"July, 2014" Archive

Notification No. 54/2014-Income Tax Dated 31/7/2014

Notification No. 54/2014-Income Tax (31/07/2014)

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E), dated 3.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8...

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Notification No. 53/2014-Income Tax Dated 31/7/2014

Notification No. 53/2014-Income Tax (31/07/2014)

Notification No. 53/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E) dated 3.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 7, "Bhaktive...

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Notification No. 52/2014-Income Tax Dated 31/7/2014

Notification No. 52/2014-Income Tax (31/07/2014)

Notification No. 52/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1237(E), dated 28.10.2003 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1, "Constr...

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Notification No. 51/2014-Income Tax Dated 31/7/2014

Notification No. 51/2014-Income Tax (31/07/2014)

Notification No. 51/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302 (E), dated 3.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 3, "Hospit...

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Notification No. 50/2014-Income Tax Dated 31/7/2014

Notification No. 50/2014-Income Tax (31/07/2014)

Notification No. 50/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E), dated 3.10.2008 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 38, "Creati...

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Notification No. 49/2014-Income Tax Dated 31/7/2014

Notification No. 49/2014-Income Tax (31/07/2014)

Notification No. 49/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 4396(E), dated 12.11.2008 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 3, "Brahmr...

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Notification No. 47/2014-Income Tax Dated 31/7/2014

Notification No. 47/2014-Income Tax (31/07/2014)

Notification No. 47/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1084(E) dated, 11.10.2002 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 3, "Runni...

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Notification No. 46/2014-Income Tax Dated 31/7/2014

Notification No. 46/2014-Income Tax (31/07/2014)

Notification No. 46/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 60(E), dated 22.01.2003 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 7, "Maintena...

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Notification No. 45/2014-Income Tax Dated 31/7/2014

Notification No. 45/2014-Income Tax (31/07/2014)

Notification No. 45/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E), dated 3.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 9 "Bhaktive...

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Notification No. 44/2014-Income Tax Dated 31/7/2014

Notification No. 44/2014-Income Tax (31/07/2014)

Notification No. 44/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 135(E) dated 03.02.2006 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8, "Developm...

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Notification No. 43/2014-Income Tax Dated 31/7/2014

Notification No. 43/2014-Income Tax (31/07/2014)

Notification No. 43/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E) dated 12.01.2009 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 35, "Bharati...

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Notification No. 42/2014-IncomeTax Dated 31/7/2014

Notification No. 42/2014-IncomeTax (31/07/2014)

Notification No. 42/2014-IncomeTax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E) dated 13.3.2009 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 22, "Comprehen...

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Notification No. 41/2014-Income Tax Dated 31/7/2014

Notification No. 41/2014-Income Tax (31/07/2014)

Notification No. 41/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 708(E) dated 25.05.2005 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 10, "Project...

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Notification No. 40/2014-Income Tax Dated 31/7/2014

Notification No. 40/2014-Income Tax (31/07/2014)

Notification No. 40/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 3.10.2008 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 6, "(a) Dish...

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Notification No. 39/2014-Income Tax Dated 31/7/2014

Notification No. 39/2014-Income Tax (31/07/2014)

Notification No. 39/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2545(E) dated 06.10.2009 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 18, "Treatm...

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Notification No. 38/2014-Income Tax Dated 31/7/2014

Notification No. 38/2014-Income Tax (31/07/2014)

Notification No. 38/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 708(E) dated 25.05.2005 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 15, "Project...

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Notification No. 37/2014-Income Tax Dated 31/7/2014

Notification No. 37/2014-Income Tax (31/07/2014)

Notification No. 37/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 3rd October, 2008, issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 20,...

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Notification No. 36/2014-Income Tax Dated 31/7/2014

Notification No. 36/2014-Income Tax (31/07/2014)

Notification No. 36/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1649 (E) dated 12.07.2010 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 2, "Cost o...

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Notification No. 35/2014-Income Tax Dated 31/7/2014

Notification No. 35/2014-Income Tax (31/07/2014)

Notification No. 35/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1370(E), dated 14.6.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 10, "Shree ...

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Notification No. 34/2014-Income Tax Dated 31/7/2014

Notification No. 34/2014-Income Tax (31/07/2014)

Notification No. 34/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2835(E), dated 19-12-2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 16 "Expans...

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Notification No. 33/2014-Income Tax Dated 31/7/2014

Notification No. 33/2014-Income Tax (31/07/2014)

Notification No. 33/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E), dated 12-1-2009 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 22, "Holy Sp...

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Notification No. 32/2014-Income Tax Dated 31/7/2014

Notification No. 32/2014-Income Tax (31/07/2014)

Notification No. 32/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E), dated 3-10-2008 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 26, "Corpus...

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Notification No. 31/2014-Income Tax Dated 31/7/2014

Notification No. 31/2014-Income Tax (31/07/2014)

Notification No. 31/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2907(E) dated 17.11.2009 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 20, "Mainte...

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Notification No. 30/2014-Income Tax Dated 31/7/2014

Notification No. 30/2014-Income Tax (31/07/2014)

Notification No. 30/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2835(E) dated 19.12.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, "Expans...

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Notification No. 29/2014-Income Tax Dated 31/7/2014

Notification No. 29/2014-Income Tax (31/07/2014)

Notification No. 29/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E) dated 4.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 13, "Managem...

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Notification No. 28/2014-Income Tax Dated 31/7/2014

Notification No. 28/2014-Income Tax (31/07/2014)

Notification No. 28/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 3021(E), dated 23.10.2010 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 23, "Econo...

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Notification No. 27/2014-Income Tax Dated 31/7/2014

Notification No. 27/2014-Income Tax (31/07/2014)

Notification No. 27/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 743(E), dated 11.4.2011 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 10, "Mobile ...

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Notification No. 55/2014-Customs (N.T.) Dated: 31.07.2014

Notification No. 55/2014-Customs (N.T.) (31/07/2014)

The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001...

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Notification No. 26/2014-Income Tax Dated 31/7/2014

Notification No. 26/2014-Income Tax (31/07/2014)

Notification No. 26/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E), dated 4.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 22, "Cancer...

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Notification No. 24/2014-Income Tax Dated 31/7/2014

Notification No. 24/2014-Income Tax (31/07/2014)

Notification No. 24/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1370(E) dated 14.06.2011 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 20, "B.D Pat...

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Notification No. 23/2014-Income Tax Dated 31/7/2014

Notification No. 23/2014-Income Tax (31/07/2014)

Notification No. 23/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1052(E) dated 11.05.2010 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 13, "Lions ...

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Notification No. 22/2014-Income Tax Dated 31/7/2014

Notification No. 22/2014-Income Tax (31/07/2014)

Notification No. 22/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E) dated 13.03.2009 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 15, "Shree N...

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Notification No. 21/2014-Income Tax Dated 31/7/2014

Notification No. 21/2014-Income Tax (31/07/2014)

Notification No. 21/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1586(E) dated 11.11.2005 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 4, "Multi Or...

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Notification No. 20/2014-Income Tax Dated 31/7/2014

Notification No. 20/2014-Income Tax (31/07/2014)

Notification No. 20/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 399(E) dated 6.6.1996 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 7, "Eye operat...

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Notification No. 19/2014-Income Tax Dated 31/7/2014

Notification No. 19/2014-Income Tax (31/07/2014)

Notification No. 19/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.3021(E) dated 23.12.2010 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 16, "Micro-f...

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Notification No. 18/2014-Income Tax Dated 31/7/2014

Notification No. 18/2014-Income Tax (31/07/2014)

Notification No. 18/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.743(E) dated 13.4.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 5, "Samarthana...

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Notification No. 17/2014-Income Tax Dated 31/7/2014

Notification No. 17/2014-Income Tax (31/07/2014)

Notification No. 17/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1794(E) dated 23.10.2007 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 4, ""ANKUR"...

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Notification No. 16/2014-Income Tax Dated 31/7/2014

Notification No. 16/2014-Income Tax (31/07/2014)

Notification No. 16/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1052(E) dated 11.5.2010 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 10, "Jeevanj...

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Notification No. 15/2014-Income Tax Dated 31/7/2014

Notification No. 15/2014-Income Tax (31/07/2014)

Notification No. 15/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. No. 2302 (E) dated 3.10.2011 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 6, "Mid...

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Notification No. 14/2014-Income Tax Dated 31/7/2014

Notification No. 14/2014-Income Tax (31/07/2014)

Notification No. 14/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1370(E) dated 14.6.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 18, "Sadvicha...

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Notification No. 13/2014-Income Tax Dated 31/7/2014

Notification No. 13/2014-Income Tax (31/07/2014)

Notification No. 13/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 3.10.2008 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 31, "Adhipar...

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Notification No. 12/2014-Income Tax Dated 31/7/2014

Notification No. 12/2014-Income Tax (31/07/2014)

Notification No. 12/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O 193(E) dated 14.3.1996 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 6 "Land develo...

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Notification No. 11/2014-Income Tax Dated 31/7/2014

Notification No. 11/2014-Income Tax (31/07/2014)

Notification No.11/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.743(E) dated 11.04.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 20, "livelihoo...

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Notification No. 10/2014-Income Tax Dated 31/7/2014

Notification No. 10/2014-Income Tax (31/07/2014)

Notification No. 10/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 3021(E) dated 23.12.2010 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 3, "Recurri...

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Notification No. 9/2014-Income Tax Dated 31/7/2014

Notification No. 9/2014-Income Tax (31/07/2014)

Notification No. 9/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O 1860(E) dated 11.08.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 9, "Expansion...

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Notification No. 8/2014-Income Tax Dated 31/7/2014

Notification No. 8/2014-Income Tax (31/07/2014)

Notification No. 8/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1370(E) dated 14.6.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 24, "Dialysis ...

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Notification No. 7/2014-Income Tax Dated 31/7/2014

Notification No. 7/2014-Income Tax (31/07/2014)

Notification No. 7/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. No. 708(E) dated 25.05.2005 issued under clause (b) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 7, "Corp...

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Notification No. 6/2014-Income Tax Dated 31/7/2014

Notification No. 6/2014-Income Tax (31/07/2014)

Notification No. 6/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1370(E), dated 14.6.2011 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 13, "Develop...

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Notification No. 5/2014-Income Tax Dated 31/7/2014

Notification No. 5/2014-Income Tax (31/07/2014)

Notification No. 5/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 458(E), dated 31.03.2006 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 11, "(a)Voca...

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Notification No. 4/2014-Income Tax Dated 31/7/2014

Notification No. 4/2014-Income Tax (31/07/2014)

Notification No. 4/2014-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2545(E), dated 6.10.2009 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 11, "Watersh...

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Section 35AC- Notification No. 3/2014-Income Tax Dated : 31.07.2014

Notification No. 3/2014 (31/07/2014)

whereas the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 for specifying the said project or scheme for a further period of three years and also enhancing...

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Salman Khan Gets relief in Penalty case – No Penalty if two views possible

Salman Khan Vs ACIT (ITAT Mumbai)

Assessee (Salman Khan) in the present case is a leading film actor who derives income from profession of acting and advertisement assignments. The returns of income for both the years under consideration i.e assessment years 2003-04 & 2004-05 were filed by him on 28-11-2003 ...

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Solution to Problems in Registering DSC & signing ITR

While Registering Digital Signature Certificate , Uploading of XML File and Signing of XML file on Income Tax E-filing websites we faces various problems. In this article we have listed out such problems which are mainly related to use of digital signature while registering and while signing the ITR....

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Solution to Problems in accessing income tax e-filing website

Instant Solution to Problem- 1 Your Internet connection is working, other websites are opening properly but incometaxindiaefiling.gov.in not opening properly & Problem- 2 Internet service from ISP is not available or failing intermittently. ...

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Rule 4 Of CENVAT Credit Rules 2004: Little Amendments, Big Impact

Budget of 2014 had become the talk of the town since the day Mr. Narendra Modi came into power as the Prime Minister of India. The veil on the most awaited Budget has been lifted. But there seem least changes in the indirect tax regime. However these little changes too might have a considerable impact on the assessee. This piece of artic...

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Posted Under: Income Tax |

Service Tax: What’s In For Assessees

Union Budget 2014 brings a mixed bag of some relief and some hard times for service tax assessees. The changes are aimed at widening the tax base as also enhance the compliance levels. The emphasis has been on ensuring stability and continuity in the light of proposed goods and service tax, which will replace most of the indirect taxes (s...

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Posted Under: Income Tax |

Excise duty when goods are sold below manufacturing cost

Sale of goods at a price below manufacturing cost & profit now onwards will not be considered as exception to section 4 of C.EX Act,1944 i.e., price is not the sole consideration for sale (Rule 6) Notification.No.20/2014 C.E.(N.T.) date 11.07.14....

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Posted Under: Income Tax |

Recent Changes in Tax Audit Report (Form No. 3CD)

Manoj Sethia, FCA, ACS, ACMA Vide notification no.  33/2014 dated 25.07.2014, CBDT has made amendments in Form 3CD and the same have been made effective for Tax Audit for assessment year 2014-15. Broadly, the changes have been made making Tax Audit Report (TAR) more comprehensive, informative and analytical. These changes also signal lin...

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Posted Under: Income Tax |

Email PIN by Income tax Department – Check Spam or Junk Folder

The Taxpayer who has not received the email PIN are requested by Income Tax Department to  check for email from Department for PIN in your Inbox as well as the Spam or Junk folder (mail id – DONOTREPLY@incometaxindiaefiling.gov.in). Income Tax Department has also requested taxpayers to add their official email id DONOTREPLY@incomet...

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Posted Under: Income Tax |

Applicability of provisions of section 139(5) & 139(7) of Companies Act, 2013 -Clarification

General Circular No. 33/2014 (31/07/2014)

Doubts have been raised about applicability of sections 139(5) and 139(7) of the Companies Act, 2013 (New Act), which deal with appointment of auditors by Comptroller and Auditor General of India (C&AG), to 'deemed Government Companies' referred to in section 619B of the Companies Act 1956 (Old Act) i.e. companies where ownership or contr...

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Amendments to Finance (NO.2) Bill 2014 -As introduced in Lok Sabha

'(AA) after the proviso, but before Explanation 1, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:- "Provided further that in case of a share of company (not being a share listed in a recognised stock exchange) or a unit of a ...

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Posted Under: Income Tax |

Section 186- Loan and Investment by Company

Investment by company: A company shall unless otherwise prescribed, make investment through not more than two layers of investment companies except – if ; (i) a company from acquires any other company incorporated in a country outside India if such other company has investment subsidiaries beyond two layers as per the laws of such cou...

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Budget 2014-15 : What’s Good and What’s Not So Good ??

We saw a deluge of analyses coming on Budget 2014 right from 11th July 2014. However, we chose to wait for clarifications and finer details so that readers get the right perspective for themselves. People would have different opinion about the budget depending on their own profession and field. However, from investor and taxpayers point [...

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Posted Under: Income Tax |

Changes relating to TAX AUDIT REPORT

The amended forms shall come into force on the date of their publication in the Official Gazette of the Notification which is dated 25.07.2014. So it may be applicable to Tax Audit Report for Assessment Year 2014-15 also if the report is tendered after such date....

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Posted Under: Income Tax |

Changes In Form 3CA,3CB & 3CD

CBDT via Notification No. 33 dated 25th July 2014, had made some changes in Form 3CA, 3CB and 3CD. Via these changes the compliances which a CA is required to ensure and disclosures which are required to be made by a Chartered Accountants has been increased. ...

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Changes made in Tax Audit Report – Assessment Year 2014-15

CA Pradeep Kumar Changes made in Tax Audit Report Assessment Year 2014-15 As amended by Notification No. 33 dated 25th July 2014 wef 25.07.2014 Sr. No. Particulars Old Report New Report – Changes are reflected by Bold Letters FORM NO. 3CA  3. In * my/our opinion and to the best of * my/our information and […]...

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Posted Under: Income Tax |

How to Raise Capital for Unlisted Companies- Companies Act 2013

1. PROCEDURE FOR ALLOTMENT OF RIGHT ISSUE OF SHARES: ♣ Call a Board meeting by issue notice of meeting. (Draft Format Attached) ♣ Approve right issue including "letter of offer", which shall include right of renunciation also.(At Board Meeting). (Draft Format Attached) ♣ Send offer letter to all existing members as on the date of...

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Posted Under: Income Tax |

3CD report uploaded in old format not valid + Withdrawal of OLD Utility

The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect. Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms. Taxpayers and CAs are advised that any upload […]...

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Posted Under: Income Tax |

24 Key Changes in New / Revised Tax Audit Report Form 3CD

CA Sandeep Kanoi CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income tax Act with effect from 25.07.2014. We have compiled below the key amendments made to  the old Form 3CD:- 1. Particulars of registration under excise duty, service tax, [&hell...

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Mumbai HC imposes penalty on I-T department for frivolous litigation

The Commissioner of Income Tax­-2 Vs M/s. Larsen and Toubro Ltd (Bombay High Court)

The Revenue officers must realize that just like other powers a executive power conferred in them is in the nature of a Trust. They hold office as trustees of the public at large. They deal with public revenue and public money and that cannot be wasted in such frivolous litigation. We, therefore, dismiss these appeals with costs quantifie...

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Changes / Amendment in Revised 3CD report

CBDT has revised in the mid of tax season format of Tax Audit Report to be submitted in Form 3CD vide its Notification No. 33/2014, Dated: July 25, 2014. The revised report has added some new clauses to increase disclosure requirement and as well amended few clauses to further increase/improve disclosure requirements. Revised Tax Audit [&...

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Posted Under: Income Tax |

Costing Methods/Cost Management -Automobile-Series 2

In my second series in continuation to my previous article  ‘Costing Methods/Cost Management in Turkey-Series 1′ I would be discussing about one of the researches on one of the world’s most luxury automobile company where adoption of Cost Management and Costing Methods made a stupendous turn around. The story is all about s...

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Posted Under: Income Tax |

Mere Retracted statement cannot form the basis of reopening

G.K. Consultants Limited Vs ITO (ITAT Delhi)

On careful consideration of above contention, we are of the view that there may be a substantive assessment without any protective assessment but there can not be any protective assessment/addition without a substantive assessment/addition, meaning thereby there has to be some substantive assessment/addition first which enables the AO to ...

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Budget 2014 – Synopsis of Indirect Tax Proposals

Amendment impacting Negative List: (Changes to be effective from enactment of Finance Bill)- Exemption of Service tax on Advertisement now restricted only to print media, all others areas, not covered earlier, now subjected to service tax. Print Media to include Books and News Paper as defined under Press and Registration Books Act, 186...

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Posted Under: Income Tax |

Impact Analysis of Second Amendment to MGT Rules

Shampita Das The Ministry of Corporate Affairs (MCA) came out with its latest Notification dated 24th July, 2014, being the second amendment to the Companies (Management and Administration) Rules, 2014 (‘MGT Rule’). Below we present in a tabular format the details of the change alongwith its impact and our analysis on the same. Change...

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Posted Under: Income Tax |

Mere Statement recorded during survey cannot be the sole basis for making addition

DCIT Vs M/s Amrapali Homes (ITAT Delhi)

A survey proceedings was carried out in the middle of the accounting year (on 1.12.2006) in the case of AHS Joint Venture, the sister concerns of the assessee firm. During the course of survey there was no incriminating material nor undisclosed income found in the hands of the assessee...

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Reasoned orders and principle of fairness in administrative actions-a need of the hour

It is the general tendency of the adminstrative authorities more so of the tax authorities to pass non-speaking orders or to pass orders in violation of principle of fairness and rules of natural justice, without giving any opportunity of being heard to the effected person. The authorities in many case pass orders in gross violation [&hel...

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Taxation of ‘Alternate Investment Funds’ having status of non-charitable trusts -Reg.

Circular No. 13/2014-Income Tax (28/07/2014)

Circular No. 13/2014-Income Tax The SEBI (Alterative Investment Funds) Regulations, 2012 ('AIF Regulations') vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds ('AIFs') into three broad categories - Category-I, Category-II an...

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Applicability & procedure of Service Tax under reverse charge

1) Introduced in the Finance Act, 1994 under Service Tax Rules in 2002. 2) An explanation to Section 65(105) was added wherein concept of import of services was launched. 3) This explanation to Section 65(105) was removed in year 2006 and Section 66A was inserted. 4) Rule 2(1)(d) of the Service tax rules, 1994 prescribed the cases of...

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Four Excise official imprisoned for 5 years in bribery case

FIVE YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 90,000/- EACH TO THEN SUPERINTENDENT AND THREE INSPECTORS, ALL OF CENTRAL EXCISE IN A BRIBERY CASE The Special Judge(West), Anti-Corruption, Lucknow(U.P) has convicted Shri R.K.Srivastava, then Superintendent and three Inspectors, S/Shri A.K.Gaba, Dushyant Kumar & Alok Gupta, all of Ce...

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Posted Under: Income Tax |

Costing Methods/Cost Management in Turkey-Series 1

The Indian government under the UPA II has abolished the Cost Audit and Costing methods for various industries under ( Cost Record and Audit ) Rules -2014 . In my research I went in deep into the different countries, developed as well as emerging economies over the span of last 10 years I find the development/growth & […]...

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Agricultural receipts, duly shown in past & accepted by dept, cannot be added as cash credits

DCIT Vs Shri Ashok Tiwari (ITAT Delhi)

The assessee is an individual. The return of income was filed on 29.7.2009 declaring an income of Rs. 36,04,069/- and agricultural income of Rs. 10,25,000/-. The assessment was taken up for scrutiny by issuance of notice u/s 143(2) of the Act....

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Share Application Money – Primary burden is on AO to show that same is unexplained cash credit

Mithila Credit Services Ltd Vs ITO (ITAT Delhi)

Even if the reopening is sustained, the primary burden that income has escaped assessment is on the shoulder of the assessing officer and after discharging this burden only, the onus shifts to the shoulder of the assessee....

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Delhi VAT – Filing of online return for 1st quarter of 2014-15 – extension of period thereof

Circular No. 4 of 2014-15 (28/07/2014)

Circular No. 4 of 2014-15 hereby extend the last date of filing of online/hard copy of first quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures/enclosures to 08/08/2014:...

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No disallowance of lawful expense for mere non-compliance with Company law provisions

Jai Surgicals Ltd Vs ACIT (ITAT Delhi)

Assessee entered into transactions of payment of job work charges to a related party, viz., M/s Razormed Inc. during the financial year relevant to assessment year under consideration without obtaining prior approval of the Central Government in accordance with the provisions of section 297 of the Companies Act, 1956....

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Section 269SS/ 269T not applies to book entries not involving cash transactions

The Commissioner of Income Tax Vs M/S Saurabh Enterprises (Allahabad High Court)

In the instant case, the transaction in question, was not cash transaction. It was merely book entries. The CIT(A) has called Remand Record from the AO, who vide report dated 05.01.1999, confirmed that the transaction in question, by mentioning that no cash was involved....

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Entering of agreement to sell amounts to Purchase U/s. 54 as it creates rights in favour of buyer – SC

Sanjeev Lal Vs CIT (Supreme Court of India)

In the instant case, the following three dates are not in dispute. The residential house was transferred by the appellants and the sale deed had been registered on 24th September, 2004. The sale deed had been executed in pursuance of an agreement to sell which had been executed on 27th December, 2002...

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Employees contribution to PF allowable U/s. 43B if paid before IT return filing due date

Commissioner of Income Tax Vs M/s Hindustan Organics Chemicals Ltd. (Bombay High Court)

CIT v/s M/s Hindustan Organics Chemicals Ltd. (BOmbay High Court)- Supreme Court has expressly held that the amendments to section 43B that were brought about by the Finance Act, 2003 are retrospective in nature, we find that the ITAT was fully justified in deleting the addition of Rs.1,82,77,138/- on account of delayed payment of Provide...

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Availability of Cenvat Credit on Freight Outward Upto Place Of Removal

Now, the question – is weather CENVAT Credit on freight outward upto place of removal is admissible to the manufacturers of excisable goods in India? CENVAT Credit scheme is available to manufacturers of excisable goods which are falling under Central Excise Tariff Act, 1985. Now, according to erstwhile MODVAT scheme of 2002 now, CE...

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MCA issues clarification on transitional period for resolutions passed under the Companies Act, 1956

Background One of the contentious issues while implementing corporate decisions is the validity of the resolutions passed under the provisions of the Companies Act, 1956 (“1956 Act”) post implementation of the provisions of the Companies Act, 2013 (“2013 Act”). First Phase of 98 sections of 2013 Act were notified on September 12, ...

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Ministry’s Removal of Difficulties Order – More of a hindrance than a help

The Ministry is leaving no stone unturned to leave matters pertaining to related party and transactions lucid. But is it so is the biggest question. On 24th July, 2014 MCA vide its Companies (Removal of Difficulties) Sixth Order, 2014 (Present Order) amended clause (iv) of Section 2(76) of Companies Act, 2013(Act, 2013). The Present Order...

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Posted Under: Income Tax |

Issue of Shares by Private Limited Companies- Companies Act 2013

As per section 23 of the Companies Act, 2013 a private company may issue securities- i. by way of rights issue or bonus issue or ii. through private placement -In case of private company either it can issue shares to its existing shareholders by way of rights issue or by way of giving them bonus shares or it can issue securities through p...

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Posted Under: Income Tax |

Loss on account of depreciation in value of shares held as stock is allowable

Commissioner of Income Tax Vs HDFC Bank Ltd. (Bombay High Court)

Judgment of the Karnataka High Court in the case of Karnataka Bank Ltd. (supra), reliance on which was placed by Mr Mistry, squarely covers the issue raised in this Appeal. The facts in the case before the Karnataka High Court were that the Assessee was holding securities in different categories...

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Changes made in Budget 2014 by Lok Sabha

The list of changes made in the Finance Bill are as under: 1) Unlisted securities and units of MF transferred between 01-04-14 and 10-07-14 shall be deemed to be long-term capital assets, if held for more than 12 months. 2) Long-term Capital Gains on Units of Mutual Funds transferred between 01-04-14 and 10-07-14 shall be taxable at 10%...

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Posted Under: Income Tax |

Lok Sabha Passes Finance Bill 2014

The Lok Sabha on Friday 25.07.2014  passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. Finance Minister said that “Ours is not a high-tax government. A high tax government cannot promot...

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Circular for Input Service Distributor: Ate, drank absolutely nothing, and broke the glass worth twelve cents

There may be more than one factory registered under Central Excise and running under the same management. In order to facilitate the management, single head office is being set up for incurring expenses, availing services, easy disbursements and communication purpose. ...

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Addition cannot be made only on the basis of a surrender simplictor

ITO Vs Ram Prakash (ITAT Agra)

Brief Facts of the case are that the assessee is engaged in the business of foodgrains. During the course of the assessment proceedings, the Assessing Officer noticed that the assessee has shown unsecured creditors amounting to Rs 80,27,616 but, as certain payments made to these persons ...

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How much is your goodwill and entity worth?

Goodwill of an enterprise is an important ‘asset’ which is relevant for investors in their decision to invest or not and to know how goodwill is quantified? A chartered accountant may think this to be his forte to provide an answer but how much is the value of goodwill of an entity and value of an entity may be difficult to answer but...

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Second Proviso to sub-section (1) of Section 203 of Companies Act, 2013

Notification No. S.O. 1913(E) (25/07/2014)

For the purposes of this notification, the paid-up share capital and the annual turnover shall be decided on the basis of the latest audited balance sheet....

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