Let’s begin our journey with new business era of tax breaks and mega fund announced by PM Modi on 16 January, 2016 at New Delhi START UP INDIA. Vision is to Open Doors for New and Innovative Ideas. The 19-point Action Plan came with the promise that the role of the government will be of a facilitator and not more than that. Entrepreneurs will become free from complicated compliance requirements.
CS Priyanka Gera Executive Summary Ministry of Corporate Affairs (hereinafter referred to as “MCA”) has issued notification on Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding of meetings and provision for offices and officers) Rules, 2016 (hereinafter referred to as “IEPF Rules”) in order to exercise the powers conferred by sub-sections […]
Result of Computer Based Examination (CBE) for CS Foundation Programme held in December, 2015 would be declared on Wednesday, the 27th January, 2016 at 11.30 A.M. The result alongwith individual candidate’s subject wise break‑up of marks will be available on the Institute’s website:
Notification No. 1/2016-Customs(CVD) Seeks to levy definitive countervailing duty on import of Castings for wind-operated electricity generators whether or not machined, in raw, finished or sub-assembled form, or as a part of a sub-assembly, or as a part of an equipment/ component meant for wind-operated electricity generators originating in, or exported from the People’s Republic of China for a period of five years.
In the notification No. 43/2014 –Customs (N.T.) dated 23.05.2014 issued vide F. No. 394/136/2011-Cus (AS) by Ministry of Finance, Department of Revenue, the words appearing in the opening paragraph namely,-
Amendments to Section 14A to provide that (i) dividend received after suffering dividend-distribution tax and share income from firm suffering tax in the firm’s hands will not be treated as exempt income and no expenditure will be disallowed as relatable to them; (ii) expenditure disallowed shall not exceed the amount claimed. Recommendation for issue of […]
The existing provisions of Section 254(2) provide for a time-limit of four years from the date of the order of the Appellate Tribunal for rectification of mistakes apparent from the record. In practice this long time-limit has given rise to difficulties arising on account of non-availability of the Members who passed the order due to transfer or retirement or otherwise. Moreover any mistake in the order should not be allowed to remain for such a long period.
Adjustment of Refunds due to assessees against erroneous demands shown outstanding in their cases causes great heartburning. Even where the assessee lodges his objection on the CPC Portal pointing out that the demand sought to be adjusted against the refund was not outstanding and therefore is being erroneously adjusted, there is no remedy by which the CPC can take note of the same.
1. RECOMMENDATION FOR PROVIDING FOR GRANT OF TIMELY REFUND WITH INTEREST AND ALSO PROVIDING FOR PAYMENT OF HIGHER INTEREST IN CASE OF DELAYED REFUND UNDER SECTION 244A (A) Under section 244A of the Income-tax Act, the tax administration is liable to pay interest at the rate of one-half percent per month or part thereof (i.e. […]
RECOMMENDATION FOR REDUCING THE FEE UNDER SECTION 234E FOR DEFAULT IN FURNISHING STATEMENTS OF TDS AND TCS FROM RS.200/- PER DAY TO RS.100/- PER DAY The levy of mandatory fee u/s. 234E at the rate of Rs.200/- per day for default in furnishing of Statements of TDS u/s. 200(3) and TCS u/s. 206C(3) has been […]
