Simplifying Taxation in India
Verification of all lawyers soon – Law Minister The Bar Council of India has introduced an exhaustive mechanism for ascertaining fake and non-practicing lawyers and with that purpose it has already framed the BCI certificate and Place of Practice (verification) Rules 2015, law minister Sadananda Gowda said on Thursday. The minister said the BCI has … Read more
Deemed dividend applies only where there is ‘actual payment’ & not on transaction in kindDeemed Dividend – For invoking provisions of Section 2(22)(e) there should be actual payment, existence of Reserves at the time of making payment – Credit sale is not ‘loan’ or ‘advance’ for purpose of S.2(22)(e) – ITAT Indore BenchPlease find attached … Read more
As per ITEF circular, the above mentioned meeting took place on 14th October at 4 PM but could not yield any substantial result beside a news that laptop to Inspectors have been cleared by IFU and will be sent to DoE for approval.Jurisdiction notification is locked up with technical issues and Ministry of Law has … Read more
CBDT issued a corrigendum order regarding post allocation due to cadre review. In this order, two post of DGIT(Inv) has been redesignated and some typographical errors have been rectified. Nothing significant found in this order.Click here to view
Penalty u/s 271(1)(c) cannot be levied for mere non acceptance of explanation furnished by the assesse Issue -During the course of search certain valuables including jewellery was found and the assessee has filed detailed explanation regarding the source of acquisition of jewellery. The assessee has explained that out of the jewellery found, some part belongs … Read more
New e-Form ADT-1New features/ Options of e-form ADT-1 introduced by Ministry today (20.10.2014) itselfProvide whether company is falling under any class of Companies as per Section 139(2).Whether Joint Auditors have been appointed – Provide Whether joint auditors have been appointed. If yes is selected then provide the value for Number of auditor(s) appointed shall be … Read more
The Ministry of Corporate Affairs (MCA) has vide notification dated October 14, 2014 amended the Companies (Accounts) Rules, 2014 (Amended Rules). Section 129 (3) read with Rule 6 of the Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation pursuant to Schedule III of the Companies Act, 2013 (Act) and the applicable accounting standards. The … Read more
General Circular dated 15.10.2014: Company Law Settlement Scheme, 2014 (CLSS-2014) General Circular No. 40/2014No. 02/13/2014 CL-VDated: 15.10.2014Subject: Company Law Settlement Scheme (CLSS) Extended upto 15.11.2014In continuation to the Ministry’s General Circular No. 34/2014 dated 12.08.2014 on the subject cited above, this Ministry has, on consideration of requests received from various stakeholders, has decided to extend the … Read more
I am sharing with you an important judgment of the Hon’ble Allahabad High Court in the case of H.M. Singh & Co. Vs. Commissioner of Central Excise, Customs & Service Tax [2014 (49) , 417(Allahabad)] on the following issue:Issue:Whether penalty could be levied under Section 77 and 78 of the Finance Act, 1994 (the Finance … Read more