"20 April 2014" Archive

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: Income Tax |

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: Income Tax |

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: Income Tax |