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Archive: August, 2014

Posts in August, 2014

For MVAT Taxpayers No “Raksha” Only “Bandhan”

August 11, 2014 2504 Views 0 comment Print

Arjuna, Raksha Bandhan means expressing love, strengthening relations between brothers and sisters. Elder should save the younger. But Sales Tax department has done opposite of this. The department instead of saving the dealer who follows the VAT laws brought Bandhan for the year 2011-12.

Population norm for Metro Rail Projects to be reduced to 10 lakhs

August 11, 2014 1130 Views 0 comment Print

Population norm for Metro Rail Projects to be reduced to 10 lakhs from the present 20 lakhs Shri M. Venkaiah Naidu and Shri Piyush Goyal dedicate DMRC’s Solar Power Plant to the Nation DMRC to scale up renewable energy use to 20 MW of solar power in 3 years Urban Development Minister Shri M.Venkaiah Naidu […]

Revenue Targets for Indirect Taxes for FY 2014-15 are Challenging but Achievable: FM

August 11, 2014 941 Views 0 comment Print

Revenue Targets in the Case of Indirect Taxes for the Current Financial Year 2014-15 are Challenging one but are Very Much Achievable: FM The Union Finance Minister, Shri Arun Jaitley said that the revenue targets in the case of indirect taxes for the current financial year 2014-15 are challenging one but are very much achievable. […]

Income Tax Inspector sentenced in Disproportionate Assets case

August 11, 2014 2323 Views 0 comment Print

Special Judge for CBI cases, Visakhaptnam has convicted Sri Lakimsetty Pulla Rao, the then Income Tax Inspector, Ward-1, Tanuku, West Godavari District (Andhra Pradesh) in a Disproportionate Assets case and sentenced him to undergo three years Simple Imprisonment with fine of Rs.20,000/-. The Special Judge further ordered to confiscate the property of the accused to […]

No penalty for mere failure to compute capital gains U/s. 50C

August 10, 2014 6507 Views 0 comment Print

According to decision of Hon’ble Calcutta High Court in the case where addition is made on account of application of section 50C and Revenue failed to produce any evidence to the effect that assessee has actually received more amount than that shown by it on the sale of property then penalty under section 271(1)(c) cannot be levied.

HC explains law on Municipal valuation, Notional interest & Standard Rent

August 10, 2014 5314 Views 0 comment Print

Bombay High Court has explained the law in the case of CIT vs. Tip Top Typography on three issues related to determination of Annual value in calculation of Income from House property:- (i) whether the municipal valuation of the property was binding on the Assessing Officer

Consequences of failure to pay TDS demand

August 10, 2014 9089 Views 0 comment Print

Consequences of failure to pay the demand: In accordance with provisions of section 201(1) of the Act, where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of the Act; does not pay, or after so deducting fails to pay, the whole or […]

Section 54/54F Exemption if more than one new flats constitutes one residential house?

August 10, 2014 5245 Views 0 comment Print

During the assessment year, the assessee has sold its factory premises from which it has been showing rental income. In the computation of total income the assessee has claimed deduction u/s 54F of Rs. 1 ,34,95,220/- on the investment in three flats.

Securities Law (Amendment) Bill- Changes made in SCRA,1956 and Depositories Act, 1996

August 10, 2014 3892 Views 0 comment Print

A detailed comparative table on the amendment to securities law with respect to the Act, the provision of the law prior to the ordinance, amendment by the ordinance and actual amendment to the Act, and impact thereon is as follows

Securities Law (Amendment) Bill, 2014 – Comparison of Key changes made in SEBI Act, 1992

August 9, 2014 5207 Views 0 comment Print

The Amendment Bill 2014 was different in color vis-a-vis the ordinance that was promulgated vide Securities Laws (Amendment) Ordinance, 2014 (hereinafter referred as Ordinance 2014). The changes that bill has bought about can be majorly classified as follows:- i. validating the ordinance issued with effect from the date of the ordinance,

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