• Dec
  • 19
  • 2014

Jaitley Removes Provision of No Bail for offences Under Companies Act, 2013

Added In Company Law
When we invite the rest of the world to come to India, form a company, do business and invest in India, are we trying to say that in case you commit any of these offences you will never get bail or you will indefinitely never get bail?

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  • Dec
  • 19
  • 2014

More than 50% of registered taxpayers not filing Excise returns

Added In Excise Duty
CA Sandeep Kanoi After introduction of self-assessment, the return filed by a taxpayer is the only instrument to check the correctness of central excise duty paid to the government. Graph below indicates that more than fifty per cent of registered taxpayers are not filing returns. Government need to build a strong mechanism to ensure filing […]

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  • Dec
  • 19
  • 2014

Income Tax – Mere 1.5% Annual Growth in Taxpayer base

Added In Income Tax
Growth in the number of taxpayers Over the past few years, the CBDT in its Central Action Plan has been targeting a 15 per cent increase in new taxpayers vis-à-vis taxpayers added during the previous year. The taxpayer base increased from 319.03 lakh taxpayers in FY 2006-07 to 337.38 lakh taxpayers in FY2010-11, registering an […]

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  • Dec
  • 19
  • 2014

Format of Audit Engagement Letter under Companies Act, 2013

Added In Company Law
Download format of Engagement Letter for Audit of Financial Statements under the Companies Act 2013 and the Rules Thereunder (When Reporting u/s 143(3)(i) is Applicable)

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  • Dec
  • 19
  • 2014

Dividend on shares held as stock is taxable as income from other sources

it is immaterial whether the shares are held by the appellant as stock-in-trade. The dividend income derived from these shares is specifically chargeable under the head Income from other sources. Consequently, it is immaterial whether the appellant is a dealer or a trader and caries on business of purchase and sale of shares.

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  • Dec
  • 19
  • 2014

Download Companies (Amendment) Bill, 2014 as passed in Lok Sabha

Added In Company Law
Companies (Amendment) Bill 2014 was introduced in lok Sabha by Shri. Arun Jaitley on 08th December 2014 and same been passed by Lok Sabha on 17 December 2014.

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  • Dec
  • 19
  • 2014

New Year Resolution: Have A ‘STOP DOING’ List

Added In Corporate Law
The new-year 2015 is approaching and as usual we all would start to write down our resolutions for the new year. If you observe very closely, our resolutions are always on the lines of things that we would do, things that we would finish etc.

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  • Dec
  • 18
  • 2014

Capital Gains on sale of TDR received as additional FSI under D. C. Regulations is not chargeable to tax

We have heard both sides at great length and with their assistance, we have perused the order passed by the Tribunal and that of the Commissioner and the Assessing Officer.  The Assessing Officer has noted the basic facts and about which there is no dispute.  What has been argued before the Assessing Officer is that […]

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  • Dec
  • 18
  • 2014

De Novo Adjudication in Service Tax

Added In Service Tax
Power of Adjudication is contained in Section 83A of Finance Act, 1994. Adjudication proceedings in any assessment or penal proceedings is a very important aspect of tax administration. It provides an opportunity to the assessee to be heard and show cause before any action is taken in proceedings relating to him.

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  • Dec
  • 18
  • 2014

Service Tax on‘Commission Agent Service’ on Import-Export of Goods

Added In Service Tax
In order to promote the Exports, Government of India has given big relief to industries in India, by exempting the service tax on commission paid to overseas agent for Export of Goods vide Notification No 14/2014 ST dated 11th July 2014. It is welcome and much needed move, considering global completion.

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