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Archive: 05 July 2014

Posts in 05 July 2014

Accepting/ repaying loans/ advances via journal entries contravenes Section 269SS & 269T

July 5, 2014 30883 Views 1 comment Print

Accepting/ repaying loans/ advances via journal entries contravenes Section 269SS & 269T but Penalty cannot be levied under section 271D and Section 271E of the Income Tax Act,1961 if transactions are bona fide & genuine.

Provisions of section 269SS not applies on Journal Entries in Loan Account

July 5, 2014 11325 Views 0 comment Print

A plain reading of the Section 269SS indicates that (the import of the above provision is limited) it applies to a transaction where a deposit or a loan is accepted by an assessee, otherwise than by an account payee cheque or an account payee draft.

Highlights of Companies (Cost records & audit) Rules 2014

July 5, 2014 33477 Views 8 comments Print

Ministry of Corporate Affairs has notified the Companies (Cost records and audit) Rules 2014 under sections 148 & 469 Companies Act 2013 on 30th June 2014. These rules have lot of questions among the finance professionals about the limited scope of Cost records maintenance and Audit. Compare to the previous Companies Cost records & Audit rules 2011, most of the sectors are out of coverage under these new rules. I hereby discussing about the highlights & main points in the Companies (Cost records and Audit) Rules 2014.

Union Budget 2014 – Expectations from the Salaried Cases

July 5, 2014 6155 Views 0 comment Print

Union Budget for the year 2014-15 going to be presented by the Finance Minister during forth coming budget session in the Parliament. Increase the economic growth & control the inflation are the major expectation from this budget by all. However each and every sector, person prospective, the expectation from this budget will be differ, in this article, myself here try to cover the some of the expectations by a salaried case from this budget.

Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March – SC

July 5, 2014 16984 Views 0 comment Print

SC approves HC ruling – Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March and not to amounts already ‘paid‘ during the year

Govt may hike service tax rate to 14%

July 5, 2014 3540 Views 0 comment Print

CA Sandeep Kanoi From Media news it is learnt that Finance Minister may raise rate of service tax from 12% to 14% in its Budget for 2014-15 to be presented in Lok Sabha on 10th July 2014. It will be a challenge for the finance minister to Increase the rate of service tax when economy […]

Recent Changes in ITR-6 for Assessment Year 2014-15

July 5, 2014 14471 Views 4 comments Print

Income-tax Department has made certain changes in the Income-tax Return Form of Companies for Assessment Year 2014-15 by requiring further information in certain areas as mentioned below:- General:- 1. Corporate Identity Number (CIN). 2. Director Identification Number (DIN).

ITAT admits Linkedin Profile as additional Evidence

July 5, 2014 3136 Views 0 comment Print

In the petition for admission of additional evidence it is submitted on behalf of department that the Linkedin Profile of employees of Assessee are available in public domain and down loaded from the web site of internet and the source is indicated against the same.

ICSI Presidents Message – July 2014

July 5, 2014 2670 Views 0 comment Print

The Companies Act, 2013 has delineated distinct role for company secretaries either in practice or employment and confers distinction on them. They are broadly three kinds of key managerial personnel, namely chief executive officer, chief finance officer and company secretary.

LLP Conversion: Capital gain to be computed on book value

July 5, 2014 13250 Views 0 comment Print

A perusal of the provisions of section 45 of the Income Tax Act shows the levy of capital gains to be on the profits or gains arising from the transfer of capital asset effected in the previous year. Admittedly, the erstwhile Company Aravali Polymers Pvt. Ltd.

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