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Archive: 19 May 2015

Posts in 19 May 2015

Warranty expense provision based on past experience & trend is allowable expense

May 19, 2015 10560 Views 0 comment Print

Calcutta High Court held In the case of The CIT vs. M/s Carrier Air-Conditioning and Refrigeration that provision for warranty based on personal experience and past trends is an allowable expenditure. The division bench judgment in the case of Commissioner of Income Tax v. Majestic Auto Ltd.

Need for Creation of Revaluation Reserve

May 19, 2015 53484 Views 0 comment Print

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 reserve represents the difference between the estimated present market values and the book values of the fixed assets.

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

May 19, 2015 28998 Views 3 comments Print

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 companies where they hold such positions. Their duties emanate due to holding positions which may be synonymous to trustees as well as agents of their companies.

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

May 19, 2015 1646 Views 0 comment Print

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

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

May 19, 2015 8160 Views 0 comment Print

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.

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

May 19, 2015 31859 Views 0 comment Print

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.

Simplified Transit procedure for relief supplies destined to Nepal

May 19, 2015 802 Views 0 comment Print

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 international relief organizations.

Unjustified limits of Concurrent Audits ; Take back this black resolution

May 19, 2015 3955 Views 0 comment Print

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.

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

May 19, 2015 17028 Views 16 comments Print

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!

Revised Stamp Duty Rate on Partnership/ LLP Deed & MOA

May 19, 2015 326801 Views 21 comments Print

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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