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Friday , July 25, 2014 | Updated : Jul 25, 20:25 IST
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NEWS FLASH
 
MCA clarifies on class of companies as per Sec 203(1) (See ‘Notification’ in ‘TIOL Library) Govt hikes interest rate on various Savings Schemes, including PPF (See ’TIOL Library’ for Notifications) Lok Sabha passes Finance Bill with many amendments (See 'Union Budget') Finance Bill amendments – Indirect Taxes - Pre-deposit - Amendment proposed to clarify that where duty and penalty are disputed , pre deposit is on the duty amount only Interest on refund of pre-deposit – Indirect Taxes – interest to be paid from the date of making pre-deposit at the rate to be notified Finance Bill - Notice of Amendment - capital gains on Mutual Funds - New tax regime not to apply for transactions done till July 10, 2014 Settlement Commission & Advance Ruling Authority to entertain even reassessment cases Wind energy - depreciation benefit extended + minor amendment in TP with respect to more than one price determined by most appropriate method Finance Bill likely to be passed today – certain cosmetic changes likely; Pre-deposit of duty or penalty or both to be clarified; Interest from Day one for pre-deposit (See 'DDT' Column) ST - Notification 34/04-ST - appellant is not eligible for exemption because entire goods transported by GTA in present case consisted of only single consignment and freight charges for single consignment exceeded Rs 750: CESTAT (See 'Breaking News') What are Challenges before GST? Can these be met? (See 'Guest' Column) India uses VETO to block WTO New Global Customs Rules on ‘trade facilitation’ Income tax - Whether when assessee fails to explain huge increase in sundry creditors and unsecured loans, additions made by AO in this regard are legally sustainable - YES: HC (See 'Breaking News') Anti Dumping Duty – In spite of HC Order, Govt continues with resurrection (See 'DDT') NDPS - Recall of Bail - One Bench can cancel bail granted by another - It is duty of court to recall own order granting bail by invoking Sec 482 Cr.P.C - Application allowed: HC (See 'Breaking News') Transitional period for resolutions passed under the Companies Act, 1956 – Govt clarifies (See 'TIOL Library') ST - Appellant M/s SRL engaged in business of acquiring land suitable for setting up wind farm projects as designated by M/s SEL and providing such land on exclusive basis to customer of M/s SEL- no Real Estate agent service can be said to have been provided by M/s SRL to M/s SEL: CESTAT (See 'Breaking News') What they said on the Budget (See 'DDT') Govt imposes definitive anti-dumping duty on many Rubber Chemicals (See 'Cus ADD' in What's New) Right time to cement trade pact with India, says US Official Govt seeks views of all political parties on appointment of judges Service Tax mop-up in Q1 goes up to Rs 38862 Cr from Rs 32617 Cr during same time last fiscal CBEC issues AGT order of 104 AC/DCs at All India level (See 'Transfer' in Pitara) Union Cabinet okays Bill to vest powers in SEBI to deal with Ponzi Schemes Govt decides to appoint Panel to review gas pricing mechanism CBDT issues transfer order of 33 Addl / JCITs (See Transfer in 'Pitara') Anti-dumping duty on Carbon Black, Phosphoric Acid, Vitamin C, Potassium Carbonate extended by one more year CBDT Chairman to inaugurate Special Return Receipt Counters at Civil Centre tomorrow Income Tax Return Filing - CBDT decides to keep offices open on Saturday + Sunday; additional counters to be set up up to July 31 NTT 'ghost' is back! FM needs to do 'same thing' only differently! (See ‘The Cob(Web) Column)
 
   
UNION BUDGET 2014-15
BUDGET ANALYSIS

Did budget meet expectations of Corporates?
By Lakshit Desai & Deepa Bakhru
Published: July 24, 2014

Finance Bill - Key concerns on indirect tax
By Bimal Jain
Published: July 23, 2014

More

DDT (Daily Dose of Taxation)

Finance Bill likely to be passed today – certain cosmetic changes likely; Pre-deposit of duty or penalty or both to be clarified; Interest from Day one for pre-deposit

With VIJAY KUMAR

Finance Bill likely to be passed today – certain cosmetic changes likely; Pre-deposit of duty or penalty or both to be clarified
Published: July 25, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 11-25 NT 54 Cir 08
ADD
:
30-35 Inst: 07 SG: 01
EX
:
Not 08-20 NT 17-22 Cir 983
S.TAX
:
Not 06-15 Order Cir 178
I-T
:
Not 32 Cir 10 Inst 11
DGFT
:
Not 88 PN 67 Cir 13
RBI
:
Cir 14    
BREAKING NEWS

Mumbai, July 25
ST - Notification 34/04-ST - appellant is not eligible for exemption because entire goods transported by GTA in present case consisted of only single consignment and freight charges for single consignment exceeded Rs 750: CESTAT

New Delhi, July 25
Income tax - Whether when assessee fails to explain huge increase in sundry creditors and unsecured loans, additions made by AO in this regard are legally sustainable - YES: HC

Hyderabad, July 25
NDPS - Recall of Bail - One Bench can cancel bail granted by another - It is duty of court to recall own order granting bail, within parameters of law more particularly by invoking Sec 482 Cr.P.C - Application allowed: HC

Mumbai, July 25
ST - Appellant M/s SRL engaged in business of acquiring land suitable for setting up wind farm projects as designated by M/s SEL and providing such land on exclusive basis to customer of M/s SEL- no Real Estate agent service can be said to have been provided by M/s SRL to M/s SEL: CESTAT

New Delhi, July 24
Cus - EOU - De-bonding - Depreciation on value of capital goods imported but not used fully for purpose of manufacture so as to discharge export obligation - Depreciation allowed: CESTAT

MIXED BUZZ
XCuSE Updates
XCuSE
PUZZLE TO DAZZLE
Punit Vedby PUNIT PAVAN VED CA

Can CIT(A) order special audit u/s 142(2A) in course of appellate proceedings?

Published: July 21, 2014

Post Answer »
THE COB (WEB)
NTT 'ghost' is back! FM needs to do 'same thing' only differently!by SHAILENDRA KUMAR

NTT 'ghost' is back! FM needs to do 'same thing' only differently!
Published: July 24, 2014

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Modi Govt should roll-out Tax Policy roadmap as promised in BJP manifesto by TIOL EDIT TEAM

Modi Govt should roll-out Tax Policy roadmap as promised in BJP manifesto

Published: July 18, 2014

View previous Editorials»

ICE CUBES
by NARESH MINOCHA FM shuns Risks & Innovation in growth-centric Budget

FM shuns Risks & Innovation in growth-centric Budget
Published: July 14, 2014

View previous ICE CUBEs »

GUEST COLUMN

What are Challenges before GST? Can these be met?by SUMIT DUTT MAJUMDER

What are Challenges before GST? Can these be met?
Published: July 25, 2014

View previous Guest Column(s);

ST se GST tak

Conflicting views in computing 'P' in Rule 6 of CCR, 2004 by S NARAYANAN

Conflicting views in computing 'P' in Rule 6 of CCR, 2004
Published: July 22, 2014

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
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