Him A Race of Power.. A Game of Prestige.. And the fate of sad Country.. Volume bHIVE 1 ** March 2014 ** Issue 03 Contents Lokasabha Elections --II 0033 Case Study HIVE 0066 Knowledge HIVE 0088 Celebrity HIVE 1100 Corporate Guru 1212 By2 Coffee 1313 India's mammoth parliamentary election will start Total Voters on April 7, the Election Commission announced. It will be a long drawn out contest, to be held in nine phases, spread over 36 days from April 7 to May 12. The votes will be counted on May 16 and on that day or in the next few days it will become apparent who will form the next government - Narendra Modi, Rahul Gandhi or a surprise Third Front satrap. Term wise Prime Ministers Year of Nos Prime Minister Election 1 1952 Jawaharlal Nehru 2 1957 Jawaharlal Nehru 3 1962 Jawaharlal Nehru Voters Identity Cards Gulzarilal Nanda Lal Bahadur Shastri Indira Gandhi 4 1967 Indira Gandhi 5 1971 Indira Gandhi 6 1977 Morarji Desai Charan Singh 7 1980 Indira Gandhi Rajiv Gandhi 8 1984 Rajiv Gandhi 9 1989 V.P. Singh Chandra Shekhar 10 1991 PV Narsimha Rao 11 1996 H.D. Deve Gowda Voters Increase 12 1998 Atal Bihari Vajpayee Gender 2014 2009 % Chng 13 1999 Atal Bihari Vajpayee 14 2004 Manmohan Singh Male 426,651,513 374,758,801 12% 15 2009 Manmohan Singh Female 387,911,334 342,226,301 12% 16 2014 ??? 03 Security & Staff Composition by states and territories State Seats Uttar Pradesh 80 Maharashtra 48 Andhra Pradesh 42 West Bengal 42 Bihar 40 Tamilnadu 39 Madhya Pradesh 29 Karnataka 28 Gujarat 26 Rajasthan 25 Other Stats Orissa 21 Kerala 20 Assam 14 Jharkhand 14 Punjab 13 Chhattisgarh 11 Haryana 10 Delhi 7 Jammu And Kashmir 6 Uttarakhand 5 Himachal Pradesh 4 Arunachal Pradesh 2 Goa 2 Manipur 2 Meghalaya 2 Tripura 2 First Time Voters Andaman and Nicobar 1 Chandigarh 1 Dadra and Nagar Haveli 1 Daman and Diu 1 Lakshadweep 1 Mizoram 1 Nagaland 1 Pondicherry 1 Sikkim 1 04 Total 543 Important Points about General Election Election dates Flying squads/surveillance teams Election dates in parliamentary To curb 'the abuse of money power' during the constituencies were set taking into elections, 'flying squads' and static consideration extreme surveillance teams will guard against summer heat, monsoon the distribution of cash or other rains, harvest seasons, bribes to voters. religious festivals and Committees will also keep their eyes most importantly, school peeled for illegal election exams. Most polling stations are placed advertisements and politically funded stories in schools. planted in the media. Voter Stats None of the Above Election Commission Roughly 814.5 million For the first time in a The Election Commission will people are registered to general election, voters will monitor production, storage vote, and of which over 23 have a 'None of the Above' and distribution of million are between 18 to option on the liquor during 19 years old . ballot papers elections . Indian & electronic political parties Transgender persons can voting . The are notorious for mark their gender as option was handing out alcohol and even 'Others' on the electoral brought in last year in prescription medication as rolls, a category that did response to activist groups bribes to voters. not exist in 2009. who said voters were too Approximately 28,314 often forced to choose Income tax department voters have listed their between several candidates gender in this way. with criminal backgrounds. The income tax department and the government's financial Polling stations intelligence unit have been Voters will cast their ballots in about 930,000 polling instructed to stations, an increase of nearly 12% since 2009. keep watch Booth officers on the movement of cash during Booth officers will do door to door surveys to prepare a list elections. of voters found absent at their home in an effort to prevent In previous elections, political impersonation. operatives were caught driving Dead voters and those who have moved from their homes with suitcases packed with cash 05 will be added to a list to check against the in their car trunks. rolls to ensure no foul play on voting day. Kostub Investment Ltd vs. CIT (Del HC) Expenditure on foreign education of employee (son of director) in a field intimately connected with its business is deductible since it has nexus Mohan Gupta (HUF) vs. CIT (Del HC) As per Sec 147, Even s. 143(1) Intimation cannot be reopened in the absence of new information CIT vs. Maruti Suzuki (India) Limited (Del HC) As per Sec. 254(2A) The Tribunal has no power to extend stay of demand beyond the period of 365 days from the date of first order of stay, even if the assessee is not at fault. CIT vs. Motorola India Electronics (P) Ltd ((KarKar HC) Interest income out of surplus funds in Banks and sister concerns & EEFC account is eligible for exemption Under Sec 10A/ 10B Garware Wall Ropes Ltd vs. ACIT (ITAT Mum) No disallowance U/s. 14A/ Rule 8D if primary object of investment is to hold controlling stake in group concern and not to earn tax-free income Adithya Bizorp Solutions India Pvt. Ltd vs. UOI ((KarKar HC) High Court grants interim stay on enforcement of notices for levy of fee for failure to file TDS statement U/s. 234E Crown Consultants Pvt. Ltd. vs. CIT (Bom HC) Assessee is not entitled to challenge validity of reopening U/s. 147 on a ground not stated in objections to AO 06 Commissioner of Customs Vs. Shri Ram Impex India P Ltd. Difference in description of goods in sale invoice and bill of entry cannot disentitle a claimant from refund of SAD in terms of Notification No. 102/2007. there is no condition under Notification 102/2007-Cus which prescribes that bill of entry number should be mentioned in sale invoice. Therefore, benefit of refund of SAD cannot be denied on this ground too Xerox India Limited V/s State of Karnataka ((KarKar HC) Penalty under Section 12B(4) of the Karnataka Sales Tax Act, cannot be imposed merely because it is lawful to do so. Discretion is conferred on adjudicating authority while imposing penalty Circulars and Notifications Notification No. 01/2014 ---ST dated January 10, 2014 Amends Notification No. 25/2012-ST dated June 20, 2012 to extend exemption from payment of service tax on services by way of sponsorship of sporting events organised by a national sports federation, or its affiliated federations, where the participating teams or individuals represent any country. Notification No. 03/201403/2014----ServiceService Tax, dated 0303----02020202----20142014 Ministry of Finance has clarified that the service tax payable on the services rendered by a broker to the member of the registered association relating to Forward Contract need not be paid during the period from 10th September, 2002 to 30th June, 2012. 07 Permanent Account Number (PAN) is unique PAN CARD alphanumeric combination issued to all juristic entities, issued by the Indian Income WHAT.. WHY.. Tax Department. PAN is a ten digit number which helps the HOW.. WHERE?? Assessing Officer to identify any person and it also serves as an important ID proof. Cumpulsory PAN Individual whose total income exceeds the basic exemption limit Individual carrying on any business/profession whose total sales exceeds Rs.5 Lakhs Individual who is required to submit a return of income Notified transactions where PAN must bebebe quoted Sale or purchase of any immovable property valued at Rs 5 lakhs or more . Sale or purchase of motor vehicle/vehicles A time deposit, exceeding Rs 50,000 with a bank A deposit, exceeding Rs 50,000 in any account with Post Office Saving Bank Contract of a value exceeding 10lakhs, for sale or purchase of securities Opening an account in a bank Payment to hotels and restaurants for an amount exceeding Rs.25,000/- at a time. How to apply for PAN?? Application: Form 49A How to fill application: English Capital Letters & Black Ink Photos: Recent Color Photograph Where to obtain: NSDL-TIN Website Where to submit: TIN Facilitation Centre Acknowledgement: 15digit number Checking status: accessing NSDL-TIN website at the "Status track" option and quoting your unique 15-digit number after three days of your application. 08 Documents tototo bebebe submitted along with thethethe application formform: ::: AAA.A...ProofProof ofofof identity BBB.B...ProofProof ofofof Address School leaving certificate Electricity bill Matriculation certificate Telephone bill Degree of recognized Depository account institution statement Depository account Credit card statement statement Bank account statement Valid Credit card Rent receipt Bank account statement Employer certificate PAN Card: Water bill Ration card 111 – Name of the Applicant Ration card Passport 222 – Father’s Name Property tax assessment Voter's identity card 333 – Date of Birth Passport Property tax 444 – PAN Voter's identity card assessment order 555 – Signature of Applicant Driving license Driving license 666 – Photo of the Applicant Certificate of address signed by a Member of Parliament or Member of Legislative Assembly or Municipal Councilor or a Gazetted Officer both for Identity/Address Proof For Company - Certificate of registration issued by ROC For Firms - Certificate of registration issued by Registrar or Copy of Partnership Deed. Structure &&& ProvisionsProvisions: ::: ** 4 th Character shall be: PAN structure is as follows: AOFBP6688A: C — Company First five characters are letters, next 4 numerals, P — Person last character letter. H — HUF The first three letters are sequence of alphabets F — Firm from AAA to ZZZ A — Association of Persons The fourth character informs about the type of T — AOP/Trust holder of the Card. Each assesse is uniquely ** B — Body of Individuals` The fifth character of the PAN is the first L — Local Authority character of the name of the assessee J — Artificial Judicial Person The last character is an alphabetic check digit.