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Archive: 20 June 2014

Posts in 20 June 2014

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3033 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Participation of FPIs in Currency Derivatives segment and Position limits

June 20, 2014 597 Views 0 comment Print

Pursuant to notification dated May 21, 2014 on Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2014, Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular no. 148 dated June 20, 2014 has allowed FPIs, who are eligible to invest in securities as laid down in Schedules 2, 5, 7 and 8 of Foreign Exchange Management

Issue PAN for Free, Fix time limit for issue and Give reason for rejection – ICAI

June 20, 2014 8280 Views 0 comment Print

There are some hardships being faced by the persons applying for PAN. One of the hardships is that the allotment of PAN is not done in a timely manner. Though there is no time limit prescribed under any of the provisions of Income-tax Act regarding issuing PAN & PAN card but it is essential for the Income Tax Authority to issue PAN & PAN card within a prescribed time period-

Allow deduction of Interest Paid to Government under Income Tax Act – ICAI

June 20, 2014 5535 Views 0 comment Print

Allowability of Interest paid under Incometax Act, 1961: Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income. Interest paid by the assessee is for the use of money by […]

Companies Act 2013 applicable for CS December 2014 exams

June 20, 2014 24220 Views 0 comment Print

It is informed that the provisions of the Companies Act, 2013 and the rules and regulations made thereunder shall be applicable for Examinations from December, 2014 onwards. This means that the question papers of the following subjects of Foundation, Executive and Professional level shall carry questions from the Companies Act, 2013 instead of the Companies Act, 1956:

First Report of the Tax Administration Reform Commission (TARC)

June 20, 2014 1739 Views 0 comment Print

The Government had constituted Tax Administration Reform Commission headed by Dr. Parthasarathi Shome, in August 2013, to suggests core reforms to the tax administration set-up in the Country. The TARC has now submitted a report dated May 30, 2014 called the “First Report of the Tax Administration Reform Commission”. The said report makes several critical and far-reaching suggestions which are intended to radically change the working of the Income-tax and other Revenue departments.

RTGS System – RBI to enable ‘Hybrid’ and ‘Future value dated transaction’

June 20, 2014 1941 Views 0 comment Print

The new RTGS system has been running smoothly and has stabilised. It has hence been decided to enable the ‘Hybrid’ and ‘Future value dated transaction’ features in the system with effect from July 14, 2014. The details regarding operations of these two functionalities are given in Annex.

AIR information should be reflected in 'My Account' facility on CPC portal

June 20, 2014 2650 Views 0 comment Print

Section 285BA requires various entities to furnish Annual information return with regard to specified financial transactions in a prescribed form to the Income tax authorities. In order to bring in more transparency, the AIR information of the assessee may be allowed to be reflected under “My Account” Facility provided by Department in CPC portal. A […]

Authority & Accountability in Fiscal Administration

June 20, 2014 1133 Views 0 comment Print

Under various taxing statutes discretionary power vests in a functionary like Income Tax Officer, Dy. Commissioner of Income Tax, Commissioner, Income tax , Service tax and central excise adjudicators and the like in case of customs laws and such other taxation law. Such powers are expected to be exercised reasonably and in good faith following the principles of natural justice.

ITAT fined AO and CIT for filing frivolous appeal

June 20, 2014 1339 Views 0 comment Print

At the outset it may be mentioned that the Income Tax Officer, who is the appellant herein, as well as the Commissioner of Income Tax, who has authorised the AO to prefer an appeal, did not apply their mind in the correct perspective and in a very lacklustre and routine manner filed the appeal

Govt notifies Conditions for export of Pig Bristles and Hair to EU

June 20, 2014 712 Views 0 comment Print

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development& Regulation) Act, 1992 (No.22 of 1992), as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Chapter 5 of Schedule 2 (Export Policy) of ITC(HS) Classification of Export & Import Items.

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