"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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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 (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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Posted Under: Company Law | ,

Sec 14A – Disallow only directly related Expense; Disallowance should not exceed tax on Exempt Income – ICAI

ICAI Suggestion on Disallowance of expenditure incurred in relation to income not includible  in total income under section 14A  of the Act: As per the existing provisions of section 14A of the Act, no deduction shall be allowed in respect of expenditure incurred by a taxpayer in relation to income which does not form part […]...

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Posted Under: Company Law |
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