"20 December 2014" Archive

Pay Compensation for illegal detention of goods by VAT Department : HC

M/s Sandeep Bulk Carriers Vs State Of U.P. And 3 Ors. (Allahabad High Court)

It is undisputed that the sole basis for detention of the tanker in question and seizure of the bitumen by the Respondent No.4 was the information collected by him from the toll plaza which revealed that last four digit of the registration number of the tanker in question was similar...

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Renting Vs Hiring By Uttrakhand High Court

The main thrust of the present article is to analyse the landmark judgment given by the Hon’ble Uttrakhand High Court recently, in the case of Commissioner of Customs & Central Excise Vs Sachin Malhotra, Raj Kumar Taneja, and M/s Shiva Travels [2014-TIOL-2039-HC-UTTRAKHAND-ST] wherein the difference between renting and hiring has been r...

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TDS U/s. 194C attracted on contract of putting up hoarding

Madison Communication Pvt. Ltd. Vs Dy. CIT (ITAT Mumbai)

The assessee has shownexpenditure on advertisement through outdoor display which includes payment for advertisement on hoarding/board. The A.O. further noticed that the assessee has deducted TDS @ 2% u/s.194C on these payments....

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Goods & Service Tax Council to Monitor Implementation of GST

The Constitution (One Hundred & Twenty Second Amendment) Bill,2014 as proposed under Bill No. 192 of 2014 in Parliament on 19th December,2014 focus on setting up of an important key body for smoother , Faster and hassle free implementation of Goods & Service Tax and that is Goods & Service Tax Council....

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Why an assessee should avoid sending an appeal by speed post?

1. As per Section 37C(1)(a), it was mandatory on the part of the Revenue to serve a copy of the order of Commissioner of Central Excise (Appeals) by registered post with acknowledgment due to the assessee . ...

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Employees First, Customers Second – Management for New Era

This is not a lecture or new theory but some insights into the new management era based on lessons learned from Business leaders and the new management thinking and I strongly believe that there will be a major shift in management philosophy(ies) in next five to ten years. If we fail to change our notions […]...

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E-Retailing – VAT and CST perspective

E-Retailing transactions are growing by leaps and bounds, day by day, because of convenience, choice, cost competitiveness and transparency being offered. With increase in volume and value of these transactions, naturally taxman’s eyes are on these transactions, to explore the possibility of levy of VAT or CST as the case may be, and to...

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The ‘GST’ Constitution Amendment Bill, (No. 192 of 2014) – Facilitating GST Law (An Analysis)

One of the major Indirect tax reforms that the country is now on road to witness is the incarnation of a single GST law instead of multiple indirect taxes viz Service Tax, Central Excise, VAT, CST, Local Body Tax, Entry Tax etc. After a round of discussions of Hon’ble Finance Minister with State FM’s, the […]...

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e-UPASS-Self Policing – Electronic uploading of Purchase and Sales Statement in Karnataka

The main intention of Govt., to repel old Sales Tax and introduce VAT was to remove cascading effect and thereby make Indian goods more competitive and marketable and in turn to raise good amount of taxes for the benefit of common man. The Govt., later realised in a country like ours success of this story […]...

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Govt. has no role to play in determining pass percentage of CA exams

Conducting of CA Exams All activities connected with conduct of examinations by the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India including setting of papers, valuation, pass percentage, declaration of results etc. are undertaken by the Institutes themselves. Accordingly, Central Government has...

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Salient features of Electricity Amendment Bill, 2014

The Electricity Act, 2003 was enacted to amalgamate and modernize the earlier Electricity Laws, namely, the Indian Electricity Act, 1910, the Electricity (Supply) Act, 1948 and the Electricity Regulatory Commissions Act, 1998. The Act was reviewed and amended twice, in the year 2004 and 2007, to give effect to certain changes considered ...

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NSDL releases FVU version 4.5 & 2.141for quarterly e-TDS/TCS statement wef 20.12.2014

e-TDS/TCS FVU version 4.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and e-TDS/TCS FVU version 2.141 from FY 2007-08 to FY 2009-10 released and made available on NSDL website wef 20.12.2014....

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e-TDS/TCS RPU (Version 4.2) for Statements from FY 2007-08 onwards released

e-TDS/TCS RPU (Version 4.2) for Statements from FY 2007-08 onwards released and made available on NSDL website wef 20.12.2014 Key features of RPU version 4.2 1.  Allow update in field in Form no. 27Q “Whether TDS rate of TDS is IT act (a) and DTAA (b)” where the tax has been deducted at higher rate....

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Admissions of Undisclosed Income under coercion/pressure during Search/Survey

F.No. 286/98/2013-IT (18/12/2014)

Instances/complaints of undue influence/coercion have come to notice of the CBDT that some assessees were coerced to admit undisclosed income during Searches/Surveys conducted by the Department. It is also seen that many such admissions are retracted in the subsequent proceedings since the same are not backed by credible evidence....

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MVAT: Physical Submission of Audit Report in Form 704 for FY 2013­-2014

Trade Circular No. 21 T of 2014 (20/12/2014)

1) Government Notification No.VAT/AMD -1009/1B/Adm-6 dated 26.08.2009. 2) Trade Circular No 27T of 2009 dated 1st October 2009. 3) Trade Circular No 16T of 2011 dated 11th November, 2011 4) Government Notification No: VAT-1512/CR- 139/Taxation-1 dated 21st November 2012...

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MEF- Revised Bank Branch Auditors Panel for the year 2014-15

Please find placed below revised draft final Bank Branch Auditors’ Panel for the year 2014-15. To view your category, please click on the relevant interval:. MEF00001-05000 MEF05001-10000 MEF10001-15000 MEF15001-20000 MEF20001-25000 MEF25001-30000 MEF30001-35000 MEF35001-40000 MEF40001-45000 MEF45001-50000 MEF50001-55000 MEF55001-60000 ...

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