"03 August 2014" Archive

Extend applicability of revised Tax Audit report to A.Y. 2015-16

Representation for extension of the applicability of New Form No. 3CA, 3CB and 3CD for furnishing Tax Audit Report u/s 44AB of the Income Tax Act, 1961 for A.Y. 2015-2016 & onwards...

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Posted Under: Income Tax | ,

Revised Tax Audit Report Form No. 3CA, 3CB & 3CD in Excel / Word Format

CBDT has revised format of Tax Report Format wef 25.07.2014 vide its notification no. 33/2014 and accordingly it has revised the format of Form No. 3CA, Form No. 3CB and Form No. 3CD. We have uploaded form No. 3CA, 3CD and 3Cd in Excel and word format for ready reference of our readers :- Download […]...

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Posted Under: Income Tax | ,

Achieve Tax Targets without harassment of taxpayers & high handedness – CBDT

Our immediate challenging tasks include reaching the not so easy' target for Revenue collection without undue harassment and high handedness; improving the overall image of our department as a friendly, professional, non adversarial and competent organization focused on Revenue collection, tax payers services and ensuring strict complianc...

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Posted Under: Income Tax |

Structural Audit of Society Buildings – An analysis

Most buildings in Mumbai City & Suburbs are over 40 years old. Some of these buildings are ILLEGAL & UNAUTHORISED, more so since neither the local civic body (BMC) has the buildings Sanctioned Plans and neither the building residents (Society) have the Approved Plans of their buildings. ...

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Posted Under: Income Tax | ,

Changes in Depreciation under Companies Act, 2013

Key Highlights of Schedule II of the Companies Act, 2013: Useful Life: Unlike the Companies Act, 1956, Useful life of the asset on the basis of Shift has been prescribed in place of rates of depreciation in the part C Schedule II of the companies Act 2013 as a base for computing depreciation. Now the […]...

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Posted Under: Income Tax | ,

Ultra-Vires of Rule 5 of Point of Taxation Rules, 2011

It is well settled law that levy of tax is one thing and collection thereof is quite different thing. Once the levy is attracted, the collection of tax may be at any different point/stage or event. For example, in case of central excise duty, the levy is on the ‘manufacture or production of goods’ while the collection of duty is postp...

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Posted Under: Income Tax |

Agenda for First Board Meeting of Companies under Companies Act 2013

CS Divesh Goyal SPECIALLY FOR FIRST BOARD MEETING OF PRIVATE COMPANIES As per New Company Law, gap between two board meetings can’t exceed 120 Days. If last board meeting of company was held on 31st March 2014 then next board meeting can be held upto 28th July, 2014 (April 30 days + May 31 Days […]...

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Posted Under: Income Tax |

HC grants exemption U/s. 54F on construction of new house after demolishing of old one

CIT Vs Ashok Kumar Ralhan (Delhi High Court)

The Assessing Officer made two additions. Firstly, benefit under Section 54F of the Act was denied and capital gains of Rs.51,71, 994/- was brought to tax. The second addition made by the Assessing Officer of Rs.19,75,410/-...

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Cost Planning & Cost Management tools at Toyota Australia series-4

Before I get into the cost management details I would like to give short introduction to the company operating in Australia. Toyota Motor Corporation Australia Ltd (TMCA) is a fully-owned subsidiary of Toyota Japan. The Australian operations commenced in 1959 with the import of the LandCruiser, and in 1963 a passenger car assembly plant, ...

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Posted Under: Income Tax |

CMA President’s Communique for August 2014

NA 03/08/2014

I am honored to be elected as the President of the Institute for the year 2014-15 to serve this great profession with the support of all of you. I am grateful to my council colleagues for showing confidence and faith in me. I thank all of you for your trust, and shall strive to live up to your expectations....

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