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Archive: 22 July 2015

Posts in 22 July 2015

Recovery proceedings U/s. 87 of Finance Act before adjudication of SCN is not permissible

July 22, 2015 10114 Views 2 comments Print

Thus, if an assessee declares amount of Service tax payable by him in his ST-3 Return (on self-assessment) but does not pay the Service tax, immediate recovery proceedings can be initiated under Section 87 of Finance Act, without even issuing any SCN.

Excise duty on textile products (chapters 50 to 63) REIMPOSED w.e.f. 17-07-2015?

July 22, 2015 30688 Views 0 comment Print

CA Lalit Munoyat For latest update refer comments at the bottom of the article. Notification No. 30/2004-CE dated 09-07-2004 further amended by Notification No. 37/2015-CE dated 21-07-2015 so as to restore the legal position as it stood before the amending notification No. 34/2015-CE dated 17-07-2015. Raw materials levied at NIL rate of duty also allowed […]

Revised Norms of IT Returns; Electronic Verification of Income Tax Returns For A.Y. 2015-16 Introduced

July 22, 2015 4976 Views 0 comment Print

As per rule 12 of the Income-tax Rules, in case of individuals and certain other specified taxpayer, returns may be filed electronically followed by submission of signed paper copy of ITR-Verification form (ITR-V). However, to provide end-to-end enabled services to the tax payers, a facility has been introduced for electronic verification of the Income-tax Returns […]

FAQs on Secretarial Standard 1 and 2 related to Board & General Meetings

July 22, 2015 4948 Views 0 comment Print

ICSI has issued on the basis of Queries received by it Responses to Queries received on Secretarial Standards on Board Meetings (SS-1) and on Secretarial Standards on General Meetings (SS-2) Link to Download Frequently Asked Questions and Answers Directly from ICSI Website on is as follows :- Responses to Queries received on Secretarial Standards on […]

CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part II

July 22, 2015 2163 Views 0 comment Print

Part II of the Standard Operating Procedure (SOP) (Part I – 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal -.

National Audit Cannot Be Compromised For International Audits Says CAG

July 22, 2015 817 Views 0 comment Print

Stating that there is a significant difference between the audit environment in India and in the international institutions the CAG advised to use appropriate language while drafting the management letters. He further advised the Audit fraternity to maintain professional scepticism and strike a fine balance; be open‐minded and carefully consider the views of the management.

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