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Recovery Of Service Tax Without SCN

Amendments made by Finance Bill, 2015 (w.e.f. enactment date)

Finance Bill, 2015 has made the following two changes in the provision of section 73 –

New sub-section (1A) enabling recovery of self assessed and returned u/s 70 Service Tax payable but not so paid, as per section 87 of the Finance Act, 1994; and

Omission of sub-section (4A) which provided for non-issuance of Show Cause Notice (SCN) where true and complete details of non-payment / short payment of Service Tax / erroneously refund is available in specified records and pays Service Tax along with interest and 25 percent of penalty … Read more

Categories Of Directors Series-31

RESIDENT DIRECTOR:

As per Section 149 sub section 3 of Companies Act 2013, Board of Directors of a company, must have at least one resident director i.e. (A person who has lived at least 182 days in India in the previous calendar year)

As per General Circular No. 25/2014 The residence requirement would be reckoned from the date of commencement of section 149 of the Act i.e. 1st April, 2014, The first previous calendar year, for compliance with these provisions would, therefore, be Calendar year 2014. The period to be taken into account for compliance with these provisions will be … Read more

CBDT notification – Changes in ITR 1, ITR 2, ITR 4S for A.Y.2015-16

CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.  A brief summary of Changes is as follows :-

General

1) ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.

2) Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.

3) Super Senior … Read more