"12 December 2014" Archive

CBDT notifies guidelines for notifying semiconductor wafer fabrication units U/s. 35AD

Notification No. 80/2014-Income Tax (12/12/2014)

Notification No. 80/2014-Income Tax Guidelines for notification of a semiconductor wafer fabrication manufacturing unit as specified business under section 35AD. 11-OB. (1) The notification of a semiconductor wafer fabrication manufacturing unit as a specified business under sub-clause (xiii) of clause (c) of sub-section (8) of section 35...

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S. 10(23C) Percentage of Government Grant for considering university, hospital etc. as substantially financed

Notification No. 79/2014-Income Tax (12/12/2014)

Notification No. 79/2014-Income Tax For the purposes of sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10, any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such...

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CBDT notifies 'Karnataka Electricity Regulatory Commission' for Sec. 10(46) exemption

Notification No. 78/2014-Income Tax (12/12/2014)

Notification No. 78/2014-Income Tax S.O. (E).- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, "Karnataka Electricity Regulatory Commission, a Commission constituted by the Government of Karnataka in respe...

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Notification No. 1/2014-Income Tax Dated 12/12/2014

Notification No. 1/2014-Income Tax (12/12/2014)

Notification No. 1/2014-Income Tax In exercise of the powers conferred by Sub-section (1) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions ...

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TDS: Consequences of Non-Registration on TRACES

As per the records of Centralized Processing Cell (TDS),  there are many deductors who have filed TDS return for different quarters, but not not yet registered on the web portal TRACES Such Un-registered Deductor will not be able to download TDS Certificates (Form 16/ 16A) and avail several other facilities offered by TRACES unless they ...

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Posted Under: Income Tax | ,

Govt. notifies 35 institutions & their eligible schemes for deduction U/s. 35AC

S.O. 3171 (E) (12/12/2014)

S.O. 3171 (E).— In exercise of the powers conferred by Sub-section (1) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the s...

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Distribution of work among CBDT Chairperson & Members

224 OF 2014 (12/12/2014)

ORDER NO.224 OF 2014 In modification of the existing orders and with the approval of the Competent Authority, the following distribution of work among Chairperson and Members of CBDT is hereby ordered with immediate effect and until further orders:...

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Special Deposit Scheme 1975 – Payment of interest for the calendar year 2014

RBI/2014-15/350 IDMD (DGBA).CDD. No. 2600/15.01.001/2014-15 (12/12/2014)

In this connection, we advise that interest for the calendar year 2014 may be promptly disbursed to the SDS account holders @ 8.7% per annum from January 01, 2014 to December 31, 2014 through electronic mode such as ECS/NECS/ NEFT/RTGS or by way of account payee cheques on January 01, 2015 itself, subject to instructions, as applicable, ...

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Non-submission of ‘C’ forms: Levy of penalty Not Legal

CA K. Jitendra Babu 1.  Section 8 of the CST Act stipulates the rate of tax in case of inter-state sale of goods covered by registration certificate of the purchasing dealer as 2%, subject to furnishing of declaration form by the purchasing dealer to the selling dealer. The selling dealer is required to submit the declaration ...

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Posted Under: Income Tax | ,

Legal Backing for Corporate Social Responsibility (CSR) Compliance

Section 135 of the Companies Act, 2013 mandates every company above the given threshold levels to comply with Corporate Social Responsibility (CSR) provisions of the Act, and to disclose contents of its CSR policy in its Board’s Report. The penalty provision for non-compliance in this regard is prescribed under Section 134 (8) of the Ac...

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Posted Under: Income Tax |

Online facility to responsd against outstanding income Tax demand

The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login on https://incometaxindiaefiling.gov.in , select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide response. Three type of responses can be su...

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Posted Under: Income Tax |

Service Tax Dept can also conduct Service Tax Audit along with CA or CMA – CBEC clarifies

Background: The Hon’ble High Court of Delhi in the case of Travelite (India) Vs. Union of India & Ors. [W.P. (C) 3774/2013, C.M. No. 7065/2013] (the Travelite case) while holding Rule 5A(2) of the Service Tax Rules, 1994 (the Service Tax Rules) as ultra vires the provisions of the Finance Act, 1994 (the Finance Act), […]...

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Posted Under: Income Tax |

PPT on Moving towards Goods & Service Tax

PPT discusses about short comings of existing system of Indirect taxes in the country. It compares existing system with Proposed GST regime and what GST promises. The PPT explains about new concepts of GST like:-...

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Posted Under: Income Tax |

CII wants CST to reduced to 1%

CII suggested the removal of anomalies in customs duty and reducing the CST rate from 2% to 1% due to the delay in implementation of GST. The short-term stimulus package involving reduction of excise duty on certain goods to continue up to March 15, 2015 was strongly emphasized by CII....

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Posted Under: Income Tax |

Import/Procurement of Goods including Capital Goods for authorized activities by EOUs

NA (12/12/2014)

This is with reference to the letters received from EOUs for seeking permission to import and /or procurement of goods from DTA for their authorized activities permitted in the Letter of permission(LoP) in view of the insistence of such a permission from office of the Development Commissioner by the field formations of Central Excise....

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