"27 November 2014" Archive

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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