"April, 2014" Archive

Notification No. 36/14-Customs (N.T.) Dated: 30/04/2014

Notification No. 36/14-Customs (N.T.) (30/04/2014)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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Return Preparation Utility (RPU) V 3.9 and File Validation Utility (FVU) V 4.2 & 2.138 released

New versions of the Return Preparation Utility (RPU) version 3.9 and File Validation Utility (FVU) version 4.2 and 2.138 have been released by NSDL. The above versions are now mandatory to be used with effect from April 26, 2014, for TDS statements pertaining to FY 2010-11 and onwards....

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Posted Under: Custom Duty |

Mapping of e-form under Companies Act, 2013 with e-Form under Companies Act, 1956

Mapping of e-forms prescribed under the Companies Act, 2013 with e-forms prescribed under Companies Act, 1956 S. No. e-Form (Companies Act, 2013) Corresponding e-Form (Companies Act, 1956) Purpose of Form as per Companies Act, 2013 1 INC-1 1A Application for reservation of name 2 INC-2 New form Form for Incorporation and nomination (One P...

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Posted Under: Custom Duty |

Clause 49 Vs Companies Act, 2013

CS M. Kurthalanathan Introduction: To make the listed companies more transparent and to align the provisions related to listing agreement with the Companies Act 2013 ,Capital Markets Regulator, SEBI has amended Clause 49 of Listing Agreement The said amendments will be effective from 1st October 2014. S.No Particulars Clause 49 CA2013 &am...

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Posted Under: Custom Duty |

Enforcement of Narcotic Drugs and Psychotropic substances (Amendment) Act, 2014 wef 01.05.2014

NA (30/04/2014)

In exercise of the powers conferred by sub-section (2) of Section 1 of the Narcotic Drugs and Psychotropic substances (Amendment) Act, 2014 (16 of 2014), the Central Government hereby appoints the 1st day of May, 2014,...

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MEP on export of edible oils in branded consumer packs of upto 5 Kgs reduced to USD 1100 per MT

Notification No. 80 (RE-2013)/2009-2014 (30/04/2013)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government hereby amends with immediate effect Para 4 of Notification No 22(RE-2013)/2009-14 dated 18th June 2013 r...

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Section 45(5) – Compulsory Acquisition – Capital Gain

SECTION 45(5) – COMPULSORY ACQUISITION Q. Do consideration received from Government against compulsory acquisition attracts capital gain? As per section 45(5), consideration received against Compulsory acquisition by the Central Government shall also attract Capital Gain. [Jehangir P. Vazifdar V ITO (1992) 42 ITD 67 (Bom-Trib) – R...

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Posted Under: Custom Duty |

Capital Gain on Sale Of Agricultural Land – Case Studies

Q. What is the test that determines land is agricultural land? The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj)(1983) has laid down the following tests for determining whether the land is agricultural or not: a)    Whether, the land was classified in the revenue records as agricultural and whether it was […]...

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Posted Under: Custom Duty |

Punjab VAT – Input Tax Credit w.e.f 01.04.2014

Input tax credit is a concession granted by the State Government against the output tax liability on the sale or purchase of goods within the State jurisdiction. To avail such concession one has to fulfill the conditions imposed by the statue subject to which such concession is available. Amendment w.e.f. 01.04.2014: One of the most [&hel...

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Posted Under: Custom Duty |

Fast Track Quick Revision of Agricultural Income

Kaushal Agrawal Learn, understand and memorise 1. Why agricultural Income has been made exempted. 2. What is rider? 3. Definition of agricultural Income. 4. Computation of agricultural income 5. Part agricultural income and part non agricultural income of tea, coffee and rubber. 6. Partial Integration of agricultural Income with non agric...

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Posted Under: Custom Duty |