Annual Filings of LLP in INdia

http://www.caclubindia.com/articles/annual-filings-of-llp-20351.asp#.VJQOIv8MU

Benefit of Abatement is available in respect of Interior Works on existing buildings

Recently, the Mumbai CESTAT in the case of The Carpenters v Commissioner of C.Ex & ST, Pune-III/Mumbai-III 2014 (36) STR 1137 (Tri-Mumbai) has held that activities undertaken on existing building which is in already in use, the same would amount to renovation or restoration or alteration or repair as per the definition under Section 65(25b) of the Finance Act, 1994.

In the present case, the Appellant is engaged in activities of interior work such as plastering of walls, tiling of floors, carpentry work, partition work, work relating to bathrooms/toilets etc. and it was question for decision whether the activities undertaken by the Appellant would fall under clause (d) of Section 65 (25b) of the Finance Act, 1994 as claimed by the Appellant of would fall under the clause (c) of the said Section 65 (25b) of the Finance Act, 1994 as claimed by the Revenue.

Clause (c) and (d) of Section 65(25b) is reproduced below:-

“Commercial or Industrial Construction” means:

(c) completion and finishing services such as glazing, plastering, painting, floor and wall tiling, wall papering, wood and metal joinery and carpentry, fencing and railing, construction of swimming pools, acoustic application or fittings and other similar services, in relation to building or civil structure; or

(d) repair, alteration, renovation or restoration of, or similar services in relation to, building or civil structure, pipeline or conduit, which is-

i.   used, or to be used, primarily for; or

ii.  occupied, or to be occupied, primarily with; or

iii. engaged, or to be engaged, primarily in,

commerce or industry, or work intended for commerce or industry, but does not include such services provided in respect of roads, airports, rail-ways, transport terminals, bridges, tunnels and dams.

It was observed by the Hon’ble CESTAT that activities of repair, alteration, renovation or restoration undertaken by the Appellant comes under clause (d) and not under clause (c) and, therefore, the Appellant is eligible for the benefit of Notification No. 1/2006-ST and to attract clause (c) the same has to be undertaken in respect of new or unfinished building.

Further it was also observed, that if the contract were entered into prior to 1 June 2007, they would be governed by the provisions of Section 65(25b) of the Finance Act, 1994 relating to ‘Commercial or Industrial Construction Service’. Whereas, if the contract were entered into on or after 1 June 2007, then in that case they would be covered under the provision of ‘Work Contract Service’.

E-filing of audit reports must with tax returns

From assessment year 2013-14 onwards, in case an assessee is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB, he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income electronically,” said the notification from the tax department.

http://www.business-standard.com/article/pf/e-filing-of-audit-reports-mandatory-with-tax-returns-113061700843_1.html

E-filing of IT returns

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net throughNotification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income during the financial year ended March 31, 2013. Earlier the same was mandatory for the Individuals having salaried Income more than 10 Lakhs

As desired by the Ministry vide its circular No.11/2013  this office has made it mandatory that the Subscribers/first Directors  of companies should furnish an affidavit on Rs.25/- Non judicial stamp paper in the format given below at the time of filing the incorporation documents.   It is therefore requested that all your esteemed members be informed of the above requirement so as to avoid resubmission of incorporation documents.

AFFIDAVIT

 

 I, (Name), S/o,D/o­­­­­­­­­­­-____________.residing at__________Subscriber/First director of M/s.____ _______________________________(under incorporation) 

do solemnly affirm that the company/directors shall not accept deposits unless compliance with the applicable provisions of Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules/directions/regulations made thereunder are duly complied and necessary forms are filed with the concerned authorities.

                                                                              Signature:----------------------

                                                                                                                                                             (Deponent)

 

Notarized or Witnessed by Professional with his/her Membership No.

While incorporating new Company - Declaration from Directors to be obtained regarding Deposits shall not be accepted by the Company unless comploiance with SEBI, Companies Act, RBI and rules /directions/regulations made thereunder are complied with:
http://www.mca.gov.in/Ministry/pdf/General_Circular_11_2013.pdf

Section 42 of KVAT ACT 2003- K VAT AUDIT  2012-13

Furnishing of Audit report is compulsory if Turnover exceeds Rs.60 Lakhs