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Archive: 25 February 2015

Posts in 25 February 2015

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

February 25, 2015 107782 Views 11 comments Print

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 […]

CSR Expenditure under Income Tax Act,1961

February 25, 2015 36148 Views 3 comments Print

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 income, is not incurred exclusively for the purposes of carrying on business.

CS Executive /Professional Programme Dec 2014 Merit List & Toppers

February 25, 2015 3379 Views 0 comment Print

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) Examination December 2014

Opening the Jugglery of Work Contract under Service Tax

February 25, 2015 109041 Views 34 comments Print

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.

Direct Stay Application to ITAT maintainable. Not necessary that lower authorities must be approached first

February 25, 2015 3993 Views 0 comment Print

Direct Stay Application filed before the Tribunal is maintainable and it is not the requirement of the law that assessee should necessarily approach the CIT before approaching the Tribunal for grant of stay.

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

February 25, 2015 37770 Views 2 comments Print

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 involves public interest – Term of imprisonment shall not be less than 3 years

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

February 25, 2015 30271 Views 0 comment Print

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) Amendment Rules, 2015 vide Notification dated 24 February 2015.

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

February 25, 2015 2267 Views 0 comment Print

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 from Worli address (registered unit).

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

February 25, 2015 1364 Views 0 comment Print

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.

Furnishing of audit report is directory and not mandatory

February 25, 2015 1973 Views 0 comment Print

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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February 2015