Hurdles in Extension of Due Dates of Filing of ITR & Tax Audits- Suggestions SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS INTRODUCTION : In the cases of […]
No GST on Petrol and Petroleum Products As on date, there will be no levy of GST on Petrol and other petroleum products. Chief Economic Advisor Mr. Arvind Subramanian, on this Sunday, stated that Petrol and other petroleum product shall be outside the ambit of Goods And Services Tax (GST) regime after its roll out. […]
Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure Citation of the Case: Zee Media Corporation Limited vs. DCIT (ITAT Mumbai), Income tax (Appeal) no. 1590 of 2015, Date of Judgment: 12/08/2015 Brief of the Case ITAT Mumbai held In the case of Zee Media Corporation Limited vs. DCIT that regarding […]
Treatment of Scrap etc. taken as credit for recoveries under Valuation for Captive Consumption The word ‘Captive Consumption’ broadly refers to goods produced or manufactured in a factory and used within the factory in the manufacture of other goods. When goods manufactured by one division/plant are transferred to and consumed by another division/plant of the […]
Accounting Standards: A Rhythm 1 discloses Accounting Policies, 2 is for Valuation of Inventories. Cash Flow is there in AS 3, AS 4 Post BS date, contingencies & events, the way one can treat. Now we talk about for AS 5,