Latest Blogs from SBS and Company LLP

    Issue: - Provisions of Sec 40(a)(ia) and it’s retrospective application 

    CIT vs Calcutta Export Compan 1 - Supreme Court 

    Facts: - Assessee is a partnership firm and claimed export commission charges on which TDS was deducted but paid the same after the end of previous year 2004-05i.e. beyond the time limit mentioned in sec 201(1) of the Act. 

    The AO has disallowed the export commission as TDS should have paid before the end of the previous year 2004-05 as per the provisions of Sec 40(a)(ia) as stood then. 

    Assessee has filed an appeal against order of AO and CIT(A) has allowed appeal as result the export commission was allowed as deduction. 

    Revenue filed appeal against order of CIT(A) before Tribunal, which was dismissed. Revenue further appealed before High Court. The honorable High Court dismissed appeal. Finally, an appeal was filed before the honorable Supreme Court. 

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    SBS WIKI E Journal APRL 2018

    Key Topics Covered:

    • GST
    • INTERNATIONAL TAXATION

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    SBS WIKI E Journal MAR 2018

    Key Topics Covered:

    • DIRECT TAX
    • INTERNATIONAL TAXATION
    • SEBI

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    Ind AS – 101 “First Time Adoption of IND AS” Overview

    Contents:

    1. Applicability 
    2. Definitions 
    3. Opening Ind AS Balance Sheet 
    4. Retrospective Application of Ind AS 
    5. Exemption from Retrospective Application of Ind AS

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    1. Introduction: 

    Foreign Exchange Management Act, 1999 (FEMA) is administered through the Authorised Persons. It is based on the declarations made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/through Authorised Persons/ Authorised Dealer (AD) Category – I Banks/ Authorised Banks. Accurate compilations and timely submission of these reports are of critical importance as they not only act as a supervisory tool but also help in fine-tuning the policies relating to Foreign Exchange transactions regulated under FEMA. 

    1. Reporting under statutory requirements: 

    As per paragraph-9(A)(1) of Schedule I of FEMA Regulations, 2000 and Regulation 13.1(1) of FEMA FDI Regulations, 2017 ,an Indian company which has received amount of consideration for issue of capital instruments (Shares/ Convertible Debentures or any other instruments as per Foreign Direct Investment Scheme) and where such issue is reckoned as FDI, then Indian company shall report each receipt (including each upfront/ call payment) mentioning below details in ARF to the concerned Regional Office (RO) of the Reserve Bank of India (RBI) within 30 days of receipt of funds from the Foreign Entity. 

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