CAclubindia Articles

Rent and Building Value

Posted by Mohammed Ibrahim 10 July 2013 24960 Views

If a property produces a net income of INR 3,00,000 per annum and a purchaser desires 5 percent return on his capital, he will pay INR 3,00,000 x 100/5 = 60,00,000/- maximum for that property. 100/5 = 20 is a multiplier. The

CBDT rescinds Transfer pricing circular

Posted by Rahul Chilal 10 July 2013 10347 Views

History: CBDT had issued 2 circulars on 26th March 2013 relating to the selection of transfer pricing method to be adopted by Tax authorities for determination of Arms Length Price in case of research & Development units of MNCs lo

Landmark ruling on Section 271(1)(c) by Karnataka High court

Posted by Rupesh Srivastava 10 July 2013 27832 Views

(2013) TaxCorp(LJ) 1412 (HC-KARNATKATA) S. 271(1)(c) - Merely because the assessee accepted addition or deletion and did not challenge the assessment order by way of appeal, it cannot be concluded that such addition or deletion amounts to concealmen

West Bengal Entry Tax Act as Unconstitutional

Posted by Ritesh Kumar Agarwal 09 July 2013 28582 Views

Background The State of West Bengal, with effect from 01 April 2012, had introduced an Entry Tax on entry of specified goods into the state of West Bengal for sale, use or consumption into the state. In November 2012, the levy was chal

5 Things You Must Know About Tax Audit

Posted by CA. Brijesh Baranwal 09 July 2013 30231 Views

1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the finan

Issuing C form is statutory obligation of buyer, can be enforced by a writ petition in the High Court

Posted by Amit Bajaj 09 July 2013 12918 Views

Many a times I receive queries on a common problem faced by many dealers all over India that what to do when the interstate purchaser of goods refuses or doesnot issue the requisite C forms after purchasing the goods at concessional rate of CST @ 2%

FDI - Pros & Cons

Posted by rishu 09 July 2013 23149 Views

In recent times there has been a lot of debates and opposition with respect to the Indian govt. policies for bringing FDI in Multi-Brand Retail. Everyone of us knows that single brand retail FDI had already been permitted by the

Restructuring of CA Profession - Part II

Posted by CA SURENDRA KUMAR RAKHECHA 08 July 2013 14205 Views

During CPE hours learning; members are supposed to have contents of the topics likely to be covered beforehand rather than to supply it on spot and/or after the lecture. Since the accounting profession is expanding like galaxies in the universe;

Service Tax on AC Bar Restaurants & Hotels is Unconstitutional

Posted by Bimal Jain 08 July 2013 23522 Views

Service Tax on AC Bar Restaurants & Hotels is Unconstitutional Kerala HC The Honble Kerala High Court has held that the levy of Service Tax on AC Bar Restaurants and Hotels providing short term accommodation as Unconstitutional a

Section 44 AD of Income Tax Act

Posted by sanjay singhal 08 July 2013 505098 Views

Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under (1) Notwithstanding anything to the contrary contained in sectio