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Free copy of e-magazine Corporate professional Today

Nov 11, 2014




Dear Members
It gives me immense pleasure to share the e-copy of magazine "Corporate Professionals Today" published by Taxmann for the current month.

The main focus of the magazine is on controversies in the matters of income-tax, service tax and accounts and audit. In addition to these, it covers various articles analyzing the recent developments.

I am encapsulating the articles covered in this magazine under following heads to give you an idea about the in-depth nature and extent of range of our article:
1) Controversy of taxability of capital gain under MAT - By Mr. S. Rajaratnam
2) Controversies wrt TDS - By Narayan Jain and Gaurav Pahuja
3) Controversies on allowability of charitable status to facilitating NGO\'s (If parent trust is just supporting its member trust, the parent trust is entitled for benefit under Section 11 and 12 and many more issues) - By Manoj Fogla;
4) The uncharitable face of charity - Analyzing the amendment of expression "any activity of rendering any service in relation to any trade, commerce or business" - By Mr. G. N. Gupta;
5) Controversies on allowability of treatment of expenditure incurred before commencement of business (i.e. preliminary expenses and pre-operative expenses) - By Naveen Wadhwa (it\'s me)
6) Fair value accounting - By Mr. Dolphy D\'Souza
7) Issues in CARO reporting and Schedule VI - By. Srinivasan Anand G
8) Synchronization of AS 11 and AS 16 - By Varun Kumar
9) Controversies on service tax in form of FAQ - By Mr. V.S. Datey
10) Shamiana and Pandal - By Mr. T.N. Pandey
11) Conversion of CA firm into LLP, investment planning, stock market, etc.

I feel the copy of magazine will serve as a collectors\' item for yourself, as it it the special annual issue on the 7th anniversary of this magazine.
(Just want to clarify, this e-magazine is meant especially for circulation without violating the copyright)

Copy and paste the following link & Get your free copy of Corporate professional Today.

  • 1. December 1 to 15, 2011 Taxmanns Corporate Professionals Today Vol. 22 n 1 i
  • 2. CONTENTSii December 1 to 15, 2011 Taxmanns Corporate Professionals Today Vol. 22 n 2
  • 3. VOLUME 22 ISSUE 7 DECEMBER 1-15, 2011 contentsFOUNDER EDITOR :U.K. BHARGAVA Direct Tax LawsEDITOR : 605 Treatment of Capital GainsRAKESH BHARGAVA under the provisions ofHON. COORDINATING EDITOR : MAT//S. RAJARATNAMDR. VINOD K. SINGHANIA 610 A Critical Analysis of theCorporate Professionals Today comes in three provisions of sectionVolumes, Annual subscription from January - 40(a)(ia)//NARAYAN JAINDecember 2011 is Rs. 3200. Single copy Rs. 200only. 617 Concept of Facilitating NGOs//MANOJ FOGLACorporate Professionals Today is published onevery 10th & 25th of the month. Non-receipt of 621 Uncharitable Face ofpart must be notified within 60 days of the due Charity//G.N. GUPTAdate. 625 Tax Accounting Standard onAddress your editorial and subscription Government Grants andcorrespondence to : Accounting Standard 12 -TAXMANN ALLIED SERVICES (P.) LTD., A comparative study//59/32, New Rohtak Road, New Delhi- DINDAYAL DHANDARIA110 005. Phones : +91-11-45562222Fax : +91-11-45577111 630 An insight into expenditurePRINTED AND PUBLISHED BY : before commencement ofAMIT BHARGAVA on behalf of Taxmann Allied business//NAVEEN WADHWAServices (P.) Ltd. and Printed at Tan Prints (India) 638 TDS Issues//GAURAV PAHUJAPvt. Ltd., 44 Km. Mile Stone, National Highway,Rohtak Road, Village Rohad, Distt. Jhajjar, Haryana 641 Landmark Rulings(India) and Published at 59/32, New Rohtak Road,New Delhi-110 005 (India).EDITOR : RAKESH BHARGAVAMaterial published in this part is the exclusive copyrightedproperty of Taxmann Allied Services (P.) Ltd. and cannot Accounts & Auditbe reproduced or copied in any form or by any meanswithout written permission of the Publisher. 659 Fair value accounting -Editors do not necessarily agree with the views expressedby authors of articles/features. Views so expressed are the Integral to IFRS//DOLPHYpersonal views of author(s). DSOUZAThis publication is sold with the understanding that authors/ 664 Issues in CARO reporting ineditors and publishers are not responsible for the result ofany action taken on the basis of this work nor for any error Audit report of companies//or omission to any person, whether a purchaser of this SRINIVASAN ANAND G.publication or not. All disputes are subject to jurisdictionof the Delhi High Court. 672 AS-11 and AS-16 Dusting the dilemma for treatmentEmail : [email protected] : http// of exchange rate differencesMODE OF CITATION [2011] 22 CPT. . . on borrowing cost during construction period//VARUNTOTAL PAGES INCLUDING COVER 136 KUMAR December 1 to 15, 2011 Taxmanns Corporate Professionals Today Vol. 22 n 3 iii
  • 4. CONTENTS677 Accounts & Audit in Brief//RAJESH GOSAIN Service Tax684 Carbon credits : A new dimension to the accounting and taxation methods//DR. SUSHMA 694 Some Controversies in Service Tax//V.S. DATEY BAREJA 701 The Ongoing Battle on Validity of Levy of Service Tax on Renting of Immovable Property for Commercial/Business use//V. PATTABHIRAMAN 708 Hindu marriage is a religious ceremony besides being a social function//T.N. PANDEYCorporate Laws688 Conversion of Chartered Accountant (CA) Firms into Limited Liability Partnerships (LLP) //SARIKA GOSAIN 713 Service Tax Penalty & Reasonable Cause// GAURAV GUPTA Investment Planning 721 Recent changes in PPF & Small Saving Schemes w.e.f. 1-12-2011 Stock Market 727 How shareholders are cheated by some promot- ers//ARUN K. MUKHERJEE iv December 1 to 15, 2011 Taxmanns Corporate Professionals Today Vol. 22 n 4
  • 5. DIRECT TAX LAWS INTRODUCTION 1. Mr. N. A. Palkhivala, the eminent jurist, described the tax on book profits as "constitutionally illegal, economically unsound and morally repugnant". But such tax has marched ahead with liability becoming stiffer with the each Finance Act. The tax liability now referred to as Minimum Alternate Tax (MAT) has been in vogue in different garbs in sections 115J, 115JA and now in section 115JB, mutilating the book profits with many deeming provisions out distancing book profits computed under the company law with the liability further enhanced with the progressive hike in rates of taxes. One of the outstanding issues, which is awaiting decision of the Apex Court is regarding the treatment of capital gains in the computation of the book profits. 2. RELEVANT JUDICIAL PRECEDENTS 2.1 The Ruling in Sutlej Cotton Mills Ltd.s case - The assessee-company had taken the amount of sale proceeds of capital assets directly to reserves without routing it through the Profit & Loss Account (P&L). The Assessing Officer questioned the computation in view of the fact that the treatment of gains in the accounts did not accord with the requirements of Parts II and III of Schedule VI of the Companies Act, and that, therefore, it had to be added to the disclosed book profits so that liability for tax S. RAJARATNAM on capital gains was not avoided. This treatmentAdvocate & Tax Management was affirmed in first appeal and