"November, 2014" Archive

Electronic Mode of Payment- Who required to Pay Taxes online

Income Tax Rules provide that the following persons shall pay tax electronically (i.e. internet banking facility or through credit/debit cards) on or after the 1st day of August, 2008: i.  A company; and ii.  A person (other than a company), to whom the provisions of section 44AB of the Income-Tax Act 1961 are applicable. As […]...

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Posted Under: Income Tax |

Check List for passing on upfront service tax exemption to SEZ Unit/Developer/Co-Developer

Effective from 01.07.2013 in terms of service tax notification no 12/2013-ST, All SEZ Unit/ Developers/ Co-developers have to provide Form A2 authorisation from service tax authority for availing the upfront service tax exemption otherwise first pay service tax and claim refund of it from the Govt....

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Posted Under: Income Tax |

Functionality for CsIT(CO) for generation of MIS of Auditable cases (u/s 143(3), 144 & 147) – regarding

AST Instruction No.132 (27/11/2014)

The Directorate of Income Tax (Audit) desired for providing list of auditable cases (u/s 143(3), 144 & 147) from the Income Tax Database. 2. Since, it is important to provide requisite information to the offices of Audit across the country in a structured manner on regular basis, a new functionality has been provided in the ITD...

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Due date for Filing Return in Jammu & Kashmir extended to 31.03.2015

F.No. 225/268/2014/ITA.II (28/11/2014)

Considering the devastation due to floods in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (`Act') and in continuation to the earlier order under section 119 of the Act dated 16.09.2014, hereby further extends the 'due date' of furnishing retu...

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Tribunal cannot dismiss an appeal for want of prosecution – SC

Balaji Steel Re-Rolling Mills Vs. Commissioner of Central Excise and Customs (Supreme Court)

Balaji Steel Re-Rolling Mills (the Appellant) is a partnership firm engaged in the manufacture and sale of Hot Re-rolled products. The Commissioner of Central Excise and Customs, Aurangabad, (the Commissioner) vide order dated July 20, 1999...

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Posted Under: Income Tax |

Ignoring judicial discipline is gross incompetence & irresponsible conduct

RGL Converters Vs. Commissioner of Central Excise (CESTAT DELHI)

RGL Converters (the Appellant) is amanufacturer of Printed Cork Tipping Paper (PCT). The relevant process involves procurement of Cork Tipping Base Paper (CKT) including Other Uncoated Paper and Paper Board in rolls or sheets, including jumbo rolls of specified width and length....

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Posted Under: Income Tax |

Remission of duty on goods cleared for export under bond but destroyed at port before export

Honest Bio-Vet Pvt. Ltd. (the Appellant) cleared certain goods for export under ARE-1 under bond without payment of duty. The Appellant had taken the goods directly to the port of export i.e. JNCH, presented the Shipping Bill and ‘Let Export’ Order was allowed. ...

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Posted Under: Income Tax |

Inclusion of Royalty paid for technical know-how in assessable value of imported goods

Atlas Copco India Ltd. Vs. Commissioner of Customs, Import (CESTAT Mumbai)

Atlas Copco India Ltd. (the Appellant) imported parts and components (imported goods) from their related foreign entity Atlas Copco Air Power, Belgium and other related parties for the manufacture of the various compressed air and gas equipments...

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Posted Under: Income Tax |

Suspension order cannot be treated as SCN under Regulation 20(2) of CHA Licensing Regulations, 2004

NA (29/11/2014)

The Appellant argued that no Show Cause Notice was issued as required under Regulation 20(2) of the CHA Regulations. In response, after one year...

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Inclusion of Service Charges in assessable value of material imported

Alcan India Pvt Ltd. Vs. Commissioner Of Customs (Import) (CESTAT Mumbai)

Alcan India Pvt Ltd. (the Appellant) entered into Agreements with Alcan Packaging Singen GMBH, Germany for availing certain Management Consultancy services and paid BU charges. Similarly, the Appellant also entered into an Agreement with Pechiney Plastic Packaging...

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Posted Under: Income Tax |

ICAI President’s Message – December 2014

Implementation of the Companies Act, 2013-ICAI Role - Another important emergent area of national and professional importance on which we are focusing our attention is the implementation of certain crucial provisions of the Companies Act, 2013. In this regard, I would like to apprise you of the following important developments:...

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Posted Under: Income Tax |

Notification No. 112/2014-Customs (N.T.), Dated: 28.11.2014

Notification No. 112/2014-Customs (N.T.) (28/11/2014)

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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All you want to know about Digital Evidence

Chapter 1 Introduction & Background 1.1. Introduction One of the most significant and influential inventions of 20th century was the Computer. There has been a sea change in the purposes and the manner in which computers are used with advent of microprocessor technology and digital communication. The computer started with being a gian...

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Establishment of Jan Lokpal: Govt pleads to SC to transfer all petitions from HC to SC

 Establishment of Jan Lokpal The Central Government, in exercise of powers conferred by sub-section (1) read with clause (b) of sub-section (2) of section 59 of the Lokpal and Lokayuktas Act, 2013, notified the Search Committee (Constitution, Terms and Conditions of appointment of members and the manner of selection of Panel of Names for...

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Posted Under: Income Tax |

Change in rules & forms, fees -Income Tax Advance Ruling by Resident Applicant

Notification No. 74/2014-Income Tax (28/11/2014)

Notification No. 74/2014-Income Tax S.O.3015 (E).- In exercise of the powers conferred by section 245Q 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:-...

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Govt. launches E-Visa scheme for 43 countries

Union Home Minister & Tourism Minister launch landmark Tourist Visa on Arrival Enabled with Electronic Travel Authorization Scheme Union Home Minister Shri Rajnath Singh, along with Dr. Mahesh Sharma, Minister of State (I/C), Tourism  & Culture and Minister of State for Civil Aviation,  launched the Tourist Visa on Arrival (TVOA...

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Posted Under: Income Tax |

Govt fund allocation to NGOs – Online process made mandatory

The following corrective steps have been taken/proposed to be taken to check embezzlement of Government grants by NGOs: i. Funds are released to the NGOs after receipt of recommendation of the State Level Grant-in-Aid Committee, Inspection Reports, Utilization Certificate and Audited Accounts....

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Posted Under: Income Tax |

7200 tickets per minute – Upgradation of Railways’ E-Ticketing System

Upgradation of Railways’ E-Ticketing System In order to improve the efficiency of the website for booking of e-tickets, a new State-of-the-Art Data Centre has been set up by Indian Railway Catering & Tourism Corporation. Further, the e-ticketing system has been upgraded with the launch of the NextGeneration E-ticketing System (NGeT)...

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Posted Under: Income Tax |

RBI releases final Guidelines for implementation of Bharat Bill Payment System (BBPS)

RBI/2014-15/327 DPSS.CO.PD. No. 940 /02.27.020/2014-2015 (28/11/2014)

The system participants in the BBPS will have to adhere to a uniform set of standards and procedures so as to enable the smooth operation of this inter-operable bill payment system. Accordingly, a broad framework of roles and responsibilities of the BBPCU and the BBPOUs is outlined below. The Procedural Guidelines of the BBPS will provide...

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Creating trouble in job amounts to Sexual Harassment

Amending Rules for Safeguarding Women Amendments to the Central Civil Services (Conduct) Rules, 1964 and Central Civil Services (Classification, Control and Appeal) Rules, 1965 have been carried out on 19.11.2014 vide Central Civil Services (Conduct) Second Amendment Rules, 2014, to make working conditions more conducive for women. As per...

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Posted Under: Income Tax |

Compliances For Listed Company Under Companies Act- 2013

Every listed company shall have an internal auditor, who may be a Chartered Accountant, Cost Accountant or any other Professional (i.e. Company Secretary). The scope, functioning, periodicity and methodology for conducting the internal audit shall be decided by Audit Committee in consultation with the internal auditor. ...

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Posted Under: Income Tax |

Check Jurisdiction before filing your income Tax Return

Check your Current Jurisdiction before filing your income Tax Return for the  A. Y. 2014-15 & Subsequent years. Due to the current Restructuring in the Income Tax Department, your Jurisdiction may have changed. It is advisable that you check your current jurisdiction. Those who have not yet filed their Income Tax Return and are yet [...

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Posted Under: Income Tax |

Pursuing law & practicing law are two different things -SC

Archana Girish Sabnis Vs Bar Council Of India & Ors (Supreme Court of India)

Pursuing law and practicing law are two different things : Bar Council not bound to grant licence to practice law: SC. The case of the appellant in brief is that after completion of professional course i.e. Licentiate of the Court of Examiners in Homoeopathy medicines (LCEH), she took admission to LL.B. course conducted by University of M...

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Commencement of SEBI (Research Analysts) Regulations, 2014

Press Release No. 140/2014-SEBI (28/11/2014)

It may also be noted all the information pertaining to RA Regulations issued from time to time will be made available on the website at www.sebi.gov.in under the section "Info For" – Research Analysts. Currently guidelines on how to get registered as research analyst and instruction for filling in Form-A are made available under this s...

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Change in Limit for Income Tax Advance Ruling

Notification No. 73/2014-Income Tax (28/11/2014)

Notification No. 73/2014-Income Tax In exercise of the powers conferred by sub-clause (iia) of clause (b) of section 245N of the Income-tax Act; 1961 (43 of 1961), the Central Government hereby specifies a resident, in relation to his tax liability arising out of one or more transactions valuing rupees one hundred crore or more in total w...

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Notification No. 57/2014 , Daetd : 27.11.2014

Notification No. 57/2014 (27/11/2014)

In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Commi...

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RBI issues Guidelines for Licensing of Small Finance Banks in Private Sector

Press Release : 2014-2015/1090 (27/11/2014)

Procedure for application: In terms of Rule 11 of the Banking Regulation (Companies) Rules, 1949, applications shall be submitted in the prescribed form (Form III) to the Chief General Manager, Department of Banking Regulation, Reserve Bank of India, 13th Floor, Central Office Building, Mumbai – 400 001. In addition, the applicants shou...

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Reg. Change in form ANF 2A related to Issue / Modification in Importer Exporter Code (IEC)

Public Notice No. 76(RE-2013)12009-2014 (27/11/2014)

The existing form ANF 2A, is being replaced by another format, online filing of which along with all requisite documents will be mandatory w.e.f 01.01.2015, and decision regarding grant or refusal of IEC will be conveyed within two working days by the concerned jurisdictional RA. Facility of filing online application for IEC will also be ...

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Article Absence Schedule and Leave calculator

The attached file will help to track leaves year wise. To help yourself you can copy this excel sheet and rename it year wise to maintain the leave record for the whole period of articleship. Start with that month sheet when you have joined articleship. Enter the year i.e 2013, 2014 etc in the January […]...

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RBI releases Guidelines for Licensing of Payments Banks

Press Release : 2014-2015/1089 (27/11/2014)

The Reserve Bank of India The Reserve Bank of India (RBI) released on its website today, the Guidelines for Licensing of Payments Banks. Key features of the Payments Banks guidelines are: i) Objectives: The objectives of setting up of payments banks will be to further financial inclusion by providing (i) small savings accounts and (ii) [&...

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Dept. cannot adjust unconfirmed demand against refund payable to assessee

Bharat Sanchar Nigam Ltd. Vs. Commissioner of Central Excise (CESTAT Delhi)

Bharat Sanchar Nigam Ltd. (the Appellant) filed refund claim of Rs. 11,79,720/- for the excess amount paid. The Appellant was issued a Show Cause Notice dated January 17, 2007 (SCN) to show cause as to why their refund claim of Rs. 11,79,720/- should not be rejected....

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Posted Under: Income Tax |

Delhi VAT – Disposal of objections relating to mismatch of Annexure 2A/2B for A.Y. 2012-13

18 of 2014-15 (24/11/2014)

Special drive for disposal of objections relating to mismatch of Annexure 2A/2B cases for the Assessment Year 2012-13 No.F.7(480)/Policy/VAT/2014/518-527 Dated 24-11-2014...

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Turnover under Companies Act, 2013 – whether a trajectory towards Cash Basis of accounting

Section 2(91) of the Companies Act, 2013 defines turnover to mean the aggregate value of the realisation of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year. This definition has used the words aggregate value of the realisation of amount made ins...

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Posted Under: Income Tax |

Good news for HOME / FLAT BUYERS in Delhi Area

CA Dev Kumar Kothari Today on 26.11.14 in news channels it has been  reported that more  construction will be allowed in Delhi area as floor area ratio has been considerably increased for various types of plots. This is very good news for home/ flat buyers because cost of proportionate share in land will reduce substantially. Builders ...

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Posted Under: Income Tax |

Service tax not leviable on discounts/ incentives as these are not consideration for any service rendered

Group M Media India Pvt. Ltd and Others Vs. Commissioner of Central Excise (CESTAT Mumbai)

Whether Service tax levy is sustainable in respect of discounts/incentives received by the Advertising agency from the print/broadcast media in respect of advertisements placed by the said agencies on behalf of customers...

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Posted Under: Income Tax |

Issue of Long Term Bonds by Banks – Financing of Infrastructure and Affordable Housing

RBI/2014-15/320 DBR.BP.BC.No.50/08.12.014/2014-15 (27/11/2014)

In order to provide liquidity to retail investors in such bonds, it has been decided that banks can extend loans to individuals against long-term bonds issued by them under the provisions of the above-mentioned circular. Boards of the banks should lay down a policy in this regard prescribing suitable margins, purpose of the loan and other...

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Service tax paid but considered as not payable is to be treated as deposit & should be refunded

Roshan R Jaiswal Vs. Commissioner of Central Excise, Nagpur (CESTAT Mumbai)

Roshan R Jaiswal (the Appellant) is a distributor for BSNL Prepaid Cellular services etc., and was registered with Service Tax Department under the category of ‘Franchise service'. Pursuant to issue of Show Cause Notice dated October 16, 2008, which was adjudicated vide Order-in-Original...

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Posted Under: Income Tax |

Delhi VAT- Filing of reconciliation return for the year 2013-14- Circular No. 19 of 2014-15

19 of 2014-15 (27/11/2014)

CIRCULAR NO. 19 of 2014-15 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 e...

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Why Tax Practitioners Bill-Needed?

B.C. Guru Swamy From the view point of Dealer 1.To relieve from the burden of tax compliance (weekly/fortnightly/monthly/annual)returns filing, uploading, downloading etc., 2.To concentrate peacefully on his business activities 3.To avoid litigations with the Dept. 4.To reduce cost of tax compliance by having most competitive tax professi...

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Posted Under: Income Tax |

Built Operate Transfer Project- Allowability of depreciation on Toll Road

Bombay High Court has held that depreciation is not allowable on toll road constructed under the BOT basis though after the clarification by the CBDT and the decision of other Courts and Tribunal the cost of construction on development should be amortized evenly over the period of the concessionaire agreement after excluding the time take...

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Posted Under: Income Tax |

How to treat MPs – Government reiterates Instructions for officials

27/11/2014 (01/12/2011)

The guidelines concerning official dealings between Administration and Members of Parliament and State Legislatures have been issued by the Ministry of Personnel, Public Grievances and Pensions and reiterated from time to time. The provisions of the Central Secretariat Manual of Office Procedure regarding prompt disposal of communications...

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Procedure of service tax refund/exemption to SEZ-reg.

F.No.B1/6/2013 (25/11/2014)

F. No. B1/6/2013-TRU Dated- 25th November, 2014 Certain representations have been received through Ministry of Commerce raising the issue that SEZ unit or developer has to approach two authorities (the SEZ authority and with the Jurisdictional Service Tax authority) for upfront exemption under notification No. 12/2013 dated 01.07.2013 as ...

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Expert Committee to Review E-Forms Under the Companies Act

Expert Committee Constituted to Review E-Forms in order to Simplify Procedures for Stakeholders Under the Companies Act The Government has recently constituted an Expert Committee to review e-forms and other overall filing process, in order to simplify procedures for stakeholders. The Committee will (a) review the ‘e-forms’ notified u...

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Posted Under: Income Tax |

FEMA -Routing of funds raised abroad to India

RBI/2014-15/316 A.P. (DIR Series) Circular No. 41 (25/11/2014)

It has come to our notice that some Indian companies are accessing overseas market for debt funds through overseas holding / associate / subsidiary / group companies. It has also been reported that such borrowings are raised at rates exceeding the ceiling applicable in terms of extant FEMA regulations and that the funds so raised are rou...

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Sub-contract of Work awarded – No VAT liability on Main contractor

It is very common in works contracts for the main contractor who got the work awarded in his name to off-load the work to sub-contractor(s). The sub-contractor procures the materials, installs the materials as per the contractual terms & conditions and transfer of property in the materials take place between the sub-contractor and contrac...

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Posted Under: Income Tax |

CST return mandatory for interstate sales, branch transfer, export/import from 01.10.2014

Trade Circular No. 20 T 2014 (25/11/2014)

The exemption granted in respect of filing of the returns under the CST Act was posing difficulties in generating the lists of returns defaulters under the CST Act in the automation system i.e. Mahavikas....

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Why there is no "Reply" on your "Apply"

Searching a job is a science and art in itself. One of the basic ingredients for our professional success, amazingly no university degree or course ever teaches you how to search a job. Do I really need to learn how to search a job; I mean what is there to learn? Just create your profile on a recruiter's website and search your favourite ...

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Posted Under: Income Tax |

How to convert an idea into a success: 5 steps

We all humans are full of creativity. If you will give me a day I can tell you a thousand ideas and if worked well all of them can be successful. In my group I have seen so many people who have an idea ...they start working on it and fail down....so badly. Don’t let the same thing happen with your idea...

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Posted Under: Income Tax |

SEBI : Conditions for issuance of Offshore Derivative Instruments under SEBI (Foreign Portfolio Investor) Regulations, 2014.

CIR/IMD/FIIC/20/2014 (24/11/2014)

It has been decided to align the applicable eligibility and investment norms between Foreign Portfolio Investor (FPI) regime and subscription through the Offshore Derivative Instruments (ODI) route. Accordingly....

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Determining How Costs Behave

From the very beginning (especially from the academic point of view) we have been studying that the cost functions approximately shows linear relationship. Is it really simple to predict the costs? In fact costs are not easy to predict, since they behave differently under different circumstances. In this article we will be observing how t...

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Posted Under: Income Tax |

5 Mistakes make your workplace the "worst place"

Some years back I watch 'Horrible Bosses' it was amazing to see the level of torture and I know so many employees should have feel relieved after watching that movie realising that their bosses are still bearable and they don't need to plan any murder....

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Posted Under: Income Tax | ,

4 Things that destroy your LinkedIn profile

It is really sad to find that so many people use LinkedIn but they don't understand what it is all about. When you are going to create your profile on a website like LinkedIn your approach must be very professional, serious, to the point and decent. We are here for some benefit, professional benefit....

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Posted Under: Income Tax |

Find here how we kill entrepreneurship in India

You will agree with if you ever tried to start a venture in India. When I go to conferences and take part in discussion people say Indians are not that innovative, creative and daring to build something like Google, Facebook, LinkedIn, freelancer, okay I see we get the technical knowledge late so people around the world capture the market...

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Posted Under: Income Tax |

Empanelment with SBI for Concurrent Audit of Branches in Kerala

State Bank of India Local Head Office, S.S. Kovil Road Trivandrum 695 001 Empanelment of Chartered Accountants to carry out Concurrent Audit of Branches situated in the State of Kerala Applications are invited from Partnership Firms of Chartered Accountants of RBI Category II and III and suitable for empanelment as Statutory Branch Audito...

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Posted Under: Income Tax |

4 signs that you will start a venture which will fail

Never make your passion your profession.I know you are surprised but yes, if you are a hard core passionate person and you love what you do, No, doubt you are very good at it. Your Job may be a little more from the core of your profile but a business is altogether different. You may not find the time for your passion at all. ...

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Posted Under: Income Tax | ,

Why we should fear a failure but not to dis-respect it

I know you are ambitious and you want to achieve exceptional things in life in a short time span. Ambition is desire to achieve something faster than the people of same calibre and position. These ambitions make us a believer in positive things. We love to read success stories as they motivate us. ...

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Posted Under: Income Tax | ,

Installation & Commissioning Expenses not covered under definition of FTS u/s 9 of Income Tax Act, 1961

The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]...

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Posted Under: Income Tax |

Loophole in section 139 of Companies Act, 2013

The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to [&hel...

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Posted Under: Income Tax | ,

Duty Drawback cannot be denied when goods to be re-exported were brought in Customs area within stipulated time

Oil And Natural Gas Corporation Ltd Vs. Commissioner Of Customs (Export Promotion) [CESTAT MUmbai]

Oil And Natural Gas Corporation Ltd.(the Appellant) filed shipping bills for re-export of various machineries (impugned goods) imported for exploration purposes and claimed Drawback of the duty paid at the time of import....

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Posted Under: Income Tax |

SAD Refund cannot be denied on sales made to non registered buyer despite no endorsement on invoice

Vijay Steel Industries Vs. Commissioner of Customs (EP)

AD Refund cannot be denied when no endorsement to the effect that ‘No Cenvat credit of SAD is admissible’ is made on an invoice issued to the non-registered buyer as no credit is available to the buyer on account of non-registration...

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Posted Under: Income Tax |

Customs Duty exemption on goods required for Intensified Malaria Control Project

Notification No. 32/2014-Customs (21/11/2014)

n 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...

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External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

RBI/2014-15/309 A.P. (DIR Series) Circular No. 39 (21/11/2014)

With a view to providing greater flexibility to the ECB borrowers in structuring draw down of ECB proceeds and utilisation of the same for permitted end uses, it has been decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Categ...

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Cenvat credit cannot be denied on the ground that the supplier is not a manufacturer

Cummins Diesel Sales & Services India Limited Vs. CCE

Cummins Diesel Sales & Services India Limited (the Appellant) is a manufacturer of the dutiable final products. In this respect, the Appellant had procured certain goods from Amul Industries Pvt. Ltd. (Amul) on payment of duty and availed the Cenvat credit on the same....

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Posted Under: Income Tax |

Taxes paid on or after Match 1, 2013 would be eligible for VCES even if paid before May 10, 2013

Sadguru Construction Co. Vs. Union of India

Sadguru Construction Co. (the Petitioner)is a partnership firm engaged in the business of construction. On March 8, 2013, preventive officers of the Service Tax Department conducted inquiry at the premises of the Petitioner regarding unpaid Service tax dues....

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Posted Under: Income Tax |

Mere rectification of defects in vehicles not taxable under Technical Inspection & Certification services

Antony Garages Pvt. Ltd. Vs. Commissioner of Central Excise

Antony Garages Pvt. Ltd. (the Assessee) was engaged in manufacturing of body building of buses, trucks etc. and also undertook repair, maintenance and servicing of commercial vehicles. Tata Motors Ltd. (TML) sent vehicles, after manufacturing, to the Assessee under a works order...

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Posted Under: Income Tax |

Work in a Professional Manner Without any Fear or Favour – FM to Bankers

Finance Minister asks the Bankers to Work in a Professional Manner Without any Fear or Favour ;FM Directs Bankers to Increase flow of Credit to Various Sectors and take Steps to Reduce their NPA; Says That Global Growth is Patchy but Foreign Investors Showing Keen Interst in Investing in India...

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Posted Under: Income Tax |

Credit Card in the name of RBI : RBI cautions of Fraud

Press Release: 2014-2015/1046 (21/11/2014)

The Reserve Bank has once again cautioned members of public that falling prey to such offers can result in compromising one’s own crucial personal information that may be misused to cause direct financial and other loss to them. They, in their own interest, should refrain from responding to such offers in any manner. Rather, they should...

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Cenvat credit of transferred unit cannot be denied when all assets & liabilities transferred to Assessee

Jai Corporation Ltd. Vs. CCE

Jai Corporation Ltd. (the Appellant) is engaged in the manufacture of synthetic blended/spun yarn falling under Chapter sub heading 55095100 and 55092100 of the Central Excise Tariff Act, 1985....

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Posted Under: Income Tax |

Appeals filed by Revenue on basis of an invalid Review authorization deserve to be dismissed as not maintainable

CCE Vs. Ankit Textiles & Others

The present appeal has been preferred by the Revenue before the Hon’ble CESTAT, Ahmadabad in terms of the Review Order No.R-02/2008, dated January 08, 2007 (the Review Order)signed by the Chief Commissioner of Central Excise...

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Posted Under: Income Tax |

Central Excise/Customs – Malarial Control Drugs Exempted

Notification No. 23/2014-Central Excise (21/11/2014)

the manufacturer shall produce a certificate from an officer not below the rank of Deputy Secretary to the Government of India in the Ministry of Health and Family Welfare at the time of clearance of the said Goods to the Jurisdictional Assistant Commissioner or Deputy Commissioner of Central Excise to the effect that the said goods are r...

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Imposition of Anti Dumping Duty on importation of Digital Versatile Discs-Recordable

Notification No. 45/2014-Customs (ADD) (21/11/2014)

The Central Government vide Notification No. 45/2014–Customs (ADD) dated November 21, 2014 (Notification No. 45) has again imposed Anti Dumping Duty (ADD) on import of Digital Versatile Discs-Recordable (DVD-R and DVD-RW) falling under Heading 8523 of the First Schedule to the Customs Tariff Act, 1975 (the Customs Tariff Act), originati...

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Imposition of Anti Dumping Duty on importation of Diclofenac Sodium

Notification No. 44/2014-Customs (ADD) (21/11/2014)

the matter of review of anti-dumping duty on import of the subject goods, originating in or exported from the subject country, the designated authority in its final findings...

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Sanction refund expeditiously keeping in mind the interest to be paid for delay

Authorities to take expeditious steps to sanction the refund keeping in mind that interest is to be paid from the kitty of the general public – Order marked to the Finance Minister for consideration Vodafone (I) Ltd. Vs. Commissioner of Service Tax, Mumbai-I [2014-TIOL-2263-CESTAT-MUM] In the instant case, the Stay application filed by...

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Posted Under: Income Tax |

Uniform list of Services to be followed in SEZ- regarding

No D.12/19/2013 -SEZ (21/11/2014)

Instruction No. 83 Dated 21st November, 2014 Representations have been received in this Department that despite issue of default list of authorised services by DoC, the SEZ Developers and Units are forced to apply, a fresh to UAC even for those authorized services which are already approved earlier by the UAC for the said Developers/Unit...

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Procedure to Convert A Public Company Into Private Company

The Companies Act, 2013 was expected to simplify the provisions but on the contrary it brought lot of restriction on doing business. However it is proposed by Ministry of Corporate Affairs to provide various Exemptions to Private Limited Companies. If it approve there will be lot of relaxation to private companies. To take that future adv...

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Posted Under: Income Tax |

Acquisition/Transfer of Immovable property in India – Payment of taxes

RBI/2014-15/307 A.P. (DIR Series) Circular No. 38 (20/11/2014)

A.P. (DIR Series) Circular No. 38 Dated- November 20, 2014 Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time....

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Rate of exchange of conversion of each of foreign currency wef 21.11.2014

Notification No. 111/2014-Customs (N.T.) (20/11/2014)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance ...

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Time Period of Realisation & Repatriation of Export Proceeds

RBI/2014-15/306 A.P. (DIR Series) Circular No. 37 (20/11/2014)

A.P. (DIR Series) Circular No. 37 Dated- November 20, 2014Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs...

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Banks should not take undue advantage of customer difficulty or inattention – RBI

RBI/2014-15/308 DBR.Dir.BC.No.47/13.03.00/2014-15 (20/11/2014)

Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to Basic Savings Bank Deposit Accounts and restore the services when the balances improve to the minimum required level....

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Availment of Cenvat credit on Inputs/ Input Services after six months

CBEC clarification regarding availment of Cenvat credit on Inputs/ Input Services after six months Background: The CBEC vide Notification No. 21/2014-CE (NT), dated July 11, 2014 (Applicable w.e.f September 1, 2014) [Notification No. 21], has amended Rule 4(1) and Rule 4(7) of the Cenvat Credit Rules, 2004 (the Credit Rules) to fix a time...

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Posted Under: Income Tax | ,

ICAI clarifies on Proposed increase in Fees for supply of Answer Sheet and Re-verification

ANNOUNCEMENT Dated- 19.11.2014 Draft amendments in the Chartered Accountants Regulations, 1988 notified in the Gazette of India vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014 The Council at its 337th meeting held on 29th, 30th and 31st October, 2014 in the office of the Institute at A-29, Sector 62, Noida considered the...

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Posted Under: Income Tax |

Gifts by SEBI to Stakeholders

SEBI in its Board Meeting held on November 17, 2014 and vide Press Release dated November 19, 2014 brought about the following decisions in respect of the following Regulations. (I)  SEBI (Prohibition of Insider Trading) Regulations, 2014 The Board has approved a new regulation in place of the existing regulations. The new regulations st...

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Posted Under: Income Tax |

List of Services fully exempt from service tax

List of Services fully exempt from service tax under Notification No. 25/2012 dated 20.06.2012 100% EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06.2012 S. No Service Service Provider Service Receiver 1 Any service Any person 1. United Nations 2. Specified International Organization e.g. WTO 2 Health care Service  i.e....

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Posted Under: Income Tax |

SEBI withdraws recognition granted to Delhi Stock Exchange

Vide order no. WTM/PS/45/MRD/DSA/NOV/2014 dated 19th November 2014 passed Under Section 12A of the Securities Contracts (Regulation) Act, 1956 read with Section 11 of the Securities and Exchange Board of India Act, 1992 in the matter of Delhi Stock Exchange Limited SEBI...

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Posted Under: Income Tax |

Section 28 – Loss incidental to illegal business is allowable

Bipinchandra K. Bhatia Vs DCIT (Gujarat High Court)

On Appeal Honourable high court has held that in view of the decision of the Hon'ble Apex Court in the case of Dr. T.A. Quereshi Vs. Commissioner of Income-tax, Bhopal reported in 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the lo...

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Policy for issue of import licenses of Rough Marble and Travertine Blocks for Financial year 2014-15.

Notification No. 99 (RE-2013)/2009-2014 (20/11/2013)

The sale against Form H and other relevant Forms, job work income earned by any unit sawing marble blocks of third parties into slabs/tiles and the amount of excise duty, service tax and sales tax/VAT paid on such indigenous sales turnover of marble slabs/tiles may also be included for calculating indigenous sales turnover of the applican...

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Notification No. 72/2014-Income Tax Dated: 20/11/2014

Notification No. 72/2014-Income Tax (29/09/2014)

Notification No. 72/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2915(E), dated the 13th November, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 13th November, 2014, in Schedule...

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TP – Rate for benchmarking in respect of loan given to AE’s outside India?

In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm's Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AE...

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Posted Under: Income Tax |

Modification of SION A-1475 and SIONs A-1839, A-1841 and A-1842

Public Notice No. 75 (RE-2013)2009-2014 (29/09/2015)

In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and paragraph 1.1 of Handbook of Procedure (Vol. I) the Directorate General of Foreign Trade hereby notifies modification in SION A-1475 and SIONs A-1839, A-1841 and A-1842 as under....

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A.O. is not only an adjudicator but also an investigator

Krishna Shriram Vs Commissioner of Income Tax (ITAT Delhi)

It is settled law that that frequency and magnitude of transaction are also important factor to decide whether the transaction is business transaction or investment transaction. Now in our considered opinion, the magnitude of share transaction in this case does call for any enquiry ...

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SEBI to strengthen Insider Trading Regulations & to bring more clarity

PR No. 130/2014 (19/11/2014)

The FVCI Regulations till now did not allow investments in NBFCs except Equipment Leasing and Hire Purchase Companies. To encourage investments in infrastructure, the Board approved amendments in FVCI Regulations to allow FVCIs to invest in NBFC-CIC (Core Investment Companies), as defined by RBI...

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DGFT -Import Policy of Scheduled Chemicals

Notification No. 98 (RE-2013)/2009-2014 (19/11/2014)

The notification makes it mandatory for the importers of chemicals listed at Category 1A, 1B & 1C of Appendix 3 (SCOMET list) to Schedule 2 of ITC (HS) Classification of Export and Import Items to notify the details of such imports to DGFT, NACWC and Department of Chemicals and Petrochemicals within 30 days from the date of their importat...

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Number of Subscribers Registered Under National Pension System (NPS) has more than Doubled

Since April 2012 from about 11.5 Lakh to 23 Lakh:Chairman,Pfrda ; Number of States Joining NPS has Increased from 12 to 26 ; Pfrda Working Towards Notification of Various Regulations in Respect of Efficient Management of Funds, Seamless Grievance Handling and Systems for Risk Mitigation and Containment Among Others...

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Posted Under: Income Tax |

Income tax calculator for Financial year 2014-15

Auto Income tax calculator Financial year 2014-15 / Assessment year 2015-16- This Latest Income Tax Calculator for Financial Year 2014-15 is simple Income tax calculator in excel format. This tax calculator will help you to calculate the Income Tax and clear any related rule in very less time & less efforts....

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Favourable Shell Verdict – A Launchpad for Restoring Global Investors’ Confidence?

Comment on Shell’s wins of transfer pricing tax dispute in Bombay HC The aggressive approach of tax authorities and the earlier government in case of Vodafone and Shell led to erosion of confidence of global investors. In this context, the favourable decision of H’ble Bombay High Court in case of Shell India Markets Private Limite...

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Posted Under: Income Tax |

Reversed Cenvat credit can be re-taken even after six months

The CBEC has issued circular No. 990/14/2014-CX-8 dt. 19/11/2014, wherein it has clarified that the cenvat reversed or amount paid for reversal in respect of cenvat credit wrongly availed where the conditions relating to availment of cenvat credit were not fulfilled, can again be claimed as input credit on the fulfilment of prescribed con...

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Posted Under: Income Tax |

No time limit for re-credit of CENVAT

Circular No. 990/14/2014- Central Excise-8 (19/11/2014)

Circular No. 990/14/2014-CX-8 Dated- 19th November, 2014 Sub: Clarification regarding availment of CENVAT credit after six months-reg. Attention is invited to the Notification of the Government of India in the Ministry of Finance, Department of Revenue No. 21/2014-CE (NT) dated 11.07.2014, vide which, inter alia, amendment was made in Rul...

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India's Import/export regulation for items under Crime Control (CC) & Regional Security (RS) of USA

Public Notice No. 74 (RE–2013)/2009-2014 (19/11/2014)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following addition in para 2.11 of the of the Handbook of Procedures (HBP) under 2.11 (c), to be read as 2.11(d); 2.11 (e) and 2.11(f) with immediate effect....

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Local Transfer/ Posting of 237 CIT/DGIT

Order No. 211 of 2014 (17/11/2014)

CBDT has vide Order No. 211 of 2014 dated 17.11.2014 transferred / Posted Locally 237 Income tax officers in the grade of Commissioner of Income Tax/ Director General of Income Tax....

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