"16 April 2014" Archive

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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Compliance – Income tax Return Filing- Why and how to reply ?

The Mission of Our Income Tax Department is To promote Compliance with our direct tax laws, through caring taxpayer service and strict enforcement, and thus realize maximum resources for the Nation....

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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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