"06 November 2015" Archive

Swachh Bharat Cess on all taxable services from 15.11.2015

Notification No. 22/2015-Service Tax (06/11/2015)

Notification No. 22/2015-Service Tax Government has decided to impose, with effect from 15th November 2015, a Swachh Brarat Cess at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess ...

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Govt notifies date of applicability of Swachh Bharat Cess

Notification No. 21/2015-Service Tax (06/11/2015)

Notification No. 21/2015-Service Tax In exercise of the powers conferred by sub-section (1) of section 119 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints the 15th day of November, 2015 as the date with effect from which the provisions of Chapter VI of the said Act, shall come into force....

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Companies Share Capital and Debentures Third Amendment Rules, 2015

Notification No. G.S.R. 841(E) (06/11/2015)

G.S.R. .—In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:—1. (1) These rules may be called the Companies (Share Capital and ...

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All about MSME Registration in India

A country’s true economic growth depends not just on its mega-scale industries and multi-national organizations but also on its medium level industries, small scale business and cottage industries. For a developing country like India whose economy is majorly dependent on agriculture and related industries, medium level and small scale i...

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Posted Under: Service Tax |

SC Invites Suggestions On Measures to Improve Collegium System for Appointment of Judges

Advocates-on-Record Association and Anr. Vs Union of India (Supreme Court of India)

As per the direction of the Supreme Court of India vide order dated November 5, 2015 in the matter of Supreme Court Advocates-on-Record Association and Anr. Versus Union of India (WV Petition (s) (Civil) No(s). 13/2015)...

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Proposed Payment Process Under GST – New & Improved

‘Report of The Joint Committee on Business Processes for GST’ has already been circulated and views have been sought from people at large for suggesting improvements thereupon. This report is divided into three parts namely GST Registration, GST payment process and GST refund process. In this article, some benefits of the proposed pay...

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Posted Under: Service Tax |

General Guide For Filing INC -29 (Integrated Incorporation Form)

In pursuance of sections 4,7,12,152 and 153 of the Companies Act, 2013 read with rules made there under- Single application for following in this form a. approval of name b. incorporation of a new company c. application for allotment of DIN d. supporting documents including details of Directors & subscribers, MoA and AoA etc. Once the...

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Posted Under: Service Tax |

Child born out of Rape can claim share in Property of biological father

A curious yet a serious observation made by a court in a recent judgment few days ago; a child born out of forced sexual association i.e. rape can inherit rights in the property of his/her’s biological father. It’s shameful to see the percentages of rapes in India after the Nirbhaya’s case scaling high ...

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Posted Under: Service Tax |

Redrafting of CBEC’s Supplementary Instructions-reg

F. No. 201/10/2015-Central Excise .6 (06/11/2015)

The undersigned is directed to refer to the CBEC's Supplementary Instructions on Central Excise which stipulates procedures to be followed on various procedural aspects w.r.t. registration, invoice systems, rebate procedure under exports, bonds/ LUTs etc. It may be noted that considerable time has elapsed since these instructions were las...

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CBDT to CIT(E)- Pass order U/s. 12AA within prescribed time or face action

Instruction No. 16/2015 (06/11/2015)

Instruction No. 16/2015 Sub-section (2) of Section 12AA of the Income-tax Act 1961 prescribes that every order granting or refusing registration under clause (b) of sub-section (I) of that Section shall be passed before the expiry of six months from the end of the month in which the application was received under clause (a) or clause (aa)...

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Increase in Excise Duty on petrol by Rs.1.60 Per liter and on Branded diesel by 40 Paise Per Litre

Notification No. 43/2015-Central Excise (06/11/2015)

This notification shall come into force with effect from the 7th day of November, 2015...

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AO cannot treat Advertisement expenses as deferred revenue expenditure

DCIT Vs M/s. Spice Retail Ltd. (ITAT Delhi)

ITAT Delhi held In the case of DCIT vs. M/s. Spice Retail Ltd. that the expenditure incurred by the assessee on advertisement has been treated as revenue in nature. It is not open for the AO to treat an expenditure as party revenue in nature and balance 25% as deferred revenue expenditure. ...

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Appeal may be condoned for receipt of order by casual worker who left

M/s. National Pharmaceuticals Vs ITO (ITAT Mumbai)

ITAT Mumbai held In the case of M/s. National Pharmaceuticals vs. ITO that there is no straight jacket formula can be applied to check sufficient reasons for late filing of appeal. It will depend on the facts and circumstances of the particular case....

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CIT can reject trust registration u/s 12AA if Trust deed is not having dissolution clause

M/s SRK Education & Research Charitable Trust Vs CIT (ITAT Delhi)

ITAT Delhi held In the case of M/s SRK Education & Research Charitable Trust vs. CIT that it is clear in this case that the CIT refused to grant the trust registration because there was no dissolution clause in the trust deed and also the assessee had not done any charitable activity. ...

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AO not authorized to make additions merely on presumptions

The ACIT Vs M/s Sandeep Shrivastava (ITAT Mumbai)

ITAT Mumbai held In the case of The ACIT vs. M/s Sandeep Shrivastava that AO is not authorized to make any addition merely on account of presumption. In this case because the assessee is Share holder and Director of the company, which sold the property...

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No capital gain liability on assessee, where no ownership rights of property vests with him

M/s Clara Swain Hospital Vs ITO (ITAT Lucknow)

ITAT Lucknow held In the case of M/s Clara Swain Hospital vs. ITO that no capital gain liability can be imposed on the assessee where he does not own the asset and more ever he has not received any payment for such transfer....

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Interpretation of Such / Such As

The term “such as” is often used in statutes as well as judicial pronouncements. However, it is merely illustrative and not exhaustive. Definition of certain services and input service uses the term ‘such as’ which is purely illustrative but not exhaustive. See: Concise Oxford Dictionary: “Such as” means for example or of a ki...

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Posted Under: Service Tax |

Relaxation of Regulation 33(1)(c) of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015

Circualr No. CFD/CMD/HB/MT/ 31333/2015 (06/11/2015)

a. The financial results for the quarters ending December 2015 and March 2016 and year ending March 2016 may be filed under IFRS by such listed entities, as per the dates specified in the Listing Regulations. b. The relaxation granted is without any prejudice to the requirements of the Companies Act, 2013 w.r.t. the reporting of Financial...

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CIN for Companies- How it is structured?

Corporate Identity Number (CIN) :- Each Indian company (Listed or Unlisted) has a unique 21 Digit CIN (Corporate Identity Number). This is required to be quoted on all forms. Once this number is filled, company details are automatically filled in E-F...

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Posted Under: Service Tax |

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