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Apr 27, 2013

Procedure for Incorporation Of A Private Limited Company

Procedure for Incorporation Of A Private Limited Company

Posted: 26 Apr 2013 07:19 PM PDT

1. For incorporating a private limited company, there must be: At Least 2 Promoters: Promoters who will promote/ incorporate the company. Promoters may be individual or body corporate. AND

Dearness Allowance payable to CG Employees increased to 80% wef 01.01.2013

Posted: 26 Apr 2013 08:28 AM PDT

Government issued order enhancing the Dearness Allowance payable to Central Government Employees with effect from 1.1.2013 from the existing 72% to 80%.

DRP entitled to enhance by questioning very existence of transaction

Posted: 26 Apr 2013 07:34 AM PDT

With this amplification of the scope of the power of the DRP, now even the matters not agitated by the assessee before the DRP can also be considered for the purposes of enhancement.

Consistent losses show mistake/ absence of intention to evade taxes

Posted: 26 Apr 2013 06:58 AM PDT

Mere mistake in making of a claim in the return of income would not ipso facto reflect concealment or furnishing of inaccurate particulars of income in terms of section 271(1)(c) of the Act. The wrong claim of depreciation in the present case cannot be said to be made with an intention to evade...

Coaching institute cannot be treated &registered as a charitable institution

Posted: 26 Apr 2013 12:22 AM PDT

From the above judgment of the Apex Court it would be abundantly clear that there should be a systematic instruction to the students by way of normal schooling. Mere coaching classes may provide some kind of knowledge to the students. But that kind of acquisition of knowledge through coaching...

S. 80G Registration cannot be denied for mere non utilization of Government Grant

Posted: 25 Apr 2013 10:12 PM PDT

Section 80G(5)(i)(b) provides the condition for exemption or rejection of the application for renewal, if the donation made to the institution or funds are not used by it directly or indirectly for the purpose of such business. In the present case the Commissioner did not record any such finding...

No Criminal Prosecution if demand itself been set aside

Posted: 25 Apr 2013 08:34 PM PDT

It is the case of the accused that he has preferred an appeal before the Collector of Central Excise, Madras and by order dated 27.03.1987, the appeal was allowed, whereunder, the order passed by the Collector of Central Excise, Hubli Division on 16.12.1986 was challenged and the same was set...

Delhi VAT – Due Date extended for Return for the period ending on 31st March 2013

Posted: 25 Apr 2013 08:30 PM PDT

GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, NEW DELHI No.F.7(420)/VAT/Policy/20 11 /117-123  , Dated:25/04/2013 CIRCULAR NO. 3 OF 2013-14 Sub: Filing of online returns for March, 2013 and Fourth Quarter 2012-13. In order to facilitate the filing of online DVAT/CST...

Interest expenses not allowable if used for acquisition of capital asset & not put to use

Posted: 25 Apr 2013 08:14 PM PDT

This is undisputed fact that the interest has been paid by the assessee, as is evident from perusal of the profit and loss account, as mentioned by the AO. It is also undisputed fact that the assessee had purchase assets. Therefore, the provisions of section 36(1)(iii) and proviso thereunder, which...

Posting Of Probationer Assistant Commissioners Of Income-tax – Order No. 71/2013

Posted: 25 Apr 2013 12:02 PM PDT

Vide Order No. 71 of 2013 dated 25.04.2013, the CBDT has posted several Assistant Commissioners of Income-tax (probationers) in the Pay Scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5,400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur in the Region of...

Excise paid on Inputs and ST on Input services used in construction sector can be utilized for discharging ST liability on renting of immovable property

Posted: 25 Apr 2013 11:51 AM PDT

The Hon'ble Tribunal has held that Excise duty paid on Inputs and Service Tax paid on Input services used in the construction of immovable property can be taken and utilized for discharging ST liability on the renting of such immovable property and granted unconditional waiver from the pre-deposit...

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