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Archive: March, 2014

Posts in March, 2014

Notification No. 78 (RE-2013)/2009-2014, Dated: 31.03.2014

March 31, 2014 1843 Views 0 comment Print

Prohibition on export of pulses has been extended till further orders. But, there are two exceptions to this. One is export of Kabuli Chana. Second is export of Organic Pulses and lentils; but with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned above.

Partners not liable to pay tax on exempt Income in the hands of firm – CBDT

March 30, 2014 4517 Views 0 comment Print

Circular No. 8/2014-Income Tax A reference has been received in the Board in connection with the interpretation of provision of Section 10(2A) of the Income tax Act, 1961 (‘Act’) seeking clarification as to what will be the amount exempt in the hands of the partners of a partnership firm in cases where the firm has claimed exemption / deduction under Chapter III or VI A of the Act.

Income Tax Notice to non-filers who had done high value transactions – Compliance

March 30, 2014 13696 Views 0 comment Print

In 2013, Income Tax Department issued letters to 12,19,832 non-filers who had done high value transactions. In 2014, Income Tax Department has identified additional 22,09,464 non-filers who have done high value transactions. You may be one of them. Act Now! Log on to e-filing portal at https://incometaxindiaefiling.gov.in

All about Duty Drawback Exim Scheme

March 30, 2014 227176 Views 30 comments Print

The term drawback is applied to a certain amount of duties of Customs and Central Excise, sometimes the whole, sometimes only a part remitted or paid by Government on the exportation of the commodities on which they were levied.

Central Indirect Tax Litigations – Different Levels for Dispute resolution

March 30, 2014 11607 Views 0 comment Print

India has steadily streamlined its central indirect tax regime over the last 30 years. The law has increasingly become simpler and easier to interpret and administer. Central indirect tax laws in India, at the central level, provide various avenues for resolution of tax disputes/litigations.

Bhopal: CBI arrests I-T officer, husband for taking Rs 10 lakh bribe

March 30, 2014 3237 Views 0 comment Print

    CBI ARRESTS A DEPUTY COMMISSIONER OF INCOME TAX AND THREE OTHERS IN AN ALLEGED BRIBERY OF RS.TEN LAKHS. The Central Bureau of Investigation has arrested Poonam Rai, the Deputy Commissioner of Income Tax, and her husband Ganesh Malviya, a BJP leader, and another private person in an alleged bribery case of Rs. 10 Lakhs. […]

MVAT – Due dated extended for Audit Report in form 704 for 2012-13 by developers to 10th May 2014

March 29, 2014 1096 Views 0 comment Print

It is represented by the Institute of Chartered Accountant of India that in view of the later Trade Circular No. 7T of 2014 , developers are allowed to file revise returns till 30th April 2014. Audit Report cannot be finalized till the time the return are filed. It is, therefore, requested to extend the date for filing of Audit Report pertaining to developers.

Sure key to achieve prosperity in life

March 29, 2014 547 Views 0 comment Print

Most of the people in the world are not aware of the fact that the Cosmic plan for all living beings on the planet earth is so designed that there is a provision for all, as far as the material requirements are concerned. In this context, it must be realized that the universe is abounding in all good things, material as well as spiritual, but still most of the persons are busy in blind pursuit to secure a few gold coins or a few acres of dirt and it then that we realize how destructive and ignorant selfishness is.

Thin Capitalization in India

March 29, 2014 11053 Views 0 comment Print

1.0         INTRODUCITON A company is said to be thinly capitalized when a greater proportion of its ‘capital-structure’ is made up of ‘debt’ than of ‘equity’. The interest payments generated on ‘debt capital’ is treated as a finance charge, and is allowable as a deduction in the taxable corporate income, thereby reducing the corporate tax burden. […]

What does section 144 of companies act 2013 talks about?

March 29, 2014 83907 Views 5 comments Print

There was no provision in Companies’ Act 1956 in respect to restrictions for providing certain services by the statutory auditors. The newly inserted section 144 of the Companies Act 2013 is the new provision that comes with the list of services that statutory auditors are restricted to render to their clients.

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