Clarification with regard to applicability of provisions of section 139(5) and 139(7) of the Companies Act,2013

Clarification about applicability of sections 139(5) and 139(7) of the Companies Act, 2013 (New Act), which deal with appointment of auditors by Comptroller and Auditor General of India (C&AG), to 'deemed Government Companies' referred to in section 619B of the Companies Act 1956 (Old Act) i.e. companies where ownership or control lies with two or more Government companies or corporations etc in the manner detailed in section 619B ibid.

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CBDT Instruction No 5/2014 dated 10.07.2014

Dear Members, The Hon'ble CBDT has issued Instruction No 5/2014 dated 10.07.2014 , by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised. The New limits are: Tax effect Appeal before ITAT Rs. 4,00,000/- High Court Rs. 10,00,000/- Supreme Court Rs. 25,00,000/- Copy of Instruction is attached for your information.

DVAT UPDATE + INCOME TAX UPDATE

Respected Members, Greetings for the day, This is for your information please: 1. Due date for E-filing DP-1 Form extended to 31.3.16 Notn. No. 1559 dt. 1.3.16. 2. Due date for E-filing CST Form-9 extended to 31.3.16 Cir. No. 39 dt. 29.2.16. 3. Due date for E-filing of CR-II for 1 to 3 Qtrs., 15-16 extended to 15.3.16 Notn. No. 1572 dt. 1.3.16. 4. Now Digital Signatures shall be Mandatory for filing DVAT returns w.e.f. 4th Qtr.,15-16 for dealers having turnover above 50 lakhs Notn. No. 1585 dt. 1.3.16. CA YASHU GOEL 9899263490 VICE PRESIDENT SALES TAX BAR ASSOCIATION

Reversal of Input Tax credit in respect of Credit/ Debit Note

The VAT department, Delhi has clarified its stand on the reversal of input tax credit in respect of credit/ Debit Note vide circular no.30 dated 19/12/2013

N K GOEL AND BROS.

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