"May, 2015" Archive

ITR Forms Simplified – New ITR-2A to come- Due Date extended to 31.08.2015

Govt to simplify ITR Forms- New ITR-2A to come- Due Date extended to 31.08.2015 from 31.07.2015- No need for Foreign Travel and Dormant Bank A/c details Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual […]...

Read More
Posted Under: Income Tax |

Changes In Direct Tax Provisions Effective from 01-06-2015 along with PPT

As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D....

Read More
Posted Under: Income Tax |

TDS/TCS Rates Chart for FY 2015-16 / AY 2016-17

TDS/TCS Rates Chart for Financial Year 2015-16 / Assessment Year 2016-17 vide Finance Act 2015 i.e Budget 2015-16- We have updated the TDS rate chart considering the amendments made by Finance Act, 2015. Some of these amendments takes effect from 01.04.2015 and other have taken effect from 01.06.2015. ...

Read More
Posted Under: Income Tax |

Modification in Syllabi of Accounting Papers & applicability for forthcoming CA Examinations

Modification in the Syllabi of Accounting Papers and its applicability for the forthcoming Chartered Accountancy Examinations It has been decided that the following modification be made for the forthcoming examinations in context with Final Paper 1 : Financial Reporting and Intermediate (IPC) Paper 5 : Advanced Accounting :‐ Exclusion f...

Read More
Posted Under: Income Tax |

No disallowance U/s. 43B for Service Tax not debited to Profit & Loss Account

Cit Vs Noble And Hewitt (I) (P) Ltd. (Delhi High Court)

In our opinion since the assessed did not debit the amount to the Profit & Loss Account as an expenditure nor did the assessed claim any deduction in respect of the amount and considering that the assessed is following the mercantile system of accounting, the question of disallowing the deduction under section 43B not claimed would not a...

Read More

Service tax on long term lease of Immovable property inconsistent with other laws

Service tax payable on long term lease of Immovable property under Renting of Immovable Property – not in sync with Service tax Act, Accounting Standard, Bombay Stamp Act & Income Tax Act ...

Read More
Posted Under: Income Tax |

Service Tax U/s. 43B not allowable as no expenditure claimed by assessee

ITO Vs Nafe Singh Gahalawat (ITAT Delhi)

Issue- On the facts and in the circumstances of the case, the Ld.CIT(Appeals) has erred on facts and in law in deleting the addition of Rs.10,83,555/- which was made by the Assessing Officer by invoking the provisions of section 43B of the Act as the service tax payable in the balance sheet was not deposited before due date of filing of r...

Read More

Changes in TDS provisions vide Finance Act, 2015

Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A G...

Read More
Posted Under: Income Tax |

Schedule II of Companies Act, 2013 (Depreciation) and Practical Implication

So Friends, the time for Preparation of the first financial statements as per Companies Act is here. One of the most important provisions of the Act for the Companies as well as Auditors to consider is the New Method of calculating Depreciation as per Schedule II Part C of the Companies Act 2013. I would […]...

Read More
Posted Under: Income Tax |

Considerable Issues after the Death of Practicing CA

The whole of CA fraternity got shocked by a recent news about a young chartered accountant dies after being electrocuted. Last month a young Chartered accountant of Lucknow died in an accident. The fraternity loose more than hundred members a year. Local fraternity tried to help out by raising the funds for the family. ...

Read More
Posted Under: Income Tax |

ICAI advisory against fake website similar to its official website

This is to inform to all Members and Students of ICAI and public at large that a website namely, icaindia.net.in, registered in the name of ‘ICA INDIA’, Sonarpur, Kolkata, West Bengal – 700150 has been created, which is deceptively similar to the official website of the Institute (i.e., www.icai.org). ...

Read More
Posted Under: Income Tax |

SEBI (POIT) Regulations 2015 – includes pledge under `trading’ by `insider’

Business needs capital which promoters arrange. Since promoters conceive the idea of the business, bring in fund, human capital they are allowed to control the enterprise they build. While ownership control remains with the promoter, the Board of Directors of a company may comprise of different persons nominated by the promoter or promote...

Read More
Posted Under: Income Tax |

Service Tax on Works Contract for Construction of Canal & Dam

This article is drafted with focus to clear our understanding in terms of works contract carried out by the various contractors for government agencies, government and its various departments. With effect from 01/06/2007 works contract was introduced under Section 65 (105) (zzzza) of Finance Act, 1994. Definition of works contract as defi...

Read More
Posted Under: Income Tax |

Board Performance Evaluation – A Framework for Good Governance

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. They shall be responsible for the day to day affairs of the Company The challenge for boards is to prevent crises in the organisations they govern....

Read More
Posted Under: Income Tax |

Registration of Charges under Companies Act, 2013

Charge is the security given for securing the loan or debentures. Security can be provided wither by way of Mortgage/Pledge/Hypothecation. There are two types of Charges a) Fixed Charge:- Fixed charge mean charge which is created in respect of assets which is identified & ascertainable at time of in creation of charge. It is created [...

Read More
Posted Under: Income Tax |

Eligibility for training of Articled Assistants under CA Regulations

 As per The Chartered Accountant Regulations 1988, Regulation 43, Member(s) designated as an Associate or Fellow, who has been in Practice continuously, whether in India or elsewhere or an Associate or Fellow, who is deemed to be in Practice within the meaning of explanation to sub-section (2) of Section 2 of the Act, shall only [&hellip...

Read More
Posted Under: Income Tax |

President's Message – June 2015

Dear Friends, Change is inevitable and is the only thing that is constant. But it is the sheer pace of change that makes it a big challenge in the present hi-tech era of liberalisation, privatisation and globalisation, which has put sharper focus on the role of accounting profession. We professionals need to take this challenge […]...

Read More
Posted Under: Income Tax |

Companies Amendment Act 2015- Changes in Companies Act, 2013

Companies Amendment Bill, 2015 was passed in Lok Sabha on 17/12/2014 and it was passed in the Rajya Sabha in 13/5/2015. The Companies Amendment Bill got the Presidents assent on 25/5/2015 and was published in the Official Gazette of India on 26/05/2015 as the Companies Amendment Act 2015. In this article we have highlighted the […]...

Read More
Posted Under: Income Tax |

Tax on Presumptive Basis In Case of Certain Eligible Businesses

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD...

Read More
Posted Under: Income Tax |

ITAT pulls Up CA for Seeking to Intimidate It by using derogatory, defamatory and contemptuous Language

M/s. Mundra Woolen Mills (P) Ltd.Vs The ACIT (ITAT Jaipur)

he barrage of indiscriminate allegations include misuse of official position, corruption, insulting him and son: colluding with retired income tax officers to harm his client so on and so forth. The severity of accusations and fury emerging from their language is highly derogatory, defamatory and contemptuous, sent with a scheme and clear...

Read More

Involuntary stay must be excluded from computation for purposes of Section 6(1)(a) of Income Tax Act

CIT Vs Shri Suresh Nanda (Delhi High Court)

While executive action resulted in his passport being unjustifiably impounded, this rendered if impossible for the assessee to leave India. He virtually became an unwilling resident on Indian soil without his consent and against his will....

Read More

Reasons for initiating assessment u/s 147 should be recorded prior to issuance of notice u/s 148

Ferrous Infrastructure Pvt. Ltd. Vs DCIT (Delhi High Court )

The only question here is whether reasons could at all be recorded after issuance of the notice under Section 148 of the Act. And, secondly, that as the reasons were recorded after the issuance of Section 148 notice, whether the proceedings were not vitiated....

Read More

Analysis of Companies Amendment Act, 2015

The Companies (Amendment) Bill 2014, introduced by Finance Minister Arun Jaitley, proposed as many as 21 changes in various provisions of the Act, which was passed by the previous UPA regime. This Bill received the approval of both Houses of Parliament and finally received the assent of the President of India on 25th of May, 2015....

Read More
Posted Under: Income Tax |

HC has power to decide correct position of law on admitted facts before Settlement Commission

A holding company is not liable for provident dues of a Subsidiary Company. Workmen of subsidiary Company are not workmen of holding Company. It was held that holding company is not liable for wages of its subsidiary company which was under winding up....

Read More
Posted Under: Income Tax |

Exam Tips And Commonly Mistakes Students Use to Do

1. Before Exam: Take a printout of Time-table and stick the same in your study room Arrange all study materials perfectly/ notes subject wise Have a concentrated study No more calls and contacts to friends who do not have exams Have a Winners’ mind Enough care of health No more traveling (to reduce unwanted accidents […]...

Read More
Posted Under: Income Tax |

Service of notice generally – `Whether Aladin’s Lamp’

Service of notice, summon, intimation, requisition or order (by whatever name called) marks the very foundation and pedestal for the inception of any proceedings of whatever nature and by whatever name called and designated as the pinnacle and ace caveat for steeping into the shoes of legality. ...

Read More
Posted Under: Income Tax |

Commencement Notification of Companies (Amendment) Act, 2015

S.O. 1440 (E) (29/05/2015)

S.1440(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 29th May, 2015 as the date on which the provisions of sections 1 to 12 and 15 to 23 of the said Act shall come into force....

Read More

Companies (Share Capital and Debentures) Second Amendment Rules, 2015

Notification No. G.S.R. 439(E) (29/05/2015)

Provided that in case a company does not have a common seal, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary: Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a...

Read More

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

Notification No. G.S.R. (E) (29/05/2015)

These rules may be called the Companies (Declaration and Payment of Dividend) Second Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. In the Companies (Declaration and Payment of Dividend) Rules, 2014, in rule 3, sub-rule (5) shall be omitted....

Read More

Companies (Incorporation) Second Amendment Rules, 2015

Notification No. G.S.R. 442 (E) (29/05/2015)

In the Companies (Incorporation) Rules, 2014,- (a) in rule 12, the following proviso shall be inserted, namely:- Provided that in case pursuing of any of the objects of a company requires registration or approval from sectoral regulators such as Reserve Bank of India, Securities and Exchange Board, registration or approval, as the case ...

Read More

Companies (Registration of Charges) Amendment Rules, 2015

Notification No. G.S.R. 440(E) (29/05/2015)

In the Companies (Registration of Charges) Rules, 2014, in rule 3, in sub-rule (4), in clause (a), for the words under the seal of the company, the words under the seal, if any, of the company shall be substituted;...

Read More

Companies (Registration Offices and Fees) Second Amendment Rules, 2015

Notification No. S.O. 438(E) (29/05/2015)

In the Companies (Registration Offices and Fees) Rules, 2014, in rule 15, the following proviso shall be inserted: Provided that no person shall be entitled under section 399 to inspect or obtain copies of resolutions referred to in clause (g) of sub-section (3) of section 117 of the Act....

Read More

Only Civil Court Can Grant Relief of Declaration that Personal Guarantees Stand Discharged

The jurisdiction of the Civil Court to entertain, try and decide any suit or proceeding in respect of the property, which is the subject matter of security interest created in favour of a secured creditor, is barred only to the extent of the matters, which the Debts Recovery Tribunal or the Appellate Tribunal is empowered by or under the ...

Read More
Posted Under: Income Tax |

What Constitutes Ordinary Course of Business

Section 188 of The Companies Act 2013 requires companies to seek approval from its board of directors and shareholders for related-party transactions, unless these are in the 'ordinary course of business'. ...

Read More
Posted Under: Income Tax |

16 Key Changes vide Companies (Amendment) Act, 2015

1. Omitting requirement for minimum paid up share capital, and consequential changes. (For ease of doing business) -[section 2(68)/2(71) of the Companies Act, 2013 (Act)]. 2. Making common seal optional, and consequential changes for authorization for execution of documents. (For ease of doing business) -[sections 9, 12, 22, 46 and 223 of...

Read More
Posted Under: Income Tax | ,

Anti-dumping duty on imports of Electronic Calculators

Notification No. 24/2015-Customs (ADD) [G.S.R. 437(E)] (29/05/2015)

Notification No. 24/2015-Customs (ADD) Dated- 29th May, 2015- Seeks to levy definitive anti-dumping duty on imports of Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculat...

Read More

Eligible activities for Corporate Social Responsibility (CSR) expenditure

Activities which are eligible for CSR expenditure in pursuance of Schedule VII of the Companies Act 2013 are as follows: 1. Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation, including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and maki...

Read More
Posted Under: Income Tax |

Major Initiatives & Achievements of Ministry of Corporate Affairs

Following are the major initiatives and achievements of the Ministry of Corporate Affairs in the last one year. – Furthering ease of doing business – Companies Act, 2013: o   16 amendments in the Companies Act, 2013 approved by the Parliament – these amendments are aimed at facilitating business and addressing concerns rai...

Read More
Posted Under: Income Tax |

Notification No. 49/2015 – Customs (N.T.) Dated 29th May, 2015

Notification No. 49/2015-Custom (N.T.) (29/05/2015)

Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S.O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 45/2015-Customs (N.T.), dated the 15th May, 2015, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), v...

Read More

Key Features of e-form INC-29

1. The integrated e-Form INC-29 is available with effect from 01.05.2015 for One Person Company, Private Company, Public Company and Producer Company. 2. INC-29 does away with filing of multiple applications/forms saving time and payable fees. It combines the processes relating to:- i.  Allotment of Director Identification Number (DIN) (...

Read More
Posted Under: Income Tax |

Converting a Partnership firm into a Private Limited Company

Corporatisation is the need of the hour.  The entire world is gradually drifting towards one global market without any trade barriers between the countries. A small unincorporated organization led by few partners cannot think of growth on large scale without corporatizing itself. Corporatisation has its own advantages such as Limited Lia...

Read More
Posted Under: Income Tax |

Notes on Dividend Distribution under Companies Act, 2013

MEANING OF DIVIDEND ·         Portion of profits of the Company allocated to holders of shares in the Company ·         Return on investment to shareholders ·         S. 2 (35): Dividend includes any interim dividend MEANING OF PROFITS Maintaining the Capital intact and taking out the surplus of current period&#...

Read More
Posted Under: Income Tax |

Proposed Corporate Tax rate cut in Budget 2015 and its Impact on AS-22

Brief- Accounting Standard 22 -Accounting for taxes on Income – provides for recognition and disclosure of deferred tax assets/liabilities. In view of the proposed reduction in corporate tax rates as announced in Budget 2015, is there a change in the method to be adopted by the corporates for the purpose of calculation of deferred t...

Read More
Posted Under: Income Tax |

New entry tax law-The Punjab Development of Trade, Commerce and Industries Ordinance, 2015

The Punjab Government has introduced a new entry tax law by the name The Punjab Development of Trade, Commerce and Industries Ordinance, 2015. This ordinance is promuglated w.e.f 05.05.2015. Vide this ordinance the Punjab Government has got power to levy entry tax on any items with a new beginning as earlier entry tax Act i.e. […]...

Read More
Posted Under: Income Tax |

CBI arrests an ITO and 3 other Income Tax officials in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer; Office Superintendent, Senior Tax Assistant and Tax Assistant, all working in the office of Commissioner of Income Tax(TDS), Kolkata in a bribery case of Rs.60,000/- ...

Read More
Posted Under: Income Tax |

All about Form 49C and its submission by liaison office

The last date for filing of Form 49C is almost there and it’s 30th May 2015 which was notified vide Notification No.5/2012 dated 6-2-2012 with effect from 1st April 2012. Form 49C is primarily required to be filed by Non-residents having Liaison office(s) in India. It is to be filed in pursuance of Section 285 […]...

Read More
Posted Under: Income Tax |

Notification No. 35/2015-Customs Dated-28th May, 2015

Notification No. 35/2015-Customs (28/05/2015)

Government of India, in the Ministry of Finance (Department of Revenue), No.12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 185(E), dated the 17th March, 2012, namely:- ...

Read More

Notification No. 31/2015-Central Excise Dated 28th May, 2015

Notification No. 31/2015-Central Excise (28/05/2015)

In the Annexure to the said notification, in List 11, in item No. 48, for the letters STPP, the letters TPP shall be substituted. ...

Read More

Export condition fulfilled even if payment is received in Indian Rupees

Sun-Area Real Estate Pvt. Ltd. Vs. Commissioner of Service Tax

Whether the conditions of export of services under the erstwhile Export of Service Rules, 2005 is satisfied when the payment was received in Indian Rupees through a Foreign Bank, who have issued Foreign Inward Remittance Certificate?...

Read More
Posted Under: Income Tax |

Service U/s 143(2) – ‘Whether a Sword of Cooperation’

The provisions concerning the recuperative and the penal statutes are always to be construed strictly and stringently as per the profuse principles of interpretative jurisprudence available and codified into analogous legislative spheres. In what can be called as a formal invitation to invoke the jurisdiction of the adjudicating and arbit...

Read More
Posted Under: Income Tax |

Companies (Amendment) Act, 2015

The Companies (Amendment) Bill received the assent of the President on the 25th May, 2015 and published in official Gazette of India on 26th May, 2015 and became “THE COMPANIES (AMENDMENT) ACT, 2015. This Act shall come into force on 26th May, 2015 (Date as The proposed amendments deal with related party transactions, fraud reporting b...

Read More
Posted Under: Income Tax |

How to Calculate Interest U/S 234 of Income Tax Act

Interest u/s 234A is the Interest for default for Furnishing Return of Income u/s 139(1) or 139(4) or Return filed in response to notice u/s 142(1). 1.- CONDITIONS FOR LEVY OF INTEREST u/s 234A a) Where Return of Income (ITR) is not furnished by Assessee. b) Where Return of Income (ITR) is furnished by assessee after Due Date of furnish...

Read More
Posted Under: Income Tax |

Detecting Fraud in Internal Audit

As per The IIA: Internal auditors support management's efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization's assessment of fraud risk, and are involved in any fraud investigations....

Read More
Posted Under: Income Tax |

Can ICDS override the express decisions of various courts

Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. [&hellip...

Read More
Posted Under: Income Tax |

Restrictions on scope of Section 153A and Judicial pronouncements

Introduction-: 1.    Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]...

Read More
Posted Under: Income Tax |

Withholding Taxes – Applicable Section, Rules, Rates and Procedures

Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LB , 194LC or 194LD) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head "Salaries" ) shall, at the time of credit of such incom...

Read More
Posted Under: Income Tax |

Conversion of Public Company to Private Company

Doing Business in Corporate form gives various advantages such as limited liability, perpetual succession, access to external finance, enhanced Credibility , management expertise and many more. A Company may be public or private. Although Companies Act, 2013 has not differentiated between both in matter of Compliances to be done but still...

Read More
Posted Under: Income Tax |

Anti-dumping duty on imports of Purified Terephthalic Acid

Notification No. 23/2015-Customs (ADD) (27/05/2015)

NOTIFICATION NO. 23/2015-Customs (ADD), Dated: May 27, 2015 Seeks to levy definitive anti-dumping duty on imports of Purified Terephthalic Acid, originating in or exported from Korea RP and Thailand for a period of five years from the date of imposition of provisional anti-dumping duty i.e. 25th July, 2014...

Read More

Entrenchment Clause In Article of Association

The article may contain entrenchment provision. This is new concept under Indian companies act, as there was no such concept under the old act. The word Entrench is not defined under companies act 2013. As per oxford Dictionary the word entrench means to establish ( an attitude habit or belief ) so firmly that change is very difficult or ...

Read More
Posted Under: Income Tax |

Black Money Undisclosed Foreign Income & Assets & Imposition of Tax Act 2015

22 OF 2015 (26/05/2015)

22 OF 2015 An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto...

Read More

Pradhan Mantri Suraksha Bima Yojana – All you need to Know

After a lot of speculation and anticipation about the social security schemes that the Modi government was set to announce, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) has finally been launched. The honourable Prime Minister announced a total of three social security schemes that aim to bring the overall population under the umbrella ...

Read More
Posted Under: Income Tax | ,

Service tax on Aggregators who are neither Provider nor Receiver

I recently received an email from Uber mentioning that the Finance Minister has recently asked the 'Aggregator' of taxi services to collect and remit Service tax on behalf of driver partners for fares on all rides. Consequently, they informed me that going forward (with effect from 1st March 2015), all taxi fares collected by the drivers ...

Read More
Posted Under: Income Tax |

S. 35AC Notified Eligible institutions ,Projects or Schemes- Notification No. 124/2015 Dated-26.5.2015

Notification No. 124/2015 - Income Tax (26/05/2015)

Notification No. 124/2015 - Income Tax S.O. 1411(E) - In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of ...

Read More

Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015

Notification G.S.R. 426(E) (26/05/2015)

5. Prior approval of Reserve Bank.-Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein: Provided that this rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter....

Read More

Pay as you earn – Advance TAX

Ankit Gupta 1.- Section 208 An assessee is liable to pay Advance Tax only if his ‘Advance Tax’’ Liability is Rs.10,000 or more during the  previous year. An individual whose age is 60 years or more at anytime during the previous year is not required to pay  Advance Tax if his Total Income does not […]...

Read More
Posted Under: Income Tax |

Fast Track Formation of Company In India

Overview: INC-29 will give you the facility to avail of various services for a new business through a single e-form. Form INC 29 is the integration of the following existing forms DIR 3 – Applying for DIN. INC 1 – Checking for Name availability. INC 7 – Incorporation of Company. DIR 12 – Appointment of […]...

Read More
Posted Under: Income Tax |

Disqualification of Director under Companies Act, 2013

Section 164 of companies act 2013, deal with Disqualification of Director. Subsection 1 of section 164 list disqualification of Directors for appointment as a Director of a company. Appointment shall include reappointment but not continuation to be in office. ...

Read More
Posted Under: Income Tax |

State Govt did not have power to legislate Rule 21(8) of Punjab VAT Rules

Jalandhar Vs State of Punjab and others (Punjab & Haryana High Court)

Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of Punjab has held that the State Government did not have power to legislate Rule 21(8) of Punjab VAT Rules, 2005 before 01.04.2014 so as to restrict ITC on stock of iron and steel goods as existing on the date of reduc...

Read More

LLP Incorporation In India

Concisely, to register a LLP anywhere in India, you need to first apply for a Designated Partner Identification Number (DPIN), which can be done by filing eForm for acquiring the DIN or DPIN. You would then need to acquire your Digital Signature Certificate and register the same on the portal. Thereafter, you need to get the LLP name appr...

Read More
Posted Under: Income Tax |

Levy of service tax on transportation of passengers by rail

Commercial Circular No. 32 of 2015 (26/05/2015)

In terms of Board's letter of even no. dated 26.06.2012 service tax of 3.708% is levied on the total fare. As per General Budget 2015-16 announcement, the 'Education Cess' and 'Secondary & Higher Education Cess' shall be subsumed in the new service tax rate and service tax rate is proposed to be increased from 12% plus Education Cesses to...

Read More

Import, trading & re-export of rough diamonds by notified entities in Bharat Diamond Bourse, BKCC, Mumbai – Reg.

Circular No. 17/2015-Customs (26/05/2015)

Circular no. 17/2015 - Customs, Dated 26th May 2015 The Central Government had announced its intent to permit the trading of rough diamonds in India by leading diamond mining companies of the world by creating a ‘Special Notified Zone’. For this purpose, Dept. of Commerce / GJEPC have sought a regulatory framework under the Customs Ac...

Read More

Reopening of Financial Statement under Companies Act 2013

Under the 1956 Act, companies were generally not permitted to revise or restate financial information presented in their financial statements except in a case of Material misstatement due to Occurrence of fraud or error and are reported as a ‘prior period adjustment’ in the financial statements of the year / period in which such misst...

Read More
Posted Under: Income Tax |

Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015

According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property 'A' has received an amount of Rs.1 lakh in cash from 'B' then 'A' has to pay 100% penalty of Rs. 1 lakh....

Read More
Posted Under: Income Tax |

Redress Grievances of Tax Payers promptly – FM to Income Tax Department

Finance Minister Shri Arun Jaitley Exhorts the Senior Officers of Income Tax Department to be Prompt in Redressing the Grievances of the Tax Payers, Expand the Tax Base in a Non-Intrusive Manner while Striving to Achieve the Revenue Generation Targets; Inaugurates the 31st Annual Conference of Pr. Chief Commissioners /Pr. Directors Genera...

Read More
Posted Under: Income Tax |

Updation of Importer-Exporter Profile –regarding.

Trade Notice No. 02/2015 (26/05/2015)

The new Foreign Trade Policy 2015-20 has identified trade facilitation and enhancing the ease of doing business as it’s major focus areas and it is Government’s endeavour and commitment to move towards paperless processing. In this regard, a facility has been provided to importer/ exporter to upload his basic details and documents in ...

Read More

Notification No. 16/2015-Central Excise (N.T.) Dated-26th May, 2015

Notification No. 16/2015-Central Excise (N.T.) (26/05/2015)

Addition of Mundra Port in para vii of Notification No. 44/2001-CE (NT) dated 26.06.2001 - In exercise of the powers conferred by sub-rule (3) read with sub-rule (2) of rule 19 of the Central Excise Rules, 2002, the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of ...

Read More

Note on Remuneration to Employees under Companies Act ,2013

For example Section 197(12) there we have to give difference between remuneration of Directors and employees and as per decided cases Executive Directors are also employees of the Company. For finding out meaning of any word used in Act, the General rule is: First refer to the definition of the word given in that Act. If it is not defined...

Read More
Posted Under: Income Tax |

Refund of excess Excise duty permissible on reduction in contract price after clearance of goods from factory

HPL Socomac Ltd. Vs. Commissioner of Central Excise, Gurgaon [2015-TIOL-117-SC-CX]

The Hon’ble Apex Court held that it is clear that by letter dated April 15, 2002, the original purchase order dated October 31, 2001 was novated insofar as price was concerned, which is before the date of removal of goods from the factory premises in May, 2002. Since duty has been paid on the basis of the original price in the purchase ...

Read More
Posted Under: Income Tax |

Wake Up Call! LLP Annual Filing!

For those who are designated partners or partners in an LLP, this is the time to pull up your socks. Annual filing is here! Two forms are to be filed annually, which are: Form 8: Statement of Accounts and Solvency Form 11: Annual Return...

Read More
Posted Under: Income Tax |

All we need to know about managerial remuneration

A manager is defined under 2(53) of the Companies Act, 2013 (‘Act’), as an individual subject to the superintendence, control and direction of the Board of Directors, has the management of the whole, or substantially the whole, of the affairs of a company, and includes a director or any other person occupying the position of a manager...

Read More
Posted Under: Income Tax |

Notification No. 34/2015-Customs Dated-25th May, 2015

Notification No. 34/2015-Customs (25/05/2015)

Notification No. 34/2015-Customs (8) Subject to the satisfaction of the said officer, duty shall not be leviable in respect of capital goods, raw material, consumables, spares, goods manufactured, processed or packaged, and scrap or waste or remnants or rejects are destroyed within the unit after intimation to Customs authorities or destr...

Read More

Notification No. 30/2015-Central Excise Dated-25th May, 2015

Notification No. 30/2015-Central Excise (25/05/2015)

Notification No. 30/2015-Central Excise i) in the case of capital goods, such goods are not proved to the satisfaction of the said officer to have been installed or otherwise used within the user industry, within the period of validity of the Letter of Permission (LoP); ...

Read More

Application Form for Served From India Scheme for Net Foreign Exchange earning in year 2014 -15

Public Notice No. 14/2015-2020 (25/05/2015)

ANF3B-2 for claiming benefit of Served From India Scheme (SFIS) for foreign exchange earned in the year 2014-15 is being notified....

Read More

Notification No. 48/2015 – Customs (N.T.) Dated- 25th May, 2015

Notification No. 48/2015 - Customs (N.T.) (25/05/2015)

G.S.R.………….(E).- In exercise of the powers conferred by sub-rule (1) of rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997 and in supersession of notification of the Government of India in the Ministry of Finance, Department ...

Read More

ICAI to take strict action against malicious email senders

The Council of the Institute of Chartered Accountants of India (ICAI) at its 342nd meeting held on 5th and 6th May, 2015 noted the judgment dated 24th March, 2015 delivered by the Hon’ble Supreme Court of India in case of Shreya Singhal vs Union of India, whereby Section 66 A of the Information Technology Act, 2000 has been struck down....

Read More
Posted Under: Income Tax |

OPJS University, Churu provides 'Master/Bachelor in C.A.' in Contravention of law

It has been brought to our notice that OPJS University, Churu (Rajasthan), is offering/conducting certain programmes/courses under the nomenclature 'Master in C.A.' and 'Bachelor in C.A.' (under the School of Chartered Accountant). Conduct of such courses under the said nomenclature are in contravention of various provisions of the Charte...

Read More
Posted Under: Income Tax |

'Trading Plans’ – Exemption provision under SEBI (Prohibition of Insider Trading) Regulations, 2015

S 12A (d) of the SEBI Act, 1992(`ACT’) prohibits insider trading securities in the securities market. S 15 G of the Act lays down penalty to be paid by a person who is engaged in insider trading. R 5 (1) of the SEBI ( Prohibition of Insider Trading ) Regulations,2015 (`REGULATIONS’) defines an ` Insider’ […]...

Read More
Posted Under: Income Tax |

CPE hours requirement for 2014-16

Continuing Professional Education (CPE) hours requirement for 2014-16 Kindly note the following requirements w.r.t. completion of CPE hours for the period 1st January 2014 to 31st December 2016. A. Members, less than 60 years of age, holding Certificate of Practice except the ones who are residing abroad need to: Complete at least 90 CPE ...

Read More
Posted Under: Income Tax |

Simplification of procedure to deal with audit objections raised by CAG-reg

Notification No. 48/2015-Customs (N.T.) (25/05/2015)

Central Board of Excise and Customs has issued circular no. 1023/11/2016-CX dated 08/04/2016 to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The circular rescinds all the past Circulars and instructions and prescribes a new simplified and consolidated procedure....

Read More
Posted Under: Income Tax |

Utility to know capital, currency, language & Country continent

Please find details of the countries w.r.t their capital, currency, language and the continent in which they are falling. This excel sheet has been developed using advanced excel feature which enables it to predict words as happens in case of google search or other advanced search engines. ...

Read More

3 steps to becoming a Super Hero at Decision Making!

. Trust your inner voice (your guts) This might sound cliché and you might give me an Oh Come On! Expression, but I request you to pause for a second, delve into your past, and experience the decision making process you undertook. Was it pure logic? Was it based on data? Was it influenced by relationship or the rapport with the person? W...

Read More
Posted Under: Income Tax |

Reopening U/s 147 – `Incessant Trip to Litigation’

Section 147 is clothed with a predominant and potential ascendancy of reopening the assessments framed under the statutory charter of Income Tax Act, 1961 accompanied by getting the assessments already framed into the clutch of the Department by making specific dominant references to the expressions `assess’, `reassess’ or `recompute...

Read More
Posted Under: Income Tax |

Circular/Notification/Order Passed Under Companies Act- 2013

Circular/Notification/Order Passed Under Companies Act- 2013 Sr. NO. Date of Circular Title of Circular/Notification/Rule/Order Section / Rule Gist Of Circular CIRCULAR 1. June 10, 2014 Non Requirement of PAN by foreign director or subscriber – A Foreign National who shall be a subscriber/promoter, and does not possess PAN shall sub...

Read More
Posted Under: Income Tax |

Judgement of Bombay HC holding meal vouchers as ‘Goods’ & Implications

Recently the Hon’ble High Court of Bombay have pronounced an order which is a land mark judgment for Indian E-commerce Industry specifically and including Coupon / voucher sub-industry considering the vacuum of judicial pronouncements on this aspect. The matter relates to CWP No. 5653 of 2010 & 7503 of 2013 decided on 20th March, 20...

Read More
Posted Under: Income Tax |

Receipts on account of identification & core site selection from available 2D & 3D seismic data shall be taxed U/s. 44BB

ADIT Vs TDI Brooks Intl. Inc. (ITAT Delhi)

The assessee received revenue on account of the contract entered into with ONGC for providing services of seismic survey to the data correction supervision for the purpose of hydrocarbon reservoir exploitation, possible leak point identification and core site selection from available 2D and 3D seismic data, core acquisition with USBL Syst...

Read More

Salient Features Of Black Money Bill

My Earlier article regarding this issue was Ways to Convert Black Money to White, which was basically to throw light on the wrong means adopted by people and it was not meant to encourage taxpayers to follow such methods but which was misunderstood by many. I trust that a tax planning should be done in such a way that it can stand the tes...

Read More
Posted Under: Income Tax |

Download PPT on issues in e-filing

E-filing of I.T. Returns has become mandatory for majority of the assessees and the procedure has undergone a lot of changes right from registration till filing rectification and put up ‘ Request for Re-issue of Refund’. Likewise the procedure for registration of legal heir, registration of DSC of the assessee and that of the CA, uplo...

Read More
Posted Under: Income Tax |

Deferred Tax-Accounting Standard-22-Accounting for Taxes on Income

Matching concept is a very significant concept of accounting. According to this concept income and expense must be recognised in the period to which they relate. In India, Profit & Loss is computed in accordance with two different sets of provision one set is Profit & Loss as per Companies Act, 2013 (earlier it was Companies Act, 1956) an...

Read More
Posted Under: Income Tax |

Resident Firm Eligible for Advance Ruling

Dr. Sanjiv Agarwal ‘Resident firm’ can be Applicant (w.e.f. 1.3.2015) Vide Notification No. 9/2015-ST dated 1.3.2015, the facility of advance ruling has been extended to all resident firms w.e.f. 1.3.2015 by specifying the ‘resident firms’ under section 96A (b) (iii) of the Finance Act, 1994. For this purpose, R...

Read More
Posted Under: Income Tax |

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031