07 March 2014
05 March 2014
Date : March 03 2014
R.K. Tewari appointed as CBDT Chairman.
The Government of India has appointed Mr. R K Tewari as new Chairperson of Central Board of Direct Taxes (CBDT). Mr Tewari is a 1976-batch Indian Revenue Service officer. Before his elevation as Chairman, he was posted as the Member (Legislation & Computerization) at CBDT.
04 March 2014
03 March 2014
CA. V.M.V.SUBBA RAO
01 March 2014
27 February 2014
High court's relief for employers, businessmen from paying penal fees for not filing TDS
Justice Jawad Rahim passed an interim order to this affect while asking Income Tax department and ministry of finance to file their replies.
Several employers as well as assessees under TAN have moved the court challenging the penal provisions under newly inserted section 234E of the Income Tax Act , 1961 connected to filing of TDS returns by employers.
"If they continue defaulting section 234E of the Act, then they would be further subjected rigorous penal provisions of having to shell out penalty at Rs.100 per day, as set out in Section 272A(2)(g), in case recipient/deductee claims credit of the TDS in his return of income tax" the petitioners have claimed.
The petitioners have stated that levy of fee is against the scheme of the Income Tax Act and the word 'fee' is an alien word by itself vis-a-vis the Income Tax Act.
26 February 2014
24 February 2014
22 February 2014
17 February 2014
- The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
- To give relief to the Automobile Industry, which is registering unprecended negative growth, the excise duty is reduced for the period up to30.06.2014 as follows:
- It is also proposed to make appropriate reductions in the excise duties on chassis and trailors – The rates can be reviewed at the time of regular Budget
- To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handsets is restructured. The rates will be 6% with CENVAT credit or 1 percent without CENVAT credit.
- The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.
- The services provided by cord blood banks is exempted from Service Tax.
- To encourage domestic production of soaps and oleo chemicals, the custom duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is rationalized at 7.5 percent.
- To encourage domestic production of specified road construction machinery, the exemption from CVD on similar imported machinery is withdrawn.
- A concessional custom duty 5 percent on capital goods imported by the Bank Note Paper Mill India Private Limited is provided to encourage domestic production of security paper for printing currency notes.
MCA issues clarification on section 185 of the Companies Act 2013
MCA after receiving number of representations on the. applicability of Section 185 of the Companies Act, 2013 with reference to loans made, guarantee given or security provided under Section 372A of the Companies Act, 1956, has come out with necessary clarification vide circular No. 3/2014 dated 14th Feb 2014, which will definitely provide much needed relief to corporates. It is clarified that in order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 186 of the Companies Act, 2013 is notified, any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its wholly owned subsidiary company, exemption as provided in clause (d) of sub-section (8) of Section 372A of the Companies Act, 1956 shall be applicable. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities.
It is noteworthy to mention that the relief is not given with respect to loan given by holding Company to its wholly owned subsidiaries.
14 February 2014
Service Tax - Rice Not an Agricultural Produce - Jayalalithaa Slams Union Government
|CBDT Circular On Payment Of Dividend Distribution Tax By Mutual Funds|
The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail
12 February 2014
SC : J. Jayalalitha liable for prosecution for non-filing of I-T return
on which the Service Tax was not Being Levied During the Period Commencing from The 10th Day of September 2004 and Ending with the 30th Day of June 2012 in Accordance with the Prevalent Practice
The Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as ‘the Finance Act’), on services provided by an authorised person or sub-broker to the member of a recognised association or a registered association, in relation to a forward contract, and that such services were liable to service tax under the Finance Act, which was not being levied according to the said practice during the period commencing from the 10th day of September 2004 and ending with the 30th day of June 2012.
CA. V.M.V.SUBBA RAO
Service Tax - Reverse Charge liability paid by Service Provider, should not be demanded again from Service Recipient
11 February 2014
|Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. - (11-02-2014)|
10 February 2014
02 February 2014
PRAYER – to issue a writ order or direction more particularly one nature of Writ of Mandamus declaring the impugned letter dated 09.07.2013 of the 3rd respondent proposing the visit of the officers of the 1st respondent to petitioner premises is highly illegal, improper, unjust, arbitrary, violation of principles of natural justice and violation of fundamental rights and to pass.
HIGH COURT OF ANDHRA PRADESH AT HYDERABAD
WPMP.NO:26799 of 2013
WP.NO:21872 of 2013
M/s. Aditya Housing & Infrastructure Development Company Pvt Ltd
1 The Comptroller & Auditor General of India, New Delhi
2 The Accountant General (Commercial and Receipt Audit), Saifabad, Andhra Pradesh, Hyderabad.
3 The Assistant Audit Officer, RACE (Head Quarters) O/o.the Accountant General (C&RA), Saifabad, Hyderabad