Issue #107

Technology work for business







Apple posts 1st quarterly revenue falls in 13 yrs.

Apple reported a 22.5% fall in profit to $ 10.5 billion for the quarter ended March, as revenue declined for te first timesince 2003 to $50.6 billion. The fall was attributed to the first ever drop in the sales of iPhones in the device’s near nin-year history to nearly 51.2 million units, down 10 million from the yer ago period.

Direct Tax collection in FY 15 highest from Maharashtra

Maharashtra Contributed the highest (2.77 lakh crore) among India’s states and union territories to the total national direct

direct tax collection of Rs. 6.96 lakh crore in 2014-15. Further according to data released by the central board of Direct Taxes for the first tme, Maharashtra was followed by Delhi and karnataka, with direct tax collectionsof karnataka, with direct tax collections of rs. 91,248 crore and Rs. 60,595 crore respectively.

NPA effect for Chartered Accountants, advocates soon

Public sector banks, saddled with a pile of non performing assets – loans that do not fetch returns- could soon frame stringent rules allowing them to take action against service providers such as chartered accountants and advocates if required

  • Only 1% of India’s population pays tax.-Govt Data
  • Govt to conduct special audt for telcos like Airtel, Vodafone & Idea.
  • Merger of National Stock Exchange (NSE) & Financial Technologies India Ltd. (FTI).
  • TJSB Bank earned a net profit of 101 cr & books the highest profit in urban bankingk sector.
  • TDS Return filing due date for 4th Quarter(January-March 2016) is 15th May 2016.
  • Income tax dept to consider information on non filers from 3rd party resourses like banks.
  • Cyber Crime has assumed a new Avatar- Beaware! Your Income Tax notice could be fake.


International Section

FCA warns Deutsche on ‘serious’ financial crime control issues

Deutsche Bank has “serious” and “systemic” failings in its controls against money laundering, terrorist financing and sanctions, according to confidential findings by the UK’s financial watchdog, which had already put the lender in supervisory “special measures”.

Amazon CEO Jeff Bezos made $ 6 bn in 20 minutes.

Amazon CEO Jeff Bezos made $ 6 bn in 20 minutes after his company jumped from $ 600 a share to a high of $ 681.50 in early trading hours. Bezos became the fourth richest person in the world as his net worth rose to $ 60 billion, surpassing Mexican business magnet Carlos Slim, whose fortune fell by $ 3.4 billion to $ 55 billion.

Professionals, unlike the salaried, have it a little tougher when it comes to filing income tax returns. This is because of the intricate documentation one has to maintain. One look at the information sought in the lengthy ITR-4 can be daunting. But, you still have three months to meet the annual tax filing deadline of July 31. You can organise all relevant documents and follow up with clients if you need anything from them.
Books of account: This will probably consume the most time if you are unorganised. Every businessperson or professional needs to maintain books of account where the annual income is more than Rs 1.2 lakh or the total sales/ receipts are over Rs 10 lakh in any of the past three years. "Notified professionals like doctors, interior decorators, lawyers, architects, engineers and chartered accountants compulsorily need to maintain books of accounts without any limit of turnover or profits," says Vaibhav Sankla, director, H&R Block India. The I-T Act specifies the various documents professionals need to maintain. For example, people in a general profession should have a cash book, a journal, a ledger, carbon copies of bills and original bills.
TDS: A person can reduce tax outgo to the extent the client has deducted it from the payment. "To get this tax credit, the client needs to deposit the amount in the government treasury. To verify this, log on to the income tax e-filing account and click on the option that takes you to Form 26AS," says Sankla. In case some of the TDS (tax deducted at source) is not reflecting, you will need to approach the client and ask them to update their accounts and issue you a Form 16

When audit is necessary: A professional is subjected to tax audit if the total gross receipts are more than Rs 25 lakh in a financial year. A chartered account can charge anywhere upwards of Rs 25,000 to audit book of accounts.
Missed advance tax? Not paying advance tax results in penal interest under Section 234B and 234C. The interest for late payment is set at one per cent simple interest on the amount of tax due, calculated from the individual cut off dates of advance tax instalments, till the date of actual payment of dues.
• The Union Budget had proposed presumptive taxation for professionals
• Professionals will be able to file returns without maintaining books of accounts
• Presumptive tax is applicable to those who have annual gross receipts below Rs 50 lakh
• Taxpayers can declare 50 per cent (or higher) of gross receipts as income
• The Budget also proposed to change the advance payment schedule
• Advance tax instalments will be increased from three to four, with the first date being June 15
Source :

M/S Earth Stone Group Vs. Addl Commissioner Of Income Tax(ITAT-DEL)(18 April, 2016)

Held: : It is noticed that the assessee is 100% Export Oriented Unit and exporting the goods directly and also through a sister concern, namely, M/s Stone World, proprietorship concern of the partner Sh. Lokesh Arora. The goods which were exported through Sh. Lokesh Arora were directly sent for shipment by the assessee which is evident from the copy of the shipping bill for export placed at page no. 117 of the assessee’s paper book. In the said declaration, the name of exporter is mentioned as “Earth Stone Group” i.e. the assessee vide shipping bill No. 1723123, those goods were sent to the consignee M/s Fitex Trade Networks Road, Present case are similar to the facts involved in the aforesaid referred to case of M/s Tata Elxsi Ltd. Vs ACIT. Therefore, by respectfully following the said order, Court set aside the impugned order of the ld. CIT(A), particularly when, no deduction u/s 10B has been claimed by the sister concern M/s Stone World through whom export sales were made by the assessee to the overseas buyers. Therefore, it can be said that the export sales directly made to the consignee through the sister concern was the deemed export of the assessee and deduction u/s 10B of the Act was available. The AO to allow the deduction u/s 10B of the Act to the assessee on the export sales made through the sister concern M/s Stone World and accordingly the disallowance made by the AO is deleted. Appeal allowed.


Content right to :eJurix

Samsung India Electronics Private Limited Vs. Government Of Nct Of Delhi & Ors., (HC-Del)(7 Apr, 2016)Limited Vs. Union Of India & Ors.(HC-Delhi)(9 Mar, 2016)

Held:Section 34(1)(b) of the DVAT Act talks only of a Commissioner making an assessment under Section 32 of the DVAT Act, the Court is unable to agree to such a narrow interpretation of the word 'assessment'. Given the context in which it occurs, and the scheme and structure of Section 31(1) of the DVAT Act, a self-assessment would also be another form of assessment. The Assessee was filing monthly returns and, therefore, the limitation for the purposes of Section 34 of the DVAT Act would have to be reckoned from the date of the filing of the return by way of self assessment. Barring the reopening of the assessments for February and March 2010, where the dates of the notices of default assessment were prior to the completion of four years, i.e., 26th March and 23rd April 2014, in respect of all other returns by way of self-assessment made by the Petitioner from April 2009 to January 2010, the re-opening of the assessment was sought to be done on a date after the expiry of the four-year period. There was also no whisper of the determination under Section 84 of the DVAT Act in the case of NEC which, as it transpired, was one of the reasons for reopening the assessments. In other words, the Assessee was not put on notice as to the grounds on which the assessments were sought to be reopened. Writ Petition allowed.

Dish Tv India Limited Vs. Government Of Nct Of Delhi & Ors.(HC-Del)(4 Apr, 2016)

Held:The short affidavit of the Special Commissioner acknowledges that the Assessee's objections against the order dated 19th September 2013 are indeed pending consideration before the OHA. The undisputed fact is that during the pendency of the aforementioned objections, the VATO has again invoked the powers under Sections 32 of the DVAT Act and issued notices of default assessment on 18th November 2015 against the Assessee seeking to 'rectify' and in effect review the assessments for each of the months of AY 2009-10. The said default assessment notices are the subject matter of challenge in the writ petitions other than W.P. (C) 6510 of 2014. There is no justification for the VATO to have issued notices of default assessment for AY 2009-10 when the objections against the order dated 19th September 2013 are admittedly pending before the OHA and in view of the clear bar under Rule 36B (7) of the DVAT Rules read with Section 74-B of the DVAT Act. For the above reasons, the Court directs that the sum deposited by the Respondent in this Court along with interest accrued thereon should be released by the Registry to the Petitioner Assessee forthwith through an authorized representative. Further each the notices of default assessment issued under Section 32 of the DVAT Act for each of the months of AY 2009-10 are hereby quashed. Writ petition allowed.



Many times we get response from the Professionals that we manage everything through email. Question is whether it’s right approach?Instead of email if you use the cloud platform (for e.g CADASHBOARD), you could achieve productivity benefits in the range of 20-25%.

There are some obvious reasons as outlined below.

1. You will save tremendous amounts of time Most business professionals spend way too much time checking email. They are also inundated with email that their inboxes are overflowing. When you log into platform like CADASHBOARD, you have access to all the updates for your organization work & financial status at one time. You are able to prioritize and respond to what is most urgent immediately.

2. There will be less confusion Too often information gets lost in email because of forwarding, CC's and BCC's.Understanding and relating to a whole thread of forwarded emails can be quite time-consuming as well. By eliminating email and instead having a common dashboard where all the information

is shared at one time with just the right audience, CADASHBOARD offers direct communication without the hassles and confusion of email. Looking for a file attachment in one of those cc.ed emails? Avoid the frustration of locating email when you can quickly search through CADASHBOARD platform to find, manage, and update documents and file attachments. These files are more readily accessible and identified. Instead of being locked in an individual email account, these files are visible and can be shared quickly.

3. You will experience more meaningful collaboration.When more than two people discuss or collaborate on a work, email becomes ineffective.

Email is not built for collaboration. Sending edits to a document by email, for example, can be a poor use of time and also more prone to error and confusion. Having a shared document that multiple people can view at the same time is far more beneficial. Notes can be added and viewed in one place. This also offers people the ability to quickly gauge the progress on a work and make necessary decisions for next steps.

Online collaboration is more effective for working with others (one location or multi location) than email.In fact, Study has reported that poor collaboration and communication as the primary causes for workplace low productivity & failure.Online platform offering a easy access and sharing, is imperative to prevent information silos and decreased productivity.

So reduce the dependancy, Avoid getting stuck in email clutters & leverage CADashboard to the fullest.


We are reaching out !!!

deAsra- one of the renouned organization has covered up our story and published in the monthly magzine “यशस्वी उद्योजक” for May-16


Boss: We are very keen on cleanliness.
Did you wipe your feet on the mat as you came in ?
New Employee: Yes Sir !
Boss: We are also keen on truthfulness. There is no mat”


Contact us:

Please email us @