"28 January 2014" Archive

Investment Allowance under Section 32AC

A new section 32 AC has been inserted by the Finance Act,2013 to provide a tax incentive by way of investment allowance to encourage huge investment in plant or machinery. This is a new policy of the government which attract the attention of businessman in respect of investment in new plant and machinery. The deduction under section 32 AC...

Posted Under: Income Tax |

Cenvat Credit on Capital Goods Vis-À-Vis Inputs

The capital goods which are used by the manufacturer or the service provider and which do not fall within the ambit of definition of input in rule 2(k) are to be treated as inputs and are entitled for the Cenvat credit....

Posted Under: Income Tax |

Rewards of Medal Winners of Olympic Games or Common Wealth Games or Asian Games exempt

ORDER - F.No.199/03/2013-ITA.1 28/01/2014

In pursuance of the powers conferred by sub-clause (ii) of clause (17A) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves any payment made, whether in cash or in kind, as a reward by the Central Government or a State Government to the medal winners of the Olympic Games or Common Wealth Games or...

Amends Notification No. 152/84-Customs , dated the 15th May, 1984

Notification No. 07/2014-Customs (N.T.) 28/01/2014

In exercise of the powers conferred by section 11 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 amendments in the notification of the ...

PAN Card Notification ignores Practical issues in Implementation

CA Sandeep Kanoi CBDT has changed the procedure for issue of PAN Card w.e.f. 03.02.2014 and has made it mandatory to submit self- attested copies of proof of identity, address and date of birth documents and also to produce original documents for verification vide its Notification No.  F.No: oPAN/1/3/2003/Part Dated: 24.1.2014 and vide P...

Posted Under: Income Tax | ,

Revision of audited report by CA before adoption of earlier audit report in AGM would not constitute misconduct

Council of the Institute of Chartered Ac Vs Shri G. Pattabhi Rama Charya (Andhra Pradesh High Court)

A careful analysis of Guidance Note on Revision of the Audit Report issued by the Council of the Institute of Chartered Accountants of India would reveal that it is permissible for the respondent to rectify and revise the audit report even after it is submitted. ...

Submit Form 27A generated by FVU withTDS/TCS statement wef 01.02.2014

With effect from February 1, 2014, it is mandatory to submit Form 27A generated by TDS/TCS FVU (File Validation Utility) duly signed, along the TDS/TCS statement/(s). Any other Form 27A submitted will be treated as invalid submission and the same will be rejected by TIN-FC branches. (27/01/2014)...

Posted Under: Income Tax |

MVAT : Procedure for online issue and Application of CST e-declarations/certificate

Trade Circular No. 4 T of 2014 28/01/2014

The procedure for issuance of statutory declarations/forms under the Central Sales Tax Act, 1956 has been prescribed by the Trade Circulars referred above. At present, for obtaining declaration or certificates, the dealer submits/uploads application called SOR (Statement of Requirement) electronically. ...

Third Quarter Review of RBI Monetary Policy 2013-14

Press Release : 2013-2014/1510

Hereafter, following the recommendation of the Dr. Urjit Patel Committee, monetary policy reviews will ordinarily be undertaken in a two-monthly cycle, consistent with the availability of key macroeconomic and financial data. Accordingly, the next policy review is scheduled on Tuesday, April 1, 2014....

Posted Under: Income Tax |

Fast Track Quick revision of Capital Gain

This is our second video of FAST TRACK - QUICK REVISION of Capital Gain. Our First Video was Fast track quick revision of Profits and gains of business or profession. Aim of this video is revision of Capital Gain in shortest possible time covering 90% of syllabus from examination point of view. However in class we devote almost 20 hours t...

Posted Under: Income Tax |

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