Applicability of the Companies Act, 2013 for Examinations from December 2014 onwards
Posted Date : 21-Jun-2014 , 07:35:17 am | Posted By
Surendra Kumar Dash
ATTENTION STUDENTS OF FOUNDATION, EXECUTIVE AND PROFESSIONAL PROGRAMMES (New Syllabus)
Applicability of the Companies Act, 2013 for Examinations from December 2014 onwards It is informed that the provisions of the Companies Act, 2013 and the rules and regulations made thereund...
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Category : Students Zone |
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First Report of the Tax Administration Reform Commission (TARC)
Posted Date : 19-Jun-2014 , 06:16:50 pm | Posted By
CA Bimal Jain
First Report of the Tax Administration Reform Commission (TARC) The Government had constituted Tax Administration Reform Commission (“the TARC”) headed by Dr. Parthasarathi Shome, in August 2013, to suggests core reforms to the tax administration set-up in the Country. The TARC has now ...
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Category : Service Tax |
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Service tax paid by Service provider, on being pointed out by Department, can be treated as business expenditure
Posted Date : 13-Jun-2014 , 07:17:32 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Service tax paid by Service provider, on being pointed out by Department, can be treated as business expenditure We are sharing with you an important judgment of the Hon’ble High Court of Gujarat in the case of Commissioner of Income Tax-III Vs. Kaypee Mechanical...
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Category : Service Tax |
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SECTION 80EE ( New Section inserted in F.A.2013)
Posted Date : 12-Jun-2014 , 08:36:36 am | Posted By
Surendra Kumar Dash
SECTION 80EE:
DEDUCTION FOR INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY
Assessee can avail the benefits of this section in two A.Y. 2014-15 & 2015-16.Purpose of this section is to promote house ownership & give a fillip to a number ...
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Category : Income Tax |
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Direct Tax updates: Recent Judgements - From the Courtroom
Posted Date : 05-Jun-2014 , 11:41:16 am | Posted By
CA Abhay Agrawal
Tribunal
Subsequent commercial-use cannot disentitle Sec 54F exemption if building constructed for residential-purpose: Relevant factor to judge is whether construction is made for residential house or commercial purpose, merely because building used as a school cannot change natu...
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Category : Income Tax |
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New Section 87A
Posted Date : 03-Jun-2014 , 12:37:18 pm | Posted By
Vivek Sahu
As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-. For more clarification about this new section under clauses 19 & 20 of the Central Budget 2013...
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Category : Income Tax |
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Filing or Non -Filing of Income Tax Return u/s.139(1) and 139(1C)
Posted Date : 02-Jun-2014 , 03:51:38 pm | Posted By
Vivek Sahu
Specified class or classes of persons to be exempted from filing Return of Income [Section 139(1C)].
(1) Under section 139(1), every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit.
(2) For reducing the compliance bu...
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Category : Income Tax |
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Some Gifts from non-relatives are tax-exempt
Posted Date : 02-Jun-2014 , 07:55:32 am | Posted By
Vimmi
A gift from someone is always welcome. The hitch is when some, especially financial gifts, become taxable. Even so, not always; gifts from relatives are exempt from income tax (I-T). And, gifts from non-relatives can also be tax-exempt, under certain conditions.
Some assets fo...
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Category : Income Tax |
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Services provided to Foreign Principals for marketing their products in India qualify as an export of service
Posted Date : 31-May-2014 , 02:12:51 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Services provided to Foreign Principals for marketing their products in India qualify as an export of service We are sharing with you an important judgement of the Hon’ble CESTAT, Delhi, in the case of Commissioner of Service Tax, Delhi Vs. Menon Associates [2014...
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Category : Service Tax |
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Revised TDS returns to be accepted without Original Provisional receipts wef 01.06.2014
Posted Date : 30-May-2014 , 11:33:52 am | Posted By
Vijeta Nathani
Circular No: NSDL/TIN/2014/024
Subject: Revised procedure for acceptance of e-TDS/TCS correction statements and upload of scanned documents to TIN Central System
Attention of all TIN Facilitation Centers (TIN-PCs) is in...
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Category : Income Tax |
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Converting A Company Into A LLP
Posted Date : 29-May-2014 , 01:51:59 pm | Posted By
Gaurav Mittal
Converting A Company Into A LLP
YOUR KNOW HOW ON HOW TO CONVERT A COMPANY INTO A LLP
With the mammoth number of provisions, penalties, statutory compliances and various restrictions imposed on the Private Limited Companies it is now advisable to form a LLP instead of a company and to con...
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Category : Corporate Law |
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Resolutions and Agreements to be filed with ROC - Companies Act 2013
Posted Date : 26-May-2014 , 04:03:48 pm | Posted By
CA GOURAV MURARKA
Dear Friends,
The Companies Act 1956 required certain resolutions and agreements to be registered with ROC in e-form 23 within 30 days from the date of passing or entering into it. Section 192 was the relevant section under the Companies Act 1956, which required the following resoluti...
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Category : Corporate Law |
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Test of unjust enrichment not satisfied where refund amount is shown as
Posted Date : 22-May-2014 , 07:10:54 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Test of unjust enrichment not satisfied where refund amount is shown as ‘expenditure’ and not as ‘claims receivable’ We are sharing with you an important judgment of the Hon’ble Mumbai CESTAT in the case of Hindustan Petroleum Corporation ...
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Category : Excise |
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13 Places You Should Visit In India Before You Visit Their Counterparts Abroad
Posted Date : 19-May-2014 , 08:44:36 am | Posted By
May I Help You.
Indians are travelling like never before and going to countries all over the world. But a lot of us seem to forget that what we seek abroad, we can find as easily in our own country. This doesn’t mean that one shouldn’t travel abroad, but it does mean that one should travel within India ...
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Category : General |
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SC explains distinction between
Posted Date : 16-May-2014 , 02:19:43 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, SC explains distinction between “Contract for sale of goods” and “Works contract” We are sharing with you an important judgement of the Hon’ble Supreme Court of India, in the case of Kone Elevator India Private Limited Vs. State of Andhra...
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Category : Service Tax |
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High Court imposes costs of Rs. 50,000 on AO for filing frivolous appeal & wasting public money & judicial time
Posted Date : 08-May-2014 , 10:42:03 am | Posted By
Rimpy
High Court imposes costs of Rs. 50,000 on AO for filing frivolous appeal & wasting public money & judicial time
Though the Bench clearly indicated to the department’s counsel that the appeal had no merit and gave the department an opportunity to withdraw, the department...
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Category : Income Tax |
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Service Tax paid after March 1, 2013 but before enactment of VCES on May 10, 2013
Posted Date : 07-May-2014 , 06:56:18 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Service Tax paid after March 1, 2013 but before enactment of VCES on May 10, 2013 – Should be considered as paid under VCES We are sharing with you an important judgment of the Hon’ble Gujarat High Court in the case of Sadguru Construction Co. Vs. Union of ...
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Category : Service Tax |
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Education Loan: Income Tax Deductions Under Section 80E
Posted Date : 05-May-2014 , 07:10:05 am | Posted By
Anita Arora
An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of the Income Tax Act, 1961.
Top 10 Things to Know:
The income tax benefit can only be claimed on inte...
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Category : Income Tax |
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Service tax on Demurrage
Posted Date : 04-May-2014 , 08:01:14 pm | Posted By
NEHA JAIN
“Once on demurrage, always on demurrage”
It is a well known maxim developed by the shipping industry meaning once Charterers have used up their laytime and the vessel is on demurrage, all time used will fall for their account, whatever the apparent cause.
Demurrage in com...
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Category : Service Tax |
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Non Bailable offences under Service Tax do not have retrospective effect
Posted Date : 01-May-2014 , 11:52:12 am | Posted By
CA Bimal Jain
Dear Professional Colleague,
Non Bailable offences under Service Tax do not have retrospective effect
We are sharing with you an important judgement of the Hon’ble High Court of Calcutta, in the case of Sudip Das, {[2014] 44 taxmann.com 48 (Calcutta)} on following issue: ...
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Category : Service Tax |
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