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Archive: 18 July 2014

Posts in 18 July 2014

The business world obsessed about resumes – A foolish act

July 18, 2014 598 Views 0 comment Print

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.

TDS become Tedious and Painful to Comply

July 18, 2014 4403 Views 0 comment Print

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 […]

Highlights of Budget 2014-15 of Delhi

July 18, 2014 3455 Views 0 comment Print

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 (NCT)of […]

No Proposal for Legalisation of Black Money – FM

July 18, 2014 920 Views 0 comment Print

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 surveys conducted under […]

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

July 18, 2014 2832 Views 0 comment Print

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 […]

FM justifies Minimum Alternate Tax on Special Economic Zones

July 18, 2014 2204 Views 0 comment Print

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 payment of MAT to […]

Amendment in Condition for Claiming Credit of Alternate Minimum Tax

July 18, 2014 2454 Views 0 comment Print

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 […]

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

July 18, 2014 13006 Views 0 comment Print

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.

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

July 18, 2014 1518 Views 0 comment Print

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 […]

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

July 18, 2014 1333 Views 0 comment Print

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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