"07 August 2014" Archive

Review of SIONs A-1443, A-1170, A-3627 and K-134

Trade Notice No. 11/2014 (07/08/2014)

Manufacturers of export products covered under SIONs A-1 170, A-3627 , K-134 and SION A-1443 (instead of SION A-1143 mentioned in PN 30 dated 4.10.13), and the concerned Export Promotion Councils/Associations are requested to submit production and consumption data for further review of these SIONs as soon as possible but not later than We...

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ICAI to declare CA Final Result for MAY 14 exams today

The result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to be declared today on Friday, the 8th August, 2014 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance […]...

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Posted Under: DGFT |

The Top 3 Ways in Which Your Bank Helps You

It’s 9 am, and Amar realises he has to deposit a cheque that his previous company has given him. Not only that, he is late for an important client meeting and he has just missed the last direct bus to office. Not to mention, he intended to transfer the amount to his parents as soon […]...

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Posted Under: DGFT |

Service tax Implications on Land Development Agreement

What is a Land Development Agreement Land Development Agreement also known as Joint Development Agreement is one of the arrangements commonly resorted to by the builders/developers nowadays to develop and sell properties. There are two parties to this agreement, a Land owner and a Builder. It is sometimes also a tripartite agreement betwe...

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Posted Under: DGFT | ,

No Service Tax Audit by Department or CAG

Travelite (India) Vs. Union of India & Ors. (Delhi HIgh Court)

The Petitioner contended that an assessing officer can call for records in respect of any period during which the Department seeks to intensively scrutinize receipts, etc., i.e. under a Special Audit under Section 72A of the Finance Act. It was further argued by the Petitioner that the Finance Act does not contain any substantive power to...

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Posted Under: DGFT |

Accounting Standards and IFRS

Atul Khurana OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Associations in convergence Advantages and Challenges for convergence Meaning of Accounting Standards...

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Posted Under: DGFT |

Rule 5A(2) of Service Tax Rules, 1994 – Ultra vires the Statute

Rule 5A(2) of the ST Rules, 1994 provides that every assessee has to provide to the officer authorized by the commissioner or CAG to produce records maintained by the assessee. Brief Facts: Theappellant ‘Travelite (India)’ is a registered assessee under the Service Tax. It received a notice from the Commissioner of Service Tax seeking...

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Posted Under: DGFT |

EPF & MP Act, 1952 applicable to ‘rusk’ manufacturing industries

LC-4/5/13/judgement/pt.11227 (07/08/2014)

The petitioner establishment contended that since manufacturing of 'rusk' is not mentioned in Schedule 1 to the Act, therefore the EPF & MP Act, 1952 is not applicable to them....

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Method Of Voting At General Meetings -Companies Act, 2013

Gurminder Dhami INTRODUCTION The votes cast by the shareholders play decisive role in the business proposed in General Meetings of a Company. An equity shareholder has the right to vote for every motion. However, as per the Section 47 of the Companies Act, 2013 preference shareholder is entitled to vote only for a resolution pertaining [&...

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Posted Under: DGFT |

Rate of exchange of conversion of each of the foreign currency with effect from 08th August, 2014

Notification No. 57/2014-Customs (N.T.) (07/08/2014)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) ...

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