Banks undertaking equipment leasing departmentally should follow prudential accounting system and only the interest charge component should be recognised as income and the recovery of cost of asset should be carried to balance sheet on the form of provision of depreciation.
Recently, Supreme Court in the case of MAK Data P. Ltd. vs CIT (C.A.No. 9772 of 2013) has pronounced the judgment in respect of section 271(1)(c), which has again raised the vexed issue of levy of penalty u/s 271(1)(c).
To understand the concept of Tour Operator first of all we have to clear that there is major difference between tour operator and Travel Agent Service. Tour Operator is wide term than Travel Agent.
As you are aware Service Tax Voluntary Compliance Encouragement Scheme, 2013 (STVCES), has been introduced by the Finance Act, 2013 to encourage and broaden the tax base in the Service Tax, wherein, the assessee having tax dues for the period beginning on or after 1.10.2007 and ending 31.12.2013 can declare the service tax liability to department on or before 31.12.2013.
The ICSI, functioning under the aegis of the Ministry of Corporate Affairs, has decided to move fully to the online registration from 1st January 2014. Earlier, the Institute had moved to online enrolment for examination from 1st October 2013.
