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Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here ICAI has via notification dt. 02.07.2015 relaxed the condition to complete the Advanced Course on Information Technology Training i.e. it can be done after CA final exams but before getting the membership effective from November, 15 exams. (link to the above mentioned notification :  http://www.icai.org/new_ post.html?post_id=11695&c_id= 219 ) But on 29.12.2015 it came out with an announcement regarding "Chartered Accountants Examination : An Overview", whereby in "Eligibility for appearing in Final Examinations"  it said that you have to complete Advance ITT course before appearing for CA final examinations (5-  5.1 - c) (link to the above announcement :  http://resource.cdn.icai. org/40410exam30167.pdf ) Many students were facing confusions in this regard. Therefore clarity was sought form ICAI. ICAI responded that “the notification da

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here Competition Act : Where there was existence of yellow taxis which posed a significant competitive constraint on other taxi operators in the city of Kolkata. In such a scenario, it was difficult to accept the contention of the Meru cabs regarding UBER Group's dominance in providing the radio taxi services in Kolkata Facts: ( a ) Meru Travel Solutions Pvt. Ltd. ('Meru cabs') filed information against Uber Group alleging abuse of dominance by latter in the radio taxi service market in Kolkata. It was alleged that Uber Group was following the practice of predatory pricing in Kolkata and was able to offer low prices as it had received huge global funding. ( b ) Meru cabs also alleged that before Uber entered the relevant market, the average per price kilometre was Rs 20 in Kolkata and after its entrance

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here F. No. 279/Misc/140/2015-ITJ Government of India Ministry   of Finance Department of Revenue Central Board of Direct Taxes Circular   No. 23/2015 New Delhi Dated- 28 th   December, 2015 Subject: TDS under section 194A of   the Act   on interest on fixed deposit made on direction of Courts-regd Section 194A of Income   Tax Act , 1961 (“the Act”) stipulates deductions of tax at source (TDS) on interest other than interest on securities if the   aggregate   of amount of such interest credited or paid to   the account   of the payee during the financial year exceeds the specified amount . 2. In   the case   of   UCO Bank in Writ Petition No. 3563 of 2012   (available on NJRS at 2014) and   CM No. 7517/2012   vide   judgment   dated 11/11/2014, the Hon’ble Delhi High Court has held that the provisions of section 194A do not apply to fixed deposits made in the

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE   AND   TAXES VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.3(515)/Policy/VAT/15/1195-1201,  Dated:29-12-2015 CIRCULAR   NO 33   OF 2015-16 This department had issued a   Notification No. 3(515)/Policy/VAT/ 2015/330-341 dated 26/06/15   prescribing the return to be filed by the persons engaged in providing facility of electronic shopping (commonly known as e-commerce) through their web portals. These entities were required to provide details of dealers using these platforms for making sales. The department has been receiving a number of queries from the dealers engaged in e-Commerce as to whether they are required to get themselves registered and file prescribed returns. A confusion also arose about dealers effecting sales of their own products through their own e­-portats/websites. I

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here CIRCULAR NO. 25/20] 5 F.No.279/Mise./140/2015/1T.1 Government of India Ministry of Finance Central Board of Direct Taxes New Delhi, 31st December, 2015 Subject: Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115.1B/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115313 of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001. 2. Under clause (iii) of sub-section (1) of section 271 of the Act, penalty for concealment of income or furnishing inaccurate particulars of income is determined based on the "amount of tax sought to be evaded' which has been defined inter-alia, as the difference between the tax due on the income assessed and the tax which would have been c

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here CIRCULAR NO. 24/2015 F.No.279/Misc./140 /2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31. December, 2015 Subject: Recording of satisfaction note under section 158BD/153C of the Act - reg.- The issue of recording of satisfaction for the purposes of section 158BD/153C has been subject matter of litigation. 2. The Hon'ble Supreme Court in the case of M/s Calcutta Knitwears in its detailed judgment in Civil Appeal No.3958 of 2014 dated 12.3.2014(available in NJRS at 2014-LL-0312-51) has laid down that for the purpose of Section 158BD of the Act, recording of a satisfaction note is a prerequisite and the satisfaction note must be prepared by the AO before he transmits the record to the other AO who has jurisdiction over such other person u/s 158BD. The Hon'ble Court held that the satisfaction note co

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here AUDIT: FREQUENTLY ASKED QUESTIONS [For general information – not statutory provisions] Question 1: What is Central Excise/Service Tax Audit? Ans:  Audit is a verification of financial accounts and other records particularly records relating to production, clearance of goods or provision of service by the assessees to ascertain that duties of Central Excise / Service Tax are correctly paid. Question 2: Who Conducts the Audit? Ans:  The Central Excise officers posted in Commissionerate of Audit conducts Audit which include Assistant / Deputy Commissioner, Joint / Additional Commissioner or Joint Director (Cost). Question 3: When I file returns periodically to the department, what is the need of conducting audit? Ans:  The returns filed with the department are based on self assessment. The correctness of the payment and application of statute are v