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Rate of VAT applicable on sale of Printed Material content meant for education at a computer institute?

June 23, 2014 8072 Views 0 comment Print

M/s. Unifiers Social Venture Pvt. Ltd., is a registered dealer having TIN 07986916518 and is engaged in sale of printed material content meant for education at computer institute. Content developed in house and being published in the form of books/booklets/printed material to be distributed at the Commercial computer Institute.

Prohibition on import of milk and milk products from China is extended for one more year

June 23, 2014 769 Views 0 comment Print

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is extended for one more year, i.e., till 23.6.2015 or until further orders, whichever is earlier.

RBI announces Timelines for Regulatory Approvals and Citizens’ Charter for Delivery of Services

June 23, 2014 2669 Views 0 comment Print

In case an applicant does not get a response within the indicated timeline, they can approach the head of the concerned department. The department head will respond with the status of the application, the reason for delay, request for additional information, if any, as well as the likely time for disposal of the application.

RBI ask banks to share information/documents required by SIT

June 23, 2014 1604 Views 0 comment Print

In pursuance of the Hon’ble Supreme Court Judgment dated July 4, 2011, Government of India has constituted a Special Investigation Team (SIT) under the Chairmanship of Hon’ble Justice M.B. Shah. In this regard, the Hon’ble Supreme Court has directed that:

VAT Authorities denying Input tax credit on Flimsy Grounds

June 23, 2014 15344 Views 0 comment Print

Denial to grant Input tax credit on Flimsy Grounds by the VAT Authorities without following the settled law laid down by Hon’ble Supreme Court of India and by the High Courts. Every Registered Dealer is the agent of Department of Excise & Taxation as while granting the registration, every registered dealer is authorized to collect […]

Cenvat credit on eligible inputs used in generation of electricity

June 22, 2014 8563 Views 0 comment Print

Inputs used in relation to generation of electricity (which is in turn used in manufacture of final products) are eligible inputs for availing the cenvat credit.

Corporate Social Responsibility – Companies Act, 2013

June 22, 2014 11786 Views 6 comments Print

Corporate Social Responsibility (CSR) has been in existence for a long time and is almost as old as civilization. It is based on the Gandhian Principle of trusteeship concept whereby business houses are looked upon as trustees of the resources they draw from society and thus are expected to return them back manifold.

Acceptance of Public Deposits under Companies Act, 2013 – Provisions

June 22, 2014 40617 Views 1 comment Print

Amounts which are not considered as deposits (Rule 2 of Companies (Acceptance of Deposits) Rules, 2014) – any amount received from the Central Government or a State Government, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government, or any amount received from a local authority, or any amount received from a statutory authority constituted under an Act of Parliament or a State Legislature.

No addition in respect of concluded assessments unless some incriminating material was found during search

June 22, 2014 3598 Views 0 comment Print

Where a search is initiated u/s 132 of the Act etc., the A.O shall issue a notice requiring the person searched etc. to furnish his return of income in respect of each assessment year falling within six assessment years immediately preceding the assessment year relevant to the previous year

Number of Returns and payment schedule should be curtailed – ICAI

June 22, 2014 4558 Views 0 comment Print

Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relating to TDS on salaries, Quarterly returns relating to TDS on amounts other than salary, and quarterly returns relating to TCS. These are […]

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