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Archive: 24 February 2014

Posts in 24 February 2014

Cenvat Credit on CHA Service Used For Export of Goods

February 24, 2014 19366 Views 10 comments Print

Manas Joshi One fine morning, my mobile rang and my client asked me “Sir, can I take CENVAT credit on CHA services used for export of goods?” Officers are disallowing our credit”. Since law is very clear, I immediately gave positive reply to my client and discontinued our conversation. Then I thought do we really […]

Independent Director – (Listing Agreement and the Companies Act, 2013)

February 24, 2014 6429 Views 0 comment Print

The concept of Independent director was introduced in the Report of Kumar Mangalma Birla Committee. The main purpose for establishment of this committee was to promote good cooperate Governance and make transparency among Companies and its stakeholders.

CBDT not maintains details of wrong claims maintained in Tax Audit Report in Form 3CD

February 24, 2014 3039 Views 0 comment Print

Recently Advocate B. S. K. Rao has file an RTI Application with Office of the Commissioner of Income-Tax (CPC), Bangalore and Requests to provide details of Wrong Claims reported in Form No.3CD uploaded to e-filing website of Income-Tax Department for the Assessment Year 2013-14, in respect of return filed in ITR-4 & ITR-5.

In Real Estate Broking Business passing of Commission is normal Practice

February 24, 2014 1463 Views 0 comment Print

ACIT vs. Shri Damodar Dass Batra (ITAT Delhi) – The Ld. CIT (A) has erred in deleting the addition of Rs. 11,23,263/- made by the A.O. without considering the fact that these commission expenses are bogus and fictitious and could not be fully substantiated by the assessee.

Constitution of India and Income tax

February 24, 2014 6443 Views 0 comment Print

1. Do you know from which document Govt. derives power to levy income taxes? 2. Do you know which Govt. has the power to levy tax on income? 3. Everyone knows Govt. can levy taxes only by making law. But which article of the constitution gives power to do so?

Tax officials should act as a facilitator rather than tax administrators

February 24, 2014 1454 Views 0 comment Print

MOS for Finance (Revenue) Asks Tax Administrators to be Tax Payer Friendly, Transparent and Play the Role of Facilitator; Confers Presidential Award of Appreciation on 37 Officers of the Customs and Central Excise Department Shri J.D. Seelam, Minister of State for Finance (Revenue) said that the tax officials should act as a facilitator rather than […]

Notification No. 07/2014-Customs, Dated- 24th February, 2014.

February 24, 2014 1596 Views 0 comment Print

G.S.R. 105 (E). – 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 amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 93/2009-Customs, dated the 11th September, 2009 published in the Gazette of India

Notification No. 05/2014-Central Excise, Dated- the 24th February, 2014

February 24, 2014 2290 Views 0 comment Print

In the said notification, in paragraph 2, in condition (a), in the second proviso, serial number (xix) and the entries relating thereto shall be deleted..

CENVAT Credit (Third Amendment) Rules, 2014

February 24, 2014 7414 Views 0 comment Print

If the assessee does not have turnover for some or all the units in the preceding financial year, the last quarter for which details of turnover of all the units are available, previous to the month or quarter for which credit is to be distributed

TDS – C3 and C9 Corrections – Points to consider

February 24, 2014 53077 Views 3 comments Print

Following are some useful information to adhere before submitting Corrections, with special reference to C3 & C9:   What are C3 & C9 Corrections?     C3 Correction involves Updation  or Addition of Deductee details in the TDS statement.  The facility to delete Deductee records has now been discontinued for the purpose of correct reporting […]

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