Comments/views/suggestions invited on simplification of provisions relating to distribution of input service credit by Input Service Distributor in CENVAT Credit Amendment Rules – Last date of submission is 27th December, 2013. The same may also be emailed to jayaprahasam@gmail.com
The Council in its meeting held on November 22, 2013 unanimously decided to approach Central Government seeking the following amendments to the Company Secretaries Act, 1980 on priority: a. While the name of the Institute remains ICSI, its members may be named as governance professionals;
ITD granted registrations/approvals/notifications to the 799 Trusts without verifying necessary documents such as copy of the Trust Deed, proper clauses in the Trust Deed, audited accounts etc. ITD granted registrations/approvals/notifications to 73 Trusts having no PAN which is in contravention of the provisions of Act.
As per the judgment delivered by the Hon’ble Supreme Court of India in the case of Larsen & Tourbo Limited the transactions of construction activity for prospective buyers are subject to VAT as these are covered under the category of works contract
By considering the totality of the facts and circumstances of the case, we find no reason to interfere with the impugned order passed by the Tribunal specifically when both the appellate authorities have given concurrent findings. The same is hereby sustained along with the reasons mentioned therein.
From the facts of the case it reveals that not only the existence of outstanding liability of labour charges for so many years is improbable in the normal course of business but the assessee has also failed to give any evidence regarding the genuineness of the creditors,
The Reserve Bank of India today released on its website a Discussion Paper on ‘Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy’.
Views/suggestions/comments on the request contained in para 2 above are solicited. While submitting such feed-back, care may be taken also to suggest how to count fulfillment of Export Obligation because the resultant product of such capital good, i.e. ‘power’ is mostly not exportable per-se. Similarly, how a common service provider installing power equipments would fulfill Export Obligation may also be conveyed.
Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-tax Act,
Manufacturers of export products covered under above SIONs and the concerned Export Promotion Councils should submit production and consumption data as soon as possible but not later than Friday, the 31st January, 2014 so that such a review is taken up. Failure to provide the data, so required by the date so specified would result in stoppage of the benefit of Advance Authorisation / DFIA for export products covered by these SIONs.
