"12 February 2014" Archive

ICAI elects New President Vice President for the year 2014-15

CA. K Raghu elected as New President and CA. Manoj Fadnis as Vice President for the year 2014-15. CA. K. Raghu has been elected as new President & CA. Manoj Fadnis as new Vice President for the year 2014-15. Get to know these eminent luminaries of our profession. CA. K. Raghu, ICAI, President, ICAI- 2014-2015...

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Posted Under: CA, CS, CMA |

Interim Rail Budget Highlights and New Trains

No Increase in Passenger Fares and Freight Outlay of Rs 64,305 Crore Proposed for Rail Budget with A Budgetary Support of Rs 30,223 Crore 17 New Premium Trains, 38 Express Trains and 10 Passenger Trains Proposed Surveys For 19 New Lines and Doubling of 5 Tracks to be Taken Up...

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Posted Under: CA, CS, CMA |

MVAT- Revised Procedure for application of Declaration Forms & Suggestions

CA Mukund Abhyankar Sales Tax Department has changed the procedure for application of Declaration Forms w.e.f. 01.02.2014 vide Circular No.4T of 2014  Dated :- 28.01.2014 Existing Procedure for online applications upto 31.01.2014 Upto 31.01.14, the e-application form was simple and the dealer had to provide basic information such as TIN ...

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Posted Under: CA, CS, CMA |

Punjab & Haryana High Court also stays section 62(5) of Punjab VAT Act, 2005

Recently Supreme Court in Amrit Banaspati Company Pvt Ltd vs State of Punjab WP(c) No. 69 of 2014 has stayed the implementation and operation of section 62(5) of Punjab VAT Act, 2005 which provides for pre-deposit of 25% of additional demand before entertainment of any appeal....

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Posted Under: CA, CS, CMA |

Notification No. 68 (RE-2013)/2009-2014, Dated: 12.02.2014

Notification No. 68 (RE-2013)/2009-2014 (12/02/2014)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Para 2.1.1 of Foreign Trade Policy, 2009-14 with immediate effect....

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Export of Arms and related materials to Government of Iraq

Notification No. 67 (RE–2013)/2009-2014 (12/02/2014)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Schedule 2 of ITC(HS) Classification of Export & Import Items, with immediate effect...

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CPC introduces Online facility of filing corrections to TDS Statements

CPC (TDS) has introduced the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to breeze through submitting revisions with ease and confidence when you complete your transactions on TRACES portal. To avail the facility, you have to to Login to TRACES and navigate to “Defa...

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Posted Under: CA, CS, CMA |

Quote correct BIN while filing TDS/TCS statement

It is mandatory for Government deductors, who are reporting TDS without payment through bank challans, to quote correct Book Identification Number (BIN), while filing TDS/TCS statement. In case correct BIN is not quoted in the respective TDS statement, a Short Payment demand shall be raised by CPC(TDS)....

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Posted Under: CA, CS, CMA |

Section 234E – How to pay Fees for Late filing of TDS Statement?

Download the Justification Report from TRACES portal to view your latest outstanding demand. On downloading the Justification Report.Use Challan ITNS 281 to pay the above with your relevant Banker or use any other Challan, which has adequate balance available...

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S. 43B applies only to Statutory liability not to contractual liability

Oswal Agro Mills Ltd. Vs CIT (Delhi High Court)

Section 43B applies only in cases of statutory liability. By virtue of the said section, a statutory liability is not deductable in the year in which it accrues if the same remains unpaid. A deduction with respect to a statutory liability is allowed only on payment of the same....

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