"26 June 2014" Archive

Give Amnesty to TDS deductors from Fees under section 234E – ICAI

a) The matters relating to TDS/TCS in a government department is handled by persons with reasonably good education background. Appropriate computer training is also given by the Government to them for day to day functioning of the system. Accordingly, the records are well maintained and seemingly there should be no issues for them in time...

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Posted Under: Income Tax |

Leave Travel Concession- Replace “Calendar year” by “Financial year”: ICAI

As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions. Rule 2B provides for the specified conditions to be fulfilled. One of the conditions is that the exempti...

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Posted Under: Income Tax |

Instructions to Follow Judicial discipline in adjudication proceedings

F. No. 201/01/2014-CX.6 (26/06/2014)

M/s Dupont had filed appeal before the Hon’ble High Court against rejection of a refund claim on an issue which had earlier been decided by the Hon’ble High Court against the revenue, though in a matter relating to a different assessee. Thus for deciding the refund, a binding precedent judgment existed....

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Save taxes while applying for an education loan

Admission season is on and it’s that time of the year when every student is hoping to get in to a good college to pursue their higher studies. Once the admissions are sorted the next challenging step is to arrange the finances. The admission fee for higher studies is usually not a small amount and […]...

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Posted Under: Income Tax | ,

Inclusion of NBFC’s as Business Correspondents – RBI implements recommendation of Nachiket Mor Committee

The concept of “Business Correspondents” can be dated back to 2006 when a significant step in this direction was taken by way of issue of RBI guidelines in January 2006 (2006 guidelines)[1] for engagement of Business Correspondents by banks for providing banking and financial services. ...

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Posted Under: Income Tax |

Ministry clarification on format for Annual Return for Financial Year 2013-2014 and fees for inspection of records

Ruchira Shinde Background – Ministry of Corporate affairs is coming up with the new clarifications and circulars every single day for doing away with the loopholes and confusions created under the Companies Act, 2013, and putting queries at rest. Two spectrums of areas of Companies Act, 2013(Act, 2013) was dealt with recently vide M...

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Posted Under: Income Tax |

TDS can be recovered only if dept shows that recipient of income has not paid due taxes thereof

Allahabad Bank Vs Income Tax Officer (ITAT Agra)

Recovery provisions under section 201(1) can be invoked only when loss to revenue is established, and that can only be established when it is demonstrated that the recipient of income has not paid due taxes thereof and the recipient of the amounts had the liability to tax. ...

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Delhi VAT – Allocation of court work of 2A-2B mismatch to Special Objection Hearing Authority

NA (26/06/2014)

In supersession of all earlier orders on the subject, it is hereby decided by the competent authority, only cases where objection is filed by the dealer, shall be dealt by Special Objection Hearing Authority (SOHA). However, cases where only rectification/ review for the mistake which is apparent on the record or where mismatch report as ...

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Excise duty cut for Auto, Capital goods, Consumer durables extended till Dec 31, 2014

In the Interim Union Budget 2014 on 17th February, 2014, the Government had reduced the Excise duty on: Small cars, motorcycles, scooters, three wheelers and commercial vehicles from 12% to 8%; Mid-segment cars from 24% to 20%; Large cars from 27% to 24%; and SUVs from 30% to 24%. Further, to stimulate growth in the […]...

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Posted Under: Income Tax |

Reg. Amendment of Fundamental /Service Rules of Government Employees

Circular No.997012/2014 (26/06/2014)

It is brought to notice that any amendment of Fundamental Rules / Service Rules is required to be made with the approval of President under powers vested by Article 309 of the Constitution. It is clarified that FR 22(I)(a)(1) continues to exist....

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