31 January 2014
Three Important Judgements On Capital Gains Transfer, Transfer Pricing And Coercive Recovery Of Taxes
28 January 2014
- Procedure for Pan Allotment Process to Undergo a Change with Effect from 3rd February, 2014: The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN Facilitation Centres.
24 January 2014
The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date on wards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN Facilitation Centres.
The copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents attached with PAN application form, will be verified vis a vis their original documents at the time of submission of PAN application at PAN Facilitation Centre.
Original documents shall not be retained by the PAN Facilitation Centres and will be returned back to the applicant after verification.
The Reserve Bank of India has today advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication. The Reserve Bank further stated that public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side. (Please see illustration http://rbidocs.rbi.org.in/rdocs/content/pdfs/IEPR1472BI220114.pdf)
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The Reserve Bank has also clarified that the notes issued before 2005 will continue to be legal tender. This would mean that banks are required to exchange the notes for their customers as well as for non-customers. From July 01, 2014, however, to exchange more than 10 pieces of `500 and `1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.
The Reserve Bank has appealed to the public not to panic. They are requested to actively co-operate in the withdrawal process.
Assistant General Manager
Proud to be CA...
1. K.M Birla - The chairman of Aditya Birla Group. This guy is my main inspiration. A Marwari and a CA. I can almost connect with him He also did MBA from London Business School.
2. Motilal Oswal - Co Promoter, Chairman & Managing Director of Motilal Oswal Group . One of the dudes who said a NO to their family business and did wonders.
3. Shekhar Kapur - You know this guy if you have watched India’s Got Talent Season 1. He was the only guy who sat beside Sonali Bendre and he was there because he directed Mr. India. And yes, he is a CA. The most amazing thing is that his Wikipedia profile says that he did Chartered Accountancy at the behest of his parents.
4. Deepak Parekh - Padma Bhushan winner and the Chairman of HDFC. Quoting Wikipedia, “A pioneer in mortgage finance, he has enabled scores of Indian middle class people to own their houses or apartments through affordable loans.” This guy should be the ideal role model for all chartered accountants. A bunch of movie buffs might have Shekhar Kapur as their role model too.
5. S.Gurumurthy– The only greatest thing Abhishek Bacchan did apart from marrying Aishwarya Rai was act in a movie called Guru. In the movie R. Madhvan plays an aggressive journalist who is hell bent on exposing the corrupt practices of reliance (guru’s company with some other name in the movie).
The movie Guru is based on true events and R. Madhvan's character is strongly based on S. Gurumurthy. Gurumurthy’s articles in The Indian Express caused a national stir in the corporate world and did massive damage to Reliance. Yes! Chartered Accountants have been glorified in the movies too.
6. Aditya Puri – MD of HDFC. We told you we are bad at advertising. He doesn’t even have a Wikipedia page.
7. Rakesh Jhunjhunwala – Another Investor. A few facts that he is India’s 51st richest man and world’s 1062th. He has been described as the "Pied Piper of Indian bourses".
8. Prannoy Roy – The founder and Executive Chairman of NDTV. First cousin of Arundhati Roy. Also studied at Queen Marry, University of London. His father was known as Hurricane Roy. Some families are just full of overachievers.
9. Rameshwar Thakur – Senior Indian National Congress Politician. Former Governor of MP, AP,Kartnatka. Like a true politician, he is surrounded by controversies of eating money.
10. T.V. Mohandas Pai – CFO of Infosys from 1994 to 2006. In 2000, he, along with others, founded the Akshaya Patra Foundation, Bangalore, to start a midday meal program for school children. Today, the midday meal program feeds over 12,00,000 children in 7,669 government schools across seven states in India,primarily in Bangalore's rural and urban areas, Mysore, Mangalore, Hubli, Mathura, Jaipur, Baran district of Rajasthan, Nayagarh district of Orissa,Puri, Bhilai, Guwahati, Ahmedabad and Vadodara. This initiative has turned outto be the largest midday meal program in the world.
11. Shri K.Rahman Khan - A chartered accountant turned politician from Karnataka, and a long-time member of the Indian National Congress. He is the Deputy Chairman of the Rajya Sabha. Before holding the post of the Deputy Chairman he was the Union Minister of State for Chemical sand Fertilizers. Mr Khan is one of the most prominent Muslim leaders of the country.
12. Piyush Goyal
Treasurer and spokesperson of BJP.
14. Kirit Somaiya
Former minister and BJP office bearer.
22 January 2014
Court No. – 33
Case :- WRIT TAX No. - 870 of 2007
Petitioner :- M/S Bhagwati Security Services (Regd.)
Hon'ble Sushil Harkauli,J.
Hon'ble Naheed Ara Moonis,J.
Heard learned counsel for the petitioner and the learned counsel appearing on behalf of
Only reason given for denying the reimbursement of the service tax is that the same was not contemplated in the service agreement. Having gone through the agreement and the provisions of the relevant statute, we find that service tax is statutory liability. It is a tax which is required to be collected by the service provider from the person to whom service is provided, and thereafter to be deposited with government treasury within the prescribed time.Thus essentially the statute is being imposing the tax upon the person to whom service is being provided, and the service provider is merely a collecting agency. In that view of the matter, the writ petition is allowed. The respondent no.2 is directed to make reimbursement of service tax to the petitioner without further delay.
Order Date :- 16.1.2013
18 January 2014
17 January 2014
CBEC issues clarifications on application of SC decision in Fiat India Ltd to determine transaction value; Mere sale of goods below manufacturing cost and profit, not sole basis to reject transaction value; Valuation a matter under self - assessment procedure, but excise officer can conduct verification of valuation during audits; Aspects like loss percentage on sale, period / reasons for such loss making price must be considered while applying Fiat ratio; Cost auditing of unit / summoning of costing data should be done, only where investigation at Commissioner level; Calculations of manufacturing cost may be carried out using CAS-4 standards; Circular clarifies that extended period of limitation, for period prior to judgment date, shall not apply where show cause notice issued on grounds of Fiat judgment alone; However, any sale post Fiat ruling, where circumstances similar to Fiat case exist, then such transaction value would amount to wilful mis-statement of assessable value : CBEC Circular.
CIRCULAR NO. 1/2014 [, DATED 13-1-2014
Subject: TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised in thepayments made to residents - clarification regarding
The Board had issued a CircularNo.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount of rent paid/payable without including the service tax component. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also.
2. Attention of CBDT has also been drawn to the judgement of the Hon'ble Rajasthan High Court dated 1-7-2013, in the case of CIT (TDS) Jaipur v. Rajasthan Urban Infrastructure (Income-tax Appeal No.235, 222, 238 and 239/2011), holding that if as per the terms of the agreement between the payer and the payee, the amount of service tax is to be paid separately and was not included in the fees for professional services or technical services, no TDS is required to be made on the service tax component u/s 194J of the Act.
3. The matter has been examined afresh. In exercise of the powers conferred under section 119 of the Act, the Board has decided that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/payable without including such service tax component.
4. This circular may be brought to the notice of all officer for compliance
14 January 2014
Service Tax :
Central Govt extends service tax exemption to sponsorship of national sports events; Amends Mega Exemption Notification No. 25/2012 - ST
Notification No.01/2014 Service dated January 10, 2014
12 January 2014
Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2013-14
10 January 2014
09 January 2014
High Court grants interim stay on levy of fee for failure to file TDS statement
S. 234E: High Court grants interim stay on levy of fee for failure to file TDS statement S. 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day's delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The constitutional validity of s. 234E has been challenged in the Kerala High Court. Vide an interim order dated 18.12.2013, the High Court has admitted the Petition and granted a stay of proceedings for a period of two months.
08 January 2014
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