"05 November 2015" Archive

Prime Minister launches 3 gold related schemes

The Prime Minister, Shri Narendra Modi, launched three gold related schemes at a function here today. The schemes are – Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins. ...

Read More
Posted Under: Fema / RBI |

CBI Searches then Chief CIT, Jodhpur in disproportionate Assets Case

CBI REGISTERS A CASE AGAINST THEN CHIEF COMMISSIONER OF INCOME TAX & OTHERS FOR POSSESSION OF ALLEGED HUGE ASSETS AND CONDUCTS SEARCHES AT EIGHT LOCATIONS The Central Bureau of Investigation has registered a case against then Chief Commissioner of Income Tax, Jodhpur & others U/s 109 of IPC and 13 (2) r/w 13 (1) (e) […]...

Read More
Posted Under: Fema / RBI |

Maharashtra VAT-Delay Interest Rate Revised w.e.f. 01-12-2015

Notification No. VAT. 1515/CR-81/Taxation-1 (05/11/2015)

One and a quarter per cent of the amount of such tax, for the month or for part thereof for the first month of delay and one and a half percent of the amount of such tax, for each month or for part thereof for delay beyond one month up to three months....

Read More

No TDS liability u/s 194A on interest paid which is compensatory in nature

The ACIT Vs M/s. Trimex Industries (P) Ltd. (ITAT Chennai)

ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd that payment of interest which has direct link or immediate nexus with the trading liability being connected with the purchase payment...

Read More

CIT not authorized to verify charitable activities of trust while granting registration u/s 12AA

Jaipal Singh Sharma Trust Vs CIT (ITAT Delhi)

ITAT Delhi held In the case of Jaipal Singh Sharma Trust vs. CIT that it is well settled that at the stage of grant of registration, the non-commencement of the activities by the Trust cannot be a ground for refusal of registration u/s 12AA....

Read More

Revision u/s 263 not allowed on matters which already enquired and replied in original assessment

Adani Port & Special Economic Zone Ltd. Vs ACIT (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of Adani Port & Special Economic Zone Ltd. vs. ACIT that two circumstances must exist to enable the Commissioner to exercise power of revision u/s 263, namely (i) the order is erroneous ...

Read More

Understanding Negative List of Services in Depth

1. Department of Posts provides a number of services. What is the status of those services for the purpose of levy of service tax? As per sub-clause (i) of clause (a) of section 66D services provided by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services carried out on payment of commissi...

Read More
Posted Under: Fema / RBI |

Comparison of Company Incorporation via form INC-29 & current procedure

According to the latest World Bank report, India stands at the 142th position in terms of ease of doing business globally. No wonder, there have always been clamour and concern for bureaucratic hurdles which prevent the business to run efficiently and smoothly. One such hurdle was the bureaucratic procedure as to the incorporation of a [&...

Read More
Posted Under: Fema / RBI |

Process For Change In Name / Registered Office / Admission or Deletion of Partners of LLP

The limited liability partnership may change its name by following the procedure as laid down in the limited liability partnership agreement. Where the limited liability partnership agreement is silent on this matter, consent of all partners shall be required for changing the name of the limited liability partnership....

Read More
Posted Under: Fema / RBI |

Acceptance of Deposits In Case of Private Limited Companies

♠ Loans are the major source of funding for most of the Companies a part from their Share Capital. Companies borrow from various sources like banks and various other financial institutions. Whereas, Public Limited Companies borrow from mass public by accepting public deposits. Private Companies are strictly prohibited from accepting any...

Read More
Posted Under: Fema / RBI |