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Pre-deposit has to be waived off if Assessee’s case is a good/ strong prima facie case covered by a binding precedent
Posted Date : 25-Feb-2015 , 02:24:54 pm | Posted By Bimal Jain

Dear Professional Colleague, Pre-deposit has to be waived off if Assessee’s case is a good/ strong prima facie case covered by a binding precedent We are sharing with you an important judgment of Hon’ble High Court, Allahabad, in the case of Shukla & Brothers Vs. Customs, Excise &...

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Category : Service Tax | Comments : 0 | Hits : 18

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:07:37 pm | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks   (i) The audit firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 could b...

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Category : Audit | Comments : 0 | Hits : 617

Procedure for Appointment of Statutory Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:00:03 pm | Posted By CA.Khurana Vivek

  PROCEDURE FOR APPOINTMENT OF STATUTORY AUDITORS IN PUBLIC SECTOR BANKS. Statutory Central Auditors (SCAs)   1. The number of SCAs to be appointed in PSB will be as under:   i) Category “A” Banks (Large Banks viz. Bank of Baroda, Bank of India, Canara...

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Category : Audit | Comments : 0 | Hits : 1022

MYTH ABOUT CA EXAM
Posted Date : 24-Feb-2015 , 03:11:17 pm | Posted By Soniya

During Exam Time we study for long hours, the level of Stress  affects the working of our brain , the fear of syllabus not complete keep us awake late night , these are most common situation during CA/CS/CWA  or any professional  Exam Time  , I am listing from my experience some ...

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Category : Students | Comments : 0 | Hits : 55

Management and administration under Co. Act, 2013
Posted Date : 23-Feb-2015 , 05:30:29 pm | Posted By Vivek Parakh

Provisions related to Management and Administration – Part 4 Minutes of proceedings of general meeting, meeting of board of directors and other meeting and resolution passed by postal ballot A separate minute book shall be maintained for each type of meeting namely: General meeting of m...

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Category : Corporate Law | Comments : 0 | Hits : 22

Inputs used in manufacture of finished goods destroyed in fire
Posted Date : 23-Feb-2015 , 11:35:28 am | Posted By Rahul Jindal

Rule 57A does not mandate that credit can be claimed only if there is emergence of final product or that manufacture of final product is complete - Credit admissible on inputs destroyed in fire: High Court  FEB 17, 2015: This is a Revenue appeal against the order passed by the Tribunal....

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Category : Service Tax | Comments : 0 | Hits : 144

Condonation of filing the delay
Posted Date : 23-Feb-2015 , 10:45:56 am | Posted By Rahul Jindal

ST - Govt departments are working with depleted staff strength - Finance & Accounts Manager is crucial post and its vacancy vital element and factor - In such circumstances, by imposition of costs, discretion could have been exercised by Tribunal in favour of statutory entity: High Court  ...

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Category : Service Tax | Comments : 0 | Hits : 204

Input Credit mechanism under proposed GST regime-The milestone to achieve
Posted Date : 22-Feb-2015 , 09:32:23 am | Posted By CA Vinod Kumar

Input Credit mechanism under proposed GST regime-The milestone to achieve     BACKGROUND:   Before I begin this article it is worthwhile to discuss the background behind this since as of today no professional as well dealer is sure about the consequences of proposed GST legislatio...

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Category : GST | Comments : 0 | Hits : 282

Management and Administration under Co. Act 2013 - Part-3
Posted Date : 21-Feb-2015 , 04:28:54 pm | Posted By Vivek Parakh

Provisions related to Management and Administration – Part 3 Voting through electronic means Listed Co. or Company having 1000 or more shareholders shall provide the facility to vote at general meetings by electronic means. Procedure to be followed: Notices of meetings shall be ...

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Category : Corporate Law | Comments : 0 | Hits : 169

Interest on delayed refund is permissible from expiry of 3 months’ from the date of filing of Refund application and not from the date of Refund Order
Posted Date : 21-Feb-2015 , 12:33:47 pm | Posted By Bimal Jain

Dear Professional Colleague, Interest on delayed refund is permissible from expiry of 3 months’ from the date of filing of Refund application and not from the date of Refund Order We are sharing with you an important judgment of Hon’ble CESTAT, Ahmedabad, in the case of Tata Chemicals ...

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Category : Excise | Comments : 0 | Hits : 138

Income Tax Refund may get delayed this year
Posted Date : 19-Feb-2015 , 08:07:24 am | Posted By May I Help You.

Your wait for the income tax refund cheque could get longer. The government, racing against time to meet its budgeted revenue targets, may decide to defer dispatching the tax refund amounts until next year.   This money retained in the state's coffers will only help show a less weak governmen...

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Category : Income Tax | Comments : 0 | Hits : 698

Sum paid as a pure agent of service recipient is not includible in value of services
Posted Date : 17-Feb-2015 , 01:53:55 pm | Posted By Bimal Jain

Dear Professional Colleague, Sum paid as a pure agent of service recipient is not includible in value of services We are sharing with you an important judgment of Hon’ble High Court, Chhattisgarh, in the case of Union of India Vs. Raj Wines [(2015) 53 taxmann.com 445 (Chhattisgarh)] on the f...

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Category : Service Tax | Comments : 0 | Hits : 203

Management and Administration under Co. Act 2013 - Part-2
Posted Date : 13-Feb-2015 , 08:05:03 pm | Posted By Vivek Parakh

Provisions related to Management and Administration – Part 2   Provisions: (Section 100 to 107, read with Companies (Management and Administration) Rules, 2014 Calling of Extra Ordinary General Meeting (EGM) EGM may be called in 2 ways: a) By Board and b) On Requisition. Board ma...

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Category : Corporate Law | Comments : 0 | Hits : 236

“SC upholds levy of Sales tax on processing and supplying of photographs - reiterates power to levy tax retrospectively”
Posted Date : 13-Feb-2015 , 02:16:31 pm | Posted By Bimal Jain

Dear Professional Colleague, SC upholds levy of Sales tax on processing and supplying of photographs - reiterates power to levy tax retrospectively We are sharing with you an important judgment of the Hon’ble Supreme Court, in the case of State of Karnataka Etc Vs. Pro LAB and Ors [2015-TIOL...

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Category : VAT | Comments : 0 | Hits : 193

Cenvat credit availed on the invoices received prior to Service tax registration cannot be denied
Posted Date : 11-Feb-2015 , 04:57:42 pm | Posted By Bimal Jain

Dear Professional Colleague, Cenvat credit availed on the invoices received prior to Service tax registration cannot be denied We are sharing with you an important judgment of Hon’ble CESTAT, New Delhi, in the case of JP. Kenny Ltd. Vs. CCE. & CST. - Delhi [2015 (1) TMI 1199 - CESTA...

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Category : Service Tax | Comments : 0 | Hits : 204

NO Interest is chargeable u/s 234A on self Assessment tax
Posted Date : 11-Feb-2015 , 04:30:48 pm | Posted By Soniya

Interest under Section 234A of the Income-tax Act, 1961 is charged in case of default in furnishing return of income by an assessee. Calculation of Interest Amount of tax payable on the total income               ...

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Category : Income Tax | Comments : 0 | Hits : 135

Declared value of imported goods cannot be enhanced merely on the basis of NIDB data
Posted Date : 09-Feb-2015 , 01:02:01 pm | Posted By Bimal Jain

Dear Professional Colleague, Declared value of imported goods cannot be enhanced merely on the basis of NIDB data We are sharing with you an important judgment of Hon’ble CESTAT, Chennai, in the case of Topsia Estates Pvt. Ltd. Vs. Commissioner of Customs, Chennai [(2015) 53 taxmann.com 345 ...

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Category : Custom | Comments : 0 | Hits : 137

Change Object Clause
Posted Date : 09-Feb-2015 , 12:36:13 pm | Posted By Dhroov Rajput

Change in Object Clause Memorandum of Association  contain details of object of company and other details of company.  MOA & AOA  are made when a company incorporate, this MOA & AOA Contain  details of company such as object’s, directors or company  registered...

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Category : Corporate Law | Comments : 0 | Hits : 192

Procedure for Conducting Concurrent Audit of Banks
Posted Date : 08-Feb-2015 , 04:21:57 pm | Posted By Vimmi

Areas to be Covered Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system. However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor seats in branch for...

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Category : Audit | Comments : 1 | Hits : 986

TDS rate chart for financial year 2014-15
Posted Date : 08-Feb-2015 , 04:01:58 pm | Posted By Vimmi

  Section Type of payment Threshold limit TDS Rate 192 Payment of salary As per slab - 193 Interest on security 5000 10 194 Dividend –deemed div u/s 222(e) 2500 10 194A Interest...

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Category : Income Tax | Comments : 1 | Hits : 880

Income tax slabs for A.Y. 2015- 16
Posted Date : 08-Feb-2015 , 03:55:11 pm | Posted By Vimmi

income tax slabs for A.Y. 2015-16 (F.Y. 2014-15): Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man): Up to taxable income Rs. 250000 0 On taxable income exceeds Rs. 250000 but Does not exceed ...

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Category : Income Tax | Comments : 0 | Hits : 755

WHAT TO EXPECT FROM BUDGET 2015
Posted Date : 06-Feb-2015 , 12:46:49 pm | Posted By Soniya

BJP Government first budget under the leadership of Shri Narendra Modi making it the most crucial one. General Expectation of people from budget is favourable tax rates, more reliefs, deductions, easy tax Compliance etc. Every year in the month of February Finance Minister presents budget in parliam...

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Category : Budget | Comments : 0 | Hits : 280

User Manual for filing Form-9 for the year 2013-14
Posted Date : 05-Feb-2015 , 01:46:09 pm | Posted By Sanjay Arora

                                                Online Form-9 USER MANUAL FOR FILING FORM-9 FOR THE YEAR 2013-14: 1. The return is to be filed annually by the dealers who ...

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Category : VAT | Comments : 0 | Hits : 558

“Once the Assessee has filed an appeal by paying the mandatory pre-deposit amount of 7.5%, their bank account cannot be freeze”
Posted Date : 05-Feb-2015 , 12:20:56 pm | Posted By Bimal Jain

Dear Professional Colleague, Once the Assessee has filed an appeal by paying the mandatory pre-deposit amount of 7.5%, their bank account cannot be freeze We are sharing with you an important judgment of Hon’ble CESTAT, Mumbai, in the case of Kala Mines and Minerals Vs. Commissioner of Custo...

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Category : Service Tax | Comments : 0 | Hits : 188

“Input Service Distributor need not be a ‘manufacturer’ or ‘output service provider’ for availing Cenvat credit”
Posted Date : 04-Feb-2015 , 12:43:29 pm | Posted By Bimal Jain

Dear Professional Colleague, Input Service Distributor need not be a ‘manufacturer’ or ‘output service provider’ for availing Cenvat credit We are sharing with you an important judgment of Hon’ble CESTAT, New Delhi, in the case of Moser Baer India Ltd. Vs. Commissione...

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Category : Service Tax | Comments : 0 | Hits : 177

1st attempt CA writes about the books referred by him
Posted Date : 03-Feb-2015 , 10:18:20 am | Posted By Ketan Gupta

About the Author This article is authored by CA Ketan Gupta. He cleared his CA Final Examination in 1st attempt in examination held in November, 2014 with the following marks:   Financial Reporting   44 Strategic Financial Management (SFM)   43 Advanced Auditing &...

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Category : Students | Comments : 0 | Hits : 327

Providing men and materials for laying concrete mixture is to be treated as ‘Works Contract’ and not as ‘Sale’
Posted Date : 02-Feb-2015 , 12:23:48 pm | Posted By Bimal Jain

Dear Professional Colleague, Providing men and materials for laying concrete mixture is to be treated as ‘Works Contract’ and not as ‘Sale’ We are sharing with you an important judgment of Hon’ble High Court, Madras, in the case of Thirumalai Ready Mix Concrete Vs. St...

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Category : VAT | Comments : 0 | Hits : 61

Important Details you should know about Asian Development Bank (ADB)
Posted Date : 01-Feb-2015 , 03:08:51 pm | Posted By Jatin Kumar

The World Bank had been trying to set up re development banks and some regional banks have been established for developing countries in Latin America, Africa and Asia. The Asian Development Bank popularly known as the ADB, was set up in 22nd August 1966.   It is a multinational regional devel...

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Category : Banking | Comments : 0 | Hits : 59

Legislative history of filing stock statement as on 31st March of every year under DVAT Act, 2004
Posted Date : 01-Feb-2015 , 01:25:22 pm | Posted By CA Vinod Kumar

Legislative history of filing stock statement as on 31st March of every year under DVAT Act, 2004     INTRODUCTION: I shall begin my write-up with the wording of section 70 of DVAT Act which empowers Commissioner DVAT to issue notifications and prescribe various forms which are necessar...

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Category : VAT | Comments : 0 | Hits : 371

Process flow under TReDS – Trade Receivables Discounting System
Posted Date : 01-Feb-2015 , 01:40:39 am | Posted By Jatin Kumar

a. Corporate buyer sends purchase order to MSME seller b. MSME seller delivers the goods along with an invoice. There may or may not be an accepted bill of exchange depending on the trade practice between the buyer and the seller. c. Thereafter, on the basis of either an invoice or a bill of e...

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Category : RBI | Comments : 0 | Hits : 46

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