"19 May 2015" Archive

Need for Creation of Revaluation Reserve

Revaluation Reserve comes into existence when various fixed assets in the financial statements of the enterprise are stated at their replacement cost and not Historical Cost. When the value of fixed assets in written up in the books of account of a company on revaluation, a corresponding credit is given to the Revaluation Reserve. Such re...

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Posted Under: Company Law |

Directors Be- Aware of Duties- Section 166 of Companies Act 2013

The Companies Act 2013 {new Act 2013} for the first time has laid down the duties of directors in unequivocal terms in the section 166 in contrast to erstwhile Companies Act 1956. It is a well established judicial precedent that the Directors have fiduciary obligations and also duties to act reasonably and in the best interests of the com...

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Posted Under: Company Law |

Reg. Refund of Unutilized Cenvat Credit and on supply of manpower services

Notification No. 15/2015-Central Excise (N.T.) (19/05/2015)

Notification No. 15/2015-Central Excise (N.T.) Dated: May 19, 2015- Amends notification no. 12/2014 CE(NT) - Refund of Unutilized Cenvat Credit under Rule 5B of Cenvat Credit to the Service Provider - No refund in respect of supply of manpower for any purpose or security services w.e.f. 1-6-2015...

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Cenavt Credit reversal rate increased to 7% under rule 6 wef 01.06.2015

Notification No. 14/2015-Central Excise (N.T.) (19/05/2015)

Notification No. 14/2015-Central Excise (N.T.)), Dated: May 19, 2015 Amends Rule 6 of the Cenvat Credit Rules, 2004 - Rate of amount of reversal of Credit increased from 6% to 7% with effect from 1st of June, 2015....

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Modification in Trade Circular No. 5T of 2015 Dt. 06/05/2015

Trade Circular No. 7 T of 2015 (19/05/2015)

The Trade Circular 5T of 2015 was issued to explain the procedure in detail for new registration under The Maharashtra Value Added Tax Act, 2002 and The Central Sales Tax Act, 1956....

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Simplified Transit procedure for relief supplies destined to Nepal

Circular No. 16/2015-Customs (19/05/2015)

CIRCULAR NO. 16/2015-Customs, Dated: May 19, 2015 Requests have been received from the UN World Food Program (UNWFP), Government of Bangladesh and Government of Sri Lanka for facilitating transit movement of relief supplies to Nepal for the people affected by the earthquake. Relief supplies are also expected from other countries and inter...

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Unjustified limits of Concurrent Audits ; Take back this black resolution

kindly clarify the logic behind four Concurrent audits per member. Kindly take back the decision to allow equal distribution of work in the hands of small partnership firms and sole proprietorship firms....

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Posted Under: Company Law |

Beware of side effects of TDS on Interest of Deposits in Co-op. Banks w.e.f. 1st June, 2015

CA Umesh Sharma Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Deposits of Co-Operative Banks in the Financial Budget of 2015-16. What are its effects and who will they affect? It seems that a lot many people will be in trouble on rural India!...

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Posted Under: Company Law |

Revised Stamp Duty Rate on Partnership/ LLP Deed & MOA

The Maharashtra Stamp Act is amended and Amendment was published in Maharashtra Government Gazette, on the 24th April 2015. Stamp duty on LLP agreement and MOA is amended by Maharashtra Stamp Amendment Act, 2015 notified on 24.04.2015....

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Service Tax Changes applicable from 01.06.2015

D.O.F.No.334/5/2015-TRU, (19/05/2015)

The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. In the Budget, 2015, certain amendments in the Finance Act, 1994 have been incorporated through the Finance Act, 2015, which will come into effect from a date to be notified. In this regard, 1st June, 2015 is being notified as the date on whi...

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