"15 February 2016" Archive

Service Tax & Central Excise (Furnishing of AIR) Rules, 2016

Notification No. 04/2016-Service Tax 15/02/2016

Notification No. 04/2016-Service Tax The information return required to be furnished under sub-section (1) of section 15A of Central Excise Act, 1944 shall be furnished annually by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (...

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Guidelines for seeking info from Financial Intelligence Unit-India

F. No. 1(153)/DIT(R)/I.T. Demand Cate./2015-16/1704 15/02/2016

As you are aware , FIU-IND is an intelligence organization under Ministry of Finance and provides information to designated agencies as per the established protocol of sharing of information. Information is provided by FIU-IND under section 66 of the Prevention of Money Laundering Act, 2002....

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Whether Dividend can be paid in kind

Provision: As per Section 123(5) of Companies Act, 2013 Dividend not be payable except in cash. Dividend: Section 2(35) of the Companies Act, 2013 simply states that “Dividend Includes Any Interim Dividend”. Thus, the definition of dividend under the Companies Act is an inclusive definition....

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Insurance Claim For Loss Of Stock

DETERMINATION VALUE OF STOCK ON THE DATE OF DESTRUCTION: 1. From Stock Records 2. If stock records are destroyed, then prepare trading account on the date of destruction by taking previous years Gross Profit rate into account. Value of stock will be balancing figure in the trading account....

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Posted Under: Service Tax |

Approval of Financials & Board’s Report by BOD under CA, 2013

In practical scenario Auditors are appointed in the AGM of the Company for whole financials year(In case of newly incorporated Company by the Board of Directors of the Company and this First Auditors should hold office till the next AGM) . They should conduct audit activities through-out the financial year. ...

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Posted Under: Service Tax |

All about ‘Central Registration Center’ for Reservation of Name

In an attempt to simplify and streamline the process for incorporation of companies, the Ministry of Corporate Affairs (MCA) introduced the formation of the Central Registration Center (CRC) by issuing a notification on January 22, 2016 (CRC Notification). The CRC has been established to facilitate smoother functioning and fastening the p...

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Posted Under: Service Tax |

Dispose Rectification Application U/s. 154 in writing : CBDT

Instruction No. 02/2016 15/02/2016

Instruction No. 02/2016 Section 154 of the Act mandates that rectification order shall be passed in writing by the Income Tax authorities. Therefore, on consideration of the matter, the Board hereby directs that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayers conce...

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Pass Rectification Order U/s 154 within 6 Months: CBDT

Instruction No. 01/2016 15/02/2016

Instruction No. 01/2016 section 154 stipulates that where application for amendment is made by assessee/deductor/collector with a view to rectify any mistake apparent from record, the income-tax authority concerned shall pass an order, within a period of six months from the end of the month in which such an application is received, by ei...

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Retrospective Amendment of CENVAT Credit Rules, 2004

Recently, vide the Notification No. 01/2016 - Central Excise (N.T) dated 01 February, 2016 Central Government omitted the proviso to Rule 3, in sub-rule (1), in clause (vii), of the CENVAT Credit Rules, 2004 vide which the importer was entitled to avail CENVAT credit upto a limit of 85% of the CVD paid on the import of ships, boats and ot...

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Serious Fraud Investigation Office Under Companies Act, 2013

The Serious Fraud Investigation Office (SFIO) is a fraud investigating agency in India. The SFIO is a multi-disciplinary organization and was set up by Govt. of India under Ministry of Corporate Affairs, consisting of experts in the different fields for detecting and prosecuting crimes/frauds pursuance to Government of India Resolution No...

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Posted Under: Service Tax |

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