The Union Finance Minister, Mr P. Chidambaram, released the Budget Manual in Hindi here today. It is for the First time that Budget Manual has been prepared in Hindi by the Finance Ministry. The Budget Manual in Hindi is a comprehensive 266 page document which captures the content of the Union Budget as well as […]
The Intermediate and Final Results for December 2013 Term Examination results are likely to be declared on 21st February 2014. For convenience of the students the online results would be available on the following servers: 1. http://examicai.in 2. http://examicmai.org
In the Budget 2012-13, vide Finance Bill, 2012 as introduced in the Lok Sabha on 16.03.2012, the basic excise duty rate was increased on various lengths of cigarettes by imposing an ad valorem component in addition to the specific duty, through clause 141 of the Finance Bill read with the Seventh Schedule as under:
It is being intimated that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a government company and the Central / State government(s) has a stake in it.
The Central Government has approved two additional attempts to all categories of candidates w.e.f. Civil Services Examination 2014 with consequential age relaxation of maximum age for all categories of candidates, if required from February 07, 2014. Source- Ministry of Personnel, Public Grievances & Pensions- Press Release Dated 11-February, 2014
Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.
From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same.
Circular No. 5/2014-Income Tax Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.
Circular No. 06/2014-Income Tax It has been reported that some field authorities are taking a view that mutual funds/specified companies are required to pay additional income tax under sub-section (2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors.
Only income from investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and that violation under section 13(1)(d) does not attracts denial of exemption to trust.
