"13 January 2014" Archive

Amendment to Schedule D of MVAT Act

Notification No. VAT 1513/CR 109/Taxation-1. 13/01/2014

In the Maharashtra Value Added Tax Act, 2002, in SCHEDULE 'D', in entry 11, in column (2), for the words Brihan Mumbai Corporation and Pune District the words Brihan Mumbai Corporation, Pune Municipal Corporation and Raigad District shall be substituted....

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No TDS on Service Tax if shown separately

Circular No. 1/2014-Income Tax 13/01/2014

CBDT has examined the matter afresh and clarified vide Circular No. 1/2014 dated 13-1-2014 (Produced Below) -“TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised of payments made to residents” that wherever in terms of the agreement/contract...

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Method of accounting can be changed if such change is bona fide and permissible under law

Commissioner of Income Tax II Vs Mapin Publishing Pvt Ltd. (Gujarat High Court at Ahmedabad): Tax Appeal No. 902 of 2013

Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition issued by the Institute of Chartered Accountants of India and provisions of S.5 of the Act. ...

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Exemption u/s 54EC can be availed by a Trust even if investments are made in the name of trustees or beneficiaries

Popatlal N. Vora Inheritance Trust Vs ITO (ITAT Ahmedabad)

Facts in brief as emerged from the corresponding assessment order passed u/s. 143(3), dated 1.12.2009 were that the assessee is a trust and during the year disclosed a capital gain of Rs.87,29,080/-. It was informed that the assessee had invested a sum of Rs. 1,12,00,000/- in Rural ...

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ICAI – FAQ on verification of marks and submission of on-line applications for verification of answer books

What is meant by verification of marks? The process of verification of marks covers the following: Checking:Whether the answer book(s) compilation is complete. Whether any question or part thereof has remained unvalued. Whether there is any totaling error in any question or total marks on the cover page. Whether there is any discrepancy...

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Statutory Central Auditors appointed in public sector banks for year 2013-14

Name of Statutory Central Auditors appointed in public sector banks for the year 2013-14 Sr. No  Auditors appointed for 2013-14 1.            Allahabad Bank, Kolkata 1         M/s N K Bhargava & Co., New Delhi 2         M/s Raghu Nath Rai & Co., New Delhi 3         M/s Khandelwal Kakani & Co...

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