• Sep
  • 02
  • 2014

What should be first, ITR or Tax Audit report? Lord Ganesha -Please Help!

Added In Income Tax
Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their Joy. As per Income Tax Departments recent circular, the due date of income tax return is 30th September 2014, but the extended due date of Tax Audit report filing is 30th November 2014. What mess is going on? Please explain in detail.

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  • Sep
  • 02
  • 2014

Service Tax – Relevance of General Clauses Act Vis. A. Vis British Calendar

Added In Service Tax
In the very recent decision vide 2014-TIOL-1635-CESTAT-MUM in the case The Ahmednagar Merchants Co-Op Bank Ltd vs. CCE the Hon’ble CESTAT, Mumbai has interpreted the relevance of definition of British Calender Month as per The General Clauses Act under service tax law. The brief facts of the case were as follows: Facts:“The lower appellate authority […]

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  • Sep
  • 02
  • 2014

Leased Assets qualify for Industrial Undertaking Purposes- holds Bombay HC

Added In Income Tax
Whether the film production companies are Industrial Undertaking for the purpose of Section 80IB of the Income Tax Act, 1961? Whether a film production company can be considered as Industrial Undertaking under the provision of Section 80 IB of the Income tax Act, when the plant or machinery of such company is not owned by the assessee and are hired by the assessee?

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  • Sep
  • 02
  • 2014

Whether all returns filed before filing Tax Audit Report are defective?

Added In Income Tax
As you are aware CBDT vide order no. F.No. 133/24/2014-TPL dt. 20.08.2014 issued order thereby exercising power conferred u/s 119 of the Income Tax Act for extending the due date for obtaining and furnishing of report of audit u/s 44AB of the Act for the Assessment Year 2014-15. In the absence of any reference to section 139 of the Act in that order, a vacuum was created which in turn leads to ambiguity and confusion among the assesses and professionals with respect to the due date for filing of return of income.

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  • Sep
  • 02
  • 2014

Validity of reopening of assessment has to be determined on the basis of reasons for reopening

In the present case, the submission of the assessee before the Tribunal, as recorded in paragraph 3 of the impugned order, is that the only reason which was given by the Assessing Officer for initiating reassessment proceedings was that the property was sold by the assessee for Rs.31 lacs but its value for the purpose […]

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  • Sep
  • 02
  • 2014

Avoid the Mistakes of Bull Market Rally

Added In Finance
Nifty is at 8000 levels, GDP growth is around 5.7% and the optimism in the Indian economy is galloping. Among all these I find a couple of strong negative battles which we all will be facing in the next 6 months and we all need to take preventive steps. We all know about the Bushan […]

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  • Sep
  • 02
  • 2014

SEBI further amends ICDR Regulations

Added In SEBI
SEBI has vide Notification No. LAD-NRO/GN/2014-15/06/1372 dated 25th August, 2014 issued Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014 (the Amendment) making few amendments in the conditions for IPO, Minimum offer to Public, allocation of net offer to public, pricing of equity shares and Schedule XI dealing with the Book Building process. Several portions have been made in line with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

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  • Sep
  • 01
  • 2014

Account cannot be classified at Inoperative if Dividend been credited to such account

Added In RBI / FEMA
There may be instances where the customer has given a mandate for crediting dividend on shares to Savings Bank account and there are no other operations in the Savings Bank account. Some doubts have arisen whether such an account is to be treated as inoperative account after two years.

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  • Sep
  • 01
  • 2014

Specify time frame for Disposal of loan applicable -RBI to banks

Added In RBI / FEMA
It is, therefore, advised that banks should clearly delineate the procedure for disposal of loan proposals, with appropriate timelines, and institute a suitable monitoring mechanism for reviewing applications pending beyond the specified period. It is, however, reiterated that there should not be any compromise on due diligence requirements. Banks may also make suitable disclosures on the timelines for conveying credit decisions through their websites, notice-boards, product literature, etc.

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