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Archive: 10 April 2014

Posts in 10 April 2014

VAT not leviable on 40% of restaurant bill, which is subject to Service Tax

April 10, 2014 5898 Views 0 comment Print

Where the element of service has been declared and brought to tax vide notification dated 6 June 2012, by which Service tax is levied on 40% of the billed value in restaurant, no VAT can be imposed thereon on such amount. Copy of the decision is enclosed herewith.

Advance VAT Levied on 5 more items W.E.F. 7.03.2014 Under Punjab Vat Act, 2005

April 10, 2014 4702 Views 0 comment Print

Advance VAT Levied on 5 more items W.E.F. 7th March, 2014 Under Punjab Vat Act, 2005 Punjab Government has levied advance tax on five new items in addition to the previous list of thirty items w.e.f. 7th March, 2014. The list of the items added are mentioned below: 31. Plastic Fabric and Bags 5.5% 32. Paper […]

Provisions Related to Audit and Auditors Under Companies Act, 2013

April 10, 2014 200234 Views 0 comment Print

1) The term of auditor holding the office in a company is increased to 5 years subject to ratification at every AGM as compared to one year in the previous act. 2) Mandatory rotation of auditors in case of listed companies, certain unlisted companies & certain private companies after 5 years.

Govt fixes PPF Minimum initial Subscription at Rs. 100 & allows online payment

April 10, 2014 8083 Views 0 comment Print

Central Government has vide Notification No. GSR 225(E), Dated – 13-3-2014 fixed initial minimum subscription in PPF at Rs. 100 by amending the para 4 of Public Provident Fund Scheme 1968. Earlier there was no minimum fixed amount of deposit for opening of PPF account but the condition was that amount of initial subscription shall be integral multiples of Rs.5.

Schedules Under Companies Act, 2013- An analysis

April 10, 2014 90318 Views 6 comments Print

The Companies Act,2013 has retained only 4 of 16 schedules of the Companies Act,1956 with changes and introduces 3 new schedules to cover new concepts of Independent Directors, CSR and Infrastructural Projects.

Debentures under Companies Act, 2013 & Rules 2014

April 10, 2014 150685 Views 20 comments Print

An issue of secured debentures may be made, provided the date of its redemption shall not exceed 10 years from the date of issue. If a company engaged in the setting up of infrastructure projects may issue secured debentures for a period exceeding 10 years but not exceeding 30 years

Seven Punishments in Companies Act 2013 (Section 447 to 453)

April 10, 2014 84826 Views 8 comments Print

This write-up invites the attention of readers to the seven sections / provisions (Sections 447 to 453) in the Companies Act 2013 (which replaces the 1956 Act). It’s very essential to understand these seven sections; and reading of this write-up will be useful for every professional, student and all stakeholders too.

RBI allows foreign inward remittances to beneficiary bank a/c through via NEFT, IMPS etc.

April 10, 2014 5528 Views 0 comment Print

In order to facilitate receipt of foreign inward remittances directly into bank accounts of the beneficiaries, it has been decided to allow foreign inward remittances received under Rupee Drawing Arrangement (RDA) to be transferred to the KYC compliant beneficiary bank accounts through electronic mode, such as, NEFT, IMPS, etc.

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