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Archive: April, 2015

Posts in April, 2015

Requirement of TDS in case of corporations whose income is exempted U/s. 10(26BBB)

April 23, 2015 16437 Views 0 comment Print

CIRCULAR No. 07/2015 Date- April, 23, 2015 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 which laid down that in case of such entities, whose income is unconditionally exempted under Section 10 of the Income-tax Act (the Act) and who are statutorily not required to file return of income as per Section 139 of the Act, there would be no requirement for tax deduction at source (TDS) from the payments made to them since their income is anyway exempted under the Act.

Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective

April 23, 2015 2918 Views 0 comment Print

Himachal Pradesh High Court in the case of CIT vs. M/s Shree Triveni Foods held that the claim of depreciation for assessment years under dispute was not mandatory and therefore, the assessee could not be compelled to exercise the option as an obligation.

Service Tax Abatement Rate Chart from 01.04.2015

April 23, 2015 904104 Views 92 comments Print

CA Sandeep Kanoi Abatement in Service Tax was First Introduced Vide Principal Notification No. 26/2012-Service Tax, dated 20th June 2012 and subsequently been amended vide Notification No. 2/2013 – Service Tax, dated the 1st March, 2013, Notification No. 9/2013 – Service Tax, Dated: May 8, 2013, Notification No. 08/2014 – Service Tax Dated-11th July, 2014 […]

Establishment of Tribunal under Company Secretaries (Election Tribunal) Rules, 2006

April 23, 2015 933 Views 0 comment Print

Central Government hereby establishes a Tribunal Consisting of the following persons to decide the disputes arising under Section 10 A of the Act in the matter of election to the Council of the institute of Company Secretaries of India held in December,2014, namely

Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2015

April 23, 2015 1828 Views 0 comment Print

entral Government hereby makes the following rules further to amend the Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, namely:—

Book your Local Train /Unreserved Ticket from Mobile

April 23, 2015 9066 Views 0 comment Print

‘Operation Five Minutes’ – Now Unreserved Ticketing on your Mobile Phone – Suresh Prabhu Launches Mobile App for Paperless Unreserved Ticketing Fulfilling yet another commitment of the Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu launched Mobile Application for Paperless Unreserved Ticketing through video conferencing on Egmore–Tambaram Suburban Section of Chennai, at […]

Mandatory Leave for Employees Posted in Sensitive Positions or Areas of Operation

April 23, 2015 2495 Views 0 comment Print

Banks are hereby advised that, as a prudent operational risk management measure, it is imperative that employees posted in sensitive positions or areas of operations (viz., treasury, currency chests, risk modelling, model validation, etc.) are covered under a ‘Mandatory Leave’ policy wherein such employees are required to compulsorily avail of leave for a few days (say 10 working days) in a single spell every year,

Collection and Dissemination of Information on Wilful Defaulters

April 23, 2015 945 Views 0 comment Print

Therefore, in partial modification of our aforementioned Circular dated December 22, 2001, we advise that while disseminating information to Credit Information Companies on borrowers with outstanding amount aggregating Rs. 1 crore and above classified as doubtful or loss assets (non-suit filed as well as suit filed accounts), banks/FIs should exclude the names of non-whole time directors (Nominee and Independent Directors) other than the promoter directors from the list, except in the rarest circumstances specified in paragraph 3 above.

Banks to include ‘third gender’ in all forms/applications etc.

April 23, 2015 1796 Views 0 comment Print

Banks are, therefore, directed to include ‘third gender’ in all forms/applications etc. prescribed by the Reserve Bank or the banks themselves, wherein any gender classification is envisaged.

NSDL releases FVU version 4.6 for quarterly e-TDS/TCS from FY 2010-11 & onwards

April 23, 2015 15084 Views 0 comment Print

NSDL has released on 20.04.2015 e-TDS/TCS File Validation Utility (FVU) version 4.6 for quarterly e-TDS/TCS statements from FY 2010-11 and onwards. Key Features – File Validation Utility (FVU) version 4.6 Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., […]

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