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Monthly Archives: January 2015

Finance Bill (No.2) 2014 has vide Clause 98 has proposed an amendment in Section 35F of Central Excise Act that the appeal against an Order passed by lower authorities will not be entertained unless the appellant has made a 7.5 per cent in case of first stage appeal or 10 per cent of the duty demanded or penalty imposed or both in case of second stage appeals.

VAT Dealer and Department-Maharashtra Vat Audit

As the last date of submission of Maharashtra VAT Audit Report is 15th of January 2015.

VAT Audit applies to whom?

If the Annual Turnover is more than Rs. 1 Crore then the Taxpayer has to conduct VAT Audit compulsorily. This limit was Rs. 60 lakhs for Financial Year 2012-13,But from Financial Year 2013-14 limit was increased . It was applicable in case of liquor Dealer also that the limit was fixed to Rs. 1 crore for conducting VAT Audit. In Vat audit it is checked that the Returns are filed according to books of accounts.

We regularly face situations where we are required to compute interest under section 234B of the IT Act, 1961 Whereas, the present scenario is that this interest calculation is automatically done in the income tax return (ITR) utility available on the web portal of the Indian Revenue Authorities (IRA), however, it is very important for us to understand section 234B of the Act and its computation .This article purpose to clarify the calculation of section 234B and understand the important concept of “Assessed Tax”.

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