"09 September 2014" Archive

Draft Tax Laws That Promote Intent Rather Than Litigation: Member CBDT

The Central Board of Direct Taxes (CBDT) on Thursday suggested that the government should draft the tax laws in a manner so that their intent comes out more forcefully and plug possibilities of  misinterpretation of laws to benefit vested interests as also prevent chances for dragging the interpretation of laws to courts and tribunals. T...

Posted Under: Income Tax |

Upper age limit for Whole Time Directors on the Boards of Banks

RBI/2014-15/217 DBOD. APPT.BC.No. 40 /29.39.001/2014-15 09/09/2014

It has been decided that the upper age limit for MD & CEO and other WTDs of banks in the private sector should be 70 years, i.e. beyond which nobody should continue in the post. Within the overall limit of 70 years, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD & CEO, as an internal...

Guidelines on Wilful Defaulters – Clarification regarding Guarantor, Lender and Unit

RBI/2014-15/221 DBOD.No.CID. 41/20.16.003/2014-15 09/09/2014

While dealing with wilful default of a single borrowing company in a Group, the banks /FIs should consider the track record of the individual company, with reference to its repayment performance to its lenders. However, in cases where guarantees furnished by the companies within the Group on behalf of the wilfully defaulting units are not...

8 Secrets of Success by Richard St. John

The 8 Secrets of Success is transcribed from a TED-ED lecture by Richard St. John. He took more than 500 interviews of successful persons over the world including Bill gates, Jeff Bezoz, Larry Page, Richard Branson, Oliver Stone, Deepak Chopra, Sergey Brin etc. The Secrets of Success are as follows. Love what you do (Passion) […]...

Posted Under: Income Tax |

CA Community Files PIL against Revised Tax Audit report in Delhi & Other HCs

CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income tax Act with effect from 25.07.2014 and vide  Order No.F.No.133/24/2014- Dated 20.08.2014  extended the due date of filing Tax Audit Report (TAR) to 30.11.2014 but kept the the due date of [&h...

Posted Under: Income Tax |

Input service credit is available to service receiver even when service provider had deposited the Service tax belatedly

For the purpose of availing Cenvat credit, there is no requirement that the Service tax should have been deposited by the service provider before the availment of the credit. In terms of Rule 4(7) of the Credit Rules, the Cenvat credit in respect of input service shall be allowed, on or after the day on which payment is made of the value ...

Posted Under: Income Tax |

Reimbursement expenses not includible in assessable value of services when bills are in the name of service recipient

Venkatesh Merchantiles (P.) Ltd. Vs. Commissioner of Central Excise & Service Tax

The Hon’ble CESTAT, Delhi held that in terms of agreement, principals were required to maintain godown and hence, principals were liable to pay godown rent and the Appellant acted only as their agent. Similarly, bills of labour contractors for arranging loading and unloading and bills of transporters were in name of principals and not i...

Posted Under: Income Tax |

Resolutions required to be Filed Under Companies Act,2013 in form MGT 14

CA Nitesh More Section-117  of the Companies Act, 2013, a copy of every resolution or any agreement, in respect of matters specified in sub-section (3) together with the explanatory statement under section 102 , if any, annexed to the notice calling the meeting in which the resolution is proposed, shall be filed with the Registrar [&hell...

Posted Under: Income Tax | ,

Recognition of Deferred Tax Assets for Unrealised Losses Proposed amendments to IAS 12

Recognition of Deferred Tax Assets for Unrealised Losses Proposed amendments to IAS 12 (Last date for sending comments: October 9, 2014) – (09-09-2014) This Exposure Draft, published by the International Accounting Standards Board (IASB), contains proposed amendments to IAS 12, Income Taxes. The proposed amendments are in response t...

Posted Under: Income Tax |

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