"03 January 2016" Archive

Process of cold-rolling of hot-rolled stainless steel patta/patti amounts to manufacture-SC

M/s. Gujarat Industries & Ors. Vs Commissioner Of Central Excise-I (Supreme Court of India)

The assessee is engaged in the process of cold-rolling of hot-rolled stainless steel patta/patti on job work basis. As per the assessee, for this purpose, it receives hot-rolled SS patta/patti from other manufacturers and thereafter undertakes the process of cold-rolling in the cold-rolling mill....

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CBI arrests excise Superintendent and 2 Inspectors in bribe case

CBI has earlier registered a case against a Superintendent and two Inspectors of Central Excise Department posted at Ahmednagar (Maharashtra) u/s 120-B of IPC and Sec.7 of PC Act, 1988 on a complaint. It was alleged by the complainant that the said officials of Central Excise Department posted at Ahmednagar (Maharashtra) demanded bribe of...

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Posted Under: Excise Duty |

An Economic Analysis of 2015: Part 1

2015 is over. First we wish all the readers a very prosperous & successful 2016. Now as we know that 2015 is over, how this year really was for India is a question we should be a bit concerned about. The new government took office in May 2014 with the motive of making a visible economic progress in the country. So till now it is nearly 18...

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Posted Under: Excise Duty |

Secondment of employees: An understanding

Secondment of employees, as a concept, has evolved in the era of global commercial mobility. Secondment is where an employee of one organization is working for one or more other organization(s), basis a mutual understanding between the organizations. There are various concerns associated with secondment of employees like the payroll , emp...

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Posted Under: Excise Duty |

Checklist for Incorporation of Company under Companies Act, 2013

Incorporation by filling Form INC-29 (Integrated Form)- ♠ The write-up aims to provide a checklist to incorporate a company under Companies Act, 2013 through Integrated Form INC 29. A. Object of company:...

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Posted Under: Excise Duty |

New Year Wish for Wonderful World

The past is past only. Nobody can compensate for the loss, and damages suffered. However, the past enables to introspect and identify the lapses and take corrective steps while planning for a better future.  The rapid developments of industrialization and consumerism during the last four centuries have certainly led to the rise in the st...

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Posted Under: Excise Duty |

Validate Sec. 197 certificate at TRACES before filing TDS/TCS return

Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS statement. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 c...

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Posted Under: Excise Duty |

Reverse Charge Mechanism – Since the Beginning

Central Government had already introduced a system of tax collection at verifiable source rather than through an unverifiable source under Income Tax Act, 1961 as Tax Deduction at Source (TDS). The system was successful enough to contribute to the foundation of Reverse Charge Mechanism. Vide Finance Act, 1996 the Legislature sought to cas...

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Posted Under: Excise Duty |

Prayer: Wish for the New Year

May stress, violence & tension,Do not knock our door. O mine of compassion! This prayer from the heart core. May we all professionals, Become backbone of the Nation. Through smart auditing of organisations, Feel proud to be part of the Nation....

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Posted Under: Excise Duty |

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