"12 July 2014" Archive

Budget 2014- Amendment in Central Excise, Custom Duty & Service Tax

The Customs Act, 1962 proposed to be amended so that a reference in said Act to a Chief Commissioner of Customs or a Commissioner of Customs may also include a reference to the Principal Chief Commissioner of Customs or the Principal Commissioner of Customs, as the case may be. Further, Principal Chief Commissioner of Customs and Princip...

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Direct Tax Highlights of Union Budget 2014-15 by ICAI

Personal Taxation Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens. The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. […]...

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Budget 2014 – Key Highlights – Income Tax and Service Tax

1. Rates of Income Tax, Surcharge and Cess - There is no change in the rate of income tax, surcharge , education and SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-15. 2. Income Tax basic exemption Slabs -enhanced . The new income tax basic exemption limits has been increased. The revised limits are as under:...

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Common Proficiency Test (CPT) June 2014 Exam Result likely on 16th July, 2014 – ICAI

Result of the Common Proficiency Test (CPT) held in June, 2014 is likely to be declared on Wednesday, the 16th July, 2014.  The result of the Common Proficiency Test (CPT) held in June, 2014 is likely to be declared on Wednesday, the 16th July, 2014 around 4.00 P.M. and the same as well as the […]...

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Posted Under: Income Tax |

Fiscal Deficit & Cost Audit Report Negligence

Well India has presented its Budget and billions of analysis has been already executed. Well I find that this budget would be finding a hard place to land due to the recent COST AUDIT & COSTING METHODS abolishment.  Now my readers my say that extrapolating and trying to mix cost audit in everything I write. […]...

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Posted Under: Income Tax |

Budget 2014 – Impact analysis for Indirect Taxes

Entry 2B: For safe disposal of medical and clinical wastes, services provided by common bio- medical waste treatment facilities exempted. Entry 7: Exemption withdrawn to services by way of technical testing or analysis of newly developed drugs, including vaccines and herbal remedies on human participants by a clinical research organizatio...

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Analysis of Company Law Circulars of MCA From 01st April 2014 to Till Date

1. General Circular No. 27/2014- dated June 30, 2014. (DPT-4) -Extension of 2 month upto 31-08-2014 without any additional fee for filling statement under form DPT-4 with the Registrar in terms of Section-403. (Form- DPT-4 is relating to Deposits). (Article relating to DPT-4 filling is already issued by me) ...

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One Person Company Under New Companies Act,2013

The introduction of OPC in the legal system is a move that would encourage corporatization of micro businesses and entrepreneurship with a simpler legal regime so that the small entrepreneur is not compelled to devote considerable time, energy and resources on complex legal compliances. ...

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Posted Under: Income Tax |

Budget 2014- Major Highlights In Central Excise And Service Tax

- An additional duty of excise is being levied at the rate of 5% ad valorem on waters, including aerated waters, containing added sugar falling under chapter heading 2202 10 i.e. aerated waters [2202 10 10], lemonade [2202 10 20] and other [2202 10 90]....

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Service Tax Proposals – Budget 2014-15

Broadening the exemption for advertisement industry-(1) Service tax leviable currently on sale of space or time for advertisements in broadcast media, namely radio or television, has been extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media, however, would rem...

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