The scheme provided additional facility to Works Contract dealers who could opt the scheme by paying 1% or 3% of the turnover like an existing Composition Scheme. The Assessment orders, issued, if any, become null and void in such cases. But, the order shall stand in the System till it is nullified.
or processing the cases from the year 2012-13 and onwards, ITC may be verified by viewing mis-match report and running the actual tax payment report (ATR). Assessing Authorities may come across cases wherein there may not be any mismatch, but the seller may also happen to be a local buyer.
It may be noted that a rigorous drive has been planned after 30thSeptember 2014 against the return defaulters. Hence all the defaulting dealers are requested to file all the pending returns and pay the applicable tax and interest at the earliest and take benefit of this exemption.
Doubts have been raised about applicability of sections 139(5) and 139(7) of the Companies Act, 2013 (New Act), which deal with appointment of auditors by Comptroller and Auditor General of India (C&AG), to ‘deemed Government Companies’ referred to in section 619B of the Companies Act 1956 (Old Act) i.e. companies where ownership or control lies with two or more Government companies or corporations etc in the manner detailed in section 619B ibid.
Circular No. 13/2014-Income Tax The SEBI (Alterative Investment Funds) Regulations, 2012 (‘AIF Regulations’) vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds (‘AIFs’) into three broad categories – Category-I, Category-II and Category-III Alternative Investment Funds, depending upon the operational strategies, objectives and fund structure. A large number of AIFs registered with SEBI have been set up in the form of non-charitable trusts.
Circular No. 4 of 2014-15 hereby extend the last date of filing of online/hard copy of first quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures/enclosures to 08/08/2014:
take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations.
It has been brought to the notice of the Government that many companies have passed resolutions during financial year 2013-14 under the relevant provisions of the Companies Act, 1956 (Old Act) which are/were at different stages of implementation after coming into force of corresponding provisions of the new Companies Act, 2013
It is clarified that those FPIs which had acquired debt limits in the auction held on July 22, 2014 may utilise the limit in terms of the SEBI circular CIR/IMD/FIIC/8/2014 dated April 07, 2014 i.e. the debt limits purchased in the said auction are grandfathered.
Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2014 notified vide Notification No. FEMA 310/2014-RB dated June 12, 2014 c.f. G.S.R. No. 434 (E) dated July 8, 2014.
