"14 March 2015" Archive

CPC (TDS)- Enhancement in Online Corrections feature for 'Moving Deductee rows' from Unmatched Challans

For closure of Short Payment Defaults arising due to Unmatched Challans quoted in TDS Statements, CPC(TDS) has further enhanced the Online Correction facility at TRACES, providing with the feature of Move Deductees from Unmatched Challans to any other Unconsumed OLTAS Challan....

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Posted Under: Income Tax |

CPC (TDS) reminds to avail online Correction facility

CPC (TDS) follow up: Online Correction facility not availed after sending “Intermediate Communication for Short Payments” in course of processing of Original Quarterly TDS Statements As per the records of CPC (TDS), an Intermediate communication was sent to TDS deductors intimating Short Payment errors in the Original TDS Stat...

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Posted Under: Income Tax |

DIPP issues Clarification on Press Note 10 of 2014

Press Note 10 of 2014 14/03/2015

Whether FDI can be brought if the minimum capitalization was not completed within the period of six months of the commencement of the project? No new FDI can be brought in the project if the minimum capitalization of US $ 5 million has not been achieved within six months of commencement of the project. If such minimum capitaliza...

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Meaning Of ‘Government’ In Service Tax

As we all know, Service Tax is levied when an activity is carried out by one person for another for a consideration i.e., two persons are involved – a service provider and a service receiver. The term 'person' is defined in clause 37 of section 65B of the Finance Act, 1994 which, inter alia includes 'government'. ...

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Posted Under: Income Tax |

FAQs about Compounding of Offences- Companies Act, 2013

As per companies act, 1956 sec 621A was applicable for compounding of offences and as per companies act, 2013 sec 441 is applicable. Only offences punishable under this act (i.e. companies act) WITH FINE ONLY can be compounded.Offences punishable with Fine or imprisonment Or Fine or imprisonment or both Compoundable with permission of...

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Posted Under: Income Tax |

Review of Foreign Direct Investment (FDI) policy on Insurance Sector

Press Note No. 3 (2015 Series) 14/03/2015

Review of Foreign Direct Investment (FDI) policy on Insurance Sector‑ amendment to 'Consolidated FDI Policy Circular of 2014'. 1.0 Present Position: 1.1 Paragraph 6.2.17.7 of 'Consolidated FDI Policy Circular 2014', effective from April 17, 2014, relating to insurance sector, presently reads as below:...

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Rules & forms for rollback of Advance Pricing Agreement

Notification No. 23/2015 - Income Tax 14/03/2015

Notification No. 23/2015 - Income Tax In exercise of the powers conferred by sub-sections (9) and(9A) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:...

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Tendering Audit Services is a Menace to CA Fraternity

CA Amresh Vashisht The latest quote price of Rs 2 per month per panchayat at Madhya Pradesh has once again shattered the profession heart & soul. Thank GOD this time, it’s double to 2012 rates, where the lowest tender for primary school audits was Re 1 per school.  Tender system with quoted price of Re […]...

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Posted Under: Income Tax |

Procedure for Alternation of Article under Companies Act, 2013

Any Company who is intending to make any change to the Article of Association (AOA) of its company, will have to comply with the provisions of Section- 14 of Companies Act, 2013 and any other applicable provisions of the Act including fulfillment of condition as may be contained in the Memorandum of Association (MOA) of Company. ...

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Posted Under: Income Tax |

Wake Up Call for Companies in the Month of March

The Companies needs to ensure Compliance of following provisions during financial year, 2014-15 under New Companies Act, 2013. The below list is not exhausted list and every Company needs to check the applicability of other provisions of the Companies Act, 2013 to the extent applicable to them also....

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Posted Under: Income Tax |

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