In the context of formulating the proposals for the Union Budget of 2015-16, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.
The Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7th October, 2014 to 10th October, 2014 without entailing any consequential interest. However, the due date for filing of TDS/TCS statements for the 2nd Quarter of the F.Y. 2014-15 shall remain the same.
In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the ‘due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee
As there is confusion of adjustment of Cenvat Credit against mandatory penalty, clarifications have been sought from Competent authority. In absence of any classificatory Circular on the issue, all the DRs/ARs/TOs are directed that the appeals received on or after 06.08.2014 may be registered in following cases:
The Government of India, vide Notification No. S.O. 2113(E), dated 22 August 2014, has reviewed its policy for private investment in rail infrastructure and amended the list of industries reserved for public sector under item No. 8 of Schedule I of the Notification No.S.O.477(E) dated 25 July 1991. Accordingly it has been decided to permit FDI in the following activities of the Railway Transport sector.
1. Single document for proof of identity and proof of address- There is now no requirement of submitting two separate documents for proof of identity and proof of address. If the officially valid document submitted for opening a bank account has both, identity and address of the person, there is no need for submitting any other documentary proof.
In the I& B and Defence sectors where the sectoral cap is less than 49%, the company would need to be ‘owned and controlled’ by resident Indian citizens and Indian companies, which are owned and controlled by resident Indian citizens.
D.O.F. No. 334/15/2014-TRU Dated: August 25, 2014 Subject: Union Budget 2014-15: enactment of the Finance (No.2) Bill -reg. The Finance (No.2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said […]
Officers of the Commissionerate of Central Excise and Service Tax, Mangalore arrested the Managing Director of a private limited company providing storage and warehousing services at Karwar, for collecting the Service Tax of over Rs.60 lakhs from August 2011 to March 2014 and not remitting the same to the Government account.
Officers of the Commissionerate of Central Excise and Service Tax, Mangalore arrested a Chairman & Managing Director of a major company providing advertisement services and event management, for collecting the Service Tax of over Rs. 1.94 crores from April, 2012 to June, 2014 and not remitting the same to the Government account. Out of this amount, Rs. 1.16 crores was retained by them for more than 6 months.
