Fiscal year

CLR Snippets | MCA Statement on Complaints against Companies

During the last three years (i.e. 2010-11 to 2012-13), 154 complaints against companies have been received in the Ministry of Corporate Affairs. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that inspections u/s 209A and/ or Investigations u/s 235 or scrutiny… Read More

Tags: Balance sheetCorporate Affairs MinistryFiscal yearIndiaNew DelhiRajya SabhaSachin PilotShri Sachin Pilot

Concessions to SEZs

Supplies to SEZs for the authorized operations of the SEZ Units are exempted from payment of Central Excise Duties and Service Tax.  However rebate for Central Excise Duty paid by DTA supplier on supply of goods to SEZ Units can be claimed from the jurisdictional Central Excise authorities. The SEZ Act 2005 provides for setting up… Read More

Tags: Domestic Tariff AreaExportFiscal yearLok SabhaMinister of StateSEZSpecial Economic ZoneState Government

Income Tax notification w.r.t. Uttarakhand State AIDS Control Society

GOVERNMENT OF INDIA MINISTRY OF FINANCE ( DEPARTMENT OF REVENUE ) NOTIFICATION No. 55/2013 Dated : July 23, 2013 S.O. 2268(E) - In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttarakhand State AIDS Control Society… Read More

Tags: ClauseFiscal yearGovernment of IndiaIncome Tax ActIncome Tax Act 1961Indiaministry of financeUttarakhand

Amount received in the form of grants-in-aid from the Central Government – Gujarat State AIDS Control Society

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 52/2013 DATED 5-7-2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Gujarat State AIDS Control Society, a body constituted by the Government… Read More

Tags: Central GovernmentFiscal yearGovernment of IndiaGujaratGujarat governmentIncome Tax ActIndiaNarendra Modi

Himachal Pradesh Electricity Regulatory Commission

GOVERNMENT OF INDIA MINISTRY OF FINANCE ( DEPARTMENT OF REVENUE ) NOTIFICATION No. 49/2013 DATED 3-7-2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies for the purposes of the said clause, the Himachal Pradesh Electricity Regulatory Commission, a Commission established by the… Read More

Tags: AsiaFiscal yearGovernmentGovernment of IndiaHimachal PradeshIndiaIndo-Asian News ServiceShimla

How to Pay TDS on Sale of immovable property

Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More

Tags: BankFinance ActFiscal yearImmovable propertyIncome taxIncome Tax ActIncome Tax Act 1961TaxTDS

List of Penalties under IT Act 1961

The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty NON PAYMENT 221(1) Tax payments including  SelfAssessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of… Read More

Tags: Fiscal yearIncome taxRupeeTaxTax deductionTaxationTDS

CLR Snipppets | Tax Collection Report

Gross direct tax collections during April-May of the current Financial Year 2013-14 is up by 21.10 percent at Rs. 63,252 crore as against Rs. 52,231 crore in the same period during the last fiscal. While Gross Collections of Corporate Taxes showed an increase of 14.91 percent and stood at Rs.27,957 crore as against Rs. 24,329… Read More

Tags: Direct taxFiscal yearGreenwich Mean TimeIncome taxIndo-Asian News ServiceKolkataPercentageRupee

SJVN Board recommends enhanced dividend to shareholders for 2012-13

The SJVN Board of Directors have recommended enhanced dividend to its shareholders for the financial year 2012-13. The net dividend pay out (excluding taxes) works out to Rs. 397.12 crore against Rs 388.84 crore paid for the financial year 2011-12. The dividend amounts to Rs 0.96 on a share of Rs. 10 each against Rs.0.94… Read More

Tags: Fiscal yearGovernment of IndiaHimachal PradeshIndiaMaharashtraNet profitVirbhadra SinghWind power

Provisional Estimates of Annual National Income, 2012-13

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the  provisional estimates of national income for the financial year 2012-13 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2012-13, both at constant (2004-05) and current prices. 2. The CSO has also released the corresponding annual… Read More

Tags: April-MarchCentral Statistics OfficeFebruary 2013Fiscal yearGDPGross domestic productGross National IncomeMeasures of national income and output

Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year.  Basic emption  is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

Tags: Capital goodFiscal yearIncome taxIncome Tax ActPaymentService ProviderTaxTax exemption

Public Debt Management Quarterly Report – Jan to Mar 2013

Since April-June (Q1) 2010-11, Middle Office (MO) is bringing out a Quarterly Report on Debt Management. The current report pertains to the quarter January-March 2013 (Q4 of 2012-13). For Fiscal Year 2012-13 (FY13), Gross and Net Market Borrowings were higher than previous year by 9.4 per cent and 7.1 per cent respectively. Auctions during Q4 of… Read More

Tags: Economic growthFiscal yearGDPGross domestic productMiddle OfficeMortgage-backed securityPercentageSecurity (finance)

CLR Snippets | Transfers And Postings Of Deputy, Assistant, Addl And Joint Commissioners

Vide Order No. 86 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Deputy/ Assistant Commissioner of Income-tax with immediate effect. Vide Order No. 87 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Additional/ Joint Commissioner… Read More

Tags: BangaloreCBDTFiscal yearIncome taxTaxTaxation in India

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