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Vide Notification No. 19/2014-ST dated 25.08.2014, Central Government has amended Service Tax Rules, 1994 whereby a new Rule, Rule 11 has been inserted w.e.f. 01.10.2014 for determination of rate of exchange. According to this rule, the rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.
ITAT held in its order that ICAI CPE programmes might have failed to achieve the desired objectives with some of the Chartered Accountants. It further said that it is hightime that the ICAI should take note of these practicalities and should take corrective steps in order to maintain/restore the high standards and quality expected from a C.A. professional.
The extension of date for obtaining and submitting the Tax Audit Report till 30th November 2014 for the Assessment Year 2014-15 without extending the due date to file the Return of Income has created many concerns in the minds of Chartered Accountants.
Reliance in this regard can be placed on the decision of Hon’ble Allahabad High Court in case of M/s Vinay Wire and Poly Product Private Limited Vs. DGCEx [Writ Tax No. 283 of 2014] wherein the appellant has challenged the order of Hon’ble Settlement Commission passed u/s 32E of CEA, 1944.
Table to Compute Net Profit for CSR contribution as per Section 198 of Companies Act, 2013 Particulars FY Net profit after tax* Add : Allowed Credits 1 Profit on sale of immovable property ( Original Cost – WDV ) Less : Credits Disallowed 1 Premium on shares or debentures 2 […]
SCHEDULE II ( With all the amendments till 31.08.2014 ) (See section 123) USEFUL LIVES TO COMPUTE DEPRECIATION PART ‘A’ 1. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, […]
