Mutual Sharing Group for Chartered Accountants,Company Secretaries,Cost & Work Accountant,Lawyers & any other person having interest in Income Tax,Service tax,Sales Tax,Excise,Custom ,Case Laws etc.
As per Companies Act 2013 all Indian Companies shall comply with Corporate Social Responsibility requirements w.e.f 01.04.2014.
All companies havinga net worth of Rs. five hundred Crore or more, or turnover of Rs. one thousand crore or more or a net profit of rupees five crore or more during a financial yearshall constitute a Corporate Social…[Read more]
caankeet started the topic ‘Stainless steel wire’ is not declared goods under MVAT Provisions in the forum CA FORUM 1 week, 3 days ago
Office of the Commissioner of Sales Tax, Vikrikar Bhavan, Mazgaon.
Mumbai, dated- 04.04.2014
No- OSD/VP12014-15 Trade Circular- 11T of 2014
Sub: Supreme Court judgment in the case of Bansal Wire Industries.
RATIO OF THE JUDGEMENT
The Supreme Court in the case of Bansal Wire industries (42 VST 372) had occasion to decide as to…[Read more]
caankeet started the topic Test to determine whether the land is Agricultural or not ? in the forum CA FORUM 1 week, 3 days ago
The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj) (1983) has laid down the following tests for determining whether the land is agricultural or not:
a) Whether, the land was classified in the revenue records as agricultural and whether it was subject to payment of land revenue? [ CIT vs. Smt. Debbie Alemao 331 ITR 0059 (Bom) ]
caankeet started the topic Impact of Companies Act, 2013 on Private Companies & Changes in Acceptance of De in the forum CA FORUM 1 week, 3 days ago
companies act,1956 have been withdrawn, lot of changes in acceptance of deposit rules through which private companies were not allowed to accept loan from relative and members which were the major source of fund. Some of them with bifurcation have been shown below:
Impact of Companies Act, 2013 on Private Companies
The Companies Act, 1956 The…[Read more]
In this article, author attempts to explain key insights of Direct Tax Code 2013, comparing with DTC 2010 and Income Tax Act, 1961, wherever required. For any queries, author can be reached at firstname.lastname@example.org
The Indian Government unveiled the Direct Tax Code (‘DTC’) 2009 along with a discussion paper for public comments to…[Read more]
As soon as you read the title the first thought which will come in mind. Is it possible? Yes it is possible and I have tried it. Awaiting your valuable comments.
You will find following topics
1. Types of Heads
2. Sections associated with each heads of Income.
3. Exempted Income.
4. Expenses allowed as deduction under each head.
5. Computation of…[Read more]
caankeet started the topic Share Trading – Business income or Capital gain – Guiding principles in the forum CA FORUM 1 week, 3 days ago
Where assessee held shares from seven to eleven months, earned dividend and entered into a few transactions of sale of such shares during relevant year even though he held a huge number of shares, income arising from sale of shares would be taxable as short-term capital gain.
[CIT v. Vinay Mittal  22 taxmann.com 151 (Delhi)]
• Where…[Read more]
capoonam started the topic All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15 in the forum CA FORUM 1 week, 5 days ago
Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership firms to whom Provisions of section 44AB were not applicable they were allowed to furnish…[Read more]
capoonam started the topic Trusts to give notice for accumulation of Income (From 10) electronically in the forum CA FORUM 1 week, 5 days ago
Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15
CBDT has vide notification NOTIFICATION NO. 24/2014, Dated: April 1, 2014 amended the rule 12 of Income Tax Rules, 1962 and provided that notice under clause (a) of sub-section (2) of section 11 of the Act, shall be furnished electronically in form No. 10…[Read more]
capoonam started the topic Political Parties to File ITR-7 electronically under digital signature wef A.Y. in the forum CA FORUM 1 week, 5 days ago
Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15
CBDT has vide Notification No. 24/2014 dated 01.04.2014 amended rule 12 of Income Tax Rules 1962. Prior to amendment of Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :-
(i) furnishing…[Read more]
capoonam started the topic Rule 12 of Income Tax Rules wef 01.04.2014 related to Filing of Audit Reports in the forum CA FORUM 1 week, 5 days ago
Rule 12 of Income Tax Rules wef 01.04.2014 related to Filing of Audit Reports & ITR
CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11(2)(a) by trusts for accumulation…[Read more]
capoonam started the topic CBDT Notifies SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR a.y. 2014-15 in the forum CA FORUM 1 week, 5 days ago
S.O.997(E). – In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.
(2) They shall come into force with effect…[Read more]
capoonam started the topic Partners not liable to pay tax on exempt Income in the hands of firm – CBDT in the forum CA FORUM 1 week, 5 days ago
Circular No. 8/2014, Dated: March 30, 2014
Sub: Interpretation of Provisions of Section 10(2A) of the Income tax Act, 1961 in cases where income of the firm is exempt-clarification regarding.
A reference has been received in the Board in connection with the interpretation of provision of Section 10(2A) of the Income tax Act, 1961 (‘Act’) seeking…[Read more]
capoonam started the topic Recent Exemptions in Service Tax related to Rice & Health Care Service in the forum CA FORUM 1 week, 5 days ago
In Service Tax, exemption has been granted to ‘rice’ treating it as agricultural produce. Thus, storage, warehousing, packing, loading, unloading etc for rice would be exempt from Service Tax. Earlier only paddy was exempt. Similarly, blood banks would also be exempt treating them as part of health care services which were already…[Read more]
Is leave encashment fully taxable?
(i) Leave Encashment during service is fully taxable in all cases, relief u/s 89(1) if applicable may be claimed for the same.
(ii) Any payment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully…[Read more]
ca pratik started the topic Power to compound contraventions under FEMA, 1999 to vest with Regional Offices in the forum CA FORUM 1 week, 5 days ago
Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999
A.P. (DIR Series) Circular No.117
April 4, 2014
All Category – I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management Act, 1999 (FEMA)
Foreign Exchange…[Read more]
ca pratik started the topic Loan to Directors and Other Entities under the Companies Act 2013 in the forum CA FORUM 1 week, 5 days ago
Loan to Directors and Other Entities under the New Regime
Restriction on granting of loan to its directors by a company and other entities in which directors are interested has been one of the most touching issues in the Companies Act, 2013, since 12th September 2013, when Ministry of Corporate Affairs notified 98 Sections of the Companies Act,…[Read more]
ca pratik started the topic ICSI makes representations to Ministry to safeguard interest of its members in the forum CA FORUM 1 week, 5 days ago
<p class=”MsoNormal”>Dear Members and Students of ICSI,</p>
<p class=”MsoNormal”>The Council is extremely pained at the provisions in rules notified under the Companies Act, 2013. It shares the concerns of the members and students fully.</p>
<p class=”MsoNormal”>The rules are substantially different from the draft rules. The draft rules provided…[Read more]
What are the 2014 General Elections?
•Your chance to decide the Government at the centre
•Your golden opportunity to exercise your constitutional right & participate in world’s largest democratic exercise
•Elections to the Lower House or House of the People (Lok Sabha) of the Indian Parliament
•The 16th General Election
What are the Election…[Read more]
ca vivek started the topic ICAI Launches E-Book “Guidance Note on Audit of Banks (2014 Edition) in the forum CA FORUM 1 week, 5 days ago
The banking industry in India has a huge canvas of history, which covers the traditional banking practices from the time of Britishers to the reforms period, nationalization to privatization of banks and now increasing numbers of foreign banks in India. Therefore, the banking industry in India has been through a long journey and has also achieved…[Read more]
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