Income tax Provisions on Acceptance of Loan / Deposit
Posted Date : 16-Jan-2015 , 05:25:42 pm | Posted By
Soniya
Applicability:
Company including LLP ( Limited Liability Partnership) ,
HUF
Individual including Salaried Person
Partnership firm
An Association of persons or a body of Individuals, whether incorporated or not
Local authority.
Non - Applicability:
Loan or Deposi...
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Category : Income Tax |
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Posted Date : 16-Jan-2015 , 01:21:46 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Imposition of penalty under Section 77 and 78 of the Finance Act, 1994 when penalty under Section 76 thereof was waived off We are sharing with you an important judgment of Hon’ble CESTAT, Mumbai, in the case of Garodia Special Steels Ltd Vs. Commissioner of Cent...
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Category : Service Tax |
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'Pleading, a ground of appeal' which appears to root of jurisdiction can be raised for first time before Commissioner (Appeals)
Posted Date : 12-Jan-2015 , 05:16:52 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, 'Pleading, a ground of appeal' which appears to root of jurisdiction can be raised for first time before Commissioner (Appeals) We are sharing with you an important judgment of Hon’ble CESTAT, Delhi, in the case of Astron Polymers (P.) Ltd. Vs. Commissioner of Ce...
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Category : Service Tax |
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No appeal would lie before the Hon
Posted Date : 10-Jan-2015 , 04:21:09 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, No appeal would lie before the Hon’ble Supreme Court on factual findings of the Tribunal We are sharing with you an important judgment of Hon’ble Supreme Court, in the case of Commissioner of Central Excise Vs. Koya & Company Construction (Pvt.) Ltd. [(...
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Category : Excise |
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Amended Cost Records and Audit Rules
Posted Date : 09-Jan-2015 , 01:51:52 pm | Posted By
Vivek Parakh
Ammendment in Companies (Cost Records and Audit) Rules, 2014 Salient Features
The Companies are required to maintain Cost Records if turnover exceeds Rs. 35 crores or more during immediately preceding Financial Year in respect of the products and services specified.
The New Cost Au...
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Category : Corporate Law |
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CAATs : An Innovative for CAs to go Technological
Posted Date : 08-Jan-2015 , 01:36:27 pm | Posted By
Anmol Goyal
Computers have invaded every sphere of life to such an extent that it is said even criminals need IT skills. Undeniably, in a world of exponentially increasing information, people lack the speed and accuracy of a computer's complex data processing capabilities. Regardless of their speed and capabili...
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Category : General |
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No question of limitation arise when application filed after a long time for persuasion of sanctioned refund claim
Posted Date : 08-Jan-2015 , 01:06:17 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, No question of limitation arise when application filed after a long time for persuasion of sanctioned refund claim We are sharing with you an important judgment of Hon’ble High Court, Madras in the case of Commissioner of Customs Vs. SPIC Ltd. [2014 (12) TMI 1121...
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Category : Custom |
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Section 138 of The Companies Act, 2013 (Internal Audit)
Posted Date : 08-Jan-2015 , 11:07:01 am | Posted By
Anjana
Section 138: Internal Audit (Relevant Rule 13 of The Companies (Accounts) Rules, 2014)
Applicable to:
Listed Co. Unlisted public Co. having: i.Paid Up Sh. Capital >= 50 Cr. in preceding FY ii.Turnover >= 200 Cr. in preceding FY iii.O/S Loans from banks or P...
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Category : Corporate Law |
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Section 143 Powers & Duties of Auditor under Companies Act, 2013
Posted Date : 07-Jan-2015 , 03:57:50 pm | Posted By
Anjana
Section 143 Powers and Duties of auditors and auditing standards (Relevant Rule 11, 12, 13 of The Companies (Audit and Auditors) Rules, 2014)
Auditor have right to access – books of accounts and vouchers of the co. and all its subsidiaries, if any, in relation to Consolidation of F.st. - ...
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Category : Corporate Law |
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Services received by SEZ, if necessary, prior to commencement of authorized operations are also eligible for exemption/ refund
Posted Date : 06-Jan-2015 , 07:18:06 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Services received by SEZ, if necessary, prior to commencement of authorized operations are also eligible for exemption/ refund We are sharing with you an important judgement of the Hon’ble High Court, Gujarat in the case of Commissioner of Service Tax Vs. Zydus T...
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Category : Service Tax |
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Posted Date : 05-Jan-2015 , 05:14:54 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, “Sale of used cars is not subject to VAT under the Delhi Value Added Tax Act, 2004” We are sharing with you an important judgment of Hon’ble High Court, Delhi, in the case of Anand Decors and Others vs. Commissioner of Trade and Taxes, New Delhi [ST. ...
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Category : VAT |
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Input Credit on Capital Goods under Delhi VAT
Posted Date : 03-Jan-2015 , 10:31:11 am | Posted By
CA Vinod Kumar
INPUT CREDIT ON CAPITAL GOODS UNDER DELHI VALUE ADDED TAX Tax Credit on Capital goods shall be available in the manner described under Section 9(9) of the DVAT Act, 2004 (hereinafter called the” ACT”)
Definition of Capital Goods:
“Capital goods” means ...
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Category : VAT |
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Repo rate and Stock Market
Posted Date : 02-Jan-2015 , 09:40:18 pm | Posted By
Jayant Makkar
REPO RATE AND STOCK MARKET Interest is nothing more than the cost someone pays for the use of someone else's money. Homeowners, credit cards users etc know about this scenario very well. They borrow money from bank and in return they pay interest to bank for using the privilege. Interest rate...
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Category : Shares & Stock |
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CONSTITUTIONAL AMENDMENT ON GST
Posted Date : 02-Jan-2015 , 05:10:44 pm | Posted By
CA Vinod Kumar
ATTEMPT TO DECODE THE 122ND CONSTITUTIONAL AMENDMENT BILL (GOODS AND SERVICE TAX) BACKGROUND
Before going into the depth of Constitution of India and its amendments we have to first understand why it needs to be amended to bring the GST Law. The GST Law is seen as one of the biggest tax ref...
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Category : GST |
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Concept of MAT & AMT with Illustations
Posted Date : 01-Jan-2015 , 09:20:53 pm | Posted By
Shivashish Karnani
Hello to all colleagues and my dear friends. This is my first article which summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives only the theoretical insights along with example for sound understanding of the provisions. In my next article will ...
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Category : Income Tax |
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Time-limit of Section 11B of the Central Excise Act, 1944 doesn
Posted Date : 31-Dec-2014 , 12:41:43 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Time-limit of Section 11B of the Central Excise Act, 1944 doesn’t apply to refund of wrongly paid Service tax We are sharing with you an important judgment of CESTAT, Mumbai, the case of Jyotsana D. Patel Vs. Commissioner of Central Excise, Nagpur [(2014) 52 taxm...
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Category : Service Tax |
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Posted Date : 27-Dec-2014 , 01:33:46 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, The provision of valuation under Section 4A of the Central Excise Act, 1944 would not be applicable on the goods, not intended for retail sale. We are sharing with you an important judgment of the Hon’ble CESTAT, Mumbai, in the case of Wyeth Ltd. Vs. CCE, Nasik [...
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Category : Excise |
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Board
Posted Date : 26-Dec-2014 , 02:52:52 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Board’s Circulars have prospective effect only and not retrospective effect We are sharing with you an important judgment of the Central Government in the case of Uttam Galva Steels Pvt. Ltd. Vs. CCE Raigad [2014 (12) TMI 619–Government of India] on followi...
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Category : Excise |
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If there was no malafide for the purpose of penalty, there cannot be any malafide for the purpose of limitation also
Posted Date : 24-Dec-2014 , 05:35:45 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, If there was no malafide for the purpose of penalty, there cannot be any malafide for the purpose of limitation also We are sharing with you an important judgment of the Hon’ble CESTAT, New Delhi, in the case of Internet Computer Centre Vs. CCE, Lucknow [2014 (12...
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Category : Service Tax |
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Like the Central Excise, applications for rectification of mistakes before Tribunal are maintainable under Service tax as well
Posted Date : 23-Dec-2014 , 03:22:37 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Like the Central Excise, applications for rectification of mistakes before Tribunal are maintainable under Service tax as well We are sharing with you an important judgement of the Hon’ble High Court, Madras, in the case of Fairline Worldwide Express Vs. Commissi...
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Category : Service Tax |
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