"17 August 2013" Archive

Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court)

Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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Highlights of the New Companies Bill, 2013

WHY A NEW LAW WAS NEEDED? The changing national and international economic environment Exponential growth of the Indian economy Changes in the stakeholders’ expectations Manifold Increase in Number of Companies Year    No. of Companies 1956    30,000 approx 2013    11,00,000 approx The need of a legal framework was felt to enab...

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Posted Under: Finance |

Constitutional Validity of Dividend distributed Tax

Dividend distributed Tax (DDT): Dividend paid by companies is a payment and expenditure. The tax on dividend payouts is not tax on income (of company). The levy of additional tax on companies under Section 115-O seems to be ultra virse the Constitution of India....

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Posted Under: Finance |

Opportunity to Regularize Service Tax Defaults

Dr. Sanjiv Agarwal The Voluntary Compliance Encouragement  Scheme, 2013 (VCES, 2013) has been introduced by Finance Act, 2013 by the Union Government as a one-time measure to serve twin objectives – to encourage voluntary compliance of tax return filing and payment of Service Tax by granting immunity from interest and penal provisions....

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Posted Under: Finance |

Setting, printing & binding of pages can be considered as production of book as a new article or thing for the purpose of deduction u/s 10B

Replika Press (P) Ltd Vs DCIT (Delhi High Court)

In the said case, the respondent was a publisher of books but did not have a printing press. He would procure manuscripts, hit upon a suitable format, get it printed from third parties under his supervision, get the book bound and put it out for sale....

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Taxability of grant by the govt. for improvisation of air connectivity

Commissioner of Income Tax-I Vs Airline Allied Services Ltd. (Delhi High Court)

The Assessing Officer had noticed that grant of Rs.35 crores was sanctioned by the Government in the said year to improve air connectivity in North-Eastern Region. The respondent-assessee had taken on lease four ATR-42-320 aircrafts for five years from Ms/ Aviande Transport Regional...

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Validity of processing fee under rule 40-A of Punjab VAT Rules, 2005

Punjab Government levied an annual processing fee of Rs. 800 last year by way of Rule 40-A of Punjab VAT Rules, 2005 on all the taxable persons. Rule 40-A of Punjab VAT Rules, 2005 runs as under: ...

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Posted Under: Finance |

Cost Audit and Role of Cost Accountants in Companies Bill, 2012

CMA Suresh Chandra Mohanty, President, Institute of Cost Accountants of India, congratulated the Hon’ble Union Minister of Corporate Affairs, Shri Sachin Pilot ji and his team for their unstinted efforts in reforming the corporate legislation in tune with global reality and the Indian economy. The new legislation will ensure impetus for...

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Posted Under: Finance |

CMA Exam Results likely on August 23, 2013

The Intermediate and Final Results for June 2013 Term Examination results are likely to be declared on August 23, 2013 Afternoon. For convenience of the students the online results would be available on the following servers: 1. http://examicai.in (Intermediate and Final Results ) 2. http://examicmai.in (Final Results only) 3. http://exam...

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Posted Under: Finance |

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