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Notification No. 34/2014-Income Tax Whereas, the Agreement and the Protocol (hereinafter referred to as the said Agreement and the Protocol) was entered into between the Government of the Republic of India and the Government of Malta, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
This panel of auditors shall be available for reference for Special Audit u/s 142(2A) of the I.T. Act in the F.Y. 2014-15 and 2015-16 in Mumbai region. In the event of any of the above CAs/Auditors being found to have indulged in any professional misconduct during the tenure, their empanelment shall be cancelled forthwith.
The Ministry of Finance states that in RBI’s bi-monthly credit policy announced today, the Reserve Bank of India (RBI) has kept the policy rate unchanged, as expected by markets. RBI has, however, reduced the SLR by 50 basis points giving banks greater leeway to lend, the Ministry adds. The Ministry further observes that as the economy picks-up and demand grows, this will allow an increase in bank credit. Recent data on inflation shows that inflation is moderating. The Finance Ministry states that on its part, the Government remains committed to the path of fiscal consolidation and reviving the investment cycle that will help bring down inflation and pick-up growth further.
Therefore, all eligible dealers are required to furnish relevant information for the year 2013-14 latest by 30/09/2014. In the Form 9, dealer can also furnish the details of pendency of forms for preceding three years, viz. 2010-11, 2011-12, 2012-13, if no assessment has been framed for the relevant year.
The scheme provided additional facility to Works Contract dealers who could opt the scheme by paying 1% or 3% of the turnover like an existing Composition Scheme. The Assessment orders, issued, if any, become null and void in such cases. But, the order shall stand in the System till it is nullified.
The Central Excise Act, 1944 provides levy of excise duty by different methods. In a recent judgment of Hon’ble Chhattisgarh High Court in the case of Ultratech Cement Ltd. vs. CCE 2014 (35) STR 641 (Chhattisgarh) the Hon’ble Court held that place of removal is to be decided on facts and circumstances of each case.
A new section 15A has been inserted in the Central Excise Act, 1944 w.e.f. the date of the applicability of the Finance Bill’ 2014. Further, this section has also been made applicable for Service Tax Law by virtue of Section 83 of Finance Act’ 1994. This is known as Information Return. A new concept of […]
The CBDT has vide notification No. 33/2014 dt. 27/07/2014 notified revised forms for tax audit report and details to be furnished. This is just two months prior to completion of tax audits by 30th September, 2014. Hopefully, the ICAI’s views would have been invited before making changes in the forms, as has been the case earlier when the forms had been formulated or revised.
As a general rule, directors are appointed by members at a general meeting. As an exception, Board can also appoint directors in some specified cases. Section 160 provides for right of any person to stand for the position of a director in a company in a general meeting in a democratic way.
Asim Saha Cost audit is basically & purely audit of resource utilization and an effort to assess value addition. Through cost audit India will be low cost HUB of manufacturing activities. This will help Indian Government to attract huge investment from outside. Every Goods and services manufactured in our country have some input output ratio […]
