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Archive: 03 February 2014

Posts in 03 February 2014

Discounting charges of Bill of Exchange or factoring charges of sale cannot be termed as interest for TDS U/s. 194A

February 3, 2014 17350 Views 0 comment Print

Interest is a term relating to a pre-existing debt, which implies a debtor creditor relationship. According to us, unpaid consideration gives rise to a lien over goods sold and not for money lent. This interpretation of ours is supported by the decision of Hon’ble Supreme Court

Section 80P(4) applies only to Co-Operative Credit Society not to co-operative bank

February 3, 2014 23476 Views 0 comment Print

Sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop Urban Thrift & Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank

Seeks to amend notification No. 12/2012-Customs, Dated: 17.03.2012

February 3, 2014 301 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

No service tax on sub-brokers on services provided to member of commodity exchange during Sep 04 and June 2012

February 3, 2014 1220 Views 0 comment Print

No Service Tax Required to be Paid on Services Provided by An Authorised Person or Sub-Brokers to the Member of a Commodity Exchange in Respect of Such Taxable Service on which the Service Tax was not Being Levied During the Period Commencing from The 10th Day of September 2004 and Ending with the 30th Day of June 2012 in Accordance with the Prevalent Practice – Notification No. 03/2014-Service Tax , New Delhi, 3rd February, 2014

Single Member / One Person Company – Features, Origin & current scenario

February 3, 2014 8788 Views 0 comment Print

Thus, Single Member Company or One Person Company has been defined as A Company which has only one person as a member under sub section 62 of section 2 of the Companies Act, 2013. It is now possible for a person, competent to enter a contract, to start such One Person Company which is like a proprietary firm with the benefits of a Limited Company.

Fast Track Quick revision of Return of Income

February 3, 2014 4243 Views 0 comment Print

This is our third video of FAST TRACK – QUICK REVISION of Return of Income. Aim of this video is revision of return of income in shortest possible time covering 90% of syllabus from examination point of view. However in class we devote almost 3 hours to return of income which we have tried to condensed in 12 minutes approx.

Service Tax under RCM paid by Service Provider, cannot be demanded again from Service Recipient

February 3, 2014 15824 Views 0 comment Print

Whether Service Tax can be demanded again from the Service Recipient under reverse charge, where the same has been paid by the Service Provider and accepted by the Department?

Notification No. 03/2014-Central Excise Dated : 3rd February, 2014

February 3, 2014 1355 Views 0 comment Print

Notification No. 03/2014-Central Excise after the serial number 94 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

All you need to know about Quantitative Easing and Tapering

February 3, 2014 2913 Views 0 comment Print

In the recent times, Quantitative Easing policy of the US Federal Reserve has gained a lot of attention from businesses, investors and stock markets the world over. This has generated curiosity in the minds of many as to what it actually is and how it affects the world economy. This article is an attempt to satisfy such curious minds.

CMA President's Communique for February 2014

February 3, 2014 955 Views 0 comment Print

I take this opportunity to thank all the members and stakeholders for gathering adequate support in favor of the Cost Accounting Records, Cost Audit and for modification of the draft Companies (Cost Records and Cost Audit) Rules, 2013 so that the professionals and the profession could contribute its expertise for the cause of the society and I sincerely look forward for your continued support for the cause of the profession.

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