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Ex- Rescind Notification exempting only electronic goods from payment of excise duty sold by duty free shops at airports

May 23, 2013 444 Views 0 comment Print

NOTIFICATION NO. 18/2013-CX, Dated: May 23, 2013 Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 145/1989-Central Excise , dated the 19th May, 1989, published in the Gazette of India, Extraordinary, Part II,

Download Booklet on Permanent Account Number (PAN)

May 23, 2013 8482 Views 0 comment Print

The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application […]

Procedure to Form/Incorporate LLP Firm in India

May 23, 2013 6201 Views 0 comment Print

Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: 1. Requirement of Partners 2. Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if does not have; 3. Selection of name for […]

Procedure for Formation of Private Limited Company in India

May 23, 2013 7402 Views 0 comment Print

Selection of name for the proposed company: The Promoters have to provide at least 6 names in the order of their preference/priority. The promoters can themselves search for the available names by visiting the MCA website.

Liberalised Remittance Scheme for Resident Individuals – Reporting

May 23, 2013 1658 Views 0 comment Print

AD Category -I banks were required to furnish information on the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme), on a monthly basis

Tax Residency Certificate (TRC) – In its new version

May 22, 2013 9276 Views 0 comment Print

Provisions of requirement of Tax Residency Certificate were introduced last year. The Finance Minister has attempted to make changes to the existing provisions. The author analyses the changes that are proposed and the possible effects.

Transfer Pricing – OECD revises Safe Harbouring Guidelines

May 22, 2013 1343 Views 0 comment Print

The existing language of Section E (paragraphs 4.93 through 4.122) would be removed and replaced with the following language. The enumeration of paragraphs of Section F would be adapted accordingly.

SC dismisses ICAI’s SLP on ceiling on number of tax audits

May 22, 2013 3873 Views 0 comment Print

These appeals have been preferred against the impugned judgment and order dated 24.3.2005 passed in Writ Appeal No .1452 & 1453/1998 by the High Court of Madras quashing the notifications issued by the appellant by which it has quashed the notifications dated 25.5.1987 and 13.1.1989 by which certain regulatory measures have been taken by the appellant against its members.

Online Empanelment with Vijya Bank for Concurrent Audit

May 22, 2013 7283 Views 0 comment Print

Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices – Vijya Bank calls applications from Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices for the period from 01.07.2013 to 30.06.2014.

Income already offered for taxation cannot be taxed again as undisclosed income

May 22, 2013 1212 Views 0 comment Print

It is contended by the learned counsel that the sum of Rs. 16 lakhs added by the Assessing Officer as undisclosed income has already been offered as income by the assessee by way of forfeiture of booking advance.

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