"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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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 |

Implementation of National Judicial Reference System Project of Income Tax Department

D. O. No.. DGIT (L&R)/NJRS/2014-M (29/04/2014)

As you may be aware, the department has been working on a project to create an electronic database of all income tax appeals and judgments of the ITAT, HCs and the Supreme Court. The project is titled the National Judicial reference System (NJRS), and is being taken up under the Directorate General of Income Tax (Legal & Research). The pr...

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NABARD approved for the purpose of section 36(1)(xii) of Income Tax Act, 1961

Notification No. 25/2014-Income Tax (29/04/2014)

Notification No. 25/2014-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Development (PAN: AAACT4020G) established under section 3...

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SEBI : Infrastructure facilities and submission of periodic reports

CIR/IMD/FIIC/09/2014 (28/04/2014)

In order to ensure proper functioning of the FPI regime, it is imperative that DDPs should have adequate infrastructure facilities and appropriate systems and controls in place. Accordingly, it has been decided ...

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MCA specifies forms which needs pre-certification by CA, CS or CMA

Notification No. G.S.R. (E) (28/04/2014)

The following e-forms filed by companies, other than one person companies and small companies, under sub-rule (1) of rule 9, shall be pre-certified by the Chartered Accountant or the Company Secretary or as the case may be the Cost Accountant, in whole-time practice, namely:‑...

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Companies (Registration Offices and Fees) Amendment Rules, 2014

Notification No. G.S.R. 297(E) (28/04/2014)

- In exercise of the powers conferred by sections 396, 398, 399, 403 and section 404, read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Registration Offices and Fees) Rules, 2014, namely:-...

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Delhi VAT – DVAT-16 ,DVAT-17 & DVAT-48 due date to file extended

Circular No. 3 of 2014-15 (28/04/2014)

In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules,2005, I, Prashant Goyal, Commissioner, Value Added Tax, do hereby extend the last date of online filing of fourth quarter return for the year 2013-14, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures, and submission of hard copy to 09/0...

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Disclosure Initiative: Proposed amendments to IAS 1

Disclosure Initiative: Proposed amendments to IAS 1 (Last date for sending comments: June 15, 2014).  IAS 1 Presentation of Financial Statements prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial sta...

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Posted Under: Custom Duty |

e-TDS/TCS RPU (Version 3.9) & e Validation Utility (FVU) version 2.138 applicable from 26.04.2014

e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are available for download from TIN website and the same is mandatory with effect from April 26, 2014.     e-TDS/TCS RPU (Version 3.9) for Statements from FY 2007-08 is ...

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Posted Under: Custom Duty |

CBI Arrests Superintendent (Service Tax) Of Central Excise & Customs in Bribery Case

The Central Bureau of Investigation has arrested a Superintendent of Service Tax, Central Excise, Customs & Service Tax, Nadiad (Gujarat) for demanding and accepting a bribe of Rs. 2000/- from the Complainant. A case was registered on a complaint from partner of a firm who had applied for obtaining of Service Tax Registration Number i...

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Posted Under: Custom Duty |

Who am I? I am A Champion

Write on a piece of paper, Who am I? I am a champion and keep it on your desk or paste it on the wall. This will fire you up. Charge you for the whole day. It can charge you up for the whole life. ...

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Posted Under: Custom Duty |

OPC – One Person Company – The next big thing

OPC provides a whole new bracket of opportunities for those who look forward to start their own ventures with a structure of organized business. OPC will give the young businessman all benefits of a private limited company which categorically means they will have access to credits, bank loans, limited liability, legal protection for busin...

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Posted Under: Custom Duty |

Exposure Draft of Accounting Standard for Local Bodies (ASLB) 3 on 'Accounting Policies, Changes in Accounting Estimates and Errors' for public comments.

Exposure Draft of the Accounting Standard for Local Bodies (ASLB) 3 on ‘Accounting Policies, Changes in Accounting Estimates and Errors’ for public comments. As you would kindly be aware that the Institute of Chartered Accountants of India (ICAI), in the year 2005, constituted the Committee on Accounting Standards for Local Bo...

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Posted Under: Custom Duty |

Simple ways to avoid Defaults in TDS Statements

We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements...

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Refund Of Service Tax (ST) Credit For ST Paid Under Reverse Charge

Rule 5B has been inserted in Cenvat Credit Rules, 2004 w.e.f. 01.07.2012 vide Notification No. 28/2012-CE(NT) dated 20.06.2012. Under Rule 5B, inserted w.e.f. 1.7.2012 vide Notification No. 28/2012-CE (NT) dated 20.6.2012, refund of Cenvat Credit will be allowed to service providers providing services on reverse charge basis. ...

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Posted Under: Custom Duty |

Fast Track Quick Revision deduction from gross total income u/s 80C to 80U

Kaushal Agrawal Learn, understand and memorise following sections. 1. 80C : Savings 2. 80CCC  : Pension fund 3. 80CCD : Pension Fund 4. 80CCG : Rajiv Gandhi Equity Scheme 5. 80D : Health Insurance premium 6. 80DD : Disabled dependent 7. 80DDB : Specified disease 8. 80E : Interest on higher education 9. 80EE : […]...

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Posted Under: Custom Duty |

Notification No. 35/2014-Customs (N.T.), Dated: 25.04.2014

Notification No. 35/2014-Customs (N.T.) (25/04/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs, Inland ...

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Notification No. 34/2014-Customs (N.T.), Dated: 25.04.2014

Notification No. 34/2014-Customs (N.T.) (25/04/2015)

(i) the Additional Commissioner of Customs, Hyderabad-II Commissionerate, 7th Floor, Kendriya Shulk Bhavan, L.B.Sadium Road, Basheerbagh, Hyderabad ; (ii) the Additional Commissioner of Customs (Import-Sea), Custom House, 60, Rajaji Salai, Chennai,...

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Notification No. 33/2014-Customs (N.T.), Dated: 25.04.2014

Notification No. 33/2014-Customs (N.T.) (25/04/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs ...

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Unlisted cos. raising funds abroad to comply with SEBI’s disclosure norms at time of listing in India

Notification No. GSR 282(E) [F.NO.4/13/2012-ECB.] (25/04/2014)

This Scheme may be called the issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme, 2014....

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Download EPF pension Calculator

BENEFITS OF PENSION SCHEME a. An Employee is eligible for Pension after 10 years of service. b. The Pension is payable on attaining the age of 58 years, whether he is in service or superannuated. c. Early Pension at reduced rate can be availed on leaving the employment, after attaining the age of 50 years. […]...

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ICSI issues draft guideline on use of Individual Logo by Company Secretaries in Practice

The Practising Company Secretaries Committee of the Council of the Institute in its 64th meeting held on April 23, 2014 held at ICSI headquarters, New Delhi has decided that the views and suggestions on the draft Guidelines for Use of Individual Logo by Company Secretaries in Practice, be obtained from all ICSI members....

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Posted Under: Custom Duty |

How to ensure correct credit of TDS to dedcutee & generation of TDS certificate

As the due date for filing quarterly TDS statement for 4th quarter is approaching close,TDS deductors must take note of following important information before submitting TDS statements to ensure that the deductees are able to correctly claim TDS Credits and for generating correct TDS Certificates....

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All about C9 Corrections for Quarterly TDS Statements

Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections....

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Availability of E-Form/Non-E-Form under Companies Act, 2013

General Circular No. 09/2014 (25/04/2014)

In continuation of General Circular No. 6 of 2014, I am directed to inform that w.e.f. 28th April 2014, 46 e-forms including 3 general e-forms will be available for filing by the stakeholders. The 3 General e-Forms will be used for filing 17 forms which are not available as e-forms as on date. ...

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DGCA allows in-flight use of mobiles, laptops on flight mode

Notification No. F. No. AV. 15011/CAR/05/2014 (23/04/2014)

Prior to the change, the regulations clearly barred the use of cellphones during all phases of a flight. Passengers were only allowed to switch the phones on after the plane had landed and taxied off the active runway...

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Key Effects Of New Companies Act, 2013

Anil Kumar Popli, FCS I would like to discuss some of the major changes which have major impact on corporate workings and corporate should be aware and take necessary action at the earliest and make policy with respect to restructuring of Board of Directors, acceptance of deposits, allotment of shares, alteration of objects and Memorandum...

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Posted Under: Custom Duty |

Financial mistakes young investors should avoid

There has been a paradigm shift in financial outlook of taxpayers of young generation these days. Youngsters start earning early these days, have higher disposable income, are more informed, yet they fail to make informed decisions about there tax planning. In our practice of 10 years, we discovered a common characteristic among the young...

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Posted Under: Custom Duty |

Section 140: Removal, resignation of Auditor and giving of Special notice

1. Removal of Auditor appointed u/s 139 – before expiry of his term       Reasonable opportunity of being heard is to be provided to the concerned auditor Previous approval of the CG is required as per manner prescribed Special Resolution should be passed approving the above removal...

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Posted Under: Custom Duty |

Nil Excise Duty Still Taxable

It is commonly known that levy of excise duty arises on manufacture and the duty is collected on removal of goods from the factory. However, all manufacturing process does not attract levy of excise duty unless some basic conditions are met. ...

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Posted Under: Custom Duty |

Special Economic Zones-Notifications/Exemptions Withdrawn

Amendments by Finance Act, 2011 to withdraw exemption from MAT & Dividend Distribution Tax to SEZ developers/units are not unconstitutional. In the impugned amendment it is made clear that it is prospective in nature. Therefore the impugned amendments can neither be said unreasonable or arbitrary....

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Posted Under: Custom Duty |

Types of stock market charts: A Complete Guide

Technical analysts study historical stock and index price trends to predict stock movements and trends. A stock or index chart like any other graph has two-axis – X and Y – plotted for price and time. Each chart has a specific function and what chart you use, depends on the information you are seeking. There […]...

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Posted Under: Custom Duty |

Delhi VAT – For digital signature for online filing of applications/returns etc.

Circular No. 02 of 2014-15 (23/04/2014)

All registered dealers can avail of the facility by obtaining digital signatures from any pf the certifying authorities. The dealers filing the returns online by using digital signature need not to file Return verification Form in Form DVAT-56....

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RBI advises guidelines on uniform accounting standard for ARCs

RBI/2013-14/571 DNBS (PD) CC. No. 38/SCRC/26.03.001/2013-14 (23/04/2014)

Expenses incurred at pre acquisition stage for performing due diligence etc. for acquiring financial assets from banks/ Fls should be expensed immediately by recognizing the same in the statement of profit and loss for the period in which such costs are incurred....

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SEBI : Revised guidelines for Liquidity Enhancement Scheme in Equity Cash and Equity Derivatives Segments

Circular No. CIR/MRD/DP/14/2014-SEBI (23/04/2014)

. A conflict of interest framework shall be put in place by the stock exchange for the liquidity enhancement scheme. Such a framework shall provide for obligation on the part of the market maker / liquidity enhancer to disclose any conflict of interest while participating in the scheme. The same shall be disclosed by the stock exchange on...

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4 ICSI Demands in respect of Rules under Companies Act, 2013

I would like to once again inform you that your Council is in constant dialogue with the concerned authorities to alleviate the concerns of the profession emanating from the Rules under the Companies Act, 2013. The following is being sought in the interest of compliance and governance:...

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Posted Under: Custom Duty |

Clarification regarding treatment of expenditure incurred for development of roads/highways in BOT agreements

Circular No. 9/2014 - Income tax (23/04/2014)

3. In BOT arrangements for development of roads/highways, as a matter of general practice, possession of land is handed over to the assessee by the Government/notified authority for the purposes of Construction of the project without any actual transfer of ownership and such assessee has only a right to develop and maintain such asset. It...

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Why adequate sleep is important

Many scientists agrees that 8 hours is quite sufficient and varies from 6.5 hours to 8 hours from person to person. He also mentioned that teenagers needs 9 hours of sleep. Normally, an average person spends 36% of time sleeping. If you are 90 in age, 32 years will have been spent entirely asleep....

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Posted Under: Custom Duty |

Auditor's responsibility under Companies Act, 2013 and detailed analysis of Section 139

Overview of various sections for Auditor's responsibility under Companies Act, 2013 and detailed analysis of Section 139. Certain Sections of Companies Act, 1956 which are now not in existence as per Companies Act, 2013 are as follows:...

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Posted Under: Custom Duty |

Who can be Karta of HUF his powers; Can Female / Minors / Junior Member can be Karta of HUF

KARTA OF HUF The Karta is the manager of HUF and have wide powers by way of controlling the affairs of the HUF. The Karta enjoys his position in the HUF by operation of law without any agreement and consent of other members of HUF. He stands in a fiduciary relationship with other members, but […]...

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All about HUF with Sole surviving Coparcener

SOLE SURVIVING COPARCENER A coparcener outliving all other coparcener is known as the sole surviving coparcener. He may be alone in the family or there may be other female member along with him in the family. The nature of property in the hands of such sole surviving coparcener is that of HUF property....

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FAQ on Miscellaneous issue in TDS U/s. 193, 194, 194A, 194B, 194BB, 194D, 194E, 194EE, 194G, 194LA, 194LB, 194LC

MISCELLANEOUS ISSUES (SECTION 193, 194, 194A, 194B, 194BB, 194D, 194E, 194EE, 194G, 194LA, 194LB, 194LC) Q.1.     Whether assessee liable to deduct TDS u/s 193 on provision of interest in case payee is not identified. Ans. Explanation to section 193 cannot be invoked in a case where person who is to receive interest cannot be identifi...

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Companies Act, 2013 – Date of Notification of various Rules

Companies Act, 2013 – Statement of Notification of Rules Particulars of Rules Effective date 1 Companies (Specification of definitions details) Rules, 2014  01/04/2014 2 Companies (Accounts) Rules, 2014 01/04/2014 3 Companies (Meetings of Board and its Powers) Rules, 2014 01/04/2014 4 Companies (Declaration and Payment of Dividend)...

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Posted Under: Custom Duty |

Section 40(a)(ia): Whether applicable to sum payable at the year end or on all sums during year

Section 40(a)(ia) of the act was introduced in the Income Tax Act, 1961 by the Finance (No 2) Act, 2004 w.e.f. 01.04.2005 with the view to augment the revenue through the mechanism of tax deduction at source. This provision was bought so as to disallow the expenses on which TDS is not deducted but the […]...

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Posted Under: Custom Duty |

Addition for Subscription to share Capital by Kolkata based companies

M/s Orchid Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The Hon'ble Supreme Court in the case of CIT Vs. Lovely Exports Pvt. Ltd. (supra), has held that if the share application money is received by the assessee company from alleged bogus shareholders whose names are given to the AO then the department is free to proceed to reopen their individual assessment in accordance with law but it canno...

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Adieu to the Companies Act, 1956 : A tribute!

Finally, the long awaited moment has come for you to retire and your son, the Companies Act, 2013 to take charge of the affairs. Finally, the new Act will take your place in entirety as karta of the Corporate Gamut of the country. Everyone will get busy understanding his nature, his importance, his provisions and consequences of disobeyin...

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Posted Under: Custom Duty |

Taxation of shares’ income confusing you?

Confused about taxation of any income arising in respect of shares, be it capital gains on sale of such shares or dividends received? There is general perception that any income received in respect of shares is exempt from tax, be it capital gains or dividends. ...

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Posted Under: Custom Duty |

Addition for loan received after deposit of Cash in Bank Account of loaner

Ghisulal S. Jain(HUF) Vs CIT (ITAT Mumbai)

It is a fact that the assessee is not required to prove the source of source of the amount found credited in the accounts of loan creditors as held by the Hon'ble Delhi High Court in the case of Dwarik Dwarikadhish Investment (P.) Ltd. (supra) and CIT vs. Diamond Products Ltd. (supra)....

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ITAT Confirms Addition of 1% Commission on Hawala / Bogus Turnover

M/s. Saroj Anil Steel P. Ltd. Vs Income Tax Officer Ward-3(4) (ITAT Mumbai)

The Assessing Officer as well as Commissioner of Income tax (Appeal) has failed to determine the correctly the hawala Income. The appellant has issued Bills i.e. Sales Bills to the commercial world i.e. the needy persons. Who has paid the appellant the Hawala Commission....

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S. 234E: Recovery of fee is subject to outcome of Petition; Govt to reply on S. 234E notices – Rajasthan HC

Om Prakash Dhoot Vs UOI (Rajashthan High Court)

Under Section 234E wef 1st of July 2012 deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed. ...

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Article of Association needs amendment after applicability of Companies Act 2013

List of Sections in Companies Act, 2013 (vis-a-vis Sections in Old Act) where the Articles of Association can override provisions of the Act or prescribe the limits / conditions in certain cases - in which a checklist can be made to decide which Articles from existing articles are required to be changed :...

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Posted Under: Custom Duty |

Exemption Notification cannot be forced upon assessee – No legal bar on paying duty & availing benefit of Modvat scheme

Whether the option is available to the assessee either to avail the exemption notification or to pay duty on the final products by taking Modvat credit on inputs in terms of Rule 57A of the erstwhile Central Excise Rules, 1944 (“the Excise Rules”)?...

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Posted Under: Custom Duty |

Methods of computation of VAT

There are 3 methods of computation of VAT- 1. Addition method 2. Subtraction method 3. Invoice method. First 2 methods has many disadvantages and none of the countries have implemented it. However last method also called Input tax credit method has lots of advantages which most of the countries has implemented it. ...

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Posted Under: Custom Duty |

Reduce / Delete outstanding demand outstanding against Assessee -CBDT prescribes Procedure

PRESS NOTE NO.402/92/2006-MC (17/04/2014)

The CBDT has further noted that many taxpayers are committing mistakes while furnishing their tax credit claims in the return of income. Such mistakes include quoting of invalid/incorrect TAN; quoting of only one TAN against more than one TAN tax credit; furnishing information in wrong TDS Schedules in the Return Form; furnishing wrong ch...

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Empanelment Of Stock Auditors With State Bank Of Mysore

STATE BANK OF MYSORE, HEAD OFFICE BANGALORE INVITES APPLICATIONS FOR THE EMPANELMENT OF STOCK SUDITORS IN THE BANK. START DATE: 21.04.2014, CLOSE DATE- 10.05.2014....

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Posted Under: Custom Duty |

ICAI expresses concern on proposed definition of “Accountant” in DTC

Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have th...

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Posted Under: Custom Duty | ,

Limit on number of audits under Companies Act 2013 – ICAI Representation to MCA

We wish to draw your kind attention to the genuine difficulties arising out of the restriction on number of audit, which can be conducted by an auditor under section 141(3)(g) of the Companies Act, 2013. ...

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Posted Under: Custom Duty |

Deal with the misuse of Public Interest Litigation with iron hand – SC

Jaipur Shahar Hindu Vikas Samiti TR. Pres Vs State of Rajasthan TR. Chief Sec. & ORS. (Supreme Court of India)

The Supreme Court today advocated in the case of JAIPUR SHAHAR HINDU VIKAS SAMITI TR.PRES Vs. STATE OF RAJASTHAN TR.CHIEF SEC.& ORS. that judiciary should deal with iron hand the misuse of Public Interest Litigation (PIL) which is being exploited for the benefit of individuals....

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Pvt firms including telecom Companies come in CAG ambit – SC

Association of Unified Tele Services Vs Union of India (Supreme Court of India)

The Supreme Court has held in the case of ASSO.OF UNIFIED TELE.SERV.PROV.& ORS. Vs. UNION OF INDIA & ORS. in CIVIL APPEAL NO. 4591 OF 2014, Date of Decision 17.04.2014 that Pvt firms including telecom Companies come in CAG ambit....

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Immediate Compliance for Companies under Companies Act 2013–Part 2

Companies Act, 2013 is out. Companies have to fulfill the requirements stated therein. Few provisions have already been published which can be found at: Immediate Compliance for Companies under Companies Act, 2013 – PART 1 Some more provisions are stated hereunder: 1. Appointment of Company Secretary: Now, only a Public Limited Company ...

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Posted Under: Custom Duty |

How to Incorporate / Register LLP in India

The liability of each partner is limited to the contribution mention in agreement., The cost of formation is limited., Less restriction and compliance., Separate Legal Entity...

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Posted Under: Custom Duty |

Formation of Company under New Companies Act, 2013

The first thing to take care of under the new Companies Act, 2013 is to follow a changed procedure for giving birth to a Company. This article speaks of only Public and Private Limited Companies and does not cover One Person Companies. The brief procedure to be adopted for incorporating a Company would be :...

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Posted Under: Custom Duty |

Mere non residential use subsequently would not render property ineligible for benefit U/s. 54F

Shyamlal Tandon Vs ITO (ITAT Hyderabad)

Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property, as held by the Delhi Bench of the Tribunal in the case of Mahavir Prasad Gupta Vs JCIT (5 SOT 353). ...

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Corporate Governance in listed entities – Amendments to Clauses 35B & 49 of Equity Listing Agreement

Circular No. CIR/CFD/POLICY CELL/2/2014 (17/04/2014)

The Companies Act, 2013 was enacted on August 30, 2013 which provides for a major overhaul in the Corporate Governance norms for all companies. The rules pertaining to Corporate Governance were notified on March 27, 2014. ...

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Consolidated FDI Policy – FDI Guidelines – Dated 17-4-2014 – FEMA

D/o IPP F. No. 5(1)/2014 (17/04/2014)

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) Circular 1 of 2014 Subject: Consolidated FDI Policy. The “Consolidated FDI Policy” is attached. 2. This circular will take effect from April 17, 2014. Download Consolidated FDI Policy (Anjali Prasad) Additional Secretar...

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How to Register Partnership Firm in Maharashtra

Step wise Registration process of Partnership Deed in Maharashtra and challenges- Initially the process of registration in the state of Maharashtra was done manually and not system driven, however recently this process has changed to online in Maharashtra. The registration formality needs to be completed online with uploading of various S...

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Posted Under: Custom Duty |

Rate of exchange of conversion of each of foreign currency from 17.04.2014

Notification No. 32/2014-Customs (N.T.) (17/04/2014)

except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect ...

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Rules of Interpretation of Services in Service Tax

Despite doing away with the service-specific descriptions, there will be some descriptions where some differential treatment will be available to a service or a class of services. Section 66F lays down the principles of interpretation of specified descriptions of services and bundled services. But before going on to Section 66F, let us un...

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Posted Under: Custom Duty |

Govt. invites Suggestions for Budget 2014-15 regarding changes in direct and indirect taxes

F.No.334/8/2014-TRU (17/04/2014)

F.No.334/8/2014-TRU In the context of formulating the proposals for the Union Budget 2014-15, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may, therefore, like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect...

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FAQs on computation of VAT liability of developers after SC judgment in case of L&T Ltd.

Trade Circular No. 12 T of 2014 (17/04/2014)

The stages mentioned and percentage deduction provided for various stages of construction are based upon the recommendations of the Public Works Department of Government of Maharashtra....

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Time to plan your Income and Taxes for 2014-15

The last financial year ended a fortnight ago, and its right time for individual taxpayers to plan their Income and give the final touches to their tax planning and savings. There are many sections defined under the Income Tax Act that enable individuals to save tax by investing in various qualified instruments. Since your employer [&hell...

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Mere subsequent Commercial use of Residential Property not take away benefit u/s.54F

Shri M.V.Subramanyeswara Reddy (HUF) & Others Vs Dy. Commissioner of Income-tax (ITAT Hyderabad)

Shri M.V.Subramanyeswara Reddy (HUF) Vs DCIT ITAT Hyderabad Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property, as held by the Delhi Bench of the Tribunal in the case of Mahavir Prasad Gupta Vs JCIT (5 SOT 353). ...

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Govt woman employee can get uninterrupted 2-yr leave for child care – SC

Kakali Ghosh Vs  Chief Secretary, Andaman & Nicobar Administration And Ors. (Supreme Court of India)

In the present case, the appellant claimed for 730 days of CCL at a stretch to ensure success of her son in the forthcoming secondary/senior examinations (10th/11th standard). It is not in dispute that son was minor below 18 years of age when she applied for CCL....

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SC grants recognition to transgenders / Eunuchs as third gender

National Legal Services Authority Vs Union of India (Supreme Court of India)

In a historic move, the Supreme Court on Tuesday granted legal recognition to transgenders as ‘third gender’ as a mandate of social justice in response to writy filed by National Legal Services Authority . The apex court ordered the Centre and the states to recognise transgenders as a class apart from male and female....

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Parliament can impose Service Tax on Restaurants & Hotels – Bombay HC

Indian Hotels and Restaurant Association Vs Union of India (Bombay High Court)

Bombay HC dismisses writ filed by Indian Hotels and Restaurant Association and upholds validity of service tax levy on air-conditioned restaurants serving liquor u/s 65(105)(zzzzv) of Finance Act....

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Tax Audit is exclusive domain of Chartered Accountants

The requirements of Form 3CA/Form 3CB require the auditor to give a true and fair view on the accounts of the assessee which can be given only by persons having a high degree of training and competence in accounting. This level of knowledge in accounting is possessed only by chartered accountants acquired by virtue of […]...

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Act of Non CAs to Approach CAs to get Tax Audit report signed for Audit not conducted by them is unethical – ICAI

In case of Corporates, chartered Accountants are getting fees in the range of Lakhs, but in non-corporates cases, they get fees in the range of Thousands only. Therefore, CA's make best combination of tax audit assignments to sign tax audit reports under section 44AB to yield Revenue....

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ICAI Clarification on Ceiling on number of tax audits

In order to maintain the quality of tax audit to be conducted by our members. ICAI in the year 1989 imposed a limit on audits to be conducted by a practicing member in any financial year. At that time the limit was specified at 30. The process of fixation of ceiling on the number of […]...

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e-voting under Companies Act, 2013 & Rules,2014

On the whole electronic voting replaces the Postal ballot process and saves time and cost of the company .It also helps the shareholders to cast their vote from anywhere and at anytime. In the e-voting process, role of scrutinizer will go under paradigm shift as there will be no physical collecting and counting of ballot papers, verificat...

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Posted Under: Custom Duty |

Foreign Direct Investment in Limited Liability Partnership

RBI/2013-14/566 A.P. (DIR Series) Circular No. 123 (16/04/2014)

It has now been decided that Limited Liability Partnership (LLP) formed and registered under the Limited Liability Partnership Act, 2008 shall be eligible to accept Foreign Direct Investment (FDI) subject to the conditions given in Annex I....

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CBEC invite comments to make CESTAT appeal forms more simple

Comments/Suggestions invited to make the CESTAT appeal forms more simple, user friendly and useful for creation of data base. Reply may be sent at dirjc-cbec@nic.in...

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Posted Under: Custom Duty |

System of taxation and meaning of VAT

Kaushal Agrawal In this lecture we shall learn 1. System of sales tax. 2. Advantages and disadvantages of different system of sales tax. 3. Meaning of VAT. 4. Advantage of VAT Useful for students who are appearing in CA inter, CMA inter or CS executive exam....

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Posted Under: Custom Duty |

Brief on Copyright Act, 1957

Copyright ensures certain minimum safeguards of the rights of authors over their creations, thereby protecting and rewarding creativity. Creativity being the keystone of progress, no civilized society can afford to ignore the basic requirements of encouraging the same....

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Posted Under: Custom Duty |

Amends Notification No. 36/2001-Customs (N.T.), Dated: 03.08.2001

Notification No. 31/2014-Customs (N.T.) (15/04/2014)

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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ONE PERSON COMPANY – Legal Provisions & Brief Comparison

As defined in Section 2 (62) of the Companies Bill, 2013, One Person Company means a company which has only one person as a member....

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Posted Under: Custom Duty |

Companies Act – 2013: Secretarial Audit

Secretarial Audit is a process to check compliance with the provisions of various laws and rules/regulations/procedures, maintenance of books, records etc., by an independent professional to ensure that the company has complied with the legal and procedural requirements and also followed due processes....

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Posted Under: Custom Duty |

Service Tax on Legal Services under Reverse Charge Mechanism

 CA Tarannum Khatri Definition of legal service As per Notification No.  25/2012-Service Tax, Dated – 20th June, 2012 “Legal service” means any service provided in relation to advice, consultancy or  assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority...

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Posted Under: Custom Duty |

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

Circular No. CIR/MRD/DP/13/2014-SEBI (15/04/2014)

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement...

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Amendments by Finance Act 2013 applicable to FY 2013-14/ AY 2014-15

We are attaching Amendments made by Finance Act 2013 authored by CS K. K. Agrawal with solved practical questions which is extremely useful for students who are appearing for for CA, CS, CMA exam May / June 2014 attempt. ...

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Posted Under: Custom Duty |

Register of Members Under Companies Act, 2013 and Rules 2014

Both the Companies Act, 1956 Act and Companies Act, 2013 requires companies to maintain register and index of members, register and index of debenture holders, but the 2013 Act requires company to maintain register and index of other securities also....

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Posted Under: Custom Duty |

FAQs – Filling June, 2014 CPT on-line (Paper-Pencil Mode) Exam forms

 ICAI Examination – June, 2014 Frequently Asked Questions (FAQs) on filling up June, 2014 CPT (Paper-Pencil Mode) Exam forms, on-line Please note that these FAQs are merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and with reference to [&hell...

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Posted Under: Custom Duty |

Public Notice No. 58 (RE-2013)/2009-2014, Dated: 15.04.2014

Public Notice No. 58 (RE-2013)/2009-2014 (15/04/2013)

It has been decided that the date of effect for implementation of Self-certification regarding compliance of bar-coding requirements on secondary and tertiary level packaging on export consignment of pharmaceuticals and drugs as mentioned at Para 3 of Public Notice No. 56(RE-2013)/2009-14 dated 01.04.2014 shall be 15th May, 2014....

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