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Archive: 14 July 2014

Posts in 14 July 2014

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1917 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Budget 2014 – Service Tax Amndments- Brief synopsis

July 14, 2014 11488 Views 0 comment Print

The government has proposed to levy Service Tax on Radio-taxis/cabs whether or not air-conditioned. Earlier the same was exempted from the purview of Service Tax as it was covered under the Negative list [Section 66D (o)].

Service Tax Exemption For Environmental Cause

July 14, 2014 4128 Views 2 comments Print

Biomedical waste is waste that is either putrescible or potentially infectious. Biomedical waste may also include waste associated with the generation of biomedical waste that visually appears to be of medical or laboratory origin (e.g., packaging, unused bandages, infusion kits, etc.), as well research laboratory waste containing biomolecules or organisms that are restricted from environmental release.

Individuals Gain from Budget

July 14, 2014 2198 Views 0 comment Print

While it could be said that the Union Budget 2014-15, the first of the present Government may be considered as a balanced exercise in the given circumstances, it provides impetus to real estate, infrastructure and social development including improved urban cities.

A.P.(DIR Series) Circular No. 3 Dated- July 14, 2014

July 14, 2014 2220 Views 0 comment Print

Partly paid equity shares and warrants issued by an Indian company in accordance with the provision of the Companies Act, 2013and the SEBI guidelines, as applicable, shall be eligible instruments for the purpose of FDI and foreign portfolio investment (FPI) by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors(RFPIs) subject to compliance with FDI and FPI schemes.

Budget 14- Disallowance for non Payment or non deduction of TDS restricted to 30%

July 14, 2014 16469 Views 0 comment Print

 Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of […]

Penalty under section 271(1)(c) leviable on Bogus gifts

July 14, 2014 4404 Views 0 comment Print

The Tribunal while upholding the levy of penalty had concluded that the assessee had failed to substantiate that the gift received was genuine. The plea of the assessee that the gift was received due to his financial difficulty was also negated on appreciation of material on record.

Budget 2014 – Proposed Changes to Income Tax Laws Applicable To Individuals

July 14, 2014 14283 Views 0 comment Print

Taxpayers would get more from their housing loans. Ceiling of deduction on interest on housing loan is proposed to be increased from Rs. 1.5 lakh to Rs. 2 lakh in respect of self-occupied houses. For those who are paying high amount of interest, the additional tax savings would be up to Rs. 15,450.

Budget 2014 – Advance forfeited against transfer of Capital Assets taxable as other Income as Income from other sources

July 14, 2014 9228 Views 1 comment Print

Taxability of advance for transfer of a capital asset The existing provisions contained in section 56 of the Act provide that income of every kind which is not to be excluded from the total income under the Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable […]

Section 32AC- An Aid to Prosper the Manufacturing Sector

July 14, 2014 27276 Views 19 comments Print

Riddhi Vasistha Section 32AC – There are several policies which affect the culture of investment in manufacturing sector. The union finance minister has proposed to extend the scope of section 32 AC. The inviting feature is the additional Incentive for acquisition and installation of new plant & machinery by manufacturing company as investment allowance of […]

Enhancement of wage ceiling from Rs. 6,500 to 15,000 — urgent need of preparatory activities

July 14, 2014 9181 Views 0 comment Print

The Honible Union Minister of Finance in the Budget speech for 2014-15 has announced enhancement in statutory wage ceiling for enrollment under the EPF & MP Act 1952 to Rs. 15,000/- per month from the current maximum of Rs. 6,500/- per month. The notification for same is likely to be issued shortly.

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