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Archive: 22 December 2014

Posts in 22 December 2014

HC warns dept. against filing appeal on covered matters

December 22, 2014 1021 Views 0 comment Print

We are afraid that if the Revenue persists with such stand and as has been turned down repeatedly, that would defeat the very object and purpose of the schemes and packages devised by the States. That would also result in frustrating the entrepreneurs and defeating the purpose

Threshold limits for reporting of fraud by the auditor

December 22, 2014 6122 Views 0 comment Print

The Companies Act, 2013 had specified a new reporting requirement for the statutory auditors of companies. Under Section 143(12) of the Companies Act, 2013 the auditor was required to report on frauds/ suspected frauds in certain situations laid down in the section. Considering the challenges for the auditors in reporting under this section, ICAI had made several representations to the Ministry of Corporate Affairs (MCA) from time to time.

Tendency of not accepting any adverse verdict on facts results in frivolous Appeals

December 22, 2014 910 Views 0 comment Print

We do not find how Officers lower down in the hierarchy can take decisions to file Appeals and that too against the decision of the Tribunal. The tendency not to accept any adverse verdict on facts results in frivolous Appeals being filed in this Court.

Even Transfer fees in excess of limits, received by Co-op Housing Society is exempt on mutuality ground

December 22, 2014 3645 Views 0 comment Print

Issue- Whether on the facts and circumstances of the case and in law, the ITAT was justified in upholding the CIT(A)’s order and rejecting the departmental appeal in accepting the Assessee’s plea that the contribution of Rs.39,68,000/- paid towards ‘heavy repair fund’ is covered by the principle of mutuality and is not chargeable to tax.

Conversion of Private Limited / Unlisted Public Company into LLP

December 22, 2014 12156 Views 3 comments Print

Krishna Govardhan Conversion of Private Limited Company/ Unlisted Public Company into Limited Liability Partnership Key Benefits: 1. One of the most important reasons for the conversion of a Company into a Limited Liability Partnership is derived from the Income Tax Act. The Income Tax Act, 1961 provides for Minimum Alternate Tax and payment of Dividend […]

Most of the States to benefit from GST from day one:-FM

December 22, 2014 1650 Views 0 comment Print

Most of the States to benefit from GST from day one; Provisions have been Made in the Constitution Amendment Bill on GST to Ensure that none of the States Lose any Revenue after the Implementation of the GST: FM

FM Statement on Recent Changes in Companies Act, 2013

December 22, 2014 4002 Views 0 comment Print

CA Sandeep Kanoi In this article we have analyzed the Speech of Minister of Finance Mr. Arun Jaitley given in Lok Sabha on 17.12.2014 during debate on Bill to amend the Companies Act, 2013. Lok Sabha has passed the Companies (Amendment) Bill 2014 on 17.12.2014 and the bill can be accessed at the following link:-

Guideline- Levy of charges for non-maintenance of minimum balance in savings bank account

December 22, 2014 2385 Views 0 comment Print

(i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable.

SC grants stay on Delhi HC verdict on service tax audits

December 22, 2014 3443 Views 0 comment Print

In August,2014, Hon’ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law.

Abuse of process of law –filing of appeals/revisions by the Tax Authorities in ‘covered’ matters

December 22, 2014 1868 Views 1 comment Print

Uncovering the abuse of process of law by Tax Authorities in covered matters. Learn about the consequences of challenging binding decisions in tax cases.

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