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Applicability of the Revised Audit Report Formats (including for bank/ bank branch audit reports) and Reporting in respect of Memorandum of Changes in Bank Audit Reports
Handbook of Procedures Volume 1 means the Handbook of Procedures Volume 1, 2009-14, published in the Gazette of India, Extraordinary, Part I, Section 1 vide public notice of the Government of India in the Ministry of Commerce and Industry, Department of Commerce, No.01 (RE – 2012)/2009-2014, dated the 5 th June, 2012, as amended from time to time
that where the first proviso to condition (7) is applied, the Cenvat Credit in respect of additional duty of customs shall not been taken and at the time of registration of the said scrip a certificate, from the jurisdictional Deputy
Notification No 03/2013-Central Excise, Dated: February 18, 2013 G.S.R. 102 (E). In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and […]
Regional Authority” means the Director General of Foreign Trade appointed under section 6 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) or an officer authorised by him to grant an authorisation, including a duty credit scrip under the said Act.
The agreement between the assessee and GAIL is a contract for sale of gas and not a works contract. VAT which is charged by the seller is on the composite price and not only on the price of the gas. The assessee is required to disclose the price of the gas and transmission charges separately in the same invoice. GAIL is a Government of India undertaking and regularly files its Sales Tax Returns declaring sale of gas inclusive of transmission charges. GAIL is regularly assessed to Income-tax and has been claiming credit for TDS and has also claimed credit for the A.Y. under consideration.
A new section 80CCG under the Income Tax Act, 1961 on ‘Deduction in respect of investment under an equity savings scheme’ has been introduced to give tax benefits to ‘New Retail Investors’ who invest up to Rs. 50,000 in ‘Eligible Securities’ and have gross total annual income less than or equal to Rs.10 Lakhs.
1) Profession Tax E-Enrollment- 3rd proviso to Sec 3(2) is inserted from 01.05.2012. Which states that, a person who is liable to pay tax has remained un-enrolled; then, his liability to pay tax under this section for the periods for which he has remained so unenrolled shall not exceed eight years from the end of […]
We have attached below an excel utility to compute the MAT as per provisions of Section 115JB of Income Tax Act, 1961. While preparing the utility Author of the utility has considered various income-tax cases decided by various judicial authorities both in favour of assessee and in favour of revenue. Utility is in Excel File Format […]
Provident Fund is a Social Security Benefit to employees. During an employee’s productive life he along with his employer contribute monthly to a PF Fund which then serves as a nest on retirement for his/her old age. This act is an important piece of Labour Welfare legislation enacted by the Parliament to provide social security benefits to the workers.
