"November, 2013" Archive

All about CENVAT Credit Rules, 2004- Part 2

In Continuation to my earlier Article 'All about CENVAT Credit Rules, 2004- Part 1' in which I have discussed Rule 2(A) to Rule 5B of Cenvat Credit Rules,2004.I have discussed Rule 6 to 16 of Cenvat Credit Rules,2004 in this Article....

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Posted Under: Excise Duty |

Tax Dept Should Not Cause Misery and Harass Taxpayers – HC

Vodafone India Services Pvt. Ltd (No. 2) Vs UOI (Bombay High Court)

Every Government has a right to levy taxes. But no Government has the right, in the process of extracting tax, to cause misery and harassment to the taxpayer and the gnawing feeling that he is made the victim of palpable injustice...

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Expenditure on acquiring master copy of software subject to obsolescence is allowable as revenue expenditure

Oracle India Private Limited Vs Commissioner of Income Tax (Delhi High Court)

Merely because expenditure has been incurred for material for duplication without acquisition of proprietary and when the expenditure is not of capital nature, the said Section would not be applicable....

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Analysis of amendments under Punjab VAT(Second Amendment) Act, 2013 – part-2

In continuation of my earlier article Analysis of major amendments under Punjab VAT (Second Amendment) Act, 2013 – Part-1 , here below the remaining provisions of the said Act are being discussed and analysed....

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Posted Under: Excise Duty |

ICAI Advisory On Unstructured CPE Learning Activities

8. UNSTRUCTURED CPE LEARNING ACTIVITIES 8.A Introduction 8. A.01 The CPE learning activities, which are eligible for CPE Credit hours are divided into Structured Learning Activities (SLAs) and Unstructured Learning Activities (ULAs). This Advisory is meant as guidance and direction to the members who want to avail CPE Credit hours through...

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Posted Under: Excise Duty |

IDBI Bank can accept deposits under Capital Gains Account Scheme

Notification No.G.S.R 859/2012 - Income Tax (30/11/2012)

Notification No.G.S.R 859/2012 - Income Tax In continuation to the earlier Notification No. G.S.R. 725(E), dated 22-6-1988 (See [1988] 172 ITR (St.) 54), and in pursuance of clause (e) of paragraph 2 of the Capital Gains Account Scheme, 1988, the Central Government hereby authorises all the branches (except rural branches) of IDBI Bank L...

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All government decisions can’t be seen with suspicion: SC

Pathan Mohammed Suleman Rehmatkhan Vs State of Gujarat & Ors. (Supreme Court of India): Special Leave Petition (C) No. 32507 of 2013

Honorable SC held that If every decision taken by the State is tested by a microscopic and a suspicious eye, the administration will come to stand still and the decisions-makers will lose all their initiative and enthusiasm. ...

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Recovery without notice & providing reasonable time is gross violation of Court directions

M/s Maharashtra Housing & Area Development Authority Vs Addl. DIT(E) (ITAT Mumbai)

Income Tax Officer being a quasi judicial authority should observed the parameters which are laid down by the Hon'ble High Court in various decisions and reasserted in the case of UTI Mutual Fund Vs ITO (supra) for recovery of outstanding demands. ...

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SEBI : Circular on Infrastructure Debt Fund (IDF) Foreign Institutional Investors (FIIs) which are long term investors

CIR/IMD/DF/20/2013 (29/11/2013)

It has been decided that regulated foreign feeder funds, having at all times, at least 20% of their assets under management held by investors belonging to one of more of the above categories of FIIs...

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Notification No. 30/2013-Central Excise ; Dated : 29.11.2013

Notification No. 30/2013-Central Excise [G.S.R.- 763 (E)] (29/11/2013)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excises Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in the Table below and falling under the First Schedule to the Central Excise...

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Notification No. 49/2013-Customs Dated: 29/11/2013

Notification No. 49/2013-Customs (29/11/2013)

when imported into India, from the whole of the duty of customs leviable thereon which is specified in the said First Schedule and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act,1975 subject to the condition that the importer produces...

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Draft Guidelines on Entry of Banks into Insurance Broking Business

DBOD.No.FSD./24.01.018/2013-14 (29/11/2013)

It has been decided to permit banks to undertake insurance broking business departmentally. Since Insurance Broking is a knowledge intensive activity which requires professional expertise, this will be permitted subject to the certain conditions. ...

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Applicability of set-off to developers of SEZ and units in SEZ

Trade Circular. No. 8T of 2013 (29/11/2013)

Developers of SEZ are engaged in construction and development of processing and non-processing zones and providing other utilities in SEZ. Also, units in SEZ may undertake construction or development activity. ...

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Notification No. 116/2013-Customs (N.T.) Dated: 29/11/2013

Notification No. 116/2013-Customs (N.T.) (29/11/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby ...

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CBDT notifies Multi Commodity Exchange of India Limited for the Purpose of Section 43(5)

Notification No. 92/2013 - Income Tax (29/11/2013)

Notification No. 92/2013 - Income Tax Central Government hereby notifies the Multi Commodity Exchange of India Limited, Mumbai as a recognised association for the purposes of clause (e) of the proviso to clause (5) of the said section, with effect from the date of publication of this notification in the Official Gazette....

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Live-in relationship is neither a crime nor a sin : SC

Indra Sarma Vs V.K.V. Sarma (Supreme Court of India)

Live-in or marriage-like relationship is neither a crime nor a sin though socially unacceptable in this country. The decision to marry or not to marry or to have a heterosexual relationship is intensely personal....

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Banks can pay interest on Rupee savings / term deposits at intervals shorter than quarterly intervals

RBI/2013-14/385 DBOD.No.Dir.BC. 69/13.03.00/2013-14 (29/11/2013)

As all commercial banks are now on core banking platforms, it has been decided to: give banks the option to pay interest on savings deposits and term deposits at intervals shorter than quarterly intervals....

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Provision of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952

Provident Fund scheme was started by few concerns even before the enactment of the act. The government in 1952 framed this act for the benefit and welfare of the employees. This act is applicable to employees drawing pay not more than Rs. 6,500 pm but at the time of registration the same employee pay should not exceed Rs. 5,000....

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Posted Under: Excise Duty |

Amount received by partner on retirement is exempt from capital gains tax

Income-tax Officer Vs Shri Rajnish M Bhandari (ITAT Pune)

Hon’ble Bombay High Court in the case of Prashant S Joshi (supra) has also noted the omission of section 47(ii) of the Act and insertion of section 45(4) of the Act with effect from 1.4.1988. Considering the entirety of the legal position, it has been affirmed by the Hon’ble High Court that amounts received by the partner on his retir...

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Amount Received by Partner On Retirement Not Chargeable To Tax

The Commissioner of Income Tax-III Vs Mr. Riyaz A. Sheikh (Bombay High Court)

Decision of this Court in the case of Prashant S. Joshi (supra) placed reliance upon the decision of the Supreme Court in the case of CIT V/s. R. Lingamallu Rajkumar reported in [2001] 247 ITR 801, wherein it has been held that amounts received on retirement by a parnter is not subject to capital gains tax....

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Analysis of major amendments under Punjab VAT (Second Amendment) Act, 2013 – Part-1

The Punjab Value Added Tax (Second Amendment) Act, 2013 (Punjab Act No. 38 of 2013) has brought about major and very important changes under the Punjab VAT Act, 2005. ...

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Posted Under: Excise Duty |

SEBI : Investments by FIIs/QFIs in Credit Enhanced Bonds

CIR/IMD/FIIC/19/2013 (28/11/2013)

In case the aggregate holding of the FII/QFIs exceeds overall investment limit for whatsoever reason, the FII/QFI due to whom the limit is breached shall mandatorily divest excess holdings within seven working days of such breach being notified by depositories to the DP...

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4 Accounting Programs Your Clients Will Thank You for Recommending

As a tax accountant, it's your job to make the tax and accounting process simple for your clients. Luckily, there are several software applications available that take the guesswork out of accounting and streamline the process for both you and your clients. Best of all? These software picks are affordable regardless of the size of the bus...

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Posted Under: Excise Duty |

Lets Learn Commands of Microsoft Excel And Microsoft Word

I have uploaded on the links mentioned below the file related to Microsoft Excel and Word for those who are already working on these software's but don't know the short cut keys of these two programmes and advanced commands of these two programmes. I hope these will be useful to all of you....

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Revised Draft Bank Branch Auditors' panel for the year 2013-14

We would like to inform that the revised Draft Bank Branch Auditors’ panel for the year 2013-14 has been hosted on www.meficai.org, considering all the complaints received from member till 25th November, 2013, paper received thereof,  relevant list received from Auditors’ on 26th November, 2013 and the same will be avail...

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Posted Under: Excise Duty |

How to Write a Good CV

What should your CV Contain :- Your aim is to convince the employer that you have the necessary experience, knowledge and hunger to do the job. Many CVs do nothing more than provide a stark list of job titles and duties; but all companies are results-orientated - so you must emphasize what you've achieved within a role, show how you added...

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Posted Under: Excise Duty |

Request For Information from Return of Income Filed To Analyze the Number of Taxpayers Opting For the Safe Harbour

Circular [F. NO.500/139/2012-FTD-I(PT.)] (28/11/2013)

The Safe Harbour rules have been made public vide notification dated 18th September, 2013. In order to analyze the number of taxpayers opting for the Safe Harbour, you are requested to provide the following information from the return of income filed till 30th November, 2013:...

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ICAI releases DVD of 61 Years of The CA Journal

DVD of 61 Years of The Chartered Accountant Journal Released- In our efforts to inform and update our members and other stakeholders, we have recently launched a DVD containing 61 years of The Chartered Accountant journal, during the recently-held ICAI International Conference in Kolkata....

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Posted Under: Excise Duty |

Service Tax and Excise – Lowering of the threshold for e-payment to rupees one lakh

F.No: 137/116/2012- Service Tax (22/11/2013)

An assessee who has paid a total service tax of rupees ten lakh or more, including the amount paid by utilisation of CENVAT credit in the preceding financial year, shall deposit the service tax liable to be paid by him electronically, through internet banking. ...

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CBDT approves two more exchanges for the Purpose of Section 43(5)

Notification No. 91/2013 - Income Tax (27/11/2013)

Notification No. 91/2013 - Income Tax Central Government hereby notifies the National Commodity and Derivatives Exchange Limited and Universal Commodity Exchange Limited as a recognised association for the purposes of clause (e) of the proviso to clause (5) of the section 43, with effect from the date of publication of this notification ...

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Notification No. 90/2013 – Income Tax Dated 27/11/2013

Notification No. 90/2013 - Income Tax (27/11/2013)

Notification No.90/2013 - Income Tax S.O.3513 (E).─ In exercise of the powers conferred by clause (iii) of the Explanation 2 of clause (e) of the proviso to clause (5) of section 43 of the...

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FAQ on Home Loan with EMI Calculator

1. For what purposes can I seek a first time home loan?You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned is...

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Notification No.115/2013-Customs (N.T.) Dated: 27th November, 2013

Notification No. 115/2013-Customs (N.T.) (27/11/2013)

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997 and in supersession of notification of the Government of India in the Ministry of Finance (Department of Revenue) No.78/2013-Customs (N.T.) issued vide G.S.R. No. 496 (E) dated the 19thJuly, 201...

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CBDT Release List Of Potential Promotees to Post of CCIT

Letter - F.No. A-32011/02/2012-AD.YI (27/11/2013)

The CBDT has vide letter dated 27.11.2013 released a list of 37 officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax in the pay scale of Rs. 67,000 to 79,000 against the vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC)...

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Notification No. 114/2013-Customs (N.T.) Dated: 27/11/2013

Notification No. 114/2013-Customs (N.T.) (27/11/2013)

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002 and in supersession of notification of the Government of India in the ...

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Notification No. 113/2013-Customs (N.T.) Dated: 27/11/2013

Notification No. 113/2013-Customs (N.T.) (27/11/2013)

WHEREAS the Jute products falling under headings 5310 and 6305 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) and also specified in terms ...

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Tribunal bound to consider all judgements cited during hearing of appeal

Dattani & Co Vs Income Tax Officer (High Court of Gujarat at Ahmedabad)

Whenever any decision has been relied upon and/or cited by the assessee and/or any party, the authority/tribunal is bound to consider and/or deal with the same and opine whether in the facts and circumstances of the particular case, the same will be applicable or not. ...

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MVAT Audit 2013 – Approach and Important Issues

Applicability of audit under MVAT Act, 2002- To whom audit is applicable? As per Section 61(1) of the MVAT Act, 2002, audit is applicable to A dealer who is liable to pay tax and his turnover, either of sales or purchases, exceeds Rs. 60 Lakhs during the Financial Year A dealer who holds a Liquor license in Form PLL, BRL, E, FL or CL....

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Public Notice No. 39 (RE-2013)/2009-2014, Dated: 26.11.2013

Public Notice No. 39 (RE-2013)/2009-2014 (26/11/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in Appendix 5 of the Handbook of Procedures (Vol.I) with immediate effect....

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Notification No. 29/2013-Central Excise ; Dated : 26.11.2013

Notification No. 29/2013-Central Excise (26/11/2013)

The principal notification No.22/2013-Central Excise, dated the 29th July, 2013 was published in the Gazette of India, Extraordinary, vide number G.S.R. 513(E), dated the 29th July, 2013....

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Prosecution and Enforcement Architecture: Companies Act, 2013

The Companies Act 1956 contains more of general penalty provisions under Section 629A. Certain penal provisions provide for imposition of penalty of fine as well as penalty of imprisonment. As per Section 624 of the Companies Act 1956, all offences under the Act are almost bailable offences and generally punishments are imposed on Company...

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Posted Under: Excise Duty |

Sell of minors’ share in property without court permission by guardian is invalid: SC

Saroj Vs Sunder Singh & Ors. (Supreme Court of India)

Where the father dies leaving behind only minor daughters and their mother as natural guardian, the share of the daughters became definite; the question of family partition retaining the character of joint Hindu Family property does not exist. In the present case, after the death of the father, the property has been shared amongst each me...

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Clarifications on Service Tax Voluntary Compliance Encouragement Scheme (VCES)

Circular No.174/9/2013 – ST (25/11/2013)

The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect from 10.5.2013. Most of the issues raised with reference to the Scheme have been clarified by the Board vide circular Nos. 169/4/2013-ST, dated 13.5.2013 and No. 170/5/2013-ST, dated 8.8.2013....

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Service Tax on Goods Transport Agency (GTA) – A Guide

The levy of Service Tax on Road Transportation Service has always remained subject matter of uncertainty and litigation. Earlier, The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike. ...

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Posted Under: Excise Duty |

RBI to Banks : Levy SMS Charges on Actual Usage Basis

RBI/2013-14/381 DBOD. No. Dir. BC. 67/13.10.00/2013-14 (26/11/2013)

With a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis....

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Point of taxation [Rule 2(e)] of Service Tax

For the purpose of charging service tax on any service, the incidence of levy is on person rendering of a taxable service which is termed as point of taxation. Usually people have confusion regarding the point in time when a service is deemed to be provided and thereby service tax is to be deposited. ...

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Posted Under: Excise Duty |

Amend statute of lCAl, lCSl and Bar Council for audit by CAG

Recently Land Deal of Institute of Chartered Accountants of India (ICAI) at Nagpur Come Under Scanner for alleged Irregularities in Purchase of the same. Madras High Court observed that The Judge observed that the records indicated that all was not well with the statutory body. ...

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Posted Under: Excise Duty |

Sale of software does not give rise to any royalty income : HC

Director Of Income Tax Vs Infrasoft Ltd. (Delhi High Court)

Delhi HC has held on 22.11.2013 in the case of DIRECTOR OF INCOME TAX Vs. INFRASOFT LTD. that by sale of software what has been transferred is not copyright or the right to use copyright but a limited right to use the copyrighted material and does not give rise to any royalty income. ...

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e-payment of Service Tax/ Central Excise mandatory for those who paid tax of more than One lakh in preceding financial year

Electronic Payment of Service Tax/ Central Excise mandatory for those who paid tax of more than One lakh in preceding financial year The Central Government vide Notification No. 16/2013-ST dated November 22, 2013 (“the Notification”) has amended the proviso to Rule 6(2) of the Service Tax Rules, 1994 (“the Service Tax Rules”) and ...

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Posted Under: Excise Duty |

Cost Competitiveness vs. Compliance

CMA Suresh Chandra Mohanty, President of the Institute, in a press release, expressed deep concern that the Draft Companies (Cost Record and Cost Audit) Rules, 2013 issued by the Ministry of Corporate Affairs would hurt the economy, the corporate sector and the profession. ...

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Posted Under: Excise Duty |

POP Service Rules 2012 Vs. Export Service Rules & Rules of Tax on of Services Provided from outside India

CA Vaibhav Sachdeva Comparative Analysis of Place of Provision (POP) of Service Rules 2012 with Export of Service Rules 2005 and Taxation of Services (Provided from outside India and received in India) Rules, 2006. As per the Notification No. 28/2012 – Service Tax dated 20th June, 2012 – Place of Provision of Services Rules, 2012 sha...

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Posted Under: Excise Duty |

Banks to Use Either Aadhaar or EMV Chip and Pin technology for Credit Card Transactions

RBI/2013 -14/380 DPSS (CO) PD No.1164/ 02.14.003/2013-14 (26/11/2013)

In respect of cards, not specifically mandated by the Reserve Bank to adopt EMV norms, banks may take a decision whether they should adopt Aadhaar as additional factor of authentication or move to EMV Chip and Pin technology for securing the card present payment infrastructure....

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Proposals for allowing certain class of companies to file shelf prospectus for public issuance of non-convertible debt securities

Press Release No. 113/2013 (26/11/2013)

Every issuer is required to file a Prospectus with Registrar of Companies before making a public issue. To enable frequent issuers to raise money, without undergoing the procedure for filing Prospectus for every issuance, the concept of Shelf Prospectus was introduced in Companies Act. In FY 2011-12, 7 companies have filed Shelf Prospectu...

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IRS Association anguish & hurt with Arvind Kejriwal's remarks

IRS Associationhas written a letter to  Aam Aadmi Party Chief and former Income Tax Additional Commissioner Arvind Kejriwal and conveys its strong anguish and hurt at various statements being attributed to him which malign the image of the Income-tax Department and its employees, blaming them for corruption in a generalized manner, throu...

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Posted Under: Excise Duty |

Delhi VAT : List of Dealers – Show Cause Notice for Cancellation of Registration

Reference No. sys/DP1 & RD/2013/1 (21/11/2013)

Reference No. sys/DP1 & RD/2013/1, Date: 21-Nov-13 Dealers are further directed that on the date of their appearance before the assessing authority they may bring proof of submission of up-to-date returns and payment of tax, if any....

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Amendment of rules 8, 9 and 10 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000

Circular No. 975/09/2013-Central Excise (25/11/2013)

Notification No 14/2013 – Central Excise ( N.T.) -Dated : 22nd November, 2013 In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules to further amend the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000, namel...

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Delhi VAT : Disposal of Refunds for the Year 2009-10, 2010-11, 2011-12 & 2012-13

Public Notice No. F.3(378)/Policy/VAT/2013 (25/11/2013)

All dealers whose refund claims are pending and their returns for the year 2009-10 onwards involve central sale/sock transfer against statutory forms are hereby directed to file information online for the pending statutory forms/declaration in Block R 10 of CST return Form 1 by 30th November, 2013 for the year 2009-10...

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Uttarakhand VAT : Tips for Assessment Year 2013-2014

Works Contract- The contracts such as Building constructing, manufacture, processing, fabrication, erection, installation, fitting out, improvement, modification, repair or commissioning of any movable or immovable property. Would fall under works contract. ...

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Posted Under: Excise Duty |

No Penalty U/s. 271AAA on declaring an income admitted during search & payment of taxes thereon

The Assistant Commissioner of Income-tax Vs Shri A. N. Annamalaisamy (HUF) (ITAT Chennai)

Assessing Officer was carried away by the original return filed by the assessee, wherein originally the income admitted in the course of search was not returned by it. But the fact is that the assessee had filed a revised return before completing the assessment. ...

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Delhi VAT : Delegation of Powers regarding refunds

Order No. No. F.6(7)/DVAT{L&:J/20l3-14/727 (25/11/2013)

The existing orders of delegation of powers provided that the AC (VAT)/AVATO shall issue refund order after obtaining the prior approval of the Zonal incharge where the amount of refund is above Rs.2.5 lees and upto Rs.10.00 lacs. If the amount of rebind is more than Rs.10.00 Lies, prior approval of the Special Commissioner (Refund) is re...

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CMA Body to demand more coverage under draft Cost Audit & Record Rules

The Council of the Institute expresses its deep concern and feels that the Draft Rules on Cost Records and Cost Audit do not address the basic objective of inculcating cost competitiveness across all sectors, expressed by Honourable Parliament and Standing Committee on Finance on several occasions....

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Posted Under: Excise Duty |

Investors – Don’t Miss to watch Plan F program on CNBC TV 18

CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fitness plan” and thought of sharing the same with you all. My very dear friend and blogger Manish Chauhan of www.jagoinvestor.com shared the program details with me and I would like to pass on details about t...

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Posted Under: Excise Duty |

House Tax in UP can be now 6 times!!

The proposal regarding increment of the house tax in UP is soon to be presented before the cabinet. Houses in UP has been divided into 10 types depending upon the use made therein. Four star and above hotels, Pubs, Bar and Restaurants where alcohols are also served is now to pay tax 5 times more. ...

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Posted Under: Excise Duty |

Delhi VAT : FAQs on Checking of Vehicles & Modalities for Enforcement-II Branch

This Article Covers the statutory Provisions related to the following topics under Delhi Value Added Tax Act, 2004 & Central Sales Tax Act, 1956 :- FAQs on Checking of Vehicles Undertaking form for claiming goods with genuine bills before release of vehicles Statutory Provisions related to Goods vehicles & transporters und...

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Posted Under: Excise Duty |

MVAT: Correction of dealers mistakes or excess payment refund

Trade Circular No. 7T of 2013 (25/11/2011)

The payment of tax under MVAT Act, 2002 and CST Act, 1956 by way of e-payment was made mandatory from March, 2011. It has been reported to this office by some of the dealers and the Banks that they made certain mistakes while making e-payment. ...

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CBEC puts up pavilion at trade fair to publicise VCES

Central Board of Excise and Customs puts up a Pavilion at the India International Trade Fair (IITF), 2013; focus of the pavilion this year is to Popularize/Publicise Service Tax Voluntary Compliance Encouragement Scheme (VCES)...

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Posted Under: Excise Duty |

ICAI Launches E-books

Steps for users to read ICAI’s ebooks on Android devices. Users need to download an e-book reader app from google play. For the purpose ‘cool reader’ is recommended. Add a new catalog naming it as ICAI with the URL - http://www.icai.org/ebooks/...

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Posted Under: Excise Duty |

Penalty for Offences by Officers of Company Under Finance Act,1994

None of the provisions provided for personal penalty on partners / proprietor of the firm. However, section 77 talks of any person but such expression 'any person' does not imply more than one person or 'firm as well as partner' for the same offence. If it is meant to be such, it may result in double penalty or even more. ...

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Posted Under: Excise Duty |

Threshold limit for mandatory e-payment of Excise duty reduced to Rs. One lakh wef 01.01.2014

Notification No. 15/2013–Central Excise (N.T.) (22/11/2013)

Reduction of threshold limit for mandatory e-payment of Central Excise duty to Rupees One lakh - Notification No. 15/2013 – Central Excise (N.T.)...

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Notification No. 14/2013-Central Excise (N.T.) ; Dated : 22.11.2013

Notification No. 14/2013-Central Excise (N.T.) (22/11/2013)

The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide notification No. 45/2000-Central Excise (N.T.), G.S.R. 575(E), dated the 30th June, 2000 and was last amended vide notification No. 9/2007 - C.E. (N.T.), G.S.R 149 (E), dated the 1st March, 2007....

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Threshold limit for mandatory e-payment of Service Tax reduced to Rs. One lakh wef 01.01.2014

Notification No. 16/2013-Service Tax (22/11/2013)

Notification No 16/2013-Service Tax -Reduction of threshold limit for mandatory e-payment of Service Tax duty to Rupees One lakh w.e.f. 1st day of January, 2014. ...

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Report on Trend and Progress of Banking in India – 2012-13

Press Release: 2013-2014/1036

The Reserve Bank of India today released the statutory Report on Trend and Progress of Banking in India 2012-13. This Report presents the performance and salient policy measures relating to the banking sector during 2012-13. ...

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Posted Under: Excise Duty |

Companies Act, 2013 – Draft Rules Phase 6 – Companies (Cost Records and Cost Audit) Rules, 2013

The MCA has issued the draft of Companies (Cost Records and Cost Audit) Rules, 2013 under Phase 6. These draft rules are open for public comments till 19 December 2013 and 06 December 2013, respectively. ...

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Posted Under: Excise Duty |

Time limit prescribed for filing Form A-3 by SEZ Unit / SEZ Developer

Notification No. 15/2013-Service Tax (21/11/2013)

Notification 12/2013 exempts the services on which service tax is leviable under section 66B of the Finance Act, 1994 from the whole of the service tax, education cess, and secondary and higher education cess leviable thereon received by a unit located in a Special Economic Zone or Developer of SEZ and used for the authorised operations...

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AO to follow clarification on export of computer software Direct tax benefits -CBDT

INSTRUCTION NO. 17/2013 (19/11/2013)

A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961....

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ITAT not happy with lackluster attempt of Counsels

Mr. Paresh S. Shah Vs Income Tax Officer (ITAT Mumbai)

Assessee as well as his counsels have done lackluster attempt to represent the matters by not fulfilling all the criterion necessary to represent the matter before the Tribunal...

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Notification No. 112/2013 containing rates of exchange applicable from November 22, 2013

Notification No. 112/2013-Customs (N.T.) (21/11/2013)

NOTIFICATION NO 112/2013-CUS (N.T), Dated : November 21, 2013 Indian currency or vice versa shall, with effect from 22nd November, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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Loan and Investment by Company -Section 186 -Companies Act, 2013

Loan and Investment by Company Under section 186 of the Companies Act, 2013 - The Sub Section (1) of Section 186 is applicable on all Companies either private Companies or public Companies. ...

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Public Notice No. 38 (RE-2013)/2009-14, Dated: 20.11.2013

Public Notice No. 38 (RE-2013)/2009-14 (20/11/2013)

Now, in addition to ports/ICDs indicated in para 2 above, export of finished leather, Wet Blue and EI Tanned Leather would also be permitted through ICDs/CFSs as identified/notified by the Customs at Chennai, Mumbai & Kolkata. Procedure for drawal of samples and its testing notified in Public Notice No. 23 dated 13.08.2013 would continue....

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Services on which SEZ may claim exemption from Service Tax

Instruction No. 79 (19/11/2013)

Uniform List of Services To Be Followed in SEZs - Representations have been received for inclusion of more services in the list of default authorised services. The matter was considered during the DC meeting held on 7th November, 2013 and it has been decided that following two more services may be included in the list of default authorise...

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MCA release draft Rules for Winding Up for Public Comment — 5th Tranche

DRAFT RULES FOR WINDING-UP UNDER 5TH TRANCHE HAS BEEN PUT FOR PUBLIC COMMENTS. LAST DATE FOR GIVING SUGGESTIONS IS 19/12/2013 Link to Comment on Draft rules (5th phase) under Companies Act 2013 —————- Draft Rules (5th phase) under Companies Act 2013 DRAFT RULES UNDER THE COMPANIES ACT, 2013 CHAPTER XX COMPANI...

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Posted Under: Excise Duty |

Blood bank is not a hospital & not entitled to exemption U/s. 11

Advance Transfusion Medicine Research Foundation Vs The ADIT (Exemption) (ITAT Ahmedabad)

Assessee cannot be said to be a hospital or medical institution as it is not engaged in dispensing medical facility though it is engaged in running a blood bank. Activity of the Assessee cannot be considered to be engaged in medical facilities so as to be entitled to exemption of income u/s. 11....

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ICAI : Zone-shifting of candidates for 15th December – 2013 CPT

Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi and Indore, some of the candidates have been allotted examinations centres in the zone other than the zone opted by them....

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Posted Under: Excise Duty |

Delhi VAT – Filing of online return for 2nd quarter of 2013-14 – extension of period thereof

Circular No. 26 of 2013-14 (20/11/2013)

Extend the last date of online filing of second quarter return for the year 2013-14, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures, and submission of hard copy alongwith required enclosures as per schedule given below:...

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Bharatiya Mahila Bank, India’s first all-women bank, opens

India on Tuesday got its first all-woman bank, which will be universal in nature, with Prime Minister Manmohan Singh launching the Bharatiya Mahila Bank as a small step towards empowerment of women....

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Posted Under: Excise Duty |

SEBI issues Discussion Paper on ‘Review of guidelines governing stock related employee benefit schemes’

Press Release No. 109/2013 (20/11/2013)

The SEBI has issued this discussion paper for public comments to replace the SEBI (ESOS & ESPS) Guidelines, 1999. The proposed guidelines are issued to provide for a regulatory framework for all kinds of employee benefit schemes...

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CBI arrests Income Tax Official and Consultant for demanding bribe from complainant

The Central Bureau of Investigation has arrested an Office Superintendent of Income Tax and Tax Consultant for demanding & accepting a bribe of Rs.20,000/- from the Complainant. ...

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Posted Under: Excise Duty |

MCA clarification on applicability of Section 372A of of Companies Act, 1956

General Circular No. 18/2013 (19/11/2013)

Consequent to notification of Sec 185 of Companies Act 2013 (dealing with loans to directors) and which is corresponding to Section 295 of the Companies Act, 1956, MCA has received several representations. Section 186 of the Companies Act, 2013 is yet to be notified. ...

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Section 144C of Income Tax Act,1961 applies to every order passed on or after 01-10-09

Circular No. 9/2013-Income Tax (19/11/2013)

Section 144C has been inserted with effect from 1st April, 2009. Accordingly, the Assessing Officer is required to forward a draft assessment order to the eligible assessee, if he proposes to make, on or after the 1st day of October, 2009, any variation in the income or loss returned which is prejudicial to the interest of such assessee....

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Delhi VAT- FAQs- enforcement survey/inspection of business premises

Surveys are conducted to verify whether all transactions being made by a dealer are being faithfully reported by the dealer and whether due tax is being deposited on all such transactions. Under section 59 of the DVAT Act, 2004...

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Posted Under: Excise Duty |

HC ask ICAI to Provide writers for disabled students

Reena Bhatia Vs The Institute of Chartered Accountants of India & Anr. (Delhi High Court)

The petitioner before this Court is a differently abled person, being visually impaired. She is pursuing Chartered Accountancy Course under the aegis of respondent no.1 – The Institute of Chartered Accountants of India (hereinafter referred to as ‘ICAI’). ...

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Registration of FIR is mandatory -SC

Lalita Kumari Vs Govt. of U.P. & Or (Supreme Court of India)

Registration of FIR is mandatory under Section 154 of the Code, if the information discloses commission of a cognizable offence and no preliminary inquiry is permissible in such a situation....

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Opinion on Section 2(2)(iv) of the Cost and Works Accountants Act, 1959 as amended

Resolved that pursuant to Section 2(2)(iv) of the Cost and Works Accountants Act, 1959 as amended, the Council of the Institute hereby opines that a member shall be deemed to be in practice if he...

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Non-applicability of Companies Act, 2013 for May 2014, CA Examinations

Intermediate (IPC) and Final Course students - Companies Act, 2013 shall not be applicable for May 2014 examinations both at the Intermediate (IPC) and Final levels. ...

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SEBI : Compliance with provisions of Equity Listing Agreement by listed companies – Monitoring by Stock Exchanges

CIR/CFD/POLICYCELL/13/2013 (18/11/2013)

Obtain the details of the promoters / directors and/or Key Managerial Personnel of the listed companies who shall be responsible for ensuring compliance with the provisions of the Listing Agreement and in case of defaults, disclose such details on its website....

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Receiving Service from Clients may disqualifies you to Continue as an Auditor

Many CA firms including big Firms may lose audit of Companies providing utility service providers & other companies due to the certain new impractical disqualifications inserted in the new Companies Act. Sec 141(3) of the Companies Act, 2013...

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Posted Under: Excise Duty |

CA Firms may get disqualified to be Auditor without Knowing

Many CA firms including big Firms may lose audit of Companies due to the certain new impractical disqualifications inserted in the new Companies Act. Sec 141(3) of the Companies Act, 2013 states that the following persons shall not be eligible for appointment as an auditor of a company...

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Posted Under: Excise Duty |

Speech of Sachin Tendulkar on his Retirement

All my friends. Settle down let me talk, I will get more and more emotional (crowd gets louder and louder as he composes himself). My life, between 22 yards for 24 years, it is hard to believe that that wonderful journey has come to an end,...

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Posted Under: Excise Duty |

Registered Valuer in Companies Act 2013

The New Companies Act 2013 has introduced some new concept in the Act. There are some concepts due to which many areas of excellence have taken birth for a professional. Registered Valuer Concept is required as per the new Companies Act 2013 for the valuation of different assets of the company like property, stocks, shares, debentures, se...

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Posted Under: Excise Duty |

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