Reserve bank of India has issued the notification as on 14th August 2014 and instructs the all commercial and co-operative banks for rationalization of number of free ATM transaction. The number of the ATMs is increased to 1.6 lacks across the country by March 2014. Few banks and Indian Bank’s Association had approached the RBI … Read more
As per Schedule I of the Company act 2013 Memorandum of association of company limited by shares has six clauses, which are described below:- 1) Name Clause: – Under this clause name of company is stated, as approved by MCA. 2) Registered Office Clause: – The memorandum must mention the state in which registered office of the … Read more
File No. ICAI/ClTAX/2014-15/Rep/02 THE ]INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) ‘ICAI Bhawan’, Indraprastha Marg, New Delhi – 110 002. INDIA Dated: 13/11/2014 Sh. Ashish Abrol Directorate of Income Tax (Systems), Aayakar Bhawan, Vaishali, Sector-3, Ghaziabad, 201010, Uttar Pradesh Subject: Representation Form No. 3CEB for reporting of International … Read more
Abatement means reduction or decrease of amount from taxable value of services. Service provider has to pay service tax after arriving at appropriate value of service as per section 67 of Finance Act, 1994 read with the Service Tax (Determination of Value) Rules, 2006. The Government can provide for reduction in the value of any … Read more
I take pride in telling my CMA professional colleagues, that if there is one area where CMAs beat hands down to other professionals (read chartered accountants, whom we are always jealous of and therefore continue to benchmark) colleagues it is “processes” Having privileged to work on processes and process manual in five companies by now, … Read more
A person responsible for making payment of income which is covered by provisions TDS (Tax Deducted at Sources), is required to deduct tax at source and deposit the same to the Government within the prescribed time. A person who deducts TDS is called as ‘deductor’ and person whose tax has been deducted is called ‘deductee’. Tax will deduct on … Read more
What is new composition scheme for MVAT dealer and its applicability? Deputy Chief Minister of the Maharashtra state announced the new composition scheme for retailers in his budget speech. The sales tax department comes with the trade circular No. VAT/AMD/2014/8/ADM-8 dated 20/09/2014 regarding the new retailer’s composition scheme. The old composition scheme is expired with effect from 30th September … Read more
Following are some important point to become a successful merchant exporter. 1. Study the exporter product in detail. Exporter should have the details knowledge of the features of the products, its technical specification, a variety of the product and uses of the product. 2. The merchant exporter should evaluate the supplier/manufacture of in totality. He … Read more
Section 83 of the Finance Act, 1994 makes certain provisions of the Central Excise Act, 1944 (CEA) applicable to service tax. Section 11B of CEA provides for refund which is also applicable to refunds of service tax. Claim of refund of service tax should be filed in the prescribed format; i.e. in Form R to … Read more
What is H form? H form is the certificate issued by Sales tax/ VAT department as proof of export. Who can apply H form? Only register dealer who exports the goods outside Indian can get H form. What is use of H form? State sales tax is applicable when goods sold in the state. Central … Read more