• Apr
  • 20
  • 2014

S. 234E: Recovery of fee is subject to outcome of Petition; Govt to reply on S. 234E notices – Rajasthan HC

Om Prakash Dhoot vs. UOI (Rajashthan High Court) Under Section 234E  wef 1st of July 2012 deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required […]

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  • Apr
  • 20
  • 2014

Article of Association needs amendment after applicability of Companies Act 2013

Added In Company Law
List of Sections in Companies Act, 2013 (vis-a-vis Sections in Old Act) where the Articles of Association can override provisions of the Act or prescribe the limits / conditions in certain cases – in which a checklist can be made to decide which Articles from existing articles are required to be changed :

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  • Apr
  • 20
  • 2014

Exemption Notification cannot be forced upon assessee – No legal bar on paying duty & availing benefit of Modvat scheme

Added In Excise Duty
Whether the option is available to the assessee either to avail the exemption notification or to pay duty on the final products by taking Modvat credit on inputs in terms of Rule 57A of the erstwhile Central Excise Rules, 1944 (“the Excise Rules”)?

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  • Apr
  • 20
  • 2014

Methods of computation of VAT

Added In GST
There are 3 methods of computation of VAT- 1. Addition method 2. Subtraction method 3. Invoice method. First 2 methods has many disadvantages and none of the countries have implemented it. However last method also called Input tax credit method has lots of advantages which most of the countries has implemented it.

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  • Apr
  • 19
  • 2014

Tax Benefits for Differently Able persons in India

Added In Income Tax
Tax benefits to individual who are differently able, Parents who have dependents who are differently able including minor and certain benefits to private sector for providing employment opportunities to differently able As per recent estimate there are more than 70 million people in India who are differently able. The challenges and hardship which they face […]

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  • Apr
  • 19
  • 2014

Central Capital Investment Subsidy Scheme, 2013 for Industrial units in Himachal Pradesh and Uttarakhand

Added In Income Tax
The Government of India is pleased to notify the extension of the following scheme of Central Grant or Subsidy under Special Package – II for Industrial units in the states of Himachal Pradesh and Uttarakhand with a view to accellerating the industrial development in these States.

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  • Apr
  • 19
  • 2014

How to Create Hindu Undivided Family (HUF)

Added In Income Tax
A Hindu Undivided Family can be created by following ways: 1. Blending of individual property with the family Hotchpot 2. Receipts of Gifts 3. Doing Joint labour for the benefit of HUF 4. Inheritance through a specific bequest under a Will 5. Partition of a larger Hindu Undivided Family 6. Reunion of separated coparceners

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  • Apr
  • 19
  • 2014

Reduce / Delete outstanding demand outstanding against Assessee -CBDT prescribes Procedure

Added In Income Tax
U/s 139D of the Income-Tax Act, 1961 – Extension of Facility to Taxpayers in Filing of Return in Electronic Form to Verify if Demand In their Case is Due to Tax Credit Mismatch On Account of Incorrect Furnishing of Specified Particulars and Submit Rectification Requests With Correct Particulars Of TDS/Tax Claims for Correction of these […]

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  • Apr
  • 19
  • 2014

FAQs on E-Filing OF TDS Returns

Added In Income Tax
1. What is annual e-TDS/TCS Return? Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data […]

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