How to Face CA Exams

September 15, 2018 CA Ankit Gulgulia (Jain) 0

How to Face CA Exams Cover Page of Book ICAI has Recently Released it’s Publication “How to Face CA Exams”. Click Here to Download its Copy. […]

No Image

DVAT :- Form 9 Due Date Extended to 28th November, 2014 GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/391-397 Dated: 26/09/14 CIRCULAR NO. 13 of 2014-15 Sub: Filing of reconciliation return for the year 2013-14. In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956, I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2013-14, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 28th November, 2014. The return is to be filed by dealers who have made interstate sale at concessional rates against statutory forms ‘C’ or stock transferred against ‘F’ forms or sold the goods against ‘H’ forms to dealers (other than Delhi) or claimed deduction from taxable turnover against E-I/EII forms or I/J forms etc. The dealers who have not made the sale as mentioned above need not file reconciliation return in Form 9. (Sanjeev Khirwar) Commissioner,Value Added Tax No.F.7(420)/VAT/Policy/2011/PF /391-397 Dated: 26/09/14 Related Tags Circulars, DVAT, Form 9, Indirect Taxes 70 0 0 0 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS GST Annual Return (GSTR-9) – Format And Instructions To Fill Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GPS Tracking Of Transporters Under GST – UP Issues Notification Law Commission Proposes Abolishing HUF ! DELHI VAT – AREA WISE WARD LIST GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE CUSTOM SEARCH RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑ BESbswyBESbswyBESbswy

September 13, 2018 CA Ankit Gulgulia (Jain) 0

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/391-397 Dated: 26/09/14 CIRCULAR NO. […]

No Image

Allowability of Interest on Borrowings advanced on Interest Free Basis Allowability of Interest on Borrowings advanced on Interest Free Basis S. 36(1)(iii): Law on when interest expenditure on loans diverted to sister concerns and directors can be allowed as business expenditure explained Citation :- Hero Cycles (P) Ltd vs. CIT (Supreme Court) | CIVIL APPEAL NO. 514 OF 2008 Facts of the Case and Why Revenue Disallowed the Claim of Interest The present appeal preferred by the assessee pertains to the Assessment Year 1988-1989. In the income tax return filed by the assessee for the aforesaid Assessment year, the assessee, inter alia, claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) of the Income Tax Act (hereinafter referred to as ‘Act’). The aforesaid deduction was disallowed by the Assessing Officer vide his Assesssment Order dated 26.03.1991 on the following two points: – (1) The assessee had advanced a sum of Rs.1,16,26,128/- to its subsidiary company known as M/s. Hero Fibers Limited and this advance did not carry any interest. According to the Assessing Officer, the assessee had borrowed the money from the banks and paid interest thereupon. Deduction was claimed as business expenditure but substantial money out of the loans taken from the Bank was diverted by giving advance to M/s. Hero Fibres Limited on which no interest was charged by the assessee. Therefore, he concluded that money borrowed on which interest was paid was not for business purposes and no deduction could be allowed. (2) In addition, the assessee had also given advances to its own directors in the sum of Rs. 34 lakhs on which the assessee charged from those directors interest at the rate of 10 per cent, whereas interest payable on the money taken by way of loans by the assessee from the Banks carried interest at the rate of 18 per cent. On that basis, the Assessing Officer held that charging of interest at the rate of 10 per cent from the above mentioned persons and paying interest at much more rate,i.e., at the rate of 18 per cent on the money borrowed by the assessee cannot be treated for the purposes of business of the assessee. CIT (Appeals) & ITAT Set Aside the Demand The CIT (Appeals) set aside the order of the Assessing Officer holding that the interest paid by the assessee of which deduction was claimed, on the facts of this case, was for business purposes and, therefore, the entire interest paid by the assessee should have been allowed as business expenditure. Hon’ble Supreme Court Ruled in Assessee’s Favour i) Insofar as loans to the sister concern / subsidiary company are concerned, law in this behalf is recapitulated by this Court in the case of ‘S.A. Builders Ltd. v. Commissioner of Income Tax (Appeals) and Another’ [2007 (288) ITR 1 (SC)]. Once it is established that there is nexus between the expenditure and the purpose of business (which need not necessarily be the business of the assessee itself), the Revenue cannot justifiably claim to put itself in the arm-chair of the businessman or in the position of the Board of Directors and assume the role to decide how much is reasonable expenditure having regard to the circumstances of the case. It further held that no businessman can be compelled to maximize his profit and that the income tax authorities must put themselves in the shoes of the assessee and see how a prudent businessman would act. The authorities must not look at the matter from their own view point but that of a prudent businessman. (ii) Applying the aforesaid ratio to the facts of this case as already noted above, it is manifest that the advance to M/s. Hero Fibres Limited became imperative as a business expediency in view of the undertaking given to the financial institutions by the assessee to the effect that it would provide additional margin to M/s. Hero Fibres Limited to meet the working capital for meeting any cash loses. It would also be significant to mention at this stage that, subsequently, the assessee company had off-loaded its share holding in the said M/s. Hero Fibres Limited to various companies of Oswal Group and at that time, the assessee company not only refunded back the entire loan given to M/s. Hero Fibres Limited by the assessee but this was refunded with interest. In the year in which the aforesaid interest was received, same was shown as income and offered for tax. (iii) Insofar as the loans to Directors are concerned, it could not be disputed by the Revenue that the assessee had a credit balance in the Bank account when the said advance of Rs. 34 lakhs was given. Remarkably, as observed by the CIT (Appeal) in his order, the company had reserve/surplus to the tune of almost 15 crores and, therefore, the assessee company could in any case, utilise those funds for giving advance to its Directors. Complete Text of the Judgement is as under:- Related Tags Incometax, Judgements, Supreme Court 11 0 0 2 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GST Annual Return (GSTR-9) – Format And Instructions To Fill DELHI VAT – AREA WISE WARD LIST How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY How To Become CFA In India – Exams, Fees, Books & FAQ’s 10 Qualities Of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE CUSTOM SEARCH RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑

September 11, 2018 CA Ankit Gulgulia (Jain) 0

Allowability of Interest on Borrowings advanced on Interest Free Basis S. 36(1)(iii): Law on when interest expenditure on loans diverted to sister concerns and directors […]

No Image

Government May Consider 100% FDI in E-commerce Government May Consider 100% FDI in E-commerce The government is considering permitting 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating online marketplaces in India while homegrown players such as Flipkart and Snapdeal have foreign investments even as there are no clear FDI guidelines on various online retail models. An e-commerce firm carry its business either through marketplace model or inventory based model. In the inventory based model, a company owns and keeps the goods in warehouses. The officials also deliberated upon the definition of “e-commerce”. It may broadly cover transactions between buyer and seller through electronic mode like internet, mobile and televisions. The Department of Industrial Policy and Promotion (DIPP) is working on guidelines for e-commerce sector in the backdrop of ongoing tussle between online and offline retailers. The department has already carried out stakeholders consultations with states, e-commerce companies and other departments. At present, 100% FDI is allowed only in business-to-business (B2B) e-commerce and not in the retail segment. PTI Related Tags E-commerce, FDI New 0 0 0 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GST Annual Return (GSTR-9) – Format And Instructions To Fill DELHI VAT – AREA WISE WARD LIST How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY How To Become CFA In India – Exams, Fees, Books & FAQ’s 10 Qualities Of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE CUSTOM SEARCH RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑ Government May Consider 100% FDI in E-commerce Government May Consider 100% FDI in E-commerce The government is considering permitting 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating online marketplaces in India while homegrown players such as Flipkart and Snapdeal have foreign investments even as there are no clear FDI guidelines on various online retail models. An e-commerce firm carry its business either through marketplace model or inventory based model. In the inventory based model, a company owns and keeps the goods in warehouses. The officials also deliberated upon the definition of “e-commerce”. It may broadly cover transactions between buyer and seller through electronic mode like internet, mobile and televisions. The Department of Industrial Policy and Promotion (DIPP) is working on guidelines for e-commerce sector in the backdrop of ongoing tussle between online and offline retailers. The department has already carried out stakeholders consultations with states, e-commerce companies and other departments. At present, 100% FDI is allowed only in business-to-business (B2B) e-commerce and not in the retail segment. PTI Related Tags E-commerce, FDI New 0 0 0 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GST Annual Return (GSTR-9) – Format And Instructions To Fill DELHI VAT – AREA WISE WARD LIST How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY How To Become CFA In India – Exams, Fees, Books & FAQ’s 10 Qualities Of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE CUSTOM SEARCH RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑ ShareThis Copy and Paste Government May Consider 100% FDI in E-commerce Government May Consider 100% FDI in E-commerce The government is considering permitting 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating online marketplaces in India while homegrown players such as Flipkart and Snapdeal have foreign investments even as there are no clear FDI guidelines on various online retail models. An e-commerce firm carry its business either through marketplace model or inventory based model. In the inventory based model, a company owns and keeps the goods in warehouses. The officials also deliberated upon the definition of “e-commerce”. It may broadly cover transactions between buyer and seller through electronic mode like internet, mobile and televisions. The Department of Industrial Policy and Promotion (DIPP) is working on guidelines for e-commerce sector in the backdrop of ongoing tussle between online and offline retailers. The department has already carried out stakeholders consultations with states, e-commerce companies and other departments. At present, 100% FDI is allowed only in business-to-business (B2B) e-commerce and not in the retail segment. PTI Related Tags E-commerce, FDI New 0 0 0 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GST Annual Return (GSTR-9) – Format And Instructions To Fill DELHI VAT – AREA WISE WARD LIST How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY How To Become CFA In India – Exams, Fees, Books & FAQ’s 10 Qualities Of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑ Government May Consider 100% FDI in E-commerce Government May Consider 100% FDI in E-commerce The government is considering permitting 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating online marketplaces in India while homegrown players such as Flipkart and Snapdeal have foreign investments even as there are no clear FDI guidelines on various online retail models. An e-commerce firm carry its business either through marketplace model or inventory based model. In the inventory based model, a company owns and keeps the goods in warehouses. The officials also deliberated upon the definition of “e-commerce”. It may broadly cover transactions between buyer and seller through electronic mode like internet, mobile and televisions. The Department of Industrial Policy and Promotion (DIPP) is working on guidelines for e-commerce sector in the backdrop of ongoing tussle between online and offline retailers. The department has already carried out stakeholders consultations with states, e-commerce companies and other departments. At present, 100% FDI is allowed only in business-to-business (B2B) e-commerce and not in the retail segment. PTI Related Tags E-commerce, FDI New 0 0 0 Newer Post Older Post JOIN OUR WHATSAPP BROADCAST FEATURED VIDEO – CA ANKIT GULGULIA DISCUSSES ON NDTV GST ON REAL ESTATE GST IN 2 HOURS – CHARTS, TABLES AND DIAGRAMS WAY (1,000 + COPIES SOLD) GST In 2 Hours – The Charts, Tables & Diagrams Way (Licensed E-Book) Price – Rs 225/- per Licensed Copy* | Page Count – 158 About the E-book (Licensed) GST IN TWO HOURS – THE CTD WAY! … POPULAR POSTS Eligibility Of Input Tax Credit GST On Motor Vehicles Purchased By Business Concern GST Annual Return (GSTR-9) – Format And Instructions To Fill DELHI VAT – AREA WISE WARD LIST How To Prepare Project Report For Bank Loan :- A Brief Outlining List Of Documents Required For Transit Of Goods Under GST Regime No Input Tax Credit Of Hotel Stay Unless You Registered In State Of Hotel Location HOW TO PREPARE GST RETURN (GSTR-1) – A PRACTICAL STEP BY STEP GUIDE (SCREENSHOTS) GST AUDIT LIMIT, DUE DATE, FORMAT & APPLICABILITY How To Become CFA In India – Exams, Fees, Books & FAQ’s 10 Qualities Of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish FIND US ON FACEBOOK SUBSCRIBE CHARTERED ONLINE FREE * indicates required Email Address * First Name * Welcome to Chartered Online – Your Trusted Knowledge Resource| Want to Submit Article to this Site? Click Here SEARCH CHARTERED ONLINE RSS Twitter Facebook Google+ CONTACT PRIVACY POLICY SITEMAP DISCLAIMERABOUT USSUBMIT YOUR ARTICLE © 2017 Charteredonline. The content is copyrighted to this site and may not be reproduced on other websites. ↑ ShareThis Copy and Paste

September 11, 2018 CA Ankit Gulgulia (Jain) 0

Government May Consider 100% FDI in E-commerce   The government is considering permitting 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing […]