"06 July 2015" Archive

Terminologies Frequently Used In Legal Jargon

Many of our readers are students, pursing Professional courses, like CA, CS, CMA, etc., aiming to be a great professional in their life. While going through the studies most of us find hard to understand the meaning of some terms, words and/ or expressions, due to their origin in different languages. This piece of writing is my deliberate...

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Posted Under: CA, CS, CMA |

Hiring a tax consultant: An expense or an investment?

Most of us face this dilemma at some point of time in life – Should I spend 4 hours repairing a certain item (be it an air conditioner, some furniture or something else) or spend some money to hire an expert to do it efficiently. It was into the sixth hour of trying to repair my virus-infected laptop when the miser in me gave up and my ...

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Posted Under: CA, CS, CMA |

Gist of Representations submitted by the Direct Taxes Committee of ICAI

Submission of suggestions on forms other than ITR - ICAI was requested to submit the suggestions on forms other than ITRs. In this regard, the Committee has submitted the suggestions in two parts: a) Suggestions on Formats of Form Nos. 3CA/3CB/3CD b) Suggestions on Format of other forms like Form No. 3CEB, 10CCB, 15CA etc....

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Posted Under: CA, CS, CMA |

CBDT notifies list of entities who can issue Tax free, secured, redeemable, non-convertible bonds during financial year 2015-16

Notification No. 59/2015 - Income Tax (06/07/2015)

In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the Table given below, to issue, tax- free, secured, redeemable, non-convertible bonds during the financial year 2015-16...

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Public Notice No. 25 (2015-2020), Dated: 06.07.2015

Public Notice No. 25 (2015-2020) (06/07/2015)

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-2020, the Director General of Foreign Trade hereby authorizes the following agencies to issue Certificate of Origin....

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Companies Act, 2013 – Exemption to Private Companies

MCA has issued exemption vide Notification dated 05/06/2015 under section 462 of the Companies Act 2013 providing necessary exemptions to private company other than subsidiary of public companies from the provisions of Companies Act, 2013. Summary of such exemptions to private company other than subsidiary of the Public Companies from the...

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Posted Under: CA, CS, CMA |

Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing Corporation and Depositories

Circular No. CIR/MRD/DP/13/2015 (06/07/2015)

Cyber attacks and threats attempt to compromise the Confidentiality, Integrity and Availability (CIA) of the computer systems, networks and data bases.1 Cyber security framework include measures, tools and processes that are intended to prevent cyber attacks and improve cyber resilience. Cyber Resilience is an organisation’s ability to ...

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Regarding Digitally signed invoices in Central Excise and Service Tax-Conditions, safeguards and procedures

Notification No. 18/2015-Central Excise (N.T.) (06/07/2015)

Central Board of Excise and Customs hereby specifies the following conditions, safeguards and procedures for issue of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures, namely:- 1. Every assessee proposing to use digital signature shall use Class 2 or Class 3 Digital Signature...

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FAQs on Tax Compliance for Undisclosed Foreign Income and Assets

Circular No. 13/2015-Income Tax (06/07/2015)

Circular No. 13 of 2015 If firm has undisclosed foreign assets, can the partner file declaration in respect of such asset? Answer: The declaration can be made by the firm which shall be signed by the person specified in sub-section (2) of section 62 of the Act. The partner cannot make a declaration in his name. However, the partner may fi...

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Procedures for verification of digitally signed invoices and documents

F. No. 224/44/2014-CX.6 (06/07/2015)

Every assessee proposing to use digital signatures shall intimate the details such as name, e-mail id, office address and designation of the person authorized to use the digital signature certificate, name of the Certifying Authority, date of issue of Digital Certificate and validity of the digital signature etc., to the jurisdictional De...

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