During the course of this audit, we observed 25 cases of incorrect valuation of excisable goods with duty impact of Rs. 547.93 crore. These had not been detected by departmental compliance verification mechanisms prior to Central Excise Receipt Audit (CERA) pointing out the same.
The performance audit revealed certain inadequacies in the extant provisions, system as well as compliance issues relating to the assessment and collection of duty from the Automotive Sector.
Indian economy was witnessing a heavy turmoil in the previous years and in the current year also this is, to the some extent continuing. However, we are witnessing some comforts where the Whole- sale price index have come to zero and the consumer price index is much within the comfort level.
Advocate Anandaday Misshra Goods & Service Tax (GST) is a regime of Uniform Tax. A regime in which multiple indirect taxes will be the talk of past and indirect taxes will be subsumed in GST. A. Taxes to be Subsumed in GST The following taxes will be subsumed under GST : Central Taxes 1.Central Excise Duty, […]
PDII:CA-2013 , December 22, 2014 Section 204 requires every listed company and a company belonging to other class of companies as may be prescribed to annex with its Board’s report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a company secretary in practice, in such form as may […]
Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade. A majority of the old notes have also been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice, the Reserve Bank has pointed out.
Pursuant to Notification No.1 of 2014 dated 91h September, 2014, the Election to the 12th Council of the Institute of Company Secretaries of India was held in accordance with section 9(2)(a) of the Company Secretaries Act, 1980 and the Company Secretaries (Election to the Council) Rules, 2006 on 12th and 139i December, 2014 at Delhi and Mumbai and on 12′” December, 2014 at other places.
Notification No. 90/2014-Income Tax S.O.(E) In exercise of the powers conferred by clause (xiv) of sub- section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Securities and Exchange of Board of India (Mutual Fund Regulations, 1993) having registration No MF/022/95/1
Notification No. 89/2014-Income Tax Notification No. 84/2014, 85/2014, 86/2014, 87/2014, 88/2014, 89/2014 – Dated- 23 December, 2014 – CBDT has notified following six Organisations for Exemption U/s. 10(46) West Bengal Building and Other Construction Workers Welfare Board, Karnataka Computerisation of Police Society, Tamil Nadu Pollution Control Board, Kerala State Electricity Regulatory Commission, North East Centre for Technology Application and Reach, constitution of Bureau of Indian Standards Act, 1986
Notification No. 88/2014-Income Tax 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, the Bureau of Indian Standards set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau
