India is world’s 3rd largest producer of electricity, with an installed capacity of 315 GW1. In this article we try to understand what is the legal structure in India currently w.r.to taxation of electricity and applicability of various taxation laws with reference to specific provisions in brief as they apply ...Read More »
Implication of excise duty on 1+1 offers in case of MRP based assessable goods: If MRP is printed even on the free item, duty is attracted on such free item [Indica Laboratories v. CCE (2007) 213 ELT 20 – CESTAT]. However, if the free item is given in a combi-pack, ...Read More »
Section 14A of the Income Tax Act, 1961 provides for disallowance of expenditure incurred in relation to exempt income. The Section empowers the Assessing Officer if, having regard to the accounts of the Company, he is not satisfied with correctness of amount disallowed by the Company under this Section. ...Read More »
Whether delayed payment of PF contribution of the employees is allowed as deduction under Income Tax Act.
This is one section which can really explain the implications of non-compliance of tax or labor laws. After reading this article the business entities will surely appreciate the importance of meeting the due dates as per the law. Let me explain this through an example. The due date for ...Read More »