CONVERSION OF A FIRM INTO LLP

CONVERSION OF A FIRM INTO LLP Section 55 of the Limited Liability Partnership Act, 2008 (‘Act’ for short) provides for the conversion of a firm into llp from firm into limited liability partnership (‘LLP’ for short). Section 55 provides that a firm may converted into a LLP in accordance with the provisions of Chapter X […]

Valuation of intermediate products used for captive consumption

Valuation of intermediate products used for captive consumption In the present case, there is no sale of iron ore concentrate by the appellant and clearance to sister unit for further use is subjected to excise duty and valuation for such duty has to be worked out in terms of Rule 8 of Central Excise Valuation […]

Income Disclosure Scheme Response has improved

Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.

Determination of cost of improvement of old or inherited land/building in absence of documents

Determination of cost of improvement of old or inherited land/building in absence of documents The question arises specially where the land and building are old one or inherited and sold. In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.