Direct Tax
Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income - tax Act, 1961
Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representations were received which were examined...Read More
Mistakes that are caused by the lack of attention, are the cause of tension.
Professional Fee Paid in Kind does not attract TDS under section 194J
Red Chillies Entertainment Pvt. Ltd. Vs ACIT (Mumbai) Facts of the case During the assessment proceedings, the Assessing Officer verifying the information / details available on record, found that the assessee has debited an amount of Rs 52,58,118 towards expenditure on gift. On a query raised by the Assessing Officer...Read More
Always wear the costume of humility and you will receive the love and co-operation of others.
ITAT treats Pre-schooling as charitable purpose, eligible for Sec. 12A registration
FACTS • The assessee-trust was constituted for the purpose of imparting high quality education to students of all castes, creeds and communities by way of setting-up schools (including pre-primary schools), colleges, and educational and vocational training institutes in India.' • It filed an application seeking registration under section 12A...Read More
Failure is the opportunity to begin again, this time more wisely.
Requirement of PAN and TCS on Cash Transactions
In order to curbing the circulation of black money and widening tax base, the government has recently notified changes in the monetary limits that will require mandatory quoting of PAN with effect from 01-01-2016, under section 139A (5) (c) and furnishing a statement of financial transaction under section 285BA read with rule 114B to 114D as amended via notification 95/2015 dated 30-12-2015...Read More
We cannot forever hide the truth about overselves, from ourselves.
Indirect Tax
Model GST Law – Definition of Taxable person (Part 2)
Continuing with our last update on the definition and meaning of supplies under GST law, we present our commentary on the definition and meaning of taxable person under the GST law.
Section 9 defines the law relating to the taxable person.
Section 9 defines the taxable supply as “...Read More
A man's dreams are an index to his greatness.
Remuneration received by cricketers for writing articles or anchoring TV shows or playing IPL matches, cannot be charged to service tax under Business Auxiliary Services or Business Support Services
The Calcutta High Court ruled in favour of former Indian cricket captain Sourav Ganguly against the service tax authorities who had sought to tax his match playing fee under the Indian Premier League besides income from write ups and appearances. he court has quashed the entire demand saying no tax was ...Read More
What we see depends mainly on what we look for.
Ind AS/IFRS
New IFRS 16: Bring Lease into Balance Sheet
Leases have long been favoured as a form of off-balance sheet financing. But that's set to change from 1 January 2019 when IFRS 16 comes into effect. The implications for businesses are significant and now is the time to act...Read More
Be advised that all flatterers live at the expense of those who listen to them
IFRS 9: Impact on Retained Earnings
A recent survey of risk officers from leading APAC banks at the 2016 FICO CRO Forum saw 88% of respondents anticipating that IFRS 9’s prescribed calculation of impairments could result in up to 30 percent of retained earnings being set aside for future losses. Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained by the bank to be reinvested in its core business, or to pay debt....Read More
Our task now is not to fix the blame for the past, but to fix the course for the future.
RBI/FEMA
Patent box regime: Time for a market-oriented approach
Government has brought a concessional tax regime for patent income, with a view to encourage indigenous research & development activities and to make India a global R&D hub. Under this concessional tax regime, any company, which has registered any patent, would be able to reduce the tax on the royalty earned out of that patent, from 30% to 10%, besides ...Read More
It is better to light a candle than to curse the darkness.
RBI releases June 2016 Financial Stability Report
The Reserve Bank of India today released the Financial Stability Report (FSR) June 2016, a biannual publication and the thirteenth in the series. The FSR reflects the overall assessment on the stability of India’s financial system and its resilience to risks emanating from global and domestic factors. Besides, the Report...Read More
No one can make you feel inferior withour your consent.
Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs
Please refer to the Notification No. DNBS 192/DG (VL) dated Feb 22, 2007 prescribing Prudential Norms Directions. In terms of the extant instructions, all NBFCs are required to submit a certificate from their Statutory Auditors every year to the effect that they continue to engage in the business of NBFI requiring it to hold a CoR under Section 45-IA of the RBI Act....Read More
Relationships based on the falsehood are like houses built with their foundations of mud.
Auction for Sale (Re-issue) of Government Stocks
The Government of India have announced the Sale (re-issue) of (i) “7.80 per cent Government Stock 2021” for a notified amount of Rs.3,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock 2029” for a notified amount of Rs.7,000 crore (nominal) through price based auction, (iii) “7.73 per cent Government Stock 2034” for a notified amount of Rs.2,000 crore (nominal) through price based auction...Read More
Dont't ask for a light load, but rather ask for a strong back.
Exactly
A philosophy professor stood before his class with some items on the table in front of him. When the class began, wordlessly he picked up a very large and empty mayonnaise jar and proceeded to fill it with rocks, about 2 inches in diameter.
He then asked the students if the jar was full. They agreed that it was.
So the professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles, of course, rolled into the open areas between the rocks.
He then asked the students again if the jar was full. They agreed it was.
The professor picked up a box of sand and poured it into the jar. Of course, the sand filled up the remaining open areas of the jar.
He then asked once more if the jar was full. The students responded with a unanimous “Yes.”
“Now,” said the professor, “I want you to recognize that this jar represents your life. The rocks are the important things – your family, your partner, your health, your children – things that if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter – like your job, your house, your car. The sand is everything else, the small stuff.”
“If you put the sand into the jar first,” he continued, “there is no room for the pebbles or the rocks. The same goes for your life. If you spend all your time and energy on the small stuff, you will never have room for the things that are important to you. Pay attention to the things that are critical to your happiness. Play with your children. Take your partner out dancing. There will always be time to go to work, clean the house, give a dinner party, or fix the disposal.”
“Take care of the rocks first – the things that really matter. Set your priorities. The rest is just sand.”
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