Important Service Tax amendments applicable from 1st October, 2014
Posted Date : 27-Aug-2014 , 12:17:57 pm | Posted By
CA Bimal Jain
Important Service Tax amendments applicable from 1st October, 2014 Dear Professional Colleague, We are sharing with you certain amendments made vide recent Notifications dated August 25, 2014 issued by the Central Board of Excise & Customs (“the CBEC”):
Fixation of date of appli...
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Category : Service Tax |
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Proposed changes in Form 3CD (For Tax Audit Conducted under Section 44AB)
Posted Date : 21-Aug-2014 , 06:22:21 pm | Posted By
Vimmi
S
No.
Clause
Clause No.
Requirements
1
Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or...
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Category : Income Tax |
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Find Investment Quality In The Income Statement
Posted Date : 11-Aug-2014 , 08:32:26 am | Posted By
Nimisha
To a large degree, it is the quality and growth of a company's earnings that drive its stock price. Therefore, it is imperative that investors understand the various indicators used to measure profitability. The income statement is the principal source of data to accomplish a profitability analysis,...
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Category : Finance |
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SLR cut indicates RBIs growing confidence in Government Fiscal Consolidation Intent
Posted Date : 06-Aug-2014 , 07:16:11 pm | Posted By
Nimisha
RBI cut the SLR (Statutory Liquidity Ratio) of banks by 50bps in its policy review on 5th of August 2014. Apart from this there was no change in policy rates on Repo and CRR (Cash Reserve Ratio) that were maintained at 8% and 4% respectively.
RBI also reduced the HTM (Held to Maturity) portfolio l...
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Category : Shares & Stock |
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No Service Tax Audit by Department or CAG
Posted Date : 06-Aug-2014 , 03:48:50 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, No Service Tax Audit by Department or CAG We are sharing with you an important judgment of the Hon’ble Delhi High Court in the case of Travelite (India) Vs. Union of India & Ors. [W.P. (C) 3774/2013, C.M. No. 7065/2013] on the following issue: Issue:
Whet...
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Category : Service Tax |
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KISAN VIKAS PATRA
Posted Date : 05-Aug-2014 , 05:45:17 pm | Posted By
Nimisha
Almost 30 months after the Centre discontinued the Kisan Vikas Patra (KVP), Finance Minister Arun Jaitley announced its revival in his Budget 2014. This instrument was earlier discontinued due to fears of Money Laundering as it was a Bearer Instrument and both the amount invested and the amount rece...
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Category : Budget |
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What Lenders Look On Your Credit Report
Posted Date : 04-Aug-2014 , 04:44:58 pm | Posted By
Nimisha
What Lenders Look At On Your Credit Report
What do lenders consider when they look at your credit report? It’s a simple question with a complicated answer, as there are no universal standards by which every lender judges potential borrowers. Of course, there are some items that will d...
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Category : General |
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Deputation of employees on cost-sharing basis does not fall under Supply of Manpower Services
Posted Date : 01-Aug-2014 , 05:49:31 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Deputation of employees on cost-sharing basis does not fall under Supply of Manpower Services We are sharing with you an important judgment of the Hon’ble High Court of Gujarat in the case of Commissioner of Service Tax Vs. Arvind Mills Ltd. [(2014) 45 taxmann.co...
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Category : Service Tax |
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Old vs. New Tax Audit Report - A Comparision
Posted Date : 29-Jul-2014 , 06:02:51 pm | Posted By
CA Pardeep Chanana
Changes made in Tax Audit Report Assessment Year 2014-15
Sr. No.
Particulars
Old Report
New Report – Changes are reflected by Bold Letters
1.
FORM NO. 3CA
3. In * my/our opinion and to the best of * my/our information and according to explanations give...
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Category : Income Tax |
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Know TDS Filing Due Dates & Penalties for Non/Wrong Filing of TDS Returns
Posted Date : 29-Jul-2014 , 12:43:27 pm | Posted By
Vimmi
Below are the important due dates for filing of TDS Return, but the same are subject to extension by the CBDT for specific quarters of a particular financial year.
To avoid any mistake it is very important to know the pertinent form number applicable of each TDS return filing, such as;
&...
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Category : Income Tax |
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TDS Rates and Threshold Limit for Financial Year 2014-15
Posted Date : 29-Jul-2014 , 12:35:48 pm | Posted By
Vimmi
Find the table below for the TDS (Tax Deduction at source) rates and threshold limit for financial year 2014-15 or assessment year 2015-16. In this table there is complete list of the payment on which TDS is deducted, threshold limit, assessee type (tax payer) and rate of TDS.
Also note; Threshold ...
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Category : Income Tax |
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MAJOR CHANGES IN NEW 3CD
Posted Date : 29-Jul-2014 , 09:59:52 am | Posted By
CA GOURAV MURARKA
1. Particulars of registration under excise, vat, iec, service tax etc to be given
2. Location(s) (address(s)) of keeping books of accounts to be given
3. Particulars of sale of Land/Building less than Stamp value to be given
4. Comparison of amount debited vis a vis amoun...
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Category : Auditing |
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Capital Gains on Property Development Agreements
Posted Date : 22-Jul-2014 , 08:05:09 pm | Posted By
ARUN GUPTA
PROPERTY DEVELOPMENT AGREEMENTS-CHARGEABILITY TO CAPITAL GAINS
&n...
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Category : Income Tax |
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How to Conduct Concurrent Audit of Banks
Posted Date : 22-Jul-2014 , 07:59:24 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 i...
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Category : Auditing |
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TDS on Commission Payments to Foreign Agents
Posted Date : 17-Jul-2014 , 07:39:41 pm | Posted By
ARUN GUPTA
Dear Sir, I am sharing with your goodself an important latest judgement relating to International Taxation. ACIT vs T.Abdul Wahid & Co.(Chennai Tribunal - IT APPEAL NO. 84 and 85 OF 2014 APRIL 10, 2014) ISSUES INVOLVED :-
Whether commissi...
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Category : International Taxation |
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Highlights of Changes in Indirect Taxes viz. Service Tax, Excise and Customs - Union Budget 2014
Posted Date : 11-Jul-2014 , 12:43:32 am | Posted By
CA Bimal Jain
Dear Professional Colleague,
The Union Budget, 2014 presented by the Finance Minister today is promising on building consumer’s confidence, investor’s confidence & overall confidence and taken several steps to improve fiscal situation and boost growth of Indian economy to 7-8% in co...
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Category : Service Tax |
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E-Voting as per Companies Act 2013
Posted Date : 08-Jul-2014 , 04:35:22 am | Posted By
Kashif Ali
E-VOTING AS PER COMPANIES ACT 2013
General meetings of companies are held at their registered offices and it is not possible for every member specially a members holding minor shares to travel upto the registered office of the company and participate in the general meeting of the company. &n...
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Category : Corporate Law |
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CBEC seeks adherence to judicial discipline in the matter of refunds
Posted Date : 02-Jul-2014 , 12:40:46 pm | Posted By
CA Bimal Jain
CBEC seeks adherence to judicial discipline in the matter of refunds The Central Board of Excise & Customs (“the CBEC”) has issued Instruction F. No. 201/01/2014-CX.6 dated June 26, 2014 (“the Instruction”) for all the Commissioners to follow judicial discipline in the m...
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Category : Excise |
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HAPPY CA'S DAY !!!! A Tribute to all Chartered Accountants!!!
Posted Date : 30-Jun-2014 , 08:59:33 pm | Posted By
May I Help You.
AK-47 (Companies Act, 2013) ka samna Karta Hua "WO DEKHO CHARTERED ACCOUNTANT JAA RAHA HAI"
Deadline ke bojh tale daba jaa raha hai, Vat, Service Tax, TDS Har mahine aa jaate hai, Time se na bharo toh Notices Aa jaate Hai Wo dekho ek Chartered Accountant ja raha hai,
Clients ko sam...
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Category : General |
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Waiver of interest by assessee does not detract Revenue
Posted Date : 27-Jun-2014 , 06:23:05 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Waiver of interest by assessee does not detract Revenue’s statutory obligation to grant interest on belated refund We are sharing with you an important judgement of the Hon’ble High Court of Allahabad, in the case of Shree Balaji Aromatics (P.) Ltd. Vs. Uni...
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Category : Excise |
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