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Archive: 20 December 2015

Posts in 20 December 2015

EPFO introduces Online PF nomination form and to levy penal damages for delayed compliance

December 20, 2015 1964 Views 0 comment Print

While reviewing the progress of EPFO on all fronts for the month of November, 2015, Shri K.K. Jalan, CPFC noted that by November end, the organization has settled more than 76 lakh claims in the current fiscal out of which more than 40% were settled within 3 days.

Consultation paper for guidelines for public issue of units of Infrastructure Investment Trusts

December 20, 2015 363 Views 0 comment Print

SEBI InvIT Regulations were notified on 26th September, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The Regulations, inter alia, provide that ‘The Board may specify by issue of guidelines or circulars any other requirements, as it deems fit, pertaining to issue and allotment of units by an InvIT, whether by way of public issue or private placement.

TPO not authorized to use information being not in public domain

December 20, 2015 988 Views 0 comment Print

ITAT Bangalore held In the case of M/s. Meritor LVS India (P) Ltd. vs. ACIT that the transfer pricing officer (TPO) has drawn conclusions on the basis of information obtained by issue of notice u/s.133(6) .This information which was not available in public domain could not have been used by the TPO,

Addition for alleged suppression of production not sustainable on mere order of excise duty evasion for earlier years

December 20, 2015 643 Views 0 comment Print

ITAT Pune held In the case of M/s. Meta Rolls & Commodities Pvt. Ltd. vs. ACIT that in the instant assessment year i.e. 2010-11, there is no order of Commissioner of Central Excise and Customs and there is no evidence of any clandestine removal of goods without payment of Excise duty

Proceedings u/s 153C void ab initio, where AO of searched person failed to rebut presumption that seized document belongs to other person

December 20, 2015 807 Views 0 comment Print

ITAT Delhi held In the case of ACIT vs, M/s Amrapali Grand that before a notice under Section 153C can be issued two steps have to be taken. The first step is that the Assessing Officer of the person who is searched must arrive at a clear satisfaction that a document seized from him does not belong to him but to some other person.

No TDS U/s. 194C on finished goods supplied as per specification of Assessee

December 20, 2015 2981 Views 0 comment Print

Pfizer Ltd Vs ACIT (ITAT Mumbai) The CBDT had issued Circular No.681 dated 8th March 1984 providing that a contract undertaken to supply any article or goods according to the specifications given by any person

TDS U/s. 194J not applicable on roaming charges

December 20, 2015 1432 Views 0 comment Print

In the case of Vofafone East Ltd. Vs. Addl. CIT Kolkata Bench of ITAT observed the applicability of various provision of TDS where tax was not deducted on the roaming charges paid by the Appellant to its telecom operators.

Penalties applicable to Pvt Companies and its directors under Companies Act, 2013

December 20, 2015 20025 Views 5 comments Print

Companies Act 2013 has brought out vigorous punishments not only to public companies but also to private companies and to its directors to our surprise.Table given below contains all the applicable penalties or punishments applicable to private companies and to its directors, if any of the provisions of the Act are contravened.

GST Concerns of Opposition – How Fair?

December 20, 2015 4326 Views 0 comment Print

The Constitutional (122nd Amendment) Bill, 2014 which is now pending in Rajya Sabha for passage faces challenge from main opposition party, Indian National Congress. It mainly wants the GST rate capped at 18 percent in the Amendment itself, removal of additional one percent tax for the manufacturing states (Gujarat, Maharashtra etc) and an independent dispute redressal mechanism.

Service Tax on GTA services can be paid out of CENVAT

December 20, 2015 8214 Views 0 comment Print

Service Tax Payable under Transport of Goods on Road or goods Transport Agency service[GTA] can be paid out of CENVAT. Above service is covered under reverse charge mechanism and provided in Notification No. 30/2012 Service Tax dated 20.06.2012 in exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), and in supersession of (i) notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 15/2012- Service Tax , dated the 17th March, 2012.

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