CAclubindia Articles

Sales of goods on High Seas Sale & by Transfer of Ownership

CS M Pota 22 April 2014 at 12:06

• What is High Seas Sale To understand what is high sale it is needed to understand the meaning of ‘high sea’. The term ‘High Sea’ means any location in the Sea/Air which is not covered in the territorial limit of India.

Section 40(a)(ia): Whether applicable to sum payable at the year end or on all sums during year

Sagar Gupta 22 April 2014 at 12:04

Section 40(a)(ia) of the act was introduced in the Income Tax Act, 1961 by the Finance (No 2) Act, 2004 w.e.f. 01.04.2005 with the view to augment the revenue through the mechanism of tax deduction at source. This provision was bought so as to disall

Recent Changes in Service Tax

Madhukar N Hiregange 22 April 2014 at 12:04

Introduction Service tax is a levy on provision/rendition of service in India. Chapter V of Finance Act, 1994, introduced Service tax in India and it came to force from July 1994. Finance Act, 1994 is the only parent

Avoiding Dispute Alternative

Madhukar N Hiregange 22 April 2014 at 12:02

Avoiding Dispute Alternative Best Practices?-By Madhukar N HiregangeOne of the major challenges for the assessee is avoiding of the disputes with the department. To avoid/ reduce such disputes with the department, one must understand

Exemption Notification cannot be forced upon assessee

Bimal Jain 21 April 2014 at 12:19

Dear Professional Colleague,Exemption Notification cannot be forced upon assessee No legal bar on paying duty & availing benefit of Modvat schemeWe are sharing with you an important judgement of the Honble High Court of Delhi, in t

A Note on Independent Director - A New Law in Co Act

radha 21 April 2014 at 12:18

A NOTE ON INDEPENDENT DIRECTORS The term Independent Director is not a new for us. Provisions in relation to Independent Director was well incorporated by the SEBI in the listing Agreement. Now the Companies Act, 2013 also introduced the definition a

Exchange rate determination and its dynamics

Gowtham 21 April 2014 at 12:18

Many a time, when we hear in news that Indian rupee depreciates or appreciates against US dollar, a common question that arises in the our mind is How are

First check and Second check in Customs

CS M Pota 21 April 2014 at 12:18

Before understanding the meaning of first check and second check in Customs, we understand what is Customs? As per the Oxford dictionary Customs mean usual behavior. In other wards we may say it is a usual pract

Overseas shoot not taxable in India

ESHA AGRAWAL 18 April 2014 at 11:56

To facilitate shooting in foreign locations for film and TV Indian production houses utilizes services of overseas entities, the issue then arises whether these payments are subject to tax in India, in the hands of overseas parties. Endemol

Business Loan Options For MSME Entrepreneurs In 2014

CA RAHUL RAY 18 April 2014 at 11:56

MSME Entrepreneurs:YOU ARE THE PRIORITY CUSTOMERBanks lending to the Micro and Small enterprises is reckoned for priority sector advances. Priority sector lending include only those sectors as part of the priority sector, that impact large se