"20 August 2014" Archive

Haj and Mansarovar pilgrimage gets Service Tax exemption

Notification No. 17/2014-Service Tax 20/08/2014

The Government exempts vide Notification No. 17/2014 - Service Tax dated 20.08.2014 Services by Kumaon Mandal Vikas Nigam Limited and the Haj Committee in respect of a religious pilgrimage facilitated by the Ministry of External Affairs of the Government of India, under bilateral arrangement....

Tax Audit & Cost Audit – Correlation & Amendments

CMA Navneet Kumar Jain Any organization has to undergo many audits like Financial Audit, Tax Audit, VAT Audit, Excise Audit, Service Tax Audit & Cost Audit. Cost Audit was made applicable to most of the companies since the year 2011 and in the year 2014 again many of the industries  were apparently excluded from applicability [&helli...

Posted Under: Service Tax |

Related Party Transactions U/s. 188 of Companies Act,2013 & 2nd Amended Rules,2014

A Company shall enter into any contract or arrangement with a related party only with the consent of Board of Directors given by a resolution at a meeting of the Board and subject to conditions as prescribed under Rule 15 of the Companies (Meeting of Board and its Powers) Second Amendment Rules,2014....

Posted Under: Service Tax |

Process for Appointment of Auditor under Companies Act- 2013

In the present article we deal with the provisions of the 2013 dealing with the Auditors of the Company. The auditors of a company play a vital role towards the stakeholders of such company. The Auditors are required to audit the books of accounts of the company and report to the shareholders regarding the affairs of the Company which are...

Posted Under: Service Tax |

Process for Re-Appointment of Auditor and for appointment due to casual vacancy

Subject to the maximum tenure of appointment, a retiring auditor can be re-appointed at an annual general meeting [Sec- 139(9)] if— He is not disqualified for re-appointment; He has not given the company a notice in writing of his unwillingness to be re-appointed; and A special resolution has not been passed at that meeting appointing...

Posted Under: Service Tax |

FASB Issues Proposal To Simplify Accounting for Cloud Computing Fees

FASB ISSUES PROPOSAL TO SIMPLIFY ACCOUNTING FOR CLOUD COMPUTING FEES PAID BY CUSTOMERS Norwalk, CT, August 20, 2014—As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud comp...

Posted Under: Service Tax |

Transactions Not Regarded as Transfer for Capital Gain Purpose

No stone is left unhurt when the law makers are Indians. In the sense that no kind of income goes untaxed under the Indian Income Tax law. The Income Tax Act, 1961 is a freakish machine with 5 eyes, no income goes unnoticed from these eyes. ...

Posted Under: Service Tax |

Brief on Risk Based Audit

INTRODUCTION Many of us think that the job of an auditor is very fascinating and easy, but it is not so, the job of an auditor is very hectic and involves lot of hard work and commitment. It involves checking whether the financial statements of the entity are free from material mis-statement, are in accordance […]...

Posted Under: Service Tax |

Varishtha Pension Bima Yojana Details And Opinion

The Rate of Interest which a senior Citizen earns on Nationalize Bank FD is around 9.75% . However there is limiting period of 10 years up to which you can make your Fix Deposit. Interest Rate scenario change depending upon Inflation and RBI policies....

Posted Under: Service Tax |

Public Comments sought on Draft of Forward Contracts (Regulation) (Intermediaries) Rules, 2014

The Ministry of Finance is in the process of strengthening the regulatory framework of the commodity derivative markets for some time. As part of this process, greater empowerment of Forward Markets Commission (FMC), the market regulator is also being done....

Posted Under: Service Tax |

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