]
Read More(IT IS A SITUATION WHERE FUNDS ARE BORROWED TO PAY INTEREST, INSTALMENTS, TO MEET REGULAR ADMINISTRATIVE EXPENDITURE) STEPS – TO COME OUT When one is surrounded by debt, first reaction will be on mind, it becomes dull, silent, and inactive, loses confidence etc. I find some of the steps to come over the situation after […]
Read MoreDescription: CAs to be urged to do KYC of all clients. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.88. Our comment: To avoid fictitious companies, individuals, firms, organizations without valid identity
Read MoreDescription: CA certification made mandatory for XBRL filing by companies. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.88. Our comment: Some of the companies have to file their accounting statements, returns in XBRL format after certified by a chartered accountant.
Read MoreDescription: Shares in demat form must for promoters. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.88. Our comment: This step to avoid fictitious shareholders, benami share holders
Read MoreDescription: Loss making coos need not seek govt nod to pay high salaries NCLT not to have appellate tribunal, says Moily Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.87. Our comment: De regulation of salaries of loss making companies
Read MoreDescription: Section 139 –Return of income – Scheme as to Exemption from requirement of furnishing return where total income does not exceed Rs.5 lakhs optional – order [F.No.142/09/2011 – SO(TPL)], dt. 25-7-2011. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.16. Our comment: The purpose is to give relief […]
Read MoreDescription: PAN mandatory for Rs 5 lakh and above jewellery purchases Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.9, 29 August 2011, Page No.10. Our comment: All the transactions worth more than Rs. 5 lakhs needs pan no. Which is to know the identity of the purchaser
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