"27 July 2015" Archive

Construction Activities and Its Taxability

Construction industry is one of the most profitable industries in our country. Its play a vital role in development of infrastructure, which is the most essential for development of our country. The government of India has given various concessions in to this industry in taxation matters. ...

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Posted Under: Service Tax |

List of actions for which ordinary resolution is required to be adopted Under CA, 2013

In simple words, an ordinary resolution is a resolution passed by the shareholders of a company by a simple majority of more than 50% of the votes. An ordinary resolution is the most common method by which a corporate entity conducts its business or the Board of directors seeks shareholder approval of its actions....

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Posted Under: Service Tax |

Highlights of Report on the GST Bill by Select Panel of Rajya Sabha

With the first day’s proceeding of the Monsoon session of the Parliament getting distressed, the Select Panel of the Rajya Sabha had submitted its Report on the much awaited Constitution (122nd Amendment) Bill, 2014 on GST (122nd CAB or GST Bill) on Wednesday, July 22, 2015 in the Rajya Sabha amid Opposition furore over the Lalit Modi r...

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Posted Under: Service Tax |

Use of Digital Signature and Electronic maintenance of records under Central Excise and Service Tax

Government of India has in the recent past launched its dream initiative of ‘Digital India’ which promises to integrate the government departments and the people of India ensuring that the government services are made available to citizens electronically and thereby increasing the work efficiency and reducing the paperwork. ...

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Posted Under: Service Tax |

Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores

Income tax department on 17th July 2015 has given target to find New Taxpayers to the Chief Commissioner of Income Tax. The success of cinemas is measured through its collection in crores. Similarly many keeps target of crores. So please explain what is this Target of Taxpayers and what is given in it?...

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Posted Under: Service Tax |

Procedure for Registration of NBFC and related provisions

NBFC registration Why? Non-banking financial companies (NBFCs) are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions (other than commercial and co-operative banks) performing financial intermediation in a variety of ways, like accepting deposits, making loans and advances, leasi...

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Posted Under: Service Tax |

Scrutiny of Service Tax and Central Excise Returns

The provisions pertaining to filing of returns/declarations/forms under Central Excise and Service tax law are based on the principal of ‘self assessment’, which means that every assessee should make true and correct disclosures in its returns and pay the taxes due. ...

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Posted Under: Service Tax |

Brief About Credit Rating in India

A credit rating is an evaluation of a credit worthiness of potential borrower’s and its ability to meet the debt service obligations as and when they arise. A credit rating tells a lender or investor the probability of the subject being able to pay back a loan. Credit rating is only an opinion but not […]...

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Posted Under: Service Tax |

All about Income Tax Form 16 for Salaried Employee

If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee including Name, Permanent Account Number (PAN) etc , details of the salary you have earned,...

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Posted Under: Service Tax |

Indebtedness and Its Variety

'Indebtedness' refers to a situation in which a person becomes liable for a service or favor. Our life depends on several aspects like Nature, Society, Culture, Politics, etc.. The growth and development of us is woven around these factors. Everything is interlinked and interdependent as well....

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Posted Under: Service Tax |

Salient Features of Gold Deposit Scheme (GDS)

Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines Issued by RBI; Banks Issue a Passbook/Certificate to Depositor; Resident Indians Can Invest etc. The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import o...

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Posted Under: Service Tax |

Simplification of ITR Forms; Issue of PAN Cards

The Government has simplified Income Tax Returns (ITR) Forms for individuals and HUFs not having business or professional income. In ITR Form No. 2 and 2A, the main form does not contain more than three pages and other information relevant for computation of income will be captured in the schedules which are required to be […]...

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Posted Under: Service Tax |

Success Mantra for CA Exam. .!!

Chartered Accountant is one of the best professional courses in India and its a great honor to be a Chartered Accountant (CA). Unbelievable marks are scored by most of the CA students. They think that they attempted the full paper; but marks are not up to mark – even 40s were not allotted !...

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Posted Under: Service Tax |

Addition made by AO without disclosing the basis to Assessee and in Assessment order is not sustainable

Shri K.P. Madhvan Nair Vs. ITO (Kerala High Court)

Not only that the details which were allegedly in the possession of the Assessing Officer and which is mentioned in the assessment order were not disclosed to the assessee, but also the Assessing Officer also has not disclosed any such details in the assessment order. ...

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Interest U/s. 194A not deductible on excess amount paid by builder to Purchaser on cancellation of agreement to sale

M/s Beacon Projects Pvt Ltd. Vs CIT (Kerala High Court)

It is obvious that section 2(28A) is not attracted to every payment made and that the provision can be attracted only in cases where there is debtor-creditor relationship and that payments are made in discharge of a pre-existing obligation....

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Non-compliance in respect of hived off part of project does not dis-entitle deduction under Section 80IB(10)

Smt. Swapna Cherukuri Vs DCIT, Hyderabad (ITAT Hyderabad)

ITAT Hyderabad in the case of Smt. Cherkuri vs. DCIT concluded that development of commercial complex by the buyer of plot area even if it is approved by the concerned authorities as the part of the project, could not be said to have been developed by the assessee as a part & parcel of the project....

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Penalty order passed after 6 Months of ITAT confirmation is time barred

ITO Vs Pandit Vijay Kant Sharma,(ITAT Delhi)

The ITAT ,Delhi in the case of. ITO vs. Pandit Vijay Kant Sharma concluded that The limitation period of six months and not one year is applicable in case the penalty order is passed by the AO pursuant to confirmation of penalty by the tribunal ...

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Adjustment for variation in closing stock necessary for correct application of TNMM

ACIT Vs M/s Rahman Industries Ltd. (ITAT Lucknow)

ITAT Licknow in the case of ACIT vs. M/s Rahman Industries Ltd. held that- Adjustment for variation in closing stock is necessary for the correct computation of Operating cost thereby correct application of Transaction Net Margin Method (TNMM). ...

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Format of Notice, Explanatory Statement, Attendance Slip/Sheet & Minutes of AGM under CA 2013 & SS- 2

Format of Cover Page of Notice of the Annual General Meeting Date:   (Date of Notice) Dear Members/Directors/Auditor, You are cordially invited to attend the Annual General Meeting (the ‘AGM’) of the members of (Name of Company) (the ‘Company’) to be held on (Day of AGM), (Date of AGM), 2015 at (Time of AGM) at (Venue […]...

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Transfer of beneficially held asset taxable as capital gains and not under other sources

Shailendra H. Bhati Vs ITO (ITAT Mumbai)

The tribunal in the verdict of Shailendra H. Bhatia vs. ITO concluded that Transfer of possession with the ownership rights confer beneficial ownership which is good enough to hold the asset as capital asset ...

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Interest rate on Sukanya Samriddhi Account from 01.04.2015

G.S.R. 593(E) (27/07/2015)

In case of a deposit in Sukanya Samriddhi Account on or after the 1st day of April, 2015, it shall bear at the rate of 9.2 per cent. per annum from the date of deposit....

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Interest rate on Senior Citizens Savings Scheme from 01.04.2015

G.S.R. 592(E) (27/07/2015)

In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent. per annum from the date of deposit....

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Annual Report – An Insight to changes in New Companies Act, 2013

Companies Act, 2013 castes a hell lot of responsibilities in the form of numerous disclosures and presentation requirements which has resulted in a lot of complexities to the auditors and Board of Directors of the company. To add further, MCA has been issuing notifications in the form of providing amendments, clarifications etc. ...

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Posted Under: Service Tax |

Birds view on Exchange Traded Funds (ETFs)

An ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on the stock exchange. So what exactly are ETFs? ETFs are somewhat like a Cadbury’s Celebration pack which contains a variety of Cadbury chocolates. Imagine a dairy milk chocolate, just like companies come in differen...

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Posted Under: Service Tax |

Representation on claim of Input Tax Credit on LPG by hotel industry under PVAT Act, 2005

I had prepared a reprsentation on allowance of input tax credit on purchase of LPG to the Hotel Industry. This representation was prepared on behalf of Hotel Industry of Punjab and has already been sent to Dy. Chief Minister of Punjab on 15.05.2015. The Dy. CM Punjab has already forwarded this representation to the Financial […]...

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Posted Under: Service Tax |

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

Part III - Guidelines for NGOs seeking exemption U/s. 11 (27/07/2015)

Part III 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 ....

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DRT has no jurisdiction to issue Certificate of Recovery against the Guarantor-Part 3

1. It is submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal (hereinafter ‘DRT’ or ‘Tribunal’) under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter ‘DRT Act’) are absolutely without jurisdiction. ...

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Posted Under: Service Tax |

State/UT-wise number of registered companies as on 30.06.2015

The number of companies, registered with Registrar of Companies as on 30.06.2015, State/UT-wise, is given in Annex-I. The State/UT-wise and category-wise (struck-off and liquidated) number of closed companies during the last three financial years and the current financial year (up to 30.06.2015), is given in Annex-II. The Government of In...

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Posted Under: Service Tax |

Misuse of Long Term Capital gain tax exemption for money laundering

Investments are made in the secondary share markets with a view to capturing gains. In this market, out of nearly 8,000 listed companies, several scrips are not traded regularly. With the collusion of promoters, some brokers arrange for price(s) with purchase of such scrips at nominal costs, and sales at exorbitant prices, with a view t...

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Posted Under: Service Tax |

List of Directors Imprisoned/penalized under Companies Act, 1956

Directors Imprisoned/penalized under Companies Act, 1956 Penalty on Directors of Companies Press Release dated 24-07-2015 Information pertaining to imprisonment/penalization of directors of companies having turnover of more than Rs 50 crore annually, in the year 2014-15 is as under:...

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Posted Under: Service Tax |

Delhi VAT- Due date for Filing of online return for 1st quarter of 2015-16 extended to 04.08.2015

16 of 2015-16 (27/07/2015)

In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, Vijay Kumar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2015-16, in Form DVAT-16 , DVAT-17 and DVAT-48 along with required annexure/enclosures to 04/08/2015....

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Extension of due date of filing Return of wealth for A.Y, 2015-16

328/08/2015-WT (27/07/2015)

Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has extended the 'due date' for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of section 139 of the Income-tax Act from 31.7.2...

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Haryana VAT- Taxable Turnover for Builders

CA Sumit Grover In Sep’13, Hon’ble Supreme Court in case of L&T held that the construction activity by builders pertaining to sale of flats prior to completion certificate are also subject to levy of VAT. The said verdict opened a Pandora Box regarding valuation for the periods prior to the date of judgment. To resolve […]...

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Posted Under: Service Tax |

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