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Archive: 02 July 2013

Posts in 02 July 2013

Implementation of Cadre Restructuring in Income Tax Department : Constitution of Sub-committee No.3: Restructuring of Directorates

July 2, 2013 379 Views 0 comment Print

5. This Sub-Committee shall be responsible for making recommendations on the implementation of proposals made by the departmental Cadre Restructuring Committee regarding the staff in the attached directorates establishment of newly created Directorates making recommendations on the issue of inter-se seniority after merger of cadres making recommendations on specific issues relating to distribution/allocattion of posts and manpower relating to certain directorates such as Investigation in UP, NADT etc. making recommendations for the implementation of restructuring of other Cadres

Implementation of the Cadre Restructuring proposals in Income Tax Department : Constitution of Sub-committee No. 2: DPCs

July 2, 2013 336 Views 0 comment Print

The responsibilities of the Sub Committee will be: to ensure early DPC for promotion to the concerned post facilitate/carry out vacancy analysis ensure preparation of a proper panel ensure availability of all the necessary clearances

Private Placement by NBFCs-Non-Convertible Debentures (NCDs) -Clarification

July 2, 2013 765 Views 0 comment Print

Freedom currently available to NBFCs to raise funds through NCDs without any restriction has resulted in inadequate resource planning and higher transaction cost. One of the main objectives of the said circular is to promote discipline in resource planning and raising.

Non-requirement of Registration Certificates for export of non-basmati rice and wheat

July 2, 2013 559 Views 0 comment Print

Through the above cited Trade Notice it was informed that the online applications for obtaining Registration Certificates (RCs) for export of various commodities like cotton, cotton yarn, non-basmati rice, wheat and sugar would be mandatory from Monday the 1st July, 2013.

Sales Tax Clauses on Sales Bill, Order, Confirmation etc.

July 2, 2013 4467 Views 0 comment Print

R. Kumar, B.Com. MBA (Finance) VAT/SALES TAX CLAUSES VAT/Sales Tax clauses form an important part of sales documentation viz. offer, quotation, order confirmation, Invoices, Purchase Order etc.  VAT/Sales tax being an indirect tax is statutorily eligible to be passed on to the customer.  However, unless customer is also bound contractually, it will be difficult to […]

Implementation of the Cadre Restructuring proposals in Income Tax Department : Constitution of Sub-committee No.1: Jurisdiction & Deployment of Posts

July 2, 2013 400 Views 0 comment Print

This Sub-Committee No. I known as Sub-committee for Jurisdiction and Deployment of posts shall be responsible for recommending the setting up of various offices along with their jurisdiction in accordance with the approved proposals. The Sub-committee shall recommend the Regions/Charges/ places where the additional posts/officers/officials can be deployed, and their likely jurisdiction keeping in mind the need:

Salaried Employees – Beware of Filing Quick ITR 1 Online

July 2, 2013 18663 Views 0 comment Print

Recently, the Income Tax Department has allowed quick filing of ITR 1 by salaried class assessees on its e-filing website itself, thereby reducing the burden of uploading the XML file. This happens to be one of the most easiest and convenient way of filing the return electronically.

Choosing Form of Business Organization as LLP

July 2, 2013 1643 Views 0 comment Print

CA Abhijit Sawarkar The LLP structure is available in most of the developed countries like United Kingdom, United States of America, Gulf countries, Australia and Singapore. Indian Limited Liability Partnership Act, 2008 was enacted on January 7, 2009. Indian LLP Act is broadly based on UK LLP Act 2000 and Singapore LLP Act 2005. According to both of […]

Point wise checklist on preparation of form 3CB/CD online format

July 2, 2013 12673 Views 0 comment Print

CA Hardik Mehta Point wise checklist on preparation of form 3CB/CD audit report to be filed with Income Tax Department. We are attaching herewith a Form 3CB/3CD Checklist as applicable for A.Y. 2013-14 and onwards. The checklist is useful in preparation of Tax Audit Report. Download Point wise checklist on preparation of form 3CB/CD online […]

Expenditure incurred during temporary lull of business should be an allowable expenditure

July 2, 2013 2530 Views 0 comment Print

Assessing Officer ignored the very fact that there was a temporary lull in the business of the assessee and it was not a cessation of business of activity. Therefore, the Assessing Officer disallowed the expenses incurred by the assessee for continuation of its business which deserve

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