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Archive: 27 August 2014

Posts in 27 August 2014

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 24, 2024 6564 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4890 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

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

August 27, 2014 19447 Views 0 comment Print

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.

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

August 27, 2014 204668 Views 25 comments Print

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 […]

EPFO Declares 8.75% Rate of Interest for 2014-15

August 27, 2014 2700 Views 0 comment Print

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, Steel […]

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

August 27, 2014 13261 Views 0 comment Print

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)?

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

August 27, 2014 2648 Views 0 comment Print

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

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

August 27, 2014 33266 Views 17 comments Print

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 […]

Service Tax amendments applicable from 1st October, 2014

August 27, 2014 128217 Views 28 comments Print

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.

Changes in Negative List & Service Tax Rules wef 01.10.2014

August 27, 2014 28925 Views 0 comment Print

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. However, effective date wasn’t notified. Now, the same has been notified as 1st October,2014;

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

August 27, 2014 6339 Views 0 comment Print

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.

Comparative analysis of Revised Tax Audit Report

August 27, 2014 5359 Views 0 comment Print

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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