• May
  • 09
  • 2013

Notification on Changes in Excise Duty Rates wef 08.05.2013

Added In Excise Duty
Changes in Excise Duty Rates wef 08.05.2013 on jaggery powder, Particle/Fibre Board, flattened bamboo boards and bamboo flooring tiles,   Clay bricks (Tariff Item 69010010) and roofing tiles (Tariff Item 69051000), Steel supplied to the Indian shipyards manufacturing ships and vessels [CETH 8901, 8902, 8904, 8905 (except sub heading 8905 20) or 8906].

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  • May
  • 08
  • 2013

TP- Comparability of High End Cos with Low End Cos in ITES/ BPO Sector

Vodafone India Services P. Ltd. Vs. DCIT (ITAT Mumbai), ITA No.7140 /Mum/2012, Date of Pronouncement: 26/4/2013 The dispute is regarding selection of comparables for bench marking the international transaction entered into by the assessee. The assessee had selected 9 comparables as unrelated parties for comparing the transaction in case of the assessee. The AO further [...]

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  • May
  • 08
  • 2013

Regarding Exemption of SAD on imports of brass scrap

Added In Custom Duty
NOTIFICATION NO 26/ 2013-Cus., Dated: May 8, 2013 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the [...]

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  • May
  • 08
  • 2013

Empanelment with PNB for Concurrent Audit of Branches

Added In CA CS ICWA
Punjab National Bank invites applications on the undernoted prescribed format from practicing firms of Chartered Accountants in India who fulfills the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Concurrent Auditor in the Bank and for conducting concurrent audit of branches.

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  • May
  • 08
  • 2013

Information A taxpayer can view in Form 26AS

Added In Income Tax
It is general phenomena amongst the tax payers that in form 26AS they can only view the details of TDS deducted, Advance tax and Self Assessment tax Paid.But in addition to these a taxpaer can view in 26AS the information on his income tax Refund and his transaction in Mutual Fund, Shares and Bonds, Immovable [...]

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  • May
  • 08
  • 2013

S. 37 Expenses on gifts distributed among members & staff in the course of business is allowable

The stand of the revenue that expenditure incurred by the society on giving presents to as own members would amount to expenditure on itself or application of its income to its members also could not be countenanced as the society was entirely a separate entity

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  • May
  • 08
  • 2013

Property can be sold on GPA and Agreement to Sell – HC

Added In Corporate Law
Supreme Court in Suraj Lamp and Industries (P) Ltd. (2) vs State of Haryana reported has not said that in no case a conveyance can be registered by taking recourse to a GPA.

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  • May
  • 08
  • 2013

ICAI to take action against students pursuing additional course in violation of its guidelines

Added In CA CS ICWA
As you are aware, the Council of the Institute, under Regulation 65 of the Chartered Accountants Regulations, 1988 has permitted Articled Assistants to pursue/attend, with prior permission to be obtained from concerned Decentralised offices

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  • May
  • 08
  • 2013

Loss on foreign currency forward contracts which is not in respect of specified export or import is speculation loss

Forward transactions in commodities may fall within proviso (a) to section 43(5) of the Act, it is necessary that the raw materials or merchandise in respect of which the forward transactions have been made by the assessee must have a direct connection with the goods manufactured or the merchandise sold by him.

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  • May
  • 08
  • 2013

ICAI to conduct Mock Tests for CPT students for June, 2013 Examination

Added In CA CS ICWA
With a view to further encourage the students to evaluate their preparation for the examination, the Board of Studies has prepared CPT Mock Test Papers for CPT students to assess their preparation for the main examination to be held on 16th June, 2013.

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