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Archive: 20 December 2013

Posts in 20 December 2013

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Deferred Tax Liability On Creation Of Special Reserve u/s. 36(1)(viii) Of The Income Tax Act, 1961

December 20, 2013 2261 Views 0 comment Print

Please refer to our mailbox clarification dated November 6, 2009 with respect to the ‘Special Reserve’ created by banks under Section 36(1) (viii) of Income Tax Act, 1961 (hereinafter referred to as ‘Special Reserve’), in terms of which, only the net amount of such Special Reserve (net of tax payable) should be taken into account for the purpose of computation of Tier-I capital.

Revised Customs Duty Rate on Natural Rubber

December 20, 2013 645 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in

Delhi VAT: Bank of Maharashtra notified for the purpose of deposit of Value Added Tax dues

December 20, 2013 411 Views 0 comment Print

Hereby renotify Bank of Maharashtra located in National Capital Territory of Delhi as appropriate Government Treasury for the purpose of deposit of Value Added Tax dues in relation to a dealer who are registered or liable to be registered under the Act and from contractees (TAN holders)

Criteria to treat Credit Card dues as NPA

December 20, 2013 1570 Views 0 comment Print

It is advised that a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the next statement date. The gap between two statements should not be more than a month.

S. 40A(2)(b) Loan taken from relatives cannot be compared with bank loan

December 20, 2013 10713 Views 0 comment Print

It was held that loan taken from the relatives cannot be compared with bank loan because loan from the relatives are without security, while loan from the bank is secured. Tribunal has held in the case of Omkarmal Gaurishanker –Vs- ITO reported in 92 TTJ (Ahd.) 223 that interest paid to relatives @24% is reasonable.

Issue of Invoice under Service Tax

December 20, 2013 49213 Views 0 comment Print

According to Rule 5 of Service Tax Rules, 1994, records include computerized data and means the record as maintained by an assessee in accordance with the various laws in force from time to time. Records maintained as such shall be acceptable to Central Excise Officer.

5 Riddles for Selecting Great Stock Market Software Solved

December 20, 2013 2716 Views 0 comment Print

An investment in the stock market is bound to pay — how many of us have let this statement give us a casual outlook on our stocks and shares. It’s true that by investing in the stock market, it feels as though we have struck gold. Yet, without the monitoring our stocks or tracking their […]

Punjab VAT : VDIS Scheme Notified, Last Date to Apply 31.01.2014

December 20, 2013 913 Views 0 comment Print

A person, who is desirous of getting benefit under Punjab Voluntary Disclosure of Value Added Tax Scheme, 2013, shall either be a taxable person or a registered person under the Act. Such person shall be entitled to avail benefit under this scheme, for settlement of un-paid tax in case of any discrepancy in the discharge of their tax liabilities under the Act.

Transfer Pricing – Ignore safe harbour margins for TP audits

December 20, 2013 1638 Views 0 comment Print

Pursuant to the Safe Harbour Rules in Rules 10TA to 10TG, the CBDT has issued a letter dated 20.12.2013 in which it has laid down important directives and clarifications on the manner in which the Safe Harbour Rules are meant to be implemented. The directives and clarifications are as follows:

S. 40A(3) No disallowance for cash payments made to ‘Broker’ who makes cash payments on behalf of the assessee

December 20, 2013 3273 Views 0 comment Print

Payments were made to truck drivers, who insisted for payment in cash was not exceptional case, because the assessee has not made payments to individual truck owners but to various brokers through whom the trucks were engaged, and therefore, the case of the assessee was not covered by the exceptions mentioned in Rule 6DD.

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