"September, 2014" Archive

Demand of duty on clandestine removal of excisable goods cannot be confirmed solely on the basis of presumptions and assumptions

Continental Cement Company and the Directors of the Company Vs. Union of India & Others (Allahabad High Court)

The Department received an anonymous complainant indicating therein that during the period February 9, 1993 to September 27, 1995 about 3839.350 MT ordinary Portland cement was illegally sold which involved Excise Duty amounting to Rs.7,20,154/-, by using parallel documents like GP1s, invoices, challans , Bills, cash memo and GRs, etc....

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Posted Under: Excise Duty |

Notification No. 43/2014-Customs (ADD) Dated: 30.09.2014

Notification No. 43/2014-Customs (ADD) (30/09/2014)

on the basis of the aforesaid preliminary findings of the designated authority, the Central Government had imposed the provisional anti-dumping duty on the subject goods, originating in or exported from the subject countries vide notification of the ...

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No redemption fine can be imposed on goods which were exported without furnishing bond

General Export Enterprises Vs. Commissioner of Customs, Nhava Sheva (CESTAT Mumbai)

In the instant case, General Export Enterprises (Appellant) had exported consignment of manmade fabrics. During the course of the investigation, the gram per square meter (GSM) values declared by the Appellant were found to be mis­declared but the goods were allowed to be exported...

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Posted Under: Excise Duty |

Dept cannot initiate proceedings when assessee had time to fulfill statutory obligations

Bharat Enterprises Vs. The Commissioner of Customs (Seaport-Export) [Madras High Court]

The Hon’ble Madras High Court observed that the Petitioner was granted a time period of 8 years to fulfil the export obligations. However, the Department had initiated the proceedings before the expiry of stipulated period of 8 years. Therefore, the Hon’ble High Court held that initiation of proceedings in such a case was completely a...

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Posted Under: Excise Duty |

Cenvat Credit on plastic crates used for safe transportation of finished goods is allowable

The Cenvat Credit on plastic crates were used for safe transportation of finished goods is allowable even it is not being used in or in relation to the manufacture of final products CCE, Noida Vs. Denso India Ltd. & Another [2014 (9) TMI 635 – Allahabad High Court] Denso India Ltd. & Another (the Respondent) […]...

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Posted Under: Excise Duty |

Notification No. 95/2014-Customs (N.T.) Dated: 30.09.2014

Notification No. 95/2014-Customs (N.T.) (30/09/2014)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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Income-tax (10th Amendment) Rules, 2014 – Notification No. 48/2014

Notification No. 48/2014-Income Tax (30/09/2014)

Notification No. 48/2014-Income Tax In exercise of the powers conferred by section 133C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (10th Amendmen...

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Regarding Section 11C exemption to Rosin / Turpentine Oil

F.No. 110/01/2012-CX.3 (30/09/2014)

Request to reconsider the decision regarding issue of Notification under Section 11C of the Central Excise Act, l944 for exemption to the Rosin / Turpentine Oil falling under Chapter 38 of the Central Excise Tariff Act, 1985 for the period 27.05.1994 to 28.02.2006 - regarding. ...

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Application Form for SFIS for Net Foreign Exchange earning in year 2013 -14

Public Notice No. 71 (RE 2013)/2009-14 (30/09/2013)

Expenses for the purpose of Annexure E shall mean Total expenses /payment/remittances of Foreign Exchange including those incurred on Capital Goods by the IEC holder, relating to service sector in Financial year....

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Work to be done after Incorporation of Company

 POST INCORPORATION WORKS   In my earlier article – Incorporation of Companies & Table of Procedure of Incorporation of Company under Companies Act-2013, I explained detailed procedure for incorporation of company. After Incorporation many works are required to be done by companies on time to time. As soon as a company is incorpo...

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Posted Under: Excise Duty |

Foreign trip to be included in IT Returns?

Recently, the Special Investigation Team (SIT) constituted on black money submitted its first report to the Supreme Court wherein indications are that certain changes like disclosure of foreign travel in a year in income tax return have been suggested. Over the past decade, Indians undertaking foreign visits have increased manifold due t...

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Posted Under: Excise Duty |

Shome Panel submits Second Report on Tax Administration

TARC in its first report had addressed four terms of reference.  These terms of reference related to customer focus, structure and governance, people’s function, dispute management, key internal processes and ICT.  This report of the TARC, which is the second report, addresses two important aspects of tax administration, capacity ...

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Posted Under: Excise Duty |

Duty paid by one unit should be allowed as Cenvat credit to the another unit

Commissioner of Central Excise, Pune-II Vs. Mishal Zinc Industries Pvt. Ltd. and Indo Deutsh Metallo Chemique Ltd. [2014-TIOL­1 725-CESTAT-MUM] The Respondents are manufacturer of White Zinc Oxide and having two units (a) Mishal Zinc Industries Pvt. Ltd (the Unit 1) and (b) Indo Deutsch Metallo Chimique Ltd (the Unit 2) [the Respondents]...

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Posted Under: Excise Duty |

Amount retained under Sales Tax Incentive Scheme would be part of Assessable Value

The Central Board of Excise and Customs has issued an instruction F. No. 6/8/2014- CX.1 dated September 17, 2014 in terms of the judgment of the Apex Court in case of Super Synotex India Ltd. [2014-TIOL-19-SC­CX] on the issue of abatement of Sales Tax under an abatement scheme where the Assesse has been allowed to […]...

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Posted Under: Excise Duty |

Service Tax already deposited cannot be demanded again from a person who has taken over the business

In the instant case, Essar Projects Ltd. (Essar) sold the entire business pertaining to their ‘Construction Division’ to Essar Construction (I) Ltd. (the New Company), w.e.f. June 30, 2006 as per ‘Business Transfer Agreement’. The Department contended that amount received by the New Company on account of the services rendered post...

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Posted Under: Excise Duty |

Service tax on GTA services can be demanded from specified consignor or consignee, who is liable to pay freight

The Hon’ble CESTAT, Ahmedabad, held that as per Rule 2(1)(d)(v) of the Service Tax Rules, if consignor or consignee is one of the specified entities, then person liable to pay Service tax would be person liable to pay freight. Since consignor i.e. EOL was a factory as per Factories Act and a company under Companies Act, GTA service prov...

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Posted Under: Excise Duty |

Service tax Refund cannot be denied on the ground that same was not shown as ‘receivable’ in Balance Sheet

Refund of Service tax on services not provided cannot be denied on ground that same was not shown as ‘receivable’ in Balance Sheet Radico Khaitan Ltd. Vs. Commissioner of Service Tax, Delhi [(2014) 48 taxmann.com 340 (New Delhi – CESTAT)] Radico Khaitan Ltd.   (the Appellant) entered into an agreement with Diageo Radic...

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Posted Under: Excise Duty |

Notification No. 94/2014-Customs (N.T.), Dated: 29.09.2014

Notification No. 94/2014-Customs (N.T.) (29/09/2014)

the Additional Commissioner of Customs, (Port-Import), Jawaharlal Nehru Customs House, Nhava Sheva, Taluka- Uran, District- Raigad, Maharashtra-400707;...

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Import of Currency Paper and Security Printing Paper; conditions thereof

Notification No. 94 (RE-2013)/2009-2014 (29/09/2014)

Import of Water-mark Bank Note Paper may be made, without an import licence, by the Note Printing Presses of the Government of India, namely, Currency Note Press, Nasik; Bank Note Press, Dewas both units of Security Printing and Minting Corporation of India Limited (SPMCIL); Bharatiya Reserve Bank Note Mudran Ltd.(BRBNMPL) units in Mysor...

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Notification No. 93 (RE-2013)/2009-2014, Dated: 29.09.2014

Notification No. 93 (RE-2013)/2009-2014 (29/09/2014)

in exercise of powers conferred under Section 3 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby makes the following amendments in Import Policy of Chapter 10 of ITC (HS) 2012, Schedule 1 (Import Policy)....

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SEBI modifies Investor Protection Fund (IPF) / Customer Protection Fund (CPF) Guidelines

Circular No. CIR/MRD/DP/28/2014 (29/09/2014)

Based on the representations received from the stock exchanges and recommendations of the Secondary Market Advisory Committee (SMAC), it has been decided to modify certain clauses in the aforesaid guidelines:...

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Extension Of Due Date of ITR- A Talk with CA Rajni Shah – Gujarat HC Petitioner

The first base of the extension of due date as mentioned by CBDT is the verdict of Gujarat High court and today we have with us , the Gujarat petitioner CA RAJNI SHAH from Ahemdabad , Let us have a talk with him :-...

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Posted Under: Excise Duty |

The Force behind ITR Date Extension – Interview of CA Shiv Khatry

The basis of the extension of date by CBDT was verdict of Gujarat High court and we have talked with the petitioner of Gujarat High court CA RAJNI SHAH and in his talk he mentioned the role of WhatsApp Group ‘MISSION TAR DEFERMENT 2014’....

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Posted Under: Excise Duty |

Department legally obligated to preserve seized goods seized

The Hon’ble High Court relied on the case of State of Gujarat Vs. M.M. Hazi Hasan [AIR 1967 SC 1885] and ordered the Revenue to hand over the exact quantity of the goods seized to the Petitioner as shown in the seizure list or pay equivalent money for the quantity of the seized goods at the present market rate to the Petitioner....

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Posted Under: Excise Duty |

Validity of notice U/s 148 – Court have to refer to reasons recorded by AO

CIT Vs Shri Samraj Krishan Chaudhary (Allahabad High Court)

Tribunal was justified in assessing the correctness of the notice for reopening the assessment under Section 148 on the basis of the reasons which were disclosed by the Assessing Officer. Those reasons, as the Tribunal noted, could not give rise to a reason to believe that income had escaped assessment for the simple reason that in the co...

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If AO not satisfied with correctness of expenditure claimed, he has to proceed in manner prescribed in Rule 8D(2)

Dhampur Sugar Mills Ltd.Vs Commissioner Of Income Tax (Allahabad High Court)

In the present case, the Assessing Officer has noted that the assessee had invested a certain amount of its funds in shares and that the dividend which has been received or receivable did not form part of the total income....

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Since assessment made u/s 143(3), no notice can be issued without satisfaction of CCIT/CIT – S. 151(1)

M/S Reliable Finhold Limited Vs Union Of India And Anr. (Allahabad High Court)

Sub-section (1) of Section 151 provides inter alia that where an assessment has been made under section 143(3), a notice under section 148 cannot be issued by an Assessing Officer, who is below the rank of Assistant Commissioner or Deputy Commissioner unless the Joint Commissioner...

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New Age is Coming to India

Just imagine the consequences if every part of India will be connected by Broadband and 3G/4G. 1. Education: Education is the first area that will be impacted greatly. Some school can upload videos on daily basis (say in Mumbai) and students sitting in remote villages can watch those videos. What an Idea Sirji! Yes, this will happen. Ulti...

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Posted Under: Excise Duty |

Salmaan Khan gives a career guidance lesson by his movie ‘Kick’

Main Dil Mein Aata Hoon, Samajh Mein Nahin..Salmaan Khan delivers a career guidance lesson from his movie ‘Kick’ In his recent movie ‘Kick’, Salmaan Khan ends the movie with the dialogue – “Main Dil Mein Aata Hoon… Samajh mein nahin”. Salmaan always has that penchant for delivering whacky dialogues which truly symboliz...

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Posted Under: Excise Duty |

Limited Income Tax Scrutiny of cases selected under CASS – CBDT

instruction no. 7/2014 (26/09/2014)

Central Board of Direr Taxes vide instruction no. 7/2014 dated 26.09.2014, by virtue of its powers under section 119 of the Act, in suppression of earlier instructions/ guidelines on this subject, hereby directs that tile cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of Either AIR data or CIB in...

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Sales Tax C, E & F Forms Demystified

There are certain type of forms which has been prescribed under central sales tax rules 1957, form C for making interstate purchase at lower rate, form F used to transfer goods from one branch to other in different state without making it as sale form E1 and E2 used when interstate sale or purchase which are effected by mere transfer of d...

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Scrutiny of Income Tax Returns

Once we file a return of income tax to the tax authorities, it has to be assessed as a correct return unless it is a self assessment return under section 139 of Income Tax Act. The assessment of returned income involves verification and scrutiny of the details of income submitted. ...

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FAQ on Reverse Charge, Abatement, Negative List, Place of Provision of service

What is Reverse Charge? Generally, Service tax is payable by person providing the service who actually collect the tax and pays to government. But Section 68(2) introduced and makes provision for reverse charge i.e. making person receiving the service, liable to pay tax. Provision can be made that part of tax will be paid by service r...

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CBDT extends return of Income / ITR Due date to 30.11.2014

F.No.153/53/2014-TPL (Pt.I) (26/09/2014)

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the 'due-date' for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Yea...

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Impact on employees of Enhancement of wage ceiling from Rs. 6500/- to Rs. 15000/-

Vide notification dated 22.08.2014 Ministry of Labour and employment has enhanced the ceiling of wage from Rs. 6500/- to Rs. 15000/- for the computation of contribution to Provident fund for both employer and employee contribution. Extract of the Notification 608(E)- In exercise of powers conferred by section 6A read with sub section (1) ...

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Notification No. 93/2014-Customs (N.T.), Dated: 26.09.2014

Notification No. 93/2014-Customs (N.T.) (26/09/2014)

(i) the Additional Commissioner of Customs (Group 3 and 4), Seaport-Import, Custom House, No. 60, Rajaji Salai, Chennai; (ii) the Additional Commissioner of Customs, Bangalore Inland Container Depot, Whitefield, Bangalore-560066...

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Notification No. 92/2014-Customs (N.T.), Dated: 26.09.2014

Notification No. 92/2014-Customs (N.T.) (26/09/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of ...

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Notification No. 91/2014-Customs (N.T.), Dated: 26.09.2014

Notification No. 91/2014-Customs (N.T.) (26/09/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs, Inland ...

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Notification No. 90/2014-Customs (N.T.) Dated: 26.09.2014

Notification No. 90/2014-Customs (N.T.) (26/09/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints...

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Notification No. 89/2014-Customs (N.T.) Dated: 26.09.2014

Notification No. 89/2014-Customs (N.T.) (26/09/2014)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints...

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Amends Notification No. 12/97-Customs (N.T.), Dated: 02.04.1997

Notification No. 88/2014-Customs (N.T.) (26/09/2014)

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes ...

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Download Gujarat HC Judgment on Extension of ITR Due Date

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court)

CBDT is directed to modify the notification dated 20th August, 2014 issued in exercise of powers under section 119 of the Act by extending the due date for furnishing the return of income to 30th November, 2014....

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Amendment in export policy of iron ore pellets manufactured by KIOCL

Notification No. 92 (RE-2013)/2009-2014 (26/09/2014)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government, with immediate effect, hereby makes the following amendments in Sl. No. 104 of Chapter 26 of Schedule 2 of ITC(HS) Classification of E...

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Empanelment with SBI for Forensic Audit

State Bank of India invites applications in the prescribed format from the Firms/Companies who are conducting forensic audit of high value accounts and willing to have their firm/company empanelled as Forensic Auditor for high value borrowal account of our Bank....

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Posted Under: Excise Duty |

Appearance of CA before NTT as representative is unconstitutional; SC quashes law for setting up NTT

Madras Bar Association Vs Union of India (Supreme Court of India)

Constitutional Bench of Hon'ble Supreme Court comprising Chief Justice RM Lodha, Justices JS Kehar, Jasti Chelameswar, AK Sikri and RF Nariman has struck down National Tax Tribunal set up vide NTT Act, 2005....

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Service Tax on Joint Venture transactions – CBEC clarifies

Circular No. 179/5/2014-ST (24/09/2014)

Certain doubts have been raised regarding the levy of service tax on taxable services provided (i) by the members of the Joint Venture (JV) to the JV and vice versa; and (ii) inter se between the members of the JV. In addition, doubts have also been raised regarding taxation of cash calls or capital contribution made by the members to the...

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Status of ITR Due Date extension cases Pending before Various HCs

CA Sandeep Kanoi Status Updated Till 26.09.2014 (7.00 AM) Chartered Accountants and Trade Associations around the country has filed Public Interest Litigation (PIL) before various high courts  for extension of Due date of ITR in line with Tax Audit Report Due date for A.Y. 2014-15. We are giving below the daily status PILs filed before ...

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Posted Under: Excise Duty | ,

Clarification on major issues pertaining to refund of Cenvat credit to Exporters

We are sharing with you the recent judicial pronouncement of the Hon’ble Bangalore CESTAT in the case of Apotex Research Pvt. Ltd. & Others Vs. CC, Bangalore-Cus & Others [2014-TIOL-1836-CESTAT-Bang] wherein 56 Appeals were heard together and the Bangalore Bench of the CESTAT passed an interim order on 16 Common/ Legal Issues pertaining...

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Posted Under: Excise Duty |

Can One Person Company (OPC) Have more than one member?

A One Person Company is a Company is a new concept in India ushered in by the Companies Act, 2013 and is similar to ‘Single Member Company’ defined under section 123 of the British Companies Act, 2006. Section 2(62) of The Indian Companies Act 2013 defines a “One Person Company” means a company which has only one person as a membe...

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Posted Under: Excise Duty |

Delhi VAT – Filing of reconciliation return for year 2013-14 – Circular No. 13 of 2014-15

Circular No. 13 of 2014-15 (26/09/2014)

The return is to be filed by dealers who have made interstate sale at concessional rates against statutory forms ‘C’ or stock transferred against ‘F’ forms or sold the goods against ‘H’ forms to dealers (other than Delhi) or claimed deduction from taxable turnover against E-I/EII forms or I/J forms etc....

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SEBI (Infrastructure Investment Trusts) Regulations, 2014

Notification No. LAD-NRO/GN/2014-15/10/1577 (26/09/2014)

The SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) have been notified, vide...

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SEBI (Real Estate Investment Trusts) Regulations, 2014

Notification No. LAD-NRO/GN/2014-15/11/1576 (26/09/2014)

The SEBI (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations) have been notified, vide notification No. LAD-NRO/GN/2014-15/11/1576 dated September 26, 2014....

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Seeks to amend notification No. 12/2012-Customs, Dated: 17.3.2012

Notification No. 29/2014-Customs (25/09/2014)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further ...

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Notification No. 42/2014-Customs (ADD), Dated: 25.09.2014

Notification No. 42/2014-Customs (ADD) (25/09/2014)

Notwithstanding anything contained in paragraph 2, this notification shall remain in force up to and inclusive of the 30th day of August, 2015, unless revoked earlier." ...

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Bombay HC ask CBDT to Consider Extension of ITR due Date to 30.11.2014

Following the Footsteps of other High Courts Bombay High Court today held in the case of ‘The Chamber of Tax Consultants & Others Vs. Union of India (Bombay High Court), WRIT PETITION (L) NO.2492 OF 2014’ that CBDT should consider the representation of the of the Chamber of Tax Consultants on or  before 30th Sept...

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Posted Under: Excise Duty |

TDS not deductible on payment to non-resident translator

M/s Cosmic Global Ltd. Vs ACIT (ITAT Chennai)

The Assessing Officer has made disallowance of Rs. 2.63 Crores under Section 40(a)(i) on account of non-deduction of tax at source on the payments made to non­resident translators. The authorities below have held translation services to be technical in nature....

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Madras HC suggests CBDT to extend due date of ITR to 30.11.2014

CA Sandeep Kanoi After Gujarat and Andhra High Court, Madras High Court too directs CBDT to extend due date of Filing Income Tax Return for A.Y. 2014-15 in Tax Audit cases to 30.11.2014. in respect of writ application filed by All India Federation of Tax Practitioners, G Baskar, an advocate and CNGSN & Associates, a […]...

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Posted Under: Excise Duty |

How to close of Short TDS Payment Defaults using Online Correction facility

In case there are ‘Short Payment Defaults’ in your TDS Statements due to ‘Mismatch of Challans’ you can get the default closed using Online Correction feature, which is available for TDS Statements related to Financial Year 2007-08 onwards....

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MGT-10 is to be certified only by a Company Secretary in Practice

FORM NO. MGT-10 [Pursuant to section 93 of The Companies Act, 2013 and pursuant to rule 13 of The Companies (Management and Administration) Rules, 2014] Changes in shareholding position of promoters and top ten shareholders Download Format of Form MGT- 10...

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Posted Under: Excise Duty |

7 Reason why Tax Audit Report needs revision

Seven reasons why extension of date of filing Tax Audit Report is not sufficient and the new format needs revision: 1. New clause 4: Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty, etc. if yes, please furnish the registration number or any other identification number allotted for ...

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A Brief synopsis on Special Economic Zones (SEZ)

Brief Highlights about SEZs Special Economic Zone schemes provides for setting up of SEZs, which have been introduced by the Indian Government with the basic idea of providing the world class infrastructure and other facilities which are required for successful growth of the business and thereby growth of the economy. These are treated as...

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Posted Under: Excise Duty |

How to use Tally in much more effective manner by using menu shortcuts

Rishit Shah Introduction Let me give a small and sweet introduction of who am I. I am Rishit Shah. I am a big fan of Tally and currently in the final stage of Chartered Accountancy. So, what are the shortcuts? Let me tell you that these are not the shortcuts that you hear every day […]...

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Audit & Auditors related provisions under Companies Act 2013

CA Vivekanand Pote Appointment of Auditors Every company at its first AGM shall appoint auditor (either individual or firm). The auditor shall hold office from the conclusion of that AGM till the conclusion of sixth AGM. And thereafter till the conclusion of every sixth AGM. Proposed auditor shall submit the certificate of eligibility for...

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Posted Under: Excise Duty |

ICAI – Renewal of MRA between Australian Accounting Bodies – ICAA & CPA

The Institute of Chartered Accountants of India signed an Addendum to the existing MRA with the Institute of Chartered Accountants-Australia and Certified Practicing Accountant (CPA) Australia on September 19, 2014 coinciding with the 3rd Annual International Conference “Australia India: Changing Perspective”. The MRA was signed by CA...

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Posted Under: Excise Duty |

ICAI mooted “Ind AS” – Sharing Own Thoughts

NPPA guideline withdrawal: Sending the ‘right signals’ or ‘course correction’?, the guideline is stated to be in regard to the drug price regulator’s move to withdraw internal guidelines that it had issued lately, in May....

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Posted Under: Excise Duty |

India Enters revised DTAA / Protocol with Poland

Notification No.47/2014-Income Tax (24/09/2014)

Notification No.47/2014-Income Tax Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Protocol amending the agreements between the Government of the Republic of India and the Government of Polish People's Repu...

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Issue nil TDS certificate to deductor & lower TDS certificate to recipient of income – CBDT Directs

Notification No. 46/2014-Income Tax (24/09/2014)

Notification No. 46/2014-Income Tax (4) The certificate for no deduction of tax shall be valid only with regard to the person responsible for deducting the tax and named therein. (5) The certificate referred to in sub-rule (4) shall be issued direct to the person responsible for deducting the tax under advice to the person who made an app...

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AP High Court to CBDT – Consider extension of Due date of ITR

 In the High Court at Hyderabad for the States of Telangana and Andhra Pradesh, AIFTP –South Zone represented by Vice President for the State of Telangana and Vice President –Andhra Pradesh have filed two Writ Petition Nos. 28159 & 28672 of 2014 questioning the notification issued by the Central Board for Direct  Taxes on 20-08-...

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Posted Under: Excise Duty |

Changes in E-Forms by MCA dated 21st September, 2014

Ministry of Corporate Affairs on 21st September, 2014 has updated various E-Forms that are required to be filed under Companies Act, 2013 and rules made there under. The major changes were made pursuant to the amendment to Companies (Appointment and Qualification of Directors) Amendment Rules, 2014 which was dated 18th September, 2014....

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Posted Under: Excise Duty |

Transfer pricing- CBDT defines wholesale Trading; Keeps tolerable limit for ALP unchanged

Notification No. 45/2014-Income Tax (23/09/2014)

Notification No. 45/2014-Income Tax DATED 23-9-2014 Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price of which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respe...

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Govt. notifies comprehensive DTAA with Colombia

Notification No. 44/2014-Income Tax (23/09/2014)

Notification No. 44/2014 Income Tax The Government of the Republic of India and the Republic of Colombia, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have-agreed as fo...

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Gujarat HC directs CBDT to extend due date of ITR Filing to 30.11.2014

CA Sandeep Kanoi CBDT has vide Notification No. 33/2014 dated 25/07/2014 Introduced mid year changes in Tax Audit Report format in form 3CD with lots of changes and additional reporting requirement. CBDT made the revised format applicable wef 25.07.2014 i.e. the date from which the new form been notified.  Utility for revised Tax Audit r...

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Posted Under: Excise Duty |

e-TDS/TCS – FVU version 2.140 from FY 2007-08 to FY 2009-10 wef 23.09.2014

Key feature of FVU version 2.140 ♣ Amount paid/ credited (in deductee details): Value in field “Amount paid/ Credited” to the deductee in case of Form no. 24Q should be less than or equal to 999999999.00. This validation is applicable to regular and correction (C3 & C9) statements pertaining to all FYs. ♣  Total Taxable [&hel...

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Posted Under: Excise Duty |

e-TDS/TCS RPU (Version 4.1) for statements from FY 2007-08 onwards wef 23.09.2014

Key features of RPU 4.1 ♣  Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details (i.e. in Annexure 1) has been restricted to 10 digits. Certificate number to be q...

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Posted Under: Excise Duty |

e-TDS/TCS – FVU version 4.4 from FY 2010-11 & onwards wef 23.09.2014

Key feature of FVU version 4.4 ♣  Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field ‘Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction’ under deductee details (i.e. in Annexure I) has been restricted to 10 digits. Certificate...

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Posted Under: Excise Duty |

​Applications for empanelment of Senior / Junior Standing Counsels for representing tax matters of Income Tax Department

Notice - F. No. CIT(Judicial)/Empanel. of Counsels/Vol.II //2014-15 (23/09/2014)

F. No. CIT(Judicial)/Empanel. of Counsels/Vol.II //2014-15 Dated : 23.09.2014 Applications in prescribed proforma (A1 & B) are invited from the tax lawyers of substantial standing and repute and with good academic credentials for the empanelment of Senior and Junior Standing Counsels for representing tax matters of the Income Tax Departme...

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Suo Motto Stay after Mandatory Pre-Deposit U/s. 35F w.e.f. 06.08.2014

The intention behind 7.5% and/or 10% quantification of pre -deposit has to be understood in as much as stay matters ate maximum time of Honourable Tribunals and High Court therefore, the amount has been quantified and the expression of stay itself has been removed from the CEA,1944. ...

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Posted Under: Excise Duty |

Importance Of Functions, Assets & Risk (FAR) Analysis In Transfer Pricing

Transfer pricing has become the most significant source of litigation in India and is increasingly becoming a regular discussion point in the board room of large Indian and Global Multinational enterprises (“MNEs”). Indian Tribunals have issued around 650 rulings over the past decade on transfer pricing issues, setting precedents for ...

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Posted Under: Excise Duty |

Extension of date for Maharashtra Cooperative Online Empanelment

This is to inform you that the date for submission of Maharashtra Cooperative Auditors online empanelment application has been extended to 24th September ,2014 , upto 11.59 pm. Please note that no further extension will be given by the Cooperative Department....

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Posted Under: Excise Duty |

Notional interest cannot be added to value of taxable services

There is no provision in Service tax law for deeming notional interest on security deposit taken as a consideration for leasing of the immovable property. Therefore, in the absence of a specific provision in law there is no scope for adding any notional interest to the value of taxable service rendered. ...

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Implement Global Standards on Automatic Exchange of Information

Text of the Intervention Made by the Minister of State of Finance in the G20 Finance Minister’s Meeting on International Tax; Calls for Implementation of the New Global Standards on Automatic Exchange of Information with A Common Timeline and with Coverage of as Many Countries as Possible...

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Posted Under: Excise Duty |

Guidelines on implementation of suo-motu disclosure under RTI Act, 2005

No.1/6/2011-IR (22/09/2014)

It was required that each Ministry/Public Authority should get its proactive disclosure package audited by third party every year and such audit should be communicated to the CIC through publication on their own website. It has been noticed that most of the Ministries/Public Authorities have not yet got their proactive disclosure package ...

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Committee to review the CBDT Instruction on Work Allocation of CsIT (J) – Inviting Inputs- reg.

Office Memorandum- F. No. 279/Misc./33/2014-ITJ (Pt) (22/09/2014)

CBDT has constituted a Committee to appraise the existing Instruction No 4/2002 dated 07.05.2002 on the above mentioned subject and to suggest suitable modifications to the same....

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Excise duty exemption on tow arising during manufacture of Polyester Staple Fibre/ Filament yarn

F.No. 345/2/2013-TRU (22/09/2014)

In the Budget 2014-15, excise duty on Polyester Staple Fibre (PSF) and Polyester Filament Yarn (PFY) manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate (PET) bottles (which was already exempt w.e.f. 08.05.2012) has been exempted retrospectively w.e.f. 29.06.2010 to 07.05.2012 [section 110 ...

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FM to launch enhanced 'single window' website for Income Taxpayers

Finance Minister Arun Jaitley will launch an updated version of the existing website of Income Tax Department today to enable taxpayers to file easily their I-T returns or apply for a PAN card. The updated version of the existing website of the Income Tax department– www.incometaxindia.gov.in– will now be acting as a single wi...

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Posted Under: Excise Duty |

Guidelines regarding Structure, Administrative set up and Functions of Audit Commissionerates

Circular No. 985/09/2014-Central Excise (22/09/2014)

Circular No. 985/09/2014-CX On implementation of cadre review there would be 23 Central Excise Zones and 4 Service Tax Zones with each zone having one or more Audit Commissionerates. Each Audit Commissionerate would cover assessees registered under the jurisdiction of 3 to 5 Executive Commissionerates...

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Bureaucracy – A Real Hurdle for Development of Country

To, Hon’ble Chief Justice of India Supreme Court of India Subject: Bureaucracy in India – A Real Hurdle for Development of Country Respected Sir, “Minimum government, maximum governance” – is it fact or fantasy? Government has merged key ministries in an apparent attempt to bring in more synergy in governance and make decision m...

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Posted Under: Excise Duty |

“Big” change in “Small” retailers MVAT composition scheme from October

MVAT Act, has given some options for retail dealers through Composition scheme from April 2005 for payment of VAT. Maharashtra Government has made changes in composition scheme through notification dated 21st August which will be made applicable from 1st October 2014. This scheme is beneficial for the dealers who finds difficult to mainta...

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Non Extension of Income Tax Return due date by CBDT

The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax audit report to 30/11/2014 though the Date of filing of Income tax returns is still 30/09/2014 and it is very unfortunate situation troubling the whole trade and Industry which is a very big part of the total tax paying fraternity. ...

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Posted Under: Excise Duty |

Global Taxation –an insight – Download free e-Book

Some time back, often I use to hear about Globalisation during meetings and personal interviews that, how the World is becoming a smaller place, now I believe that it has indeed became so in the current scenario when it is difficult for any professional or a businessman to work only locally without having or soon to have some kind of busi...

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Posted Under: Excise Duty |

An Year with Specified Domestic Transaction (Transfer pricing)

The Income Tax Act 1961(‘The Act’) as amended by Finance Act 2012 brought specified domestic related party transactions (SDT) within its fold with effect from FY 2012-13 vide section 93BA of the Act and admittedly as with any new legislation, there were very few early adopters. SDT provisions principally have impact in two ways, first...

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Posted Under: Excise Duty |

Non Extension of Due Date of ITR – Tax Terrorisam Continues

the FM may not have been able to appreciate the views of the tax payer who funds the country and listened only to the bureaucrats who continue to empower themselves with more weapons of extortion and threat. Hope that in the committee which would look at tax reforms, the professionals of ...

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Posted Under: Excise Duty |

Corporate Social Responsibility – Companies Act 2013

CA Divyang Gupta Article discusses Corporate Social Responsibility Applicability/ CSR Applicability, Mandatory Expenditure on CSR, Medium of Expenditure on CSR Activity , Activities for CSR Expenditure, Responsibility of Board of Directors related CSR Applicability, Clarification/Other provision w.r.t to expenditure on CSR and Income Tax ...

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Amazing Ways to answer last Interview question & Get the Job

Amazing Ways to answer the last Interview question and Get the Job – Do you have any questions? Interview is your final chance to shine before the HR manager decides whether to hire you or not.  If you’re doing well, it could seal the deal. And, if you’re not doing so well, it might at […]...

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Posted Under: Excise Duty |

Another Turnaround for FDI – RBI relaxes norms for issuance of Equity shares

Debolina Banerjee Background The regulatory environment concerning the foreign investment in India has been under constant evolution. In recent times the Reserve Bank of India (RBI) has been consistently making endeavors to ensure availability of funds to India Inc. ...

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Posted Under: Excise Duty |

Agenda for First Board Meeting Before AGM of Private Limited Companies

ARTICLE FOR BOARD MEETING REQUIRED TO BE HELD BEFORE ANNUAL GENERAL MEETING FOR PRIVATE LIMITED COMPANIES. As all of us aware that there are some Resolutions {Mention under Section179(3)} which company required to file with ROC inform MGT-14 within 30 days of passing of resolution. {In my earlier Article mentioned list of Resolution whi...

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Posted Under: Excise Duty |

Incorporation Process of Non-Profit making Company – Sec. 8

CS Ankur Garg The concept of non-profit making company is quite old in India. In erstwhile Companies Act, 1956 it was regulated by Section 25 and that is why it was popular as Section 25 Company. However in Companies Act 2013 provisions related to non-profit making company are given in Section 8 read with Rule […]...

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Analysis of Disclosure of Interest by Directors under CA, 2013

CS Ankur Garg During the process of unlocking provisions of Companies Act, 2013, I have realized that Section 184 regarding disclosure of concern or interest by the Directorhas invoked considerable controversy for various reasons. In erstwhile Companies Act, 1956, provisions related to disclosure of concern or interest by the Director is ...

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ICAI initiative on ITAT remark on CA profession & functions of ICAI

ATTENTION OF MEMBERS ICAI initiative on order dated 20th August, 2014 pronounced by a Bench of Income Tax Appellate Tribunal, Mumbai Members are aware of the general remarks against ICAI made by Hon ‘ble ITAT Mumbai Bench in respect of its order dated 20th August, 2014 wherein the tax advice given by a member of […]...

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Posted Under: Excise Duty |

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