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Archive: 04 July 2014

Posts in 04 July 2014

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 4365 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

A.O should refrain from adopting double standards of accepting in remand proceedings yet challenging it at appellate forum

July 4, 2014 913 Views 0 comment Print

In the case of ACIT v/s Praveen Kumar there was an addition made on account of unsecured loan and interest paid thereon. All the details were furnished before the A.O in form of account of the creditors along with acknowledgement of their income tax returns and bank statement .But summons issued to lenders were not responded .

Hedging of Price Risk in Commodities- FAQS

July 4, 2014 687 Views 0 comment Print

A person resident in India, who has a commodity exposure and faces risks due to volatile commodity prices, can hedge the price risk in the International Commodity Exchanges/Markets, using hedging products such as, futures and options, which are exchange traded and Over the Counter (OTC) derivatives as permitted by the Reserve Bank from time to time. Prior approval from the Reserve Bank / an AD Category – I bank is required.

Public Notice No. 65 (RE-2013)/2009-2014, Dated: 04.07.2014

July 4, 2014 274 Views 0 comment Print

In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby allocates a total quantity of 8,100 MTs of raw sugar (at 98 degree Pol), out of non-levy(free sale) quota for export under tariff rate quota(TRQ) to USA for the US fiscal year 2014 (October 1, 2013 to September 30, 2014). This export will be through M/s. Indian Sugar Exim Corporation Ltd, New Delhi.

Public Notice No. 64 (RE-2013)/2009-2014, Dated: 04.07.2014

July 4, 2014 298 Views 0 comment Print

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in Appendix-5 (List of Inspection and Certification Agencies) ofHandbook of Procedures Vol. I (Appendices and Aayaat Niryaat Forms) 2009-2014.

Notification No. 29/2014-Customs (ADD) Dated: 04.07.2014

July 4, 2014 736 Views 0 comment Print

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Customs Tariff Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 49/2009- Customs, dated the 15th May, 2009

One mobile number or email ID can now be used for 10 Income Tax Accounts

July 4, 2014 29429 Views 18 comments Print

The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by the taxpayer. The OTPs have to be entered by the taxpayer after logging into their e-filing account to authenticate the same. The OTPs will remain valid for 24 hours within which the taxpayer has to complete the process. For ‘Foreign/ NRI’ taxpayers, the OTP validation of the email ID would be sufficient.

Audit Limit of 60 for Tax Audit is per Assessment year – ICAI

July 4, 2014 26997 Views 0 comment Print

ANNOUNCEMENT Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 The Council of the Institute at its 331st meeting held in February, 2014 decided to increase the specified number of tax audits from 45 to 60 and an Announcement dated 11.2.2014 […]

Download Online ITR 7 Java Utility for AY 2014-15 & who can use ITR 7

July 4, 2014 14116 Views 0 comment Print

CA Sandeep Kanoi 1. CBDT has on 03.07.2014  released Java Utility of ITR 7 for online filing of ITR-7 for Assessment Year 2014-15. 2. Who can use this Return Form? This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or […]

CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

July 4, 2014 20985 Views 0 comment Print

CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014]. Some of the Important Feature related to Filing of Form BB […]

New IT Returns Under Income Tax Act and Tax Audit

July 4, 2014 9663 Views 0 comment Print

I am attaching herewith a Presentation on Income Tax Returns for A.Y. 2014-15 and tax Audit Provisions. The presentation covers the following Topics :- 1. Requirements by the Income Tax Authorities from the Filers; 2. Goals of the IT Department; 3. Statistical Information of the goals achieved;

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