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Archive: 17 October 2014

Posts in 17 October 2014

Registration u/a 12AA cannot be canceled due to receipts exceeding threshold limit of section 2(15)

October 17, 2014 1157 Views 0 comment Print

Hon’ble Chennai ITAT has in the case of SAE India v/s DIT(E) has held that if the objects and activities of the trust are genuine than registration cannot be cancelled merely because receipts are exceeding threshold limit as provided under second proviso to section 2(15) of the Act.

Interst on Long Term foreign currency Bonds- Conditions for Lower TDS

October 17, 2014 2107 Views 0 comment Print

CBDT CIRCULAR NO.15/2014 Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2102, provided for lower withholding tax at the rate of 5% on the interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India. The benefit was available in respect of borrowings made either under an agreement or by way of issue of long term infrastructure bonds. The section further provided that such borrowing and the rate of interest should be approved by the Central Government. Subsequently with a view to lower

Notification No. 49-Income Tax Dated 17/10/2014

October 17, 2014 340 Views 0 comment Print

Notification No. 49-Income Tax In exercise of the powers conferred by sub-section (1) of Section 120 of the Income-tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami, Additional Commissioner of Income-tax in the office of Principal Chief Commissioner of Income-tax,New Delhi shall exercise the powers and functions of Deputy Commissioner of Income-tax

CPC(TDS) – Deductor's Survey Questionnaire: Your Feedback Matters

October 17, 2014 3287 Views 0 comment Print

CPC(TDS) released a survey ‘Deductor’s Survey Questionnaire: Your Feedback Matters’ with an objective to understand deductors satisfaction since the time CPC(TDS) and TRACES website came into existence. CPC(TDS) has undertaken transformational initiatives to improve overall service levels for deductors and tax payers by following:-

CPC (TDS) follow up for Filing of Form No. 24G in FY 2014-15

October 17, 2014 2162 Views 0 comment Print

This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed Form no. 24G for any of the months during Financial Year 2014-15. 1. Please note that In case of delay in filing of Form No. 24G by the AINs:

Switzerland agreed to share information of Indians having account in Swiss Banks

October 17, 2014 887 Views 0 comment Print

Switzerland has indicated willingness to provide information in respect of cases where investigations have been carried out by our IT Department independently from what Swiss Government considers as stolen data.

Technical grade/ material verification on Import of Pesticides-reg.

October 17, 2014 991 Views 0 comment Print

Reference is invited to Board Circular No 7/2014-Cus dated 7.04.2014 on compliance of Order of Hon’ble High Court of Gujarat regarding import of formulations into India which lays down that Commissioner of customs concerned should ensure that in case of import of formulations, the samples of its technical grade / material is tested.

Companies (Accounts) Amendment Rules, 2014 – An analysis

October 17, 2014 25879 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) has vide notification dated October 14, 2014 amended the Companies (Accounts) Rules, 2014 (Amended Rules). Section 129 (3) read with Rule 6 of the Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation pursuant to Schedule III of the Companies Act, 2013 (Act) and the applicable accounting standards.

Services to Foreign Principals for marketing in India is an export of service

October 17, 2014 5548 Views 0 comment Print

We are sharing with you an important judgment of the Hon’ble CESTAT, Delhi in the case of Microsoft Corporation (I) (P) Ltd. Vs. Commissioner of Service Tax, New Delhi [2014-TIOL-1964-CESTAT-DEL] on the following issue: Issue: Whether the services provided to principals situated outside India to market their products in India is an export of service […]

CBDT asked clarification from SC regarding sharing of Information of Indian hiding money abroad

October 17, 2014 2700 Views 0 comment Print

Filing of I.A. No. 14 in WP(C) No. 176 of 2009 (Ram Jethmalani & Ors V. Union of India), by Union of India Union of India has filed I.A. No. 14 seeking the following clarifications with regard to the orders dated 4.7.2011 and 1.5.2014, passed by the Hon’ble Supreme Court of India in WP(C) 176 […]

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