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Archive: July, 2015

Posts in July, 2015

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

July 6, 2015 700 Views 0 comment Print

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.

Companies Act, 2013 – Exemption to Private Companies

July 6, 2015 23992 Views 0 comment Print

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 provision of the Companies Act, 2013 is as follows :-

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

July 6, 2015 2553 Views 0 comment Print

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 prepare and respond to a cyber attack and to continue operation during, and recover from, a cyber attack.

Exemption u/s 54B can be claimed for long term & short term assets; land purchased has to be in the name of assesse

July 6, 2015 2685 Views 0 comment Print

Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets.

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

July 6, 2015 4655 Views 0 comment Print

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 Certificate duly issued by the

FAQs on Tax Compliance for Undisclosed Foreign Income and Assets

July 6, 2015 5574 Views 0 comment Print

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 file a declaration in respect of an undisclosed asset held by him.

Procedures for verification of digitally signed invoices and documents

July 6, 2015 5362 Views 0 comment Print

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 Deputy Commissioner or Assistant Commissioner of Central Excise at least 15 days in advance.

Black Cloud & Black Money, will they come & rain in Country?

July 6, 2015 10895 Views 0 comment Print

At the time of arrival of monsoon season farmer keeps watch on the sky. Farmer thinks that will black cloud give rain. Similarly government tries to control black money and apply methods to bring black money in foreign to India.

CA Practice- Be a Registered Valuer

July 6, 2015 37654 Views 8 comments Print

A chartered accountant practice is multi dimensional practice. A practicing chartered accountant must always look for the additions of services in his basket to offer. Recently Companies Act 2013 has granted an opportunity to take us the task as registered valuer.

Summary of Amendments in Indirect Taxes by Budget 2015

July 6, 2015 7117 Views 1 comment Print

AMENDMENTS IN CENTRAL EXCISE ACT, 1944-1. Factors of Production for Tobacco Related Products – Explanation 3 to Section 3A- This amendment will enable the Central Government to specify more than one factor relevant to the production of notified goods under Section 3A. Accordingly, Central Government has issued NN 4/2015 & NN 5/2015 dated 1st March 2015 to specify more factors for Chewing Tobacco / Unmanufactured Tobacco and Pan Masala respectively. In those notifications, the factors which are relevant to the production of notified goods are

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