"Beware of online scam in the name of shrigurukripa.inc Gift cards. We have never started any Gift cards based promotion" :: Register Now for Online live classes for CA Inter  Nov 2024 / May 2025 Exams. Classes Commence on April 1st Week :: Register Now for Online live classes for CA Final  May 2024 / Nov 2024 Exams. Classes Commence on 27.11.2023 :: For Further Contact Details - +919940012301/9940012303/ 9940377666/9940012309/9500069130.

Student Announcement

Powers of board of directors:
In case of private limited companies,earlier board was required to get special resolution of members before exercising certain powers like selling or disposing whole of business,or extending time for repayment of debt due by directors,etc. Under section 180.Now they can excercise these powers without obtaining special resolution
Cenvat credit
Assesse can claim credit of service tax paid on telephone and mobile services used by its employees since they are used in connection with manufacturing activity- Bombay high court
Interest on notional advances by directors
Assesse cannot claim deduction of notional interest on advances given by directors since interest is not actually paid- Punjab high court.
Incorporation of company
Mca introduces a single integrated form INC 29 for reservation of name,allotment of DIN,incorporation of company and appointment of directors.
Income from letting out of properties
Where according to memorandum of company, the main object was to acquire properties and earn income by letting out the same, the said income would be assessed as income from business and not income from house property-supreme court
Income tax returns
In filing itr for the assessment years 2015-16 assessees will be required to disclose expenses incurred for foreign travel and source for such expenses
Transport allowance:
Cbdt has notified the increase in transport allowance from 800 to 1600 per month and from 1600 to 3200 per month for handicapped assessees
Income computation and disclosure standards
From the assessment year 2016-17 income computation and disclosure standards notified by government shall be followed in computing income from the head profit and gains of business or profession and income from other sources
Allowance of Bad Debts:
It was held that assesse cannot claim bad debts because it issued credit notes to purchasers as it had charged wrongly higher amount In invoice in the first instance-madras high court
TDS On Contract:
Where assessed contracted with transporters for providing bus for pick up and drop of employees he is liable to deduct TDS under 194C(contract) and not 194I(rent) as transporters had possession and driver was also provided by them and hence contract is not in the nature of rent.
Service Tax On Sale Of Prospectus
Consideration received on sale of prospectus or admission forms cannot be subject to service tax just because they are issued for the purpose of commercial training or coaching services
Wrong Credit of Cenvat:
Where the assesse takes cenvat credit wrongly due to bonafide interpretation of high court rulings, penalty under rule 15(2) of cenvat credit rules cannot be levied(penalty for wrong cenvat credit due to fraud,wilful mistatement,etc)
TDS On Interest:
Tds will be deducted on interest from recurring deposits as per new budget.However this will not affect tax impact as interest on RD is anyways taxable.
Export Service:
Where testing and analysis is done in India and report is sent outside India,it amounts to export of service as service is complete only when report is sent and received by the service receiver.
Capital Gains Exemption:
Section 54 exemption(investment in residential property) shall not be ignored just because the building is short term capital asset if the land on which it is developed is long term capital asset.
Negative List:
Computer training provided in schools will be covered In negative list only If it is as prescribed by government syllabus
Taxability Of Membership Fees:
Non refundable membership fees received by club shall be taxed by spreading it over membership period- bombay high court.
Valuation Of Consideration For Capital Gains:
Section 50c wont apply in case of transfer of leasehold rights in land or building(adoption of value of stamp valuation authority)
Cenvat Credit On Capital Goods:
Cenvat Credit on capital goods shall be allowed even if goods are not installed.It is a not a pre condition for availing cenvat credit on capital goods.
Cenvat Credit On Rented Services:
Where assesse was undertaking Job work in rents premises and cleared final products on payment of duty, assesse was entitled to credit of service tax paid on rented services.
Interest On Income Tax Refund:
Assessed not entitled to interest on refund of excess self assessment tax paid by him-Delhi high court
Cenvat credit:
Provision not in force during the relevant period cannot be used to deny credit- rajastan high court.
Interest For Delay in furnishing return of income:
It is clarified by circular that no interest shall be charged u/s 234a on tax deposited before filing return of income, including the self assessment tax paid. Earlier intereset was charged on tax payable after deducting TDS,advance tax,etc.Now even SAT shall be deducted for charging interest for default in filing return.
Interest On Borrowed Capital
Assessing office cannot disallow interest if he fails to prove that amount borrowed was passed to sister concern without any interest(AP high court).
Mca Filing
Mca notifies form gnl 4 for filing information to rectify defects or incompleteness in e forms filed with it
Depcreciation Allowance:
Mere non registration of asset in name of assesse does not lead to denial of depreciation claim- rajastan high court.
Delay in Completion of Contract Work
Amount paid by subcontractor to main contractor on account of costs that he had to incur due to delay in completion of work is not liable to TDS under both 194C and 194A(interest)-Gujarat high court
Service Tax Appeals
Pre deposit shall be waived off where the appellant has a good or prima facie case in his favour.for this the appellant need not satisfy that his case is foolproof(Allahabad high court)
Presumptive Income:
Interest paid on sum borrowed is not deductible when income is determined by applying estimated rate of net profit where as depreciation is allowed in that case(lali construction vs ac of income tax)
Cenvat credit :
Interest is not payable for delay in payment of service tax by debit to cenvat account if sufficient balance is available in cenvat account-commisioner vs ongc
Input Tax Credit
Held in karnataka high court that for claiming input tax credit, issuance of invoice,debit note, credit note and filing of returns within prescribed time is mandatory
VAT Credit
Where depreciation wrongly taken by assesse is reversed in subsequent year,credit taken on capital goods cannot be denied(taxmann)
Point of Taxation(POT)
In case of service chargeable under reverse charge mechanism,POT shall be date of payment.But if the payment is not made within 3 months from date of invoice, point of taxation shall be date following three months.This rule is applicable for invoices issued after 1st Oct 14.
Negative list
Selling of space for advertisements in print media is covered in negative list and not liable to service tax.Print media includes only book and newspaper. Earlier selling of space in radio and TV was only taxable.Now all selling other than in book and newspaper is taxable.
Padhuka's Students Referencer on Income Tax, ServiceTax and VAT for AY 2014-2015
Padhuka's Students referencer on Income Tax, Service Tax and VAT for AY 2014-2015 in a new refreshing style authored by CA G Sekar available for sale. For Details, Contact 9940012303.
Final Classes
CA Final Classes - For May / Nov 2015 Exams - Registration in Progress - Classes from 21.11.2014. See time table for details.
Hostel Facility for Students
Information about nearest hostel facility available in web / app. Gurukripa does not have any direct contact with them. For any assistance you can contact - 9940012303.
IPCC Accounts Books
Padhuka's book for CA IPCC Accounting and Advanced Accounting - incorporating Companies Act, 2013 provisions available in the market.
E-Blog of Shrigurukripa
Gyaansmrithi - Gurukripa's e-blog for students and members. Visit http://www.shrigurukripa.com/gyaansmrithi