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Archive: November, 2014

Posts in November, 2014

RBI releases Guidelines for Licensing of Payments Banks

November 27, 2014 1001 Views 0 comment Print

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) […]

Dept. cannot adjust unconfirmed demand against refund payable to assessee

November 27, 2014 5641 Views 0 comment Print

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.

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

November 27, 2014 6499 Views 0 comment Print

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

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

November 27, 2014 68758 Views 3 comments Print

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 instead of aggregate value of the realisation of amount made or to be made

Good news for HOME / FLAT BUYERS in Delhi Area

November 27, 2014 4147 Views 0 comment Print

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 […]

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

November 27, 2014 21260 Views 0 comment Print

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

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

November 27, 2014 438 Views 0 comment Print

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 safeguards. Further, such loans should be subject to a ceiling, say, Rs.10 lakh per borrower, and tenure of loan should be within the maturity period of the bonds. It is also clarified that banks are not permitted to lend against such bonds issued by other banks.

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

November 27, 2014 727 Views 0 comment Print

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

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

November 27, 2014 375 Views 0 comment Print

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 etc.

Why Tax Practitioners Bill-Needed?

November 26, 2014 3736 Views 0 comment Print

Discover why tax practitioners are essential and how they can help relieve the burden of tax compliance, reduce costs, and prevent legal issues.

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