Officers of the Commissionerate of Central Excise and Service Tax, Mangalore arrested a Chairman & Managing Director of a major company providing advertisement services and event management, for collecting the Service Tax of over Rs. 1.94 crores from April, 2012 to June, 2014 and not remitting the same to the Government account. Out of this amount, Rs. 1.16 crores was retained by them for more than 6 months.
It has been brought to the notice of the Government that many companies have passed resolutions during financial year 2013-14 under the relevant provisions of the Companies Act, 1956 (Old Act) which are/were at different stages of implementation after coming into force of corresponding provisions of the new Companies Act, 2013
Companies Act, 2013 seems to have laid lot of emphasis on audit which is evident from the fact that it has prescribed four different kinds of audits for companies, namely, Financial Audit, Internal Audit, Secretarial Audit and Cost Audit. In its pursuit of increasing the effectiveness of audit to reach high degree of corporate governance, the Act has also well laid out the powers as well as the roles and responsibilities of the auditors
Consequent to the enactment of Companies Act, 2013, Securities and Exchange Board of India (SEBI) has announced some amendments in the listing agreement vide its Circular Number CIR/CFD/POLICY CELL/2/2014 dated 17th April, 2014. More specifically, amendments have been made to Clause 35B and 49 of the listing agreement with the objective to align the listing agreement with the provisions of the Companies Act, 2013, to adopt best practices on corporate governance and to make the corporate governance framework more effective.
Almost everyone, including active and proactive professional tax advisers- mainly, lawyers and CAs, having something to do or other with the Budget proposals of the newly installed government, have sought and brought to focus the highlights. Even so, it is sad to observe that, in so doing, in one’s conviction, some of the deficiencies, hidden or otherwise, it is noted, have not been even touched upon, for reasons not known.
Hon’ble ITAT Delhi has held in the case of ITO(E) Vs. S.D.College Society (Lahore) that where the capital expenditure has been treated to have been applied for the object of the trust, allowance of deduction on account of depreciation will not amount to double deduction?
CA Surbhi Jain TDS as the name implies, aims at collection of tax at the very source of income. Its of great significance to the Government as it propones the collection of tax, provides for a greater reach and wider base for tax and from the perspective of Tax Payer, it distributes the incidence of […]
The imposition of penalty was found not to be justified and the Appeal was allowed. As a proof that the penalty was debatable and arguable issue, the Tribunal referred to the order on Assessee’s Appeal in Quantum proceedings and the substantial questions of law which have been framed therein
Providing the food grains at affordable prices to the public at large is the key policy of any government. Effective production of food grains is not possible without the fertilizers. A fertilizer is a chemical or natural substance added to soil or land to increase its fertility. Thus, to improve the quality as well as the quantity of agricultural produce, fertilizers are the key ingredients.
Seeks to extend the validity the notification No. 61/2009-Cus dated 10.06.2009 for a further period of 1 year i.e. upto and inclusive of 9.6.2015.
