"18 July 2014" Archive

The business world obsessed about resumes – A foolish act

This article is written specifically to warn the business world about an aspect of hiring employees. They need to understand as soon as possible that Hiring people with good resume does not mean hiring good people. I can see around me people who are obsessed about good resume and better writing of covering letters. ...

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Posted Under: CA, CS, CMA |

TDS become Tedious and Painful to Comply

TDS has really been Tedious to comply and with many flaws in the administration it has become more painful.  Just look at the few examples. 1.  Back last year at the instruction of DIT System NSDL stopped accepting Y (Cancellation) Statements.  In the last  few days we have querries from at least Five people asking […]...

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Highlights of Budget 2014-15 of Delhi

Highlights of the Speech of Shri Arun Jaitley, Union Finance Minister of Finance Made While Presenting the Budget of the National Capital Territory(NCT) of Delhi for the Year 2014-15 Following are the Highlights of the Speech of the Union Finance Minister Shri Arun Jaitley made while presenting the Budget of the National Capital Territory...

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Posted Under: CA, CS, CMA |

No Proposal for Legalisation of Black Money – FM

The Government is not contemplating a proposal to legalise black money. Drive against tax evasion is an on-going process. Appropriate action under the direct tax laws including assessment of income, raising tax demand, levy of penalty and launching of prosecution in appropriate cases is taken whenever tax evasion is detected. Searches and...

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Posted Under: CA, CS, CMA |

Budget 2014 -ECS, RTGS, NEFT etc. proposed to be allowed as permissible U/s. 269SS & 269T

Mode of acceptance or repayment of loans and deposits ECS, RTGS and NEFT etc. are now proposed to be allowed as permissible mode to accept or repay the deposit or loan specified under section 269SS and 269T respectively. The existing provisions contained in section 269SS of the Act, inter alia, provide that no person shall […]...

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Posted Under: CA, CS, CMA |

FM justifies Minimum Alternate Tax on Special Economic Zones

Minimum Alternate Tax on Special Economic Zones Minimum Alternate Tax (MAT) has been levied on developers of Special Economic Zones (SEZs) and units operating in SEZs with effect from 1st April, 2012 vide Finance Act, 2011. Representations have been received from the business community and others regarding restoration of exemption from pa...

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Posted Under: CA, CS, CMA |

Amendment in Condition for Claiming Credit of Alternate Minimum Tax

The existing provisions of sub-section (1) of section 115JEE of the Act provide that the provisions of Chapter-XI I BA shall be applicable to any person who has claimed a deduction under part C of Chapter VI-A or claimed a deduction u/s 1 0AA. Further the present provisions of sub-section (2) of section 1 15JEE […]...

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Posted Under: CA, CS, CMA |

Budget 2014 propses to levt interest U/s. 220 from the date of expiry of period stated in the notice of demand U/s. 156

Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961....

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Posted Under: CA, CS, CMA |

Budget 2014 gives Power to AO to get a valuation report of any asset

Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […...

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Posted Under: CA, CS, CMA |

SEBI : Clarification and extension of deadline with respect to circular on ‘Guidelines on disclosures, reporting and clarifications under AIF Regulations’

Circular No. CIR/IMD/DF/16/2014-SEBI 18/07/2014

With respect to clause 3(d), joint investors shall mean where each of the investor contributes towards the AIF. With respect to clause 3(g), such investee company shall hold or propose to hold not less than one project, directly or indirectly....

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