"27 August 2014" Archive

Clarification Accounting Standards (AS) 10 – Capitalization of Cost – regarding

General Circular No. 35/2014 (27/08/2014)

Ministry of Corporate Affairs has clarified the following issues with respect to the capitalisation of borrowing costs in power projects: 1) Borrowing costs incurred during extended delay in commencement of commercial production after the plant is otherwise ready, can not be capitalised by virtue of AS-10 & AS-16 issued by ICAI....

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Service Tax – Point of taxation rules (POT)- At a glance

Point of taxation is determined on the basis of earlier of following events (Rule 3) :- a)  The time when the invoice for the service provided or to be provided is issued OR b)  Where the person providing the service, receives a payment Provided that the invoice has been issued within 30 (45 in case […]...

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Posted Under: Company Law |

EPFO Declares 8.75% Rate of Interest for 2014-15

Shri Narendra Singh Tomer Chairs the Meeting of Central Board of Trustees, EPF The Union Minister for Labour and Employment, Steel and Mines, Shri Narendra Singh Tomar has chaired the meeting of Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) here in New Delhi today. The Minister of State for Labour & Employment, St...

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Posted Under: Company Law |

Power of CBDT to Extend due date of Tax Audit Report, without ITR Due Date extension?

Whether CBDT have any power to extend due date Under section 44AB of the Income Tax Act,1961 without extending due date for filing return of income u/s 139(1)? ...

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Posted Under: Company Law |

Reversal of ITC on closing stock of iron & steel goods not warranted under rule 21(8) of Punjab VAT Rules

Reversal of ITC on closing stock of iron & steel goods not warranted under rule 21(8) of Punjab VAT Rules...

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Posted Under: Company Law |

6 Easy Steps to Opening a Bank A/c & Opening of A/c without 'proof of identity'

1. How can I open a bank account? It is very simple. To open a bank account you need to give a ‘proof of identity and address’ alongwith a recent photograph. 2. What are the documents to be given as ‘proof of identity’ and ‘proof of address’ by me? Any one of the documents such […]...

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Service Tax amendments applicable from 1st October, 2014

Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax....

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Changes in Negative List & Service Tax Rules wef 01.10.2014

SERVICES PROVIDED BY RADIO TAXIS: Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the radio taxis got deleted, resulting in levy of service tax thereupon. How...

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Posted Under: Company Law |

Issue of securities by a private company – Rights & Bonus issue

Bonus issue- Issue of bonus shares is regulated by the provisions of section 63 of the Companies Act, 2013. A company can issue bonus shares to its existing equity shareholders in a proportion as may be determined by the Board of Directors of the company based on the availability of adequate resources. ...

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Posted Under: Company Law |

Comparative analysis of Revised Tax Audit Report

We are attaching detailed comparative analysis of Revised Tax Audit Report in the excel format with updated table formats as per the schema of the Forms 3CA/3CB-3CD on the Income Tax website. The file also contains the Screenshots of the updated schema for the clauses where the changes in table formats took place....

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Posted Under: Company Law |