REORGANIZATION OF CENTRAL EXCISE AND SERVICE TAX DIVISIONS WITHIN SURAT-II COMMISSIONERATE

Jurisdiction of Central Excise and Service Tax divisions with in Commissionerate of Central Excise and Service Tax, Surat -II is reorganized into three Central Excise divisions and two exclusive Service Tax divisions. Jurisdictions of the Ranges of each of the division of Commissionerate of Central Excise and Service Tax Surat - II is reorganized as well.

Central Excise Ranges and Divisions will have jurisdiction over both Central Excise and Service Tax assessees except where the exclusive jurisdiction of the Service Tax Division and Range for Service Tax has been specified.

Many areas which were within the jurisdiction of Surat-I Commissionerate  are now covered under the jurisdiction of Surat-II Commissionerate. 

In this regard, office of the Chief Commissioner Central Excise, Customs & Service Tax, Vadodara Zone has issued a Trade Notice No. 5/2014, dated 09/10/2014, consequent to  Notification No. 27/2014 CE (NT) and 20/2014 ST, both dated 16/09/2014.

READ MORE:
Trade Notice No. 05/2014
https://drive.google.com/file/d/0B1rRav-P4-8JTGY4ZTdKYTNoQU0/view?usp=sharing

Notification No.27/2014-CE (NT),  dated 16/09/2014
http://www.cbec.gov.in/excise/cx-act/notfns-2014/cx-nt2014/cent27-2014.pdf


Notification No.20/2014-ST,  dated 16/09/2014
http://www.servicetax.gov.in/st-notfns-home.htm

CBDT extended the due date for filing of Income Tax Return

Read the full text:

https://drive.google.com/file/d/0B1rRav-P4-8JejNjUkRzLVdHT2s/edit?usp=sharing

INCOME-TAX (NINTH AMENDMENT) RULES, 2014 - AMENDMENT IN RULE 28AA AND SUBSTITUTION OF FORM NO. 13

NOTIFICATION NO. 46/2014[F.NO.133/10/2014-TPL]/SO 2487(E), DATED 24-9-2014

In exercise of the powers conferred by section 295 read with section 197 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 (9thAmendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,—

(a)		in rule 28AA, for sub-rule (4) and sub-rule (5), the following sub-rules shall be substituted, namely:—
		"(4) The certificate for no deduction of tax shall be valid only with regard to the person responsible for deducting the tax and named therein.
		(5) The certificate referred to in sub-rule (4) shall be issued direct to the person responsible for deducting the tax under advice to the person who made an application for issue of such certificate.
		(6) The certificate for deduction of tax at lower rate shall be issued to the person who made an application for issue of such certificate, authorising him to receive income or sum after deduction of tax at lower rate.";
(b)		in Appendix-II, for Form No.13, the following Form shall be substituted, namely:—

Form No.13 [See rules 28 and 37G] Application by a person for a certificate under sections 197 and/or 206C(9) of the Income-tax Act, 1961, for no *deduction/collection of tax or *deduction/collection of tax at a lower rate Link for Form No. 13:- https://drive.google.com/file/d/0B1rRav-P4-8JR0tmdGVQX29WWG8/edit?usp=sharing

Guidance Note on Tax Audit

The Institute of Chartered Accountants has released a Guidance Note on Tax Audit under section 44AB of the Income Tax Act, 1961 (Revised 2014 Edition).

Recently in July, 2014 the CBDT amended the formats of tax audit reports, thereby expanding the scope of audit tremendously. The Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with the Seventh edition of Guidance Note not only for ready reference by Chartered Accountants but also by assessing officers and in various judicial forums. 

Full Text of Guidance Note:
https://drive.google.com/file/d/0B1rRav-P4-8JdnVfS3YtOXhyZVk/edit?usp=sharing

EPFO Wage Ceiling increased from Rs.6500 to Rs.15000

Copy of Gazette Notification by Ministry of Labor, Government of India.

https://drive.google.com/file/d/0B1rRav-P4-8JWXpTc1N6aEVYeFk/edit?usp=sharing

Date for obtaining and furnishing of the report of audit under section 44AB from 30th day of September, 2014 to 30th November, 2014.

The Central Board of Direct Taxes (CBDT) has extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

It has further been clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

Read more
"Order Under Section 119 of the Income-tax Act, 1961"
https://drive.google.com/file/d/0B6Ir9PZ0VdOHUEFfaDZXejNjMWs/edit?usp=sharing

Revised Tax Audit Report

CBDT has issued a Notification No. 33/2014 dated 25-07-2014 and revised Form 3CA, 3CB and 3CD. 

Notification is attached herewith and will be applicable from the date of its publication in official gazette.

Revised form 3CA, 3CB and 3CD

https://drive.google.com/file/d/0B3dVi3eBp2ZCcUFKM0VMUzRESTlVSm94eTQ5TU5kTS1yekgw/edit?usp=sharing

Key Changes in Form 3CD

https://drive.google.com/file/d/0B1rRav-P4-8JQzd3Qy13ZDM0LVE/edit?usp=sharing

Changes made in Finance Bill No.(2), 2014

Read :

https://drive.google.com/file/d/0B1rRav-P4-8JQUhXSVdibC1UZjA/edit?usp=sharing

SERVICE TAX ON EDUCATIONAL INSTITUTIONS

Amendment in taxable service by Education Institution vide Notification No.06/2014 - Service Tax, Dated 11July, 2014

Read More:
https://drive.google.com/file/d/0B3dVi3eBp2ZCT0N3RDNickhkTEk/edit?usp=sharing

PRESS RELEASE- BUDGET 2014

https://drive.google.com/file/d/0B3dVi3eBp2ZCVC1FUy1Vd1YtZGc/edit?usp=sharing

Union Budget 2014

Key Features of Budget 2014-2015

https://drive.google.com/file/d/0B3dVi3eBp2ZCeXFzNURUUjk3YWc/edit?usp=sharing

THE FINANCE (No. 2) BILL, 2014, (AS INTRODUCED IN LOK SABHA)

https://drive.google.com/file/d/0B3dVi3eBp2ZCV2IzWHVjOG5rZTA/edit?usp=sharing

CORPORATE GOVERNANCE UNDER COMPANIES ACT 2013

A PARADIGM SHIFT

Are you PREPARED for the new regime?

The Companies Act 2013 compelled profound changes in the area of Corporate Governance and is set to have far-reaching implications.Under new regime significant change is there in the manner in which corporates operate in India.

https://drive.google.com/file/d/0B3dVi3eBp2ZCQW9vMGRYckVkNzg/edit?usp=sharing

COST INFLATION INDEX FOR FINANCIAL YEAR 2014-15

SECTION 48,  EXPLANATION    (v)   OF  THE  INCOME  TAX  ACT, 1961               CAPITAL GAINS - COMPUTATION OF   NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2014-15

ACCOUNTING STANDARDS, STATEMENTS AND GUIDANCE NOTES: AN INTRODUCTION

https://drive.google.com/file/d/0B3dVi3eBp2ZCMHVKRVpjTlRQTW8/edit?usp=sharing

ICAI Announcement: Important Amendments to Auditor’s Report Format.

http://www.icai.org/new_post.html?post_id=10344&c_id=219

Recent notifications and Circulars Service Tax

https://drive.google.com/file/d/0B1rRav-P4-8JV253YlZtMkZGajQ/edit?usp=sharing

INTERIM UNION BUDGET 2014-15- SUMMARY OF CHANGES MADE IN EFFECTIVE RATES OF CUSTOMS AND CENTRAL EXCISE

https://drive.google.com/file/d/0B1rRav-P4-8JcFk4Q3BDcHROZ2s/edit?usp=sharing

SUMMARY OF CHANGES MADE IN SERVICE TAX PROVISIONS- INTERIM UNION BUDGET 2014-15

TRANSACTION VALUE - IN CASE OF SALE OF GOODS BELOW COST, TRANSACTION VALUE CANNOT BE REJECTED

SECTION 4 OF THE CENTRAL EXCISE ACT, 1944 - VALUATION UNDER CENTRAL EXCISE - TRANSACTION VALUE - GENERAL - IN CASE OF SALE OF GOODS BELOW COST, TRANSACTION VALUE CANNOT BE REJECTED EXCEPT WHERE CIRCUMSTANCES ARE SAME AS THAT IN FIAT INDIA'S CASE (SC); VALUE WILL BE MANUFACTURING COST PLUS MANUFACTURING PROFIT AND COST TO BE DETERMINED AS PER CAS-4

COLLECTION AND RECOVERY OF TAX - DEDUCTION AT SOURCE - CLARIFICATION REGARDING TDS UNDER CHAPTER XVII-B ON SERVICE TAX COMPONENT

CHAPTER XVII-B OF THE INCOME-TAX ACT, 1961 - COLLECTION AND RECOVERY OF TAX - DEDUCTION AT SOURCE - CLARIFICATION REGARDING TDS UNDER CHAPTER XVII-B ON SERVICE TAX COMPONENT COMPRISED OF PAYMENTS MADE TO RESIDENTS

CIRCULAR NO. 1/2014 [F.NO.275/59/2012-IT(B)], DATED 13-1-2014

The Board had issued a Circular No.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount of rent paid/payable without including the service tax component. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also.

2. Attention of CBDT has also been drawn to the judgement of the Hon'ble Rajasthan High Court dated 1-7-2013, in the case of CIT (TDS) Jaipur v. Rajasthan Urban Infrastructure (Income-tax Appeal No.235, 222, 238 and 239/2011), holding that if as per the terms of the agreement between the payer and the payee, the amount of service tax is to be paid separately and was not included in the fees for professional services or technical services, no TDS is required to be made on the service tax component u/s 194J of the Act.

3. The matter has been examined afresh. In exercise of the powers conferred under section 119 of the Act, the Board has decided that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/payable without including such service tax component.

4. This circular may be brought to the notice of all officer for compliance.