Budget 2014 articles

Budget 2014 propses to levt interest U/s. 220 from the date of expiry of period stated in the notice of demand U/s. 156

Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961....

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Posted Under: Income Tax |

Budget 2014 gives Power to AO to get a valuation report of any asset

Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […...

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Posted Under: Income Tax |

Budget 2014 highlights on Income tax and service tax

CA Sanjeev Singhal Download PPT on Budget 2014 highlights on Income Tax Download PPT  Budget 2014 highlights on  Service Tax...

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Posted Under: Income Tax |

Budget 2014 – Impact of Pre-Deposit for Appeal and Increase of Interest Rate on delayed service tax payment

Jagdishkumar Gor 1.  Pre-deposit Made Mandatory in Appeal Procedures for Central excise, Customs & Service Tax. Significant amendment to Section 35F of the Central Excise Act, 1944 and Section 129E & 129B of the Customs Act, 1962 and proposed Mandatory (1) 7.5% pre-deposit of duty demanded or penalty imposed or both for filing ap...

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Posted Under: Income Tax |

Budget 2014 Grants Power of Survey for verification of TDS defaults

Power of survey The existing provision contained in section 133A of the Act enables the Income-tax authority to enter any premises in which business or profession is carried out for the purposes of survey. An income-tax authority acting under this section may impound and retain in his custody any books of account or documents inspected [&...

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Posted Under: Income Tax | ,

Budget 2014 – Changes in Provisions Related to TDS

Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payments at the specified rates if the payment exceeds specified threshold. The person deducting tax (‘the deductor’) is required to file a quarterly statement of tax deduction at source (TDS) containing the prescribed details of deduction of tax ...

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Posted Under: Income Tax | ,

Budget 2014- Amount spent on CSR not allowable as deduction

Corporate Social Responsibility (CSR) Under the Companies Act, 2013 certain companies (which have net worth of Rs.  500 crore or more, or turnover of Rs.1000 crore or more, or a net profit of Rs.5 crore or more during any financial year) are required to spend certain percentage of their profit on activities relating to Corporate [&hellip...

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Posted Under: Income Tax | ,

Revised Rate of Interest in Service Tax

Revised Rate of Interest w.e.f. 1.10.2014-Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay. Thus, longer the delay period , higher would be the rate of interest payable. Accordingly, the rate of interest shall be...

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Posted Under: Income Tax | ,

Proposed Effects of Finance Bill, 2014 On Service Tax

Over the last decade the service tax collections have shown tremendous growth, thus it is becoming more important to the Government Exchequer. After the introduction of Negative List based Service Tax regime, to broaden the tax base of service tax, only option available is to snip the negative list and the exemptions. Thus, the following ...

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Posted Under: Income Tax | ,

Time limit on Claiming CENVAT Credit: Major Implication

Rule 4 of the CENVAT Credit Rules, 2004 provides the conditions for availment of credit. Amendment rules inserted a new proviso after the second proviso in Rule 4(1). The new proviso shall be inserted with effect from first day of September, 2014. The proviso has been reproduced as under: ...

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Posted Under: Income Tax |

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