"13 March 2015" Archive - Page 2

No penalty for mere technical or venial breach of Law: HC

M/s. Novel Digital Electronics Vs The Commissioner Customs (Imports) (Madras High Court)

In the case of M/s.Novel Digital Electronics Vs The Commissioner Customs (Imports), it was held by Madras High Court that penalty will ordinarily be imposed in cases where the party acts deliberately in defiance of law, or is guilty of contumacious or dishonest conduct...

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Important Service Tax Amendments by Union Budget 2015

The service tax rate is being increased from 12.36% 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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Section 71- Issue of Debentures Under Companies Act, 2013

The only section pertaining to the issue of debentures is section 71 (read with Rule 18 of Companies Share Capital and Debentures Rules,2014). I would like to share the some of important issues I came across while studying this section and corresponding rule....

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Posted Under: Custom Duty |

Where to apply definition of Interested Director?

The question that where to use the definition of interested director arises while reading section 174 and 184. Interestingly the term interested director is used only once in entire Companies Act and that is section 174(3) but further explanation of that sub-section provides that for the purpose of sub-section(3) interested director mea...

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Posted Under: Custom Duty |

Notification No. 22/2015 – Income Tax Dated 13/3/2015

Notification No. 22/2015 - Income Tax 13/03/2015

Notification No. 22/2015 - Income Tax It is hereby notified for general information that the organization Indian Institute of Technology (BHU), Varanasi (PAN - AAAJI0396R) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C...

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SEBI Norms for Delisting of Companies

The Securities and Exchange Board of India (SEBI) has proposed to ease the norms for delisting of companies, issue new regulations norms on insider trading, make certain provisions in the listing agreement mandatory and also to introduce Electronic IPO (E-IPO)....

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Posted Under: Custom Duty |

ICAI forms Expert Panel for Addressing Bank Branch Audit Queries for FY 2014-15

With a view to support our members for fast resolution of such queries, the Auditing and Assurance Standards Board (AASB) is pleased to offer an Online support to our members from 23th March, 2015 to 11th April, 2015 for the bank branch audits for the year ended 31st March 2015. The queries can be sent at [email protected]

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Posted Under: Custom Duty |

Interest on Delayed TDS to be charged by taking month as a period of 30 days

M/s. Navayuga Quazigund Expressway (P) Limited Vs Dy. Commissioner of Income-tax (ITAT Hyderabad)

Navayuga Quazigund Expressway (P)Limited V/s. DCIT (ITAT Hyderabad), It was contended on behalf of the assessee that interest under S.201(1A) was computed by the assessing officer by considering part of the calendar month as full month...

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