Yet again elongation of dates… Ever since the new MGT-7 has been introduced; there has been prevailing number of confusions in filing MGT-7.The said form is governed by Section 92(1) of the Companies Act, 2013 read with rule 11(1) of the Companies (Management and Administration) Rules, 2014, and is the Annual Return filed by every company for their respective financial year.
Chopra Properties Vs ACIT (ITAT Delhi) AO was of the view that according to provisions of Section 44AB assessee is required to get his accounts audited before specified date and not on the specified date. Therefore, as assessee has obtained this tax audit report on 30th September 2008 and not before 30th September, 2008, therefore, levied penalty of Rs. 1,00,000/- u/s 271B of the IT Act.
CIRCULAR NO : 20/2015 The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules).
Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the number of litigation upon the calculation of penalty.
The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards ‘Ease of doing business’ with reduction in the compliance procedure for maintaining separate accounting records for Education Cess and SHE Cess
Chartered Accountancy the first thought that comes to the mind is, it is very tough to clear the exams and this becomes evident by a look at the previous pass percentage results and what we get to hear from the people surrounding us. So, it is wise not to pursue for such a qualification as the odds of success are marginal.
Recently, it has come to our knowledge that a proposal not allowing Chartered Accountants/ Non- Advocates for practice of law in the course of proceedings before revenue authorities falling in your jurisdiction is under consideration.
The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various inter-related concepts and the vital areas where the technique of Forensic Auditing can be best used in detecting the misappropriations and manipulations in the financial as well as operational matters.
Will SBC be leviable on exempted services and services in the negative list The Central Government vide notification No 22/2015-ST dated 6th November 2015, has notifiedthat SBC shall be applicable on all taxable services except services which are either fully exempt from service tax under any notification issued under section 93(1) of the Finance Act, 1994 or are otherwise not leviable to service tax under section 66B of the Finance Act, 1994.
Swachh Bharat Cess has been imposed on the value of all taxable services with effect from 15.11.2015 (vide Notification No. 21/2015-ST dated 06.11.2015). The said levy has been imposed by the Central Government by exercising its power under Section 119 of the Finance Act, 2015, which specifically indicates that SB Cess shall be levied and collected, as Service tax .
