Riddhi Siddhi Professional Institute

05/11/2019

Begin with where you want to begin...

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03/11/2019

12/08/2017

This article is a wake up call for all the students. Hope the article serves its purpose and brings out best in you.....

http://www.rediff.com/getahead/column/scary-india-is-not-producing-good-students/20170810.htm

'We are not producing good students who are examining issues independently of what they are being fed either by the media or their educators,' says Aakar Patel. | SCARY! India is not producing good students

06/02/2015

Safe Harbour Rules' for Specified Domestic transactions of Govt. Electricity Cos

Safe Harbour means the circumstances in which the Income-tax authorities shall accept the transfer price declared by the assessee. Thus, in order to reduce the transfer pricing litigation the Government had notified 'Safe Harbour Rules' on September 18, 2013. Such Rules were notified only for international transactions and not for 'specified domestic transactions'. Now the CBDT has notified 'Safe Harbour Rules' for specified domestic transactions undertaken by Government companies engaged in business of generation, transmission or distribution of electricity.

2.0 Applicability of 'Safe Harbour Rules'
2.1 Electricity Companies: Government Companies engaged in the business of generation, transmission or distribution of electricity (i.e., eligible assessee) can opt for 'Safe Harbour Rules.
2.2 Eligible 'Specified Domestic Transactions' (Eligible SDTs): The Safe Harbour Rules are applicable to 'eligible SDTs'.
The eligible SDTs shall means specified domestic transactions undertaken by an 'eligible assessee' which are comprised of: –
(a) Supply of electricity by a generating company; or
(b) Transmission of electricity; or
(c) Wheeling of electricity.
3.0 Circumstances in which transfer price declared by assessee shall be accepted by Income-Tax tax authorities
The transfer price declared by the assessee in respect of eligible SDTs shall be accepted by Income-tax-authorities if the tariff in respect of supply of electricity, transmission of electricity, wheeling of electricity, as the case may be, is determined by appropriate commission as per provisions of the Electricity Act, 2003.
4.0 Comparability adjustment and tolerance range
No comparability adjustment and allowance of tolerance range under second proviso to Section 92C(2)(CBDT has prescribed tolerance range of 1% in respect of wholesale trading and 3% in other cases) shall be made to the transfer price declared by the eligible assessee.
5.0 Maintenance of documents and filing of audit report
5.1 Maintenance of documents: Eligible assessee who has entered into an Eligible SDTs shall keep and maintain following information and documents for period of 8 years from end of relevant assessment year:
• Description of ownership structure of assessee's enterprise with details of shares and other ownership interests held therein by other enterprises.
• Broad description of business of assessee and the industry in which he operates and of the business of associates enterprises with whom the assessee has transacted.
• Nature, terms (including prices), quantum and value of specified domestic transactions entered into with each associate enterprise.
• Record of proceeding, if any, before regulatory commission and orders of such commission relating to specified domestic transactions.
• Record of actual working carried out for determining transfer pricing of specified domestic transactions.
• Assumptions, policies and price negotiation, if any, which have critically affected the determination of transfer price.
• Any other information or data which may be relevant for determination of transfer price.
5.2 Audit report: The assessee should file transfer pricing audit report electronically in form 3CEB along with the return of income upto November 30th of the relevant Assessment Year.
6.0 Procedure to opt for 'Safe Harbour Rule'
• Eligible assessee can furnish application to the AO in Form 3CEFB to opt for Safe Harbour Rules in respect of eligible SDTs.
• Such application is required to be furnished on or before September 30 of relevant assessment year, provided that return of income is furnished by assessee on or before the date of furnishing form 3CEFB.
• Form 3CEFB can be furnished on or before 31st march 2015 in respect of eligible SDTs undertaken during previous years 2013-14 and 2014-15.
• The AO, on receipt of Form 3CEFB, shall verify whether assessee is an eligible assessee; and the transaction is eligible SDT, before the option for safe harbour is treated to be validly exercised.
• If AO doubts the valid exercise of the option for safe harbour by an assessee, he may require the assessee to furnish such information or documents as he may consider necessary.
• AO can declare the option exercised by assessee as invalid after giving opportunity of being heard if –:
(a) The assessee does not furnish the information or documents required by AO; or
(b) The AO finds that the assessee is not an eligible assessee; or
(c) That the transaction in respect of which option has been exercise is not an eligible SDT; or
(d) The tariff is not determined by commission.
• If the assessee objects to the order of AO he may file his objections within 15 days of receipt of order of AO.
• On receipt of objection of assessee, the Principal CIT or CIT or Principal Director or Director, as the case may be, shall pass appropriate orders.

02/02/2015

On mere pendency of the proceedings before the Higher Authority, the Department cannot deny the refund and interest on delayed refund to the assessee
We are sharing with you an important judgment of Hon’ble High Court, Bombay, in the case of National Leather Cloth Mfg. Co. Vs. The Union of India & Others[2015 (1) TMI 944 - BOMBAY HIGH COURT] on the following issue:
Issue:
Whether the refund and interest on delayed refund to the Assessee can be denied, on mere pendency of the proceedings before the Higher Authority?
Facts & Background
National Leather Cloth Mfg. Co. (“the Petitioner”) was engaged in the manufacture of Excisable goods falling under Chapter 39, 56 and 59 of the First Schedule to the Central Excise Tariff Act, 1985. During the period January 1995 to March 1997, the Petitioner had utilized the Cenvat credit for Duty to be paid under the Additional Duties of Excise (Textile and Textile Articles) Act, 1978 of Rs. 41,01,467/- on Inputs.
The Department had taken a view that the Cenvat credit was wrongly utilized. The Petitioners deposited the above sum during the month of April and May 1997.
A Show Cause Notice was issued to the Petitioner which was adjudicated by the Commissioner of Central Excise, Mumbai and confirmed the demand of Rs. 41,01,467/- and imposed equal penalty.
Later, the Hon’ble Tribunal quashed and set aside the Order on March 12, 2004 on the ground of limitation and also set aside the penalty. Subsequently, the Petitioner filed refund application in terms of the order of the Hon’ble Tribunal but the same was rejected by the Deputy Commissioner of Central Excise on August 31, 2004. The matter again travelled to the Hon’ble Tribunal and on November 14, 2013, the Hon’ble Tribunal passed an Order and set aside the Commissioner (Appeals) Order dated May 26, 2005 and directed the authority to implement the Order of the Tribunal within 90 days of receipt.
Accordingly, refund was granted to the Petitioner of an amount Rs. 41,01,467/-, however, no interest was granted on refund amount.
The Petitioners approached to the ld. Commissioner (Appeals) who passed an Order dated August 12, 2014 and directed to pay the interest at the rate of 6% to the Petitioners from May 4, 2004 till the actual date of payment of refund of Rs.41,01,467/-.
The Petitioner was aggrieved and dissatisfied with the fact that despite such Order, the interest amount has not been paid by the Department. Being aggrieved, the petitioner filed an appeal before the Hon’ble High Court of Bombay.
Held:
The Hon’ble High Court of Bombay noted that the Department had preferred an appeal to this Court against the Order of sanctioning of refund passed by the Hon’ble Tribunal dated November 14, 2013 and further the Department had preferred another appeal to the Hon’ble Tribunal against the order of ld. Commissioner (Appeals) passed on August 12, 2014 for payment of interest on refund.
Accordingly, the Hon’ble High Court held that the law provides that in the event, amount is not paid within a specified time, then, the Department will have to pay interest, unless and until, the Department had received any preventive or prohibitory order and direction. Mere pendency of the proceeding before the Tribunal and the Court in the given facts and circumstances, would not enable the Department to deny the claim of interest.
The Department cannot refuse to release the interest to the Petitioners.

02/02/2015

Online IMPORT EXPORT CODE mandatory w.e.f 01.02.2015

http://feedproxy.google.com/~r/blogspot/Bbrrt/~3/Hcucyc8ITzY/online-iec-mandatory-wef-1st-feb15.html?utm_source=feedburner&utm_medium=email

02/02/2015

Company Name : Hindustan Aeronautics Limited (HAL) Bangalore
Job Location : Bangalore
Total : 01 Job
Job Profile :
1. Company Secretary : 01 Posts
How To Apply : Interested Candidates seeking jobs in Bangalore for the above mention posts may send application along with all required documents to the address given in notification below.
To,
The Senior Manager (HR),
Hindustan Aeronautics Limited (HAL),
Corporate Office, 15/1 Cubbon Road, Bangalore Pin 560001
Important Date :
Last date to receive application form: 25/02/2015

10/01/2015

Ministry of Disinvestment!!!
Apart from Oil and Natural Gas Corporation (ONGC), the government is also looking selling stake in other public sector oil companies like Oil India Limited (Oil) and GAIL (India) Limited to raise funds for reducing the fiscal deficit.

10/01/2015

The finance ministry has proposed DRAFT INCOME COMPUTATION AND DISCLOSURE STANDARDS, for the purpose of levying tax.
PS:
A fine is a TAX for doing wrong thing and TAX is a FINE for doing right thing...

03/01/2015

We are happy to announce that 2nd batch of classes will commence from 20.01.2015. Enroll Soon.

13/11/2014

Procedure for appointment of Auditor under Companies Act, 2013

It is inevitable that 'dynamic environment demands constant changes'. One of such change had been made in the Companies Act by notifying the Companies Act, 2013.

In the present article we deal with the provisions of the 2013 dealing with the Auditors of the Company. The auditors of a company play a vital role towards the stakeholders of such company. The Auditors are required to audit the books of accounts of the company and report to the shareholders regarding the affairs of the Company which are carried out by the directors of the Company in the fiduciary capacity.

The provision related to auditors in the 2013 Act contains drastic changes as compared to the 1956 Act. The important one is defining the role of Auditors.
This article contains the description of some provisions related to auditors which have been modified in companies Act, 2013.

28/10/2014

◦FCRA regd association to incur exp above Rs 20000 in cheque

◦Extension of Due date for filing Service Tax Return to 14th November, 2014

◦Merger of NSEL with Financial technologies

◦Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013

◦CBI arrests deputy commissioner and inspector of income tax dept

◦ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962

◦Streamlining the Procedure for Grant of Industrial Licenses

◦Bankruptcy Reforms Committee

◦Form ADT-1 available for filing

◦Collection of black money stashed abroad