"27 June 2014" Archive

MCA further clarifies on Shares held in fiduciary capacity

In what seems to have become an exclusive and welcome manner of making up for the perplexity created by the Companies Act, 2013, the Ministry has come out with yet another clarification vide General Circular no. 24/2014, Dated: 25.06.2014 on holding of shares in fiduciary capacity in associate companies....

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Posted Under: Company Law |

Service Tax Exemption to Factory Canteens

Under Entry No. 19Aof Exemption Notification No. 25/2012-ST dated 20.06.2012, Air Conditioned or Air-heated Canteen maintained in a Factory are exempt from Service Tax w.e.f. 22.10.2013. ...

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Waiver of interest by assessee does not detract Revenue’s obligation to grant interest on belated refund

We are sharing with you an important judgement of the Hon’ble High Court of Allahabad, in the case of Shree Balaji Aromatics (P.) Ltd. Vs. Union of India [(2014) 46 taxmann.com 5 (Allahabad)] on following issue:...

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Posted Under: Company Law |

Clarification with regard to use of the words "Commodity Exchange" in a company-reg.

General Circular No. 26/2014 27/06/2014

It is also clarified that the certificate from Forward Markets Commission will also be required in cases of companies registered with the words Commodity Exchange before the issue of this circular....

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Public Notice No. 63 (RE-2014)/2009-2014, Dated: 27.06.2014

Public Notice No. 63 (RE-2014)/2009-2014 27/06/2014

Manufactures of export products covered under above SIONs and the concerned Export Promotion Councils should submit production and consumption data as soon as possible but not later than Thursday, the 31st July, 2014 so that such a review is taken up. Failure to provide the data, so required by the date so specified would result in stoppa...

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AAR cannot decide whether a supply is inter-State or intra-State

In re Fichtner Consulting Engineers (I) Pvt Ltd. (GST AAR Tamilnadu)

In re Fichtner Consulting Engineers (I) Pvt Ltd. (GST AAR Tamilnadu)  The Advance Ruling sought is whether CGST & SGST or IGST is payable on the said supply, i.e., whether the transaction is an inter-state supply or intra-state supply. In this connection Section 97 of the CGST Act and Tamilnadu GST Act (TNGST) has given […]...

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Clarification with regard to use of the words ‘Commodity Exchange’ in a company-reg.

General Circular No. 26/2014 - Income Tax 27/06/2014

In continuation of this Ministry's circular no. 02/2014 dated 11.02.2014, it is hereby clarified the use of the word Commodity Exchange may be allowed only where a No Objection Certificate from the Forward Markets Commission (FMC) is furnished by the applicant. All other provisions of the Companies (Incorporation) Rules, 2014 will continu...

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Circular on extension of timeline for alignment of employee benefit schemes with SEBI (ESOS and ESPS) Guidelines, 1999

Circular No. CIR/CFD/POLICYCELL/3/2014-SEBI 27/06/2014

In view of the above, it has been decided to modify the said circular dated November 29, 2013 to extend the time line for aligning existing employee benefit schemes with the SEBI (ESOS and ESPS) Guidelines, 1999 till the new regulations are notified. However, it is reiterated that prohibition on acquiring securities from the secondary mar...

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Capital Gain on depreciable assets held for more than 3 years is to be taxed at rate applicable to LTCG

Smita Conductors Ltd Vs DCIT (ITAT Mumbai)

It was held that for the purpose of computation of capital gain on transfer of flat on which depreciation has been claimed and which has been held for more than 3 Years has to be treated as short term capital gain u/s 50 of the IT Act, but for the purpose...

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CBDT releases E-filing Utility of ITR-5 for AY 2014-15; Who Can File ITR 5?

After Long Wait CBDT has Finally Released ITR 5 which is applicable for Income Tax Return (ITR) of firms, AOPs, BOIs and LLPs for Assessment year 2014-15. CBDT has Released Java Utility of ITR-5 and we expect Excel Utility also to be released soon....

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