Ankita Agarwal & Associates

24/03/2020

http://www.a4ca.com/publication_details.php?id=20

The rules of Institute of Chartered Accountants of India prohibit Chartered Accountants firm from advertising and soliciting work in the public domain. This website is solely meant for the purpose of information and not for the purpose of advertising. Ankita Agarwal & Associates does not intend to s...

04/03/2020

Proposed dividend distribution tax on InvITs, REITs may hit six planned trusts
The central government’s decision to implement dividend distribution tax (DDT) on infrastructure investment trusts (InvIT) and real estate investment trusts (REIT) will severely impact at least six such trusts planned over the next one year.
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The rules of Institute of Chartered Accountants of India prohibit Chartered Accountants firm from advertising and soliciting work in the public domain. This website is solely meant for the purpose of information and not for the purpose of advertising. Ankita Agarwal & Associates does not intend to s...

27/02/2020

MCA has notified *Revised Companies Auditor’s Report Order, 2020* on 25th February 2020 after consultation with NFRA. The Revised CARO, 2020 has replaced CARO, 2016. The revised CARO has increased more responsibilities on Auditors and is applicable for accounts audited for the financial years commencing on or after April 1, 2019. Read more at

The rules of Institute of Chartered Accountants of India prohibit Chartered Accountants firm from advertising and soliciting work in the public domain. This website is solely meant for the purpose of information and not for the purpose of advertising. Ankita Agarwal & Associates does not intend to s...

25/02/2020

E-commerce companies have sought more time to implement a government proposal to levy a new tax, although they have, in principle, agreed to its imposition.
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The rules of Institute of Chartered Accountants of India prohibit Chartered Accountants firm from advertising and soliciting work in the public domain. This website is solely meant for the purpose of information and not for the purpose of advertising. Ankita Agarwal & Associates does not intend to s...

22/02/2020

Taxpayers availing of the *Vivaad Se Vishwas Scheme* will have to pay only half of the disputed amount in cases where the income tax department has filed an appeal, as per recent amendments to the Direct Tax Vivad Se Vishwas Bill that were cleared by the Cabinet. The Bill, which was introduced in the Lok Sabha during the Budget session.

31/03/2016

UPDATES

1) Now Cos. can keep open offer period below 15 days for buy-back of shares:MCA

2) Service Tax : There is no distinction between 'providers of education' and 'commercial coaching or training institution'; hence, even providing of computer education online is covered with commercial coaching or training and liable to tax
[2016] 67 taxmann.com 311 (New Delhi - CESTAT)
Dewsoft Overseas (P.) Ltd. v. Commissioner of Service Tax

3) Excise & Customs : Unjust enrichment applies to : (a) 'captive consumption' of, as well as (b) 'indirect passing on of burden of duty', as well as (c) duty paid under protest; hence, mere payment of duty under protest on captively consumed goods does not rule out unjust enrichment
[2016] 67 taxmann.com 314 (Madras)
Elgi Ultra Industries Ltd. v. Deputy Commissioner of Central Excise

4) Sum paid to promoter for not competing with the co. isn't royalty
[2016] 67 taxmann.com 321 (Bangalore - Trib.)
WiFi Networks (P.) Ltd. v. Deputy Commissioner of Income-tax (TDS)

5) MCA notifies CARO, 2016, applicable for FY beginning on or after April 1, 2015

30/03/2016

UPDATES

1. Excise & Customs : Where assessee has furnished relevant certificate from relevant authority, exemption intended for laudable object of controlling cataract blindness, cannot be denied for procedural violation viz. absence of counter-signing of such certificate.
[2016] 67 taxmann.com 272 (Chennai - CESTAT)
Auro Lab v. Commissioner of Central Excise

2. Govt. permits 100% FDI in marketplace based model of e-commerce

3. The key takeaways of Delhi Budget 2016-17 are as under:
1) Reduction in VAT rate: It has been proposed to reduce rate of VAT from 12.5% to 5% on following items:
E-rikshas, battery operated vehicles, footwears, marbles, hybrid vehicles, sweets & Namkeen and all ready-made garments.
2) Rationalization of VAT structure: All watches proposed to be taxed at 12.5%. All school bags would be taxed at flat rate of 5% irrespective of their MRP. Products of textile and fabrics except handloom or Khadi would be taxed at the rate of 5%. VAT at rate of 5% is proposed to be levied on plastic waste. The scope of entry which levy VAT on to***co and related products is widened and now unmanufactured to***co, khanni, jarda etc will be under VAT.
3) Luxury tax: Government has proposed to hike threshold limits for levying luxury tax from Rs. 750 to Rs. 1,500. It would provide a big sigh of relief to hotel industry.
4) Stamp Duty: It is also proposed to introduce new Stamp Duty Act. The circle rate would remain unchanged.
Source-Taxmann.com

4. Govt. dept. is also liable to deduct TDS on payments made to contractors under Delhi VAT
DELHI VAT ACT, 2004 - CLARIFICATIONS ON VAT DEDUCTION AT SOURCE IN RESPECT OF WORKS CONTRACT
CIRCULAR NO.F.3(654)/POLICY/VAT/2016/1800-1802, DATED 28-3-2016

24/02/2016

Application for advance Ruling - Taxability of activity of services for rendering analysis of the drugs and market survey etc. - AAR rejected both the contentions and admitted the application for consideration. - AAR - M/s Steps Therapeutics Ltd, Hyderabad Versus Commissioner of Customs, Central Excise And Service Tax, Hyderabad-IV - 2016 (2) TMI 692 - AUTHORITY FOR ADVANCE RULINGS

Extended period of limitation - The initial burden is on the department to prove that the situations visualised by the proviso existed. But once the department is able to bring on record material to show that the appellant was guilty of any of those situations which are visualised by the section the burden shifts and then applicability of the proviso has to be construed liberally - HC - M/s Bordubi Engineering Works Versus Union of India, The Commissioner, Central Excise & Service Tax, The Additional Commissioner, Central Excise & Service Tax, The Superintendent (A/E) , Central Excise, The Joint Commissioner, Central Excise & Service Tax - 2016 (2) TMI 691 - GAUHATI HIGH COURT

19/02/2016

IT: Section 194C(2) had no application when the Union was merely acting in representative capacity and there was no separate contract between the Union and its members (truck operators) for performance of the work – CIT-I, Ludhiana Vs. Truck Operator Union (2016 (2) TMI 520 Punjab & Haryana High Court)