• Nov
  • 01
  • 2014

Income Tax Due Dates for the Month of November 2014

Added In Income Tax
7 November 2014 -​Due date for deposit of Tax deducted/collected for the month of October, 2014 15 November 2014 -​ Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending September 30, 2014 22 November 2014 -Due date for […]

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  • Nov
  • 01
  • 2014

Income Tax Benefits available only to Individuals & HUFs

Added In Income Tax
​Individual and HUF Benefits allowable ​Individuals and HUFs constitute a large chunk of total taxpayers in India and their contribution in total tax collection is substantial. The document includes the list of various benefits available to an Individual or an HUF, such as exemptions and deductions. Benefits available only to Individuals & HUFs

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  • Nov
  • 01
  • 2014

ICAI President’s Message – November 2014

Added In CA CS ICWA
India’s G20 Obligations – ICAI’s Role – It is a matter of pride for our profession that a member of our fraternity and former Union Minister CA. Suresh Prabhu has been appointed as our Prime Minister’s Sherpa for the G20 summit, the most significant meeting of world leaders, to be held in Brisbane from 15th November, 2014. As a personal emissary of Prime Minister, he will be responsible for preparing the agenda for the Summit.

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  • Oct
  • 31
  • 2014

Tribunal can extend waiver of pre-deposit beyond 365 days by a speaking order when delay in disposing appeal is not attributable to assessee

Added In Excise Duty
Commissioner of Central Excise Ahmadabad-I Vs. Sharp Engineers [(2014) 49 taxmann.com 161 (Gujarat)] In the instant case, the Hon’ble CESTAT, Ahmedabad passed an order extending waiver of pre-deposit/stay of demand beyond the total period of 365 days from the date of grant of initial stay, without passing any speaking order. The Commissioner of Central Excise […]

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  • Oct
  • 31
  • 2014

Adjudicating Authority cannot reassess/ re-quantify the amount of duty that is to be refunded as per Appellate order without challenging the same

Added In Excise Duty
Commissioner of Customs & Central Excise Vs. Samtel Color Ltd. [(2014) 49 taxmann.com 238 (Allahabad)] Samtel Color Ltd. (the Assessee) is engaged in manufacturing colour picture tubes falling under Heading No.40.11 of the Central Excise Tariff Act, 1985. Some of the picture tubes were found to be defective at the customer’s end and accordingly were […]

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  • Oct
  • 31
  • 2014

List of Income tax benefits available to Salaried Persons

Added In Income Tax
Employees Benefits allowable Salaried persons constitute a large chunk of total taxpayers in India and their contribution to total tax collection is substantial. The document includes brief introduction and tax treatment of various allowances and perquisites available to an employee, inter-alia, house rent allowance, gratuity, provident fund and so forth. List of benefits available to […]

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  • Oct
  • 31
  • 2014

List of Income Tax benefits available to Small Businessmen

Added In Income Tax
Small Businessmen Benefits allowable Small and medium enterprises contribute a major portion to the GDP and to the growth of the economy. As a matter of convenience for them, Income-tax Act extends certain benefits to them and provides relaxation from compliance with certain provisions, inter-alia, an option to compute income on presumptive basis, exemption from […]

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  • Oct
  • 31
  • 2014

FM ask IT Officials to not to lose sight of domestic black money

Added In Income Tax
Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money Keeping in view its Much Higher Magnitude and Chase Those Sectors Where its Most Prevalent; Reviews with Senior Officers of the Department the Achievement of Budgeted Targets of Direct Taxes for 2014-15 and Action There of 

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  • Oct
  • 31
  • 2014

No first class air travel, 5-star hotel meetings for officials – Govt.

Added In Finance
Government Announces Measures for Fiscal Prudence and Economy; Every Ministry / Department to Effect A Mandatory 10% Cut in Non-Plan Expenditure; Utmost Economy to be Observed in Organizing Conferences/Seminars/Workshops; Ban on Purchase of Vehicles; in all Cases of Air Travel, the Lowest Air Fare Tickets Available for Entitled Class to be Purchased/Procured.

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  • Oct
  • 30
  • 2014

Old and Used propping pipes for construction service are capital goods which are freely importable

Added In Custom Duty
Peri (India) Pvt. Ltd. Vs. Commissioner of Customs (I), Nhava Sheva [2014-TIOL-1630-CESTAT-MUM] Peri (India) Pvt. Ltd. (the Appellant) imported old and used pipes declaring them as ‘old and used Prop Pep 20-300’ (Impugned goods) and classified them under Customs Tariff Heading (CTH) 7308 4000. The said classification was accepted and duty was demanded accordingly.

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