"February, 2015" Archive

Directors Report under Companies Act, 2013

CS Divesh Goyal Report of Board of Directors should be ‘ATTACHED’ to the Balance Sheet laid before the AGM. A directors’ report is intended to explain to shareholders, the company’s affairs, including its subsidiaries and the nature and scope of company’s business. The report is a summation of activities of the company in the re...

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Posted Under: Company Law |

Ten Commandments of Budget 2015 for a better India

Forwards Markets Commission to be merged with SEBI- FM has proposed the same to strengthen regulation of commodity forward markets and reduce wild speculation. Forward Contract (Regulation) Act, 1952 shall stand repealed and on that date undertaking shall be transferred, and vest with SEBI. ...

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Posted Under: Company Law |

Service Tax Registration for single premises – Documentation, Time limits & procedure

01/2015-SERVICE TAX (28/02/2015)

Central Board of Excise and Customs specifies the following documentation, time limits and procedure with respect to filing of registration applications for single premises, which shall come into effect from 1-3-2015....

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Significant Changes in Excise & Service Tax-Budget 2015-16

Advocate Anandaday Misshra Change in Excise & Service Tax Rate Central Excise duty to be rounded off to 12.5 % (from 12.36 %) Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015. Till the time it is notified the […]...

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Posted Under: Company Law |

Budget Envisions: A Digital India from Tax perspective

The Digital India programme reiterates Government’s commitment to make India a knowledge and innovation based society. Accordingly, the Government also realizes that, in this internet age it will have to work through gadgets and technology to serve its population online, in the course ensuring time efficiency, speed and transparency. ...

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Posted Under: Company Law |

Budget 2015 –Implications on Personal Taxes

Increase in the limit of deduction of Mediclaim- In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000. ...

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Service Tax Amendments – Union Budget 2015-16

Change in Rate of Service Tax Rate The Service Tax rate is being increased from 12% plus Education Cesses to 14%. Effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive of cesses) to 14%. w.e.f: The new Service Tax rate shall come into effect from a date to be notified […]...

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Posted Under: Company Law |

Indirect Tax Proposals in Union Budget 2015-16

On a optimistic note, introduction of common Goods and Services Tax (GST) could be a game changer. The economic situation is therefore upbeat, on a rise and forward looking so far as growth and reforms are concerned. So far as goods and services are concerned, there are many items on which excise duty has been increased from 6% to 12% inc...

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Posted Under: Company Law |

No equity in taxation (exemption) of dividends from companies

In the budget it is proposed to reduce the tax on companies from 30% to 25% and increase the Dividend Distribution Tax (DDT) from 15% to 17% with usual Education Cess @2% and Secondary and Higher Education Cess @1%....

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Posted Under: Company Law |

Waive Fee for Late filing of TDS Return if Q4 Return filed in time

Income tax department should waive the fees for late filing TSD return u/s 234E for Q1, Q2 and Q3 if TDS return file within due date of Q4 TDS return because in the writ petition decided by Bombay High court, department has taken the stand that due to not filing of TDS return they are not able to give tax credit to deductee within time li...

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Posted Under: Company Law |

Budget 2015- Proposed Service Tax Amendments- A detailed Analysis

 1. Change in Service Tax rate:  ♣  The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive [&...

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Budget 2015- Proposed Excise Duty Amendments- A detailed Analysis

AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944: 1)   Sub section (3) of Section 3A, which empowers the Central Government to charge excise duty on the basis of capacity of production in respect of notified goods, is being amended so as to insert an Explanation to provide that factor relevant to production includes factors relevant to [&hell...

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Budget 2015- Detailed Analysis of Proposed Customs Duty Amendments

Amendments carried out through the Finance Bill, 2015 come into effect on the date of its enactment unless otherwise specified. AMENDMENTS IN THE CUSTOMS ACT, 1962: 1) Section 28 is being amended so as to: (i) Insert a proviso in sub-section (2) thereof to provide that in cases not involving fraud or collusion or wilful […]...

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Budget 2015- Detailed Analysis of Proposed Income Tax Amendments

MEASURES TO CURB BLACK MONEY Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an acco...

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List of Budget Notifications related to Excise Duty, Custom and Service Tax

Explanatory Memoranda to notification Nos. 6 to 11/2015-Customs, dated 01.03.2015 Sr. No. Notification No. Description 1.  6/2015-Customs Seeks to increase the Additional Duty of Customs (commonly known as Road Cess) levied on motor spirit (petrol). 2.  7/2015- Customs Seeks to increase the Additional Duty of Customs (commonly known as ...

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Posted Under: Company Law |

Union Budget 2015 – Changes in Service Tax

F. No. 334/5/2015-TRU (28/02/2015)

F. No. 334/5/2015-TRU D.O.F. No. 334/5/2015-TRU  dated February 28th, 2015 The Finance Minister has, while presenting the Union Budget 2015-16, introduced the Finance Bill in the Lok Sabha on the 28th of February, 2015. Clauses 105 to 116 of the Bill cover the amendments made to Chapter V of the Finance Act, 1994. Chapter VI […]...

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Gist of main amendments in Service Tax -Budget 2015

The service tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified....

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Gist of main amendments in Excise Duty -Budget 2015

Excise duty structure on certain goods is being restructured as follows: 1)        Wafers for use in the manufacture of integrated circuit (IC) modules for smart cards from 12% to 6%. 2)        Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and LED lamps from 12% to 6%. 3)        M...

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Gist of main amendments in Custom Duty -Budget 2015

Reduction in duty on certain inputs to address the problem of duty inversion: 1)  ‘Metal parts’ for use in the manufacture of electrical insulators. 2)  Ethylene-Propylene-non-conjugated-Diene Rubber (EPDM), Water blocking tape and Mica glass tape for use in the manufacture of insulated wires and cables. 3) Magnetron upto 1 KW for u...

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Gist of main amendments in Direct Taxes -Budget 2015

The Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004.  A gist of the main amendments is given below:- Direct Taxes 2.         Rates of tax 2.1       It is proposed that there will ...

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Key Features of Budget 2015-2016

Key Features of Budget 2015-2016  Presented in Lok Sabha by Finance Minister 2015-16 INTRODUCTION Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth....

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Posted Under: Company Law |

Download Finance Bill 2015-16- BILL No. 26 OF 2015

Finance Minister Arun Jaitley has Presented his First Full Union Budget for 2015-16 in Lok Sabha today.  We have presented below the Finance Bill 2015 and  Corrigenda to Finance Bill, 2015 Download Finance Bill, 2015 Download Corrigenda – Finance Bill, 2015...

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Posted Under: Company Law |

Budget 2015-16- Speech of FM Arun Jaitley

It is proposed that there will be no change in the rate of personal income-tax and the rate of tax for companies in respect of income earned in the financial year 2015-16, assessable in the assessment year 2016-17. It is further proposed to levy a surcharge @12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, coope...

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Posted Under: Company Law |

Chapter & Clausewise Changes in Custom & Excise Duty- Budget 2015

D.O.F.No.334/5/2015-TRU (28/02/2015)

he Finance Minister has introduced the Finance Bill, 2015 in Lok Sabha today, i.e., 28th February, 2015. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2015 (clauses 80 to 89, 163, 164 for Customs and clauses 90 to 104, 163, 164, 184 and 188 for Central Excise). In order to prescri...

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Benefits to middle class tax payers from Budget 2015

Tax proposals  in Budget 2015-16 which benefits middle class tax payers.  The proposals in this regard are as follows : Ø Increase in the limit of deduction in respect of health insurance premium from Rs. 15,000 to Rs.  25,000. o  For senior citizens the limit will stand increased to Rs.  30,000  from the existing Rs.  20,000. [&...

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FM to present Black Money Bill in Current Session

The Union Finance Minister Shri Arun Jaitley has said that a Bill to enact a new law to deal with black money is to be introduced in the current session of the Parliament. In his Budget Speech in the Lok Sabha here today, giving details of proposed key features of the law, the Finance Minister […]...

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Posted Under: Company Law |

Live Budget updates 2015-16 on Tax and Law Front

Taxguru team brings out live updates on tax Proposals from Union Budget 2015-16 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes Investment in Sukanya Samridhi Scheme will be fully exempted from tax No Change in Tax Slabs and 80C Limit Tax Benefits on Income upto Rs. 4.42 Lakh. Yoga included in the […]...

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Posted Under: Company Law |

Salient features of the Finance Bill, 2015- Related to Income Tax

Save as otherwise provided in the aforesaid Bill, clauses (3) to (79) shall come into force on the first day of April, 2015, viz. from financial year (FY) 2015-16, relevant to assessment year (AY) 2016-17. Further, it may be stated that there are some amendments which have come into operation from certain specified dates, whereas some oth...

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Posted Under: Company Law |

Excise- Clarification regarding place of removal – reg

Circular No. 999/06/2015-Central Excise (28/02/2015)

Attention is invited to Circular No. 988/12/2014-CX dated 20.10.2014 issued from F. No. 267/49/2013-CX.8 on the above subject wherein it was clarified that the place of removal needs to be ascertained in terms of provisions of Central Excise Act, 1944 read with provisions of the Sale of Goods Act, 1930 and that payment of transport, payme...

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Withdrawal of prosecution filed in a court – reg

Circular No. 998/05/2015-Central Excise (28/02/2015)

In cases where a complaint has already been filed in the court, it will be upto the court to decide whether or not to pursue prosecution in terms of Section 257 and 321 of Cr. P.C. 1973. If the order for withdrawal has been given by a court, the prosecution can be withdrawn by the Assistant Collector after getting a formal order from t...

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Simplification of Registration Procedures in Central Excise and Service Tax

Circular No. 997/04/2015-Central Excise (28/02/2015)

Registration process in Central Excise has been prescribed vide Notification no 35/2001-C.E(N.T) dt 26-6-2001 as amended from time to time. The prescribed procedure has been amended by notification no. 07/2015-CE (N.T.) dated 01.03.2015 to simplify the procedure and improve the ease in doing business in manufacturing....

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Recovery of arrears in installments and amendment of Garnishee Notice

Circular No. 996/03/2015-Central Excise (28/02/2015)

Your attention is invited to provisions of sub-section (2) of section 11 of the Central Excise Act, 1944. Central Excise Officers are empowered under this provision to issue an order to any other person from whom money is due to such person from whom recovery of arrears is required to be made. Such notice for recovery to the other person ...

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Secretarial Audit under Companies Act, 2013

‘Secretarial Audit’ has introduced by recently enacted Companies Act, 2013. It is compliance audit, by independent practicing company secretary. The purpose is to detect the non-compliances by companies under Companies Act 2013 and other allied corporate Laws as applicable to the companies....

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Wiping Every Tear from Every Eye : Double-Digit Growth is Possible

Wiping Every Tear from Every Eye: The Jan Dhan Yojana, Aadhaar and Mobile Numbers Provide the Solution Both the Central and State Government subsidize the price of wide range of products with the expressed intention of making them affordable for the poor. Rice, wheat, pulses, sugar kerosene, LPG, naptha, water, electricity, diesel, fertil...

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Posted Under: Company Law |

Economic Survey 2014-15 Highlights

In the short run, growth will receive a boost from the cumulative impact of reforms, lower oil prices, likely monetary policy easing facilitated by lower inflation and improved inflationary expectations, and forecasts of a normal monsoon in 2015-16. Using the new estimate for 2014-15 as the base, GDP growth at constant market prices is ex...

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Posted Under: Company Law |

TARC pitched for taxing large farmers with incomes above Rs. 50 lakh a year

The Shome Committee/TARC has pitched for taxing large farmers with incomes above Rs. 50 lakh a year. The reason for this recommendation as given by TARC is that this will broaden the tax payer base and help mobilize additional revenue without affecting any but a miniscule proportion of the very large farmers whose annual income exceeds th...

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Posted Under: Company Law |

Immovable Property outside India- FEMA Provision

Under FEMA all the transactions are divided into two categories: (1) Capital Account transactions (2) Current account transactions As a general rule all the current account transactions under FEMA are permitted except those specified and all the capital account transactions are prohibited or regulated....

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Posted Under: Company Law |

ICAI President's Message – March 2015

Dear Friends, Nothing can bring you peace but yourself. Nothing can bring you peace but the triumph of principles, writes Ralph W. Emerson. I too believe in the power of self and principles, which we respect and stand for in our life. For me, this is all the more important as I have been entrusted […]...

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Posted Under: Company Law |

From Carbon Subsidy to Carbon Tax: India’s Green Actions

Economic Survey 2014-15 acknowledges the green actions taken by India, including imposing significantly higher taxation of petroleum products and thereby reenergizing the renewable energy sector. India shifted from a carbon subsidization regime to one of significant carbon taxation regime, from a negative price to an implicit positive pri...

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Posted Under: Company Law |

Assessment Completed without issue of u/s. 143(2) is invalid

Shri Jai Shiv Shankar Traders Pvt. Ltd. Vs ITO (ITAT Delhi)

As per record, we find that there was no notice issued u/s. 143(2) of the I.T. Act which is very much essential for reassessment and it is a failure on the part of the AO for not complying with the procedure laid down in section 143(2) of the I.T. Act....

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Notification No. 26/0015-Customs (N. T.) Date- 27th February, 2015

Notification No. 26/0015-Customs (N.T.) (27/02/2015)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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

27 of 2014-15 (27/02/2015)

In continuation of this department’s Circular Nos. 18, 20, 22 and 24 of 2014-15, it has now been decided to dispose of objections filed u/s 74 of the DVAT Act, 2004 pertaining to mis-match cases of Annexure 2A/2B of Assessment Year 2012-13 on regular basis w.e.f 02/03/2015 for the wards mentioned in Column 4 of the Annexure enclosed her...

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Central Excise and Service Tax Audit norms to be followed by Audit Commissionerates

Circular No. 995/02/2015-Central Excise (27/02/2015)

Audit Commissionerates have been created with an objective to improve the functional efficiency of audit in the field formations. An effective taxpayer audit plays a key role in improving compliance and augmenting tax revenues. It is one of the important compliance verification tools available to the tax administration to verify the cor...

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Whether it is a tax planning or tax avoidance or tax evasion ??????

Shah Rukh Khan (King Khan), a famous actor of Bollywood, had given a loan of Rs. 2,28,88,530.00 to his wife Gauri Khan in A.Y. 2006-07. Gauri Khan has purchased, out of the said loan, a residential property and jewellery. The A.O. has accepted the Wealth Tax Return filed by Shah Rukh Khan passing an order […]...

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Posted Under: Company Law |

How An Act Of Kindness Taught Me The Lesson – “Just Do It”

This article has been inspired from an incidence from my personal life that happened yesterday night (24th February 2015). I had gone out for dinner with a friend who also happens to be my gym buddy. Although, both of us are quite regular going to our gym, we don’t give up on our bad food […]...

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Posted Under: Company Law |

Mere publicity by NAMO government not enough, real work for general public is more important

CA DEV KUMAR KOTHARI Unfortunate comments of Shri Piyush Goyal on comments of Chairman of HDFC. Author also feels that real work for general public, is more important, mere publicity by NAMO government is not enough. The Chairman of HDFC Shri Deepak Parekh has in some interviews expressed concerns about real work having been done on [&he...

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Posted Under: Company Law |

Pre-Budget : Concrete Declarations on Basics of GST Should Be Made In Budget-2015

Budget speeches since 2006 were used to declare a specific date for introduction of GST and the Trade and Industry is waiting for GST on the same promises as made in the Budget speeches of the Finance Ministers from year to year and now we are in year 2015 and still waiting for GST. Goods and Service tax was first referred in the Indian B...

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Posted Under: Company Law |

All about form CRA-2 under Companies Act,2013

Form CRA-2- Form of Intimation of appointment of cost auditor by the company to Central Government) Part I – Law(s) Governing the eForm CRA-2 eForm CRA-2 is required to be filed pursuant to section 148(3) of Companies Act, 2013 and rule 6(2) of the Companies (cost records and audit) Rules, 2014 which are reproduced for […]...

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Posted Under: Company Law |

Regarding Collection of anti-dumping duty beyond the validity period

Public Notice No. 22/2015-Customs Duty (27/02/2015)

The avoidable delays on account of non-uniform Customs procedures adopted at some ports/Customs stations not only increase transaction cost and time of clearance but also prove to be major constraints in making Indian ports international transshipment hubs. Therefore, a Committee was set up by Ministry of Shipping for simplification of sh...

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Railway budget – Views of an IRCTC Customer

The much awaited railway budget that directly focuses on Aam Aadmi of rural as well as urban India and is the main source of commuting in India ,is out today. Mr. Suresh Prabhu has put forward a different kind of a budget and has not declared any hopes of running new trains on any sector […]...

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Posted Under: Company Law |

Railway Budget Speech 2015-16

Speech of Shri Suresh Prabhakar Prabhu introducing the Railway Budget for 2015-16 on 26th of February, 2015 Madam Speaker, 1. I rise to present before this August House the Statement of Estimated Receipts and Expenditure for 2015-16 for Indian Railways. 2. At the outset, let me thank the Hon’ble Prime Minister, Shri Narendra Modi ji, [&...

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Posted Under: Company Law |

Highlights of Railway Budget 2015-16

Aaj ka railway budget.. From the mind and mouth of a CA indeed! PASSENGERS to be called CONSUMERS This certainly catches the ears ! Certain points being put forward by him, remind me of certain points to be included in Annual Reports of companies. Premier points put forward by CA Suresh Prabhu Energy Conservation, Technology […]...

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Posted Under: Company Law |

SEBI : (Employees’ Service) (Amendment) Regulations, 2015

Notification No. LAD-NRO/GN/2014-15/22/366 (26/02/2015)

against whom disciplinary proceedings are proposed or pending or who are under suspension, including female employees against whom action has been initiated by Government agencies or other law enforcement authorities....

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Download 11 New Books on Service Tax and VAT

The Indirect Taxes Committee of ICAI has taken an initiative to develop state wise technical guides on VAT as well as sector specific technical guides/ background material on Service Tax to facilitate a handy learning experience to the members. It gives me immense pleasure to introduce you that the following new publications have been lau...

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Posted Under: Company Law | ,

Sec. 143 Power & Duties of Auditor & Auditing Standards- Companies Act 2013

Manshi Baid SEC 143(1) : This section provides that the auditor of the company shall have the right to have access at all the times to the books of accounts and vouchers of the company , whether kept at the registered place or at some other places of the company. He can obtain all the […]...

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Posted Under: Company Law |

CSR Expenditure under Income Tax Act,1961

Ever since the inception of concept of Mandatory CSR spending corporates are anxious about tax incentive of CSR spending. Last year, the enactment of the finance act 2014 which kept the CSR expenditure out of ambit of business expenditure proves disappointment for companies. The reason given is, CSR expenditure, being an application of in...

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Posted Under: Company Law |

CS Executive /Professional Programme Dec 2014 Merit List & Toppers

All India Provisional Merit List - Professional Programme (Old Syllabus) December 2014 All India Provisional Merit List - Professional Programme (New Syllabus) December 2014 All India Provisional Merit List Executive Programme (New Syllabus) Examination December 2014 All India Provisional Merit List Eexecutive Programme (Old Syllabus) ...

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Posted Under: Company Law |

Opening the Jugglery of Work Contract under Service Tax

A composite contract means a contract which involves transactions involving an element of provision of service and an element of transfer of title in goods in which various elements are so inextricably linked that they essentially form one composite transaction....

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Posted Under: Company Law |

Offences for which punishment for fraud prescribed U/s. 447 of Companies Act, 2013

Section 447 – Punishment for Fraud: Any person who is found to be guilty of fraud- Imprisonment for a term which shall not be less than 6 months but which may extend to 10 years and Fine - Not be less than the amount involved in the fraud, but which may extend to three times the amount involved in the fraud. If the fraud in question in...

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Posted Under: Company Law |

Form No. GNL-4 for filing addendum for rectification of defects or incompleteness notified

Earlier the Ministry of Corporate Affairs (‘MCA’) had released various e-Forms by the Companies (Registration Offices and Fees) Amendment Rules, 2014 vide Notification No. G.S.R. 297(E) dated 28 April 2014 with effect from 28 April 2014. The MCA has made further amendment in Rule 10 by the Companies (Registration Offices and Fees) Ame...

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Posted Under: Company Law |

Assessee not prohibited from paying tax on services exempted under a notification

M/s Deloitte Haskins And Sells Vs. Commissioner of Central Excise, Thane [2015-TIOL-366-CESTAT-MUM]

M/s Deloitte Haskins and Sells (the Appellant) is a firm providing services of practising Chartered Accountant and Management Consultancy services to clients in India and abroad. The Appellants were operating from the different locations, each with a separate Service tax registration number and the accounting operations were carried out f...

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Posted Under: Company Law |

No extended period if demand arose out of correct figures shown in ST-3 Returns

Central Warehousing Corporation Vs. Commissioner of Service Tax, Ahmedabad [(2015)54 taxmann.com 209 (Ahmedabad - CESTAT)]

The Hon’ble CESTAT, Ahmedabad, relying on the decision in the Meghmani Dyes case, held that if prescribed Returns are filed by Assessee giving correct information, then extended period of limitation cannot be invoked....

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Posted Under: Company Law |

Furnishing of audit report is directory and not mandatory

DCIT Vs M/s Surya Merchants Ltd. (ITAT Delhi)

Finding of the AO that in the absence of audit report, the enhanced claim is not maintainable over looks this factual position. It is undisputed that audit report for the enhanced claim had been furnished during the impugned 153A assessment proceedings along with Profit and Loss account and Balance sheet duly certified by the Accountant....

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S. 68 No Addition if Assessee discharges initial onus casted on him

ITO Vs Parth Mehrotra (ITAT Delhi)

Assessee had declared an income by filing its return. The said return was selected for scrutiny through CASS on the basis of AIR. Assessment u/s 144 was made, resulting in an addition of Rs. 28,50,000/- as the assessee was found to have failed to explain the source of investment....

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Necessity for a separate law for all Tax Practitioners in India

We submit that on account of certain judicial decisions, some kind of uncertainty coupled with unrest has cropped up amongst a particular class of professionals practising in tax laws by virtue of the licenses / registrations granted in favour of the practitioners by the central / State governments in exercise of the powers under the resp...

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Posted Under: Company Law |

Addition for Deemed Dividend confirmed – Advance against property contention not valid in absence of supporting

Sri Sardar Iqbal Singh Vs JCIT (ITAT Hyderabad)

Though, assessee has claimed that the amount received was not in the nature of loan/advance, but, towards purchase of land in the name of company, however, assessee has not produced even a single evidence to justify the aforesaid claim. ...

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Section 10A exemption- Approvals given by Directors of STPI is valid

Mentor Graphics (Noida) P. Ltd., Vs DCIT (ITAT Delhi)

Assesee claimed deduction of Rs. 1.33 crores under Section 10A of the Act. On being called upon to explain about the eligibility of deduction, the assessee stated that it was entitled to deduction in view of fulfillment of all the requisite conditions as prescribed under Section 10A....

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Death of Authorised representative not sufficient cause for delay in Appeal Filing

Madhu Dadha Vs The Assistant Commissioner of Income Tax Officer (Madras High Court)

Madhu Dadha Vs. ACIT (2009) 317 ITR 458 (Mad)- In the present case, the appeal has been filed after a delay of 558 days. From the contents of the affidavit and submissions of the learned counsel for the assessee, it is clear that the assessee has not explained the delay for such a long...

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ITAT raises serious questions on professional competence and work ethics of CA

M/s K.G.N.M.M.W. Educational research & Analysis Society Vs ITO (ITAT Jaipur)

The learned counsel for the assessee contends that the concerned Chartered Accountant has admitted that the impugned orders of CIT(A) were handed over to him by the assessee in the first week of April, 2011 for filing the appeals before ITAT....

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CBEC Offices to be open today

F.No. 296/42/2013-Central Excise .9 (25/02/2015)

The Union Government is presenting its Annual Budget 2015-16 on 28th February, 2015, which falls on Saturday. As it may not be a working day in certain offices, it is desired that all the offices of CBEC/field formations may remain open on that day, so that the changes made in the Budget and their impact on revenue can quickly be examined...

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Applicability of Indian Accounting Standards (Ind AS)

CA Mayank Parekh With accounting having become the global language of business, the convergence with International Financial Reporting Standard (‘IFRS’) is the need of the hour as an economic imperative for India. The Finance Minister Shri Arun Jaitley announced in his maiden Budget speech that Indian Accounting Standards Converged w...

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Posted Under: Company Law |

Need to Expand Tax Base and Improving Tax Compliance

Central Excise Day Celebrated; MoS(Finance) Shri Jayant Sinha Emphasizes that There is Urgent Need to Enhance the Tax to GDP Ratio in India as Well as Expanding the Tax Base and Improving the Tax Compliance; Exhorted the Officers to Work on Innovative Ideas to Facilitate Starting and Doing a Business The Minister of State for […]...

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Posted Under: Company Law |

Composite Show cause Notice – Apportionment of liability based upon past figures?

Commissioner of Central Excise Vs. Modern Industrial Enterprises

Modern Industrial Enterprises (MIE) and Florida Electrical Industries Ltd. (FIEL) (collectively referred to as 'the Assessees' were subject to independent search operations by the Central Excise Authorities on September 22, 2001...

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Posted Under: Company Law |

Cenvat credit cannot be denied at the end of recipients of goods, on the premise that higher duty been paid by manufacturer

CCE Pune I Vs. Pefco Foundry

The Hon’ble Supreme Court in the case of MDS Switchgear Pvt. Ltd. [2008 (229) ELT 485 (S.C.)], has held that Cenvat credit cannot be denied at the end of the recipients of the goods on the premise that higher duty has been paid by the manufacturer....

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Posted Under: Company Law |

Subsequent reversal of Cenvat credit initially availed but not utilized, tantamount to non-availment of Cenvat credit

JCT Limited Vs. CCE, Jallandhar and Ludhiana

Hon’ble Apex Court judgment in the case of Chandrapur Magnet Wire (P) Ltd. Vs. CC, Nagpur [1996 (81) E.L.T. 3 (S.C.)], held that since the Cenvat credit initially taken was reversed without being utilised by the Assessee, it is to be treated as if the Assessee has not taken the Cenvat credit and hence, would be eligible for the exemp...

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Posted Under: Company Law |

Works contract executed for SEZ units cannot have zero rating benefit

Tulsyan Nec Limited Vs. The Assistant Commissioner (CT)

Tulsyan Nec Limited (the Petitioner) was engaged in the manufacture of High Tensile Fasteners, Gear Shifters etc., and its factory was located in Special Economic Zone (SEZ). The Petitioner was awarded contracts for construction of their factory building and related infrastructure in SEZ....

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Posted Under: Company Law |

Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii. creation of two posts of Vice-Chairmen in the Apex scale and four […]...

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Posted Under: Company Law |

Pre-deposit has to be waived off if Assessee’s case is a good/ strong prima facie case covered by a binding precedent

Shukla & Brothers Vs. Customs, Excise & Service Tax Appellate Tribunal [(2015) 54 taxmann.com 182(Allahabad)]

Shukla & Brothers (the Appellant) is a proprietorship firm registered under Service tax under the category of 'Construction Work'. However, under some confusion and misguidance, the Appellant was issued registration under ST-2 in the category of 'Civil Structure Construction Work'. The Appellant claimed that the services provided are of m...

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Posted Under: Company Law |

Securities Contracts (Regulation) (Amendment) Rules, 2015

Notification No. G.S.R. 125(E) (25/02/2017)

G.S.R. 125(E).—In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act of 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957...

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Contractee liable to deduct and Pay TDS on Works contract despite possible refund claim by contractor

Krishnapatnam Port Company Ltd. Vs. The Govt. of AP

The fact that NECL could seek refund of the tax paid as per the State Government Order G.O.Ms. No. 609 dated May 29, 2006, issued in terms of Section 15(1) of the AP VAT Act, will not absolve KPCL of their statutory obligation to deduct TDS;...

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Posted Under: Company Law |

Time limit prescribed for filing refund U/s. 27 of Customs Act, 1962 cannot be made applicable to duty paid by mistake

Parimal Ray & Another Vs. Commissioner of Customs (Port), Customs House

In the present case, a Thailand based Company, Italian Thai Development Public Company Limited and an Indian Public Company, ITD Cementation India Limited having its place of business in Salt Lake City, Kolkata decided to establish a Joint Venture Organisation - ITD-ITD CEM JV....

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Posted Under: Company Law |

If Assessee is taxed under ‘MAT’ to ‘MAT’ – No Escapement, No Reopening

The AO is empowered to assess or reassess the total income of the Assessee by reopening the Assessment, invoking the provisions of section 148 of the Act. The authors have visualized in-depth manifestation with respect to the jurisdiction of the AO in reopening the Assessments of the ‘Companies’ where even after the reopening the ulti...

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Posted Under: Company Law |

Decoding 2015 Statutory Audits Of The Banks

A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector. ...

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Impact of amendment made in definition of Small Company

CA Mayank Parekh The Ministry of Corporate Affairs (‘MCA’) has released the Companies (Removal of Difficulties) Order, 2015 dated 13 February, 2015 to remove the difficulties faced in giving effect to the provisions of clause (85) of section 2 (definition of small company) and clause (b) of sub-section (11) of section 186 of the Compa...

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Posted Under: Company Law |

Service Tax on Banking and Financial Services – An analysis

Dr. Sanjiv Agarwal Banking and financial services are subject to levy of Service Tax in more than one form. While only specific services were taxed prior to 1.7.2012, all such services are taxable now barring those which are in negative list. W.e.f.1.07.2012, all services, other than services specified in the negative list, provided or ag...

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Posted Under: Company Law |

Disclosure of Interest by Director- Section 184 of Companies Act, 2013

Section 184 of the Companies Act, 2013 deals with the disclosure of interest by a director. It provides that every director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year...

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Posted Under: Company Law |

Services by Auditor Under Companies Act, 2013

CS Divesh Goyal Services which can be rendered by the Auditors: As per Provisions of Section- 144 of Companies Act, 2013, A Statutory Auditor of company can’t provide the following below mentioned services to followings: To the Company Its Holding Company Its Subsidiary Company Services which a Statutory Auditor can’t provide directly...

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Posted Under: Company Law |

FAQs on applicability of SEBI (Investment Advisers) Regulations, 2013

1. How are investment advisers regulated in India? The SEBI (Investment Advisers) Regulations, 2013 (IA Regulations) have been notified on January 21, 2013. The IA Regulations came into effect from April 21, 2013. The regulations specify conditions for registration, certification, capital adequacy, risk profiling and suitability, disclos...

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Posted Under: Company Law |

Closure of submission of Bills of Entry at ICES 1.5 on account of Union Budget, 2015-16–reg

Public Notice No. 16/2015-Customs Duty (25/02/2015)

This is to inform all concerned that on account of presentation of Union Budget, 2015-16 on 28.02.2015, submission of Bills of entry at the ICES will be stopped on 28.02.2015 at 05.00 PM. Section 48 approvals will also be stopped on 28.02.2015 at 05.00 PM. CHAs/Importers and members of the Trade are advised to expedite the clearance and t...

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Companies (Declaration and Payment of Dividend) (Amendment) Rules, 2015

Notification No. G.S.R. 121 (E). (24/02/2015)

These rules may be called the Companies (Declaration and Payment of Dividend) (Amendment) Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette....

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Companies (Registration Offices and Fees) Amendment Rules, 2015

Notification No. G.S.R. 122(E). (24/02/2015)

Any further information or documents called for, in respect of application or e-form or document, filed electronically with the Ministry of Corporate Affairs shall be furnished in Form No. GNL-4 as an addendum...

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CIT not justified in passing ex parte order without allowing proper opportunity of being heard

Smt. Maltidevi Birbal Singh Vs ITO (ITAT Mumbai)

Briefly stated facts of the case are that the assessee, an individual derives income from manufacture of wire & wire ropes. The return was filed declaring total income at ` 4,07,734/-. However, the assessment was completed at an income of ` 5,08,730/- vide order dated 25.06.2007 passed u/s 143(3) of the Act....

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In respect of Shortage of stock during survey only profit element can be added to Income of the Assessee

ACIT Vs Surajbhan Agrawal (ITAT Indore)

The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold ornaments weighing 758.475 gms and excess stock of silver at 91.134 kms....

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Principle of law apparent is real onus is on the person who alleges that apparent is not real

M/s Prasanna Associates Vs DCIT (ITAT Ahmedabad)

It is settled principle of law apparent is real onus is on the person who alleges that apparent is not real. Once the assessee has submitted the evidence by way of bank account of JPC supporting his contention that the assessee has taken loan for the payment of labour payment incurred by it....

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Income of Female Assessee cannot be added to Income of other family members/ concern merely based on her Statement

Smt. Meena Garg Vs DCIT (ITAT Chandigarh)

In this case merely on the basis of statement recorded during the search where Smt. Meena Garg i.e the assessee has said that she was not running any business concern in the name of M/s Punjab Timber Trading Co (Proprietorship Concern of the Assessee) Assessing officer has added the Income of the Assessee to Income of Punjab Plywood Indus...

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Government notifies Rules for new Indian Accounting Standards

The Ministry of Corporate Affairs vide Notification dated February 16, 2015 has issued the Companies (Indian Accounting Standards) Rules, 2015, thereby notifying Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by the class of companies specified in the said Rules. Following companies shall comply with the ...

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Posted Under: Company Law |

Finance Commission suggests 42% state share in Union Tax Revenues

14th Finance Commission (FFC) Report Tabled in Parliament; FFC Recommends by Majority Decision that the States’ Share in the Net Proceeds of the Union Tax Revenues be Raised to 42% Which is a Huge Jump from the 32% Recommended by the 13th Finance Commission Article 280 of the Constitution of India requires the Constitution of […]...

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Posted Under: Company Law |

List of companies investigated by govt. in last 3 Years

The details of companies investigated by the Ministry during the last three years and current year (till date) are enclosed as Annexure-I. Chit Funds are registered by State Governments under the Chit Funds Act, 1982 – an Act administered by the Ministry of Finance but with responsibilities of implementation resting with the States....

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Posted Under: Company Law |

RBI’s prior approval for change in shareholding by Securitisation/ Reconstruction Companies

RBI/2014-2015/476 DNBR(PD)CC.No. 01/SCRC/26.03.001/2014-2015 (24/02/2015)

In order to smoothen the functioning of SC/RC companies, it has been decided that, henceforth only the following changes in the share holding pattern of the SC/RC will require Reserve Bank’s prior approval: any transfer of shares by which the transferee becomes a sponsor. any transfer of shares by which the transferor ceas...

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