"01 April 2014" Archive

Penalty cannot be imposed for the first time in Revision proceedings – Gujarat VAT Tribunal

Kunal Structure (India) Pvt. Ltd. Vs The State Of Gujarat (Gujarat Value Added Tax Tribunal, Ahmedabad)Revision Application No. 121 Of 2013 (19/03/2014)

Full bench of the Gujarat Value Added Tax Tribunal in the case of 'Kunal Structure (India) Pvt. Ltd. V/S The State Of Gujarat' held that in view of provisions contained in Sec. 75 of the Gujarat Value Added Tax Act, 2003, penalty cannot be imposed for the first time in revision. ...

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India Signs first batch of five advance pricing agreements with MNCs

No.402/92/2006-MC (31/03/2014)

It goes to the credit of the CBDT and their APA team that the first batch of five APAs is being signed on 31 March 2014. They have taken just one year to achieve this milestone, which by international standard quite fast. It has been made possible by reasonable approach of the authorities and maturity shown by taxpayers. ...

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Fast track quick revision of Income from House Property

Kaushal Agrawal Revise Income from House Property in 20 minutes. Very useful for CA, CMA, CS, B. Com students for last time revision. Topics covered are : 1. Charging Section u/s 22 2. Computation section u/s 23 3. Deduction section 24 4. Restriction section 25....

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Sec 14A Expenditure incurred in relation to income not included in total income rw Rule 8D

45/2008 (24/03/2008)

Section 14A was introduced by the Finance Act, 2001 w.e.f. 1st April 1962 and will, accordingly apply to the assessment year 1962-63 and subsequent years. Till the assessment year 2008-09, there was no standard rule prescribed by the department. Therefore, assessing officers were applying various methods to disallow the expenditure under...

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Key Managerial Personnel (KMP) Rules: kill two birds with one stone

CS Mohit Saluja Ministry of Corporate Affairs has recently released Chapter XIII- The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The rules are different from draft rules given for comments in respect of appointment of Key Managerial Personnel (KMP) and Secretarial Audit limit. Kill two birds with one sto...

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All about Dishonor of Cheque Under Negotiable Instrument Act, 1881

The Payment and settlement System Act, 2007 was enacted on 20th December, 2007. The whole purpose of this act is to control the transactions which are made electronically. The intention of the government was to introduce of this act to increase the transactions through online instead of cheques....

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Excise & Customs- Interim Budget 2014

Government needs funds for various purposes like maintenance of law and order, defence, social & health services etc. Government obtains funds from various sources, out for which one main source is taxation. Taxes are conventionally broadly classified as Direct Taxes and Indirect Taxes....

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Exporters Benefits @ 2014- Foreign Trade Policy

The Central Board of Excise and Customs (CBEC) has notified the procedure, safeguards, conditions and limitations for claiming refund of unutilised Cenvat credit taken on inputs and input services during the half-year for which it is claimed, for providing the services of renting of a motor vehicle designed to carry passengers on the non-...

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Provisions of CA, 2013 and corresponding provisions thereof under CA,1956

General Circular No. 07/2014 (01/04/2014)

Dissemination of Information with regards to provisions of the Companies Act, 2013 as notified till date vis-à-vis the corresponding provisions of the Companies Act, 1956....

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Significant changes in proposed Direct Taxes Code, 2013

The Income-tax Act was passed in 1961 and has been amended every year through the Finance Act. The Wealth-tax Act was passed in 1957 and has also been amended many times. Numerous amendments have rendered the two Acts incomprehensible to the average taxpayers. Besides, there have been several policy changes due to change in economic [&hel...

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