"13 November 2014" Archive

Tribunal to waive pre-deposit if same was waived of earlier on similar issue

Bharat Sanchar Nigam Ltd. Vs. Union of India (Gujarat High Court)

The Hon’ble High Court of Gujarat after observing that the Petitioner’s claim that in similar other matters, pre-deposit had been waived, was not disputed by the Revenue and infact the Revenue also conceded that, in view of peculiar fact situation, waiver application ought to have been allowed by the Tribunal, held that the impugned o...

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Posted Under: Service Tax |

Applicability of provisions of Chapter III of Companies Act, 2013 to issue of FCCBs & FCBs

General Circular No. 43/2014 (13/11/2014)

The Ministry has been receiving references from stakeholders seeking clarity on applicability of provisions of Chapter III of the Companies Act, 2013 (Act) to the issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) by Indian companies exclusively to persons resident outside India in accordance with applic...

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CBDT directs DGIT, Principal CITs, CCITs & CITs to exercise powers in respect of notified jurisdictions- Notification No. 70/2014

Notification No.70/2014-Income Tax (13/11/2014)

Notification No.70/2014-Income Tax (a) directs that the Director General of Income-tax or the Chief Commissioner of Income-tax specified in column (2) of the Schedule - I or II annexed to this notification, as the case may be (hereinafter referred to as the "said Schedules") or the Principal Commissioner/ Commissioner of Income-tax specif...

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Income-Tax Authorities – Jurisdiction of – Amendment in Notification No. SO 1189(E), Dated 3-12-2001

Notification No. 69/2014-Income Tax (13/11/2014)

Notification No. 69/2014-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notifications of the Government of India, Central Board of Direct Taxes number S.O.1189(E), dated the 3rd December, 2001 published in the Gazette of India, ...

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Notification No. 68/2014-Income Tax Dated: 13/11/2014

Notification NO. 68/2014-Income Tax (13/11/2014)

Notification NO. 68/2014-Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S...

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CBDT empowers Principal CCIT, CCIT & CIT (International Taxation) to distribute work amongst TPOs

Notification No. 67/2014-Income Tax (13/11/2014)

Notification No. 67/2014-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment to the notification of the Government of India, Ministry of Finance of Finance, Department of Revenue, Central B...

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Notification No. 66/2014-Income Tax Dated: 13/11/2014

Notification No. 66/2014-Income Tax (13/11/2014)

Notification No. 66/2014-Income Tax In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 120 of the Income-tax Act, 1961, and in supersession of the notification of the Government of India, Ministry of Finance, Central Board of Direct Taxes, dated 11th October, 1990 published in the Gazette of India, Extra...

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Corrigendum – Income Tax Notification No. 65/2014 Dated– 13.11.2014

Notification No. 65/2014-Income Tax (13/11/2014)

Notification No. 65/2014-Income Tax S.O....(E) - In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O. 2754(E) dated the 22nd October, 2014 published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 22nd October, 2014, in the Sc...

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ACITs / JCITs to exercise powers & functions of AOs in respect of notified jurisdictions

Notification No. 64/2014-Income Tax (13/11/2014)

Notification No. 64/2014-Income Tax In exercise of the powers conferred by clause (b) of sub-section (4) of section 120 of the Income-tax Act 1961 (43 of 1961), and in supersession of the Government of India, Central Board of Direct Taxes, notification number S.O. 889(E), dated the 17th September, 2001 published in the Gazette of India, E...

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Section 80C- Bank term Deposit Limit increased to Rs. 1.50 Lakh

Notification No. 63/2014-Income Tax (13/11/2014)

Notification No. 63/2014-Income Tax Finance Minister has increased Limit Under Section 80C of the Income Tax Act to Rs. 1.50 Lakh vide Budget 2014 w.e.f. Assessment Year 2015-16 and now CBDT has inconformity with the 80C amendment increased the Limit for Investment in Bank Term Deposit for the Purpose Section 80C to Rs. 1.50 Lakh from ea...

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CLSS closing on November 15th, 2014

Dear Professional Colleagues, As you are already aware, MCA has introduced the ‘Company Law Settlement Scheme 2014’ (CLSS, 2014) vide the General Circular No. 34/2014 dated 12/08/2014. The CLSS, 2014 has been introduced for condoning the delay in filing the pending annual documents granting immunity for prosecution and chargin...

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Posted Under: Service Tax |

CSR- Commitment towards social good

With CSR to be a compulsory compliance for a prescribed set of companies, India has become the first country in the whole world to make it mandatory for the corporate. CSR should not be taken as an obligation but a social responsibility which should be fulfilled strategically, systematically and thoughtfully....

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Posted Under: Service Tax |

Committees and Mechanism to be formed under Companies Act, 2013

CS Nisha Sharma S.No. Committee/Mechanism to be adopted Applicability Constitution Section and Rules applicable 1. Audit Committee 1. Public Companies having: Paid up share capital>= 10 cr. Turnover>= 100Cr. Aggregate outstanding loans /borrowings/debentures/deposits> =50cr 2. Listed Companies. 1. Minimum 3 directors (Independent...

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Posted Under: Service Tax |

Notice u/s 143(2) issued prior to filing of return in response to notice u/s 147 is invalid, even if return is filed late

Shri G.N.Mohan Raju, Vs ITO (ITAT Bangalore)

Hon'ble Bangalore ITAT has in the case of Shri G.N.Mohan Raju,v/s ITO in ITA No.242 & 243(Bang) 2013 has held that notice u/s 143(2) issued prior to filing of return in response to notice u/s 147 is invalid, even if return is filed late....

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NACAS of Companies Act 1956 Vis-à-vis NFRA of Companies Act 2013

NACAS set up under Companies act 1956 and NFRA set up under Companies act 2013 are the bodies for the purpose of advisory and regulation of compliances with the standards notified in relation to accounting and auditing. The NACAS will no longer be in action after applicability of section 132 of the Companies act 2013, ...

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Posted Under: Service Tax |

Cheque related fraud cases – preventive measures

RBI/2014-15/303 DCBR.CO.BPD.(PCB). Cir No 2/12.05.001/2014-15 (13/11/2014)

The rise in the number of cheque related fraud cases is a matter of serious concern. It is evident that many of such frauds could have been avoided had due diligence been observed at the time of handling and/or processing the cheques and monitoring newly opened accounts. ...

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Indirect tax collection increases by 5.6% During April-October 2014

Indirect Tax Revenue (Provisional) Collections Increase from Rs 2,69,909 Crore in April-October 2013 to Rs.2,85,126 Crore During April-October 2014; Registering an Increase of 5.6% During April-October 2014 over the Corresponding Period in the Previous Year; Service Tax Collections Increase by 10.9% During the Same Period...

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Posted Under: Service Tax |

ICAI not delaying disposal of disciplinary complains

ICAI Press Release-Ref to Newspaper Report published in Times of India, Delhi  edition dated Nov 2, 2014. – (11-11-2014) ICAI Press Release November 10, 2014 This has reference to the Newspaper Report published in Times of India, Delhi Edition dated 2nd November, 2014, wherein it has been alleged that a disciplinary complaint has b...

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Posted Under: Service Tax |

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