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Archive: 13 July 2011

Posts in 13 July 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6471 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Grounds raising new questions which are essentially questions of fact cannot be permitted to be raised before high court and the Revenue in terms of sub-section 4 of Section 260A

July 13, 2011 363 Views 0 comment Print

In course of search on July 2, 1996 in the residential premises of one Bijay Kumr Gutgutia, some papers relating to the firm, M/s. Shree Krishna Arvind Hatcheries, along with other books of accounts and a bunch of papers with identification mark BKG/5 were seized.

Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 59/2011-Customs

July 13, 2011 397 Views 0 comment Print

Notification No. 59/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R. 118 (E) of the same date, namely:

Modification of SIONs A-2913 and A-263 under Chemical & Allied Products Group

July 13, 2011 538 Views 0 comment Print

(i) Description of the export product under these two SIONs have been modified. (ii) There is no other change. The number of inputs, their description & quantity permitted remains the same. The only change is in the name of export product in respect of both SIONs

Rectification of an order does not mean deletion of the order originally passed and its substitution by a new order

July 13, 2011 6933 Views 0 comment Print

Faridabad Investment Company Limited Vs CIT (Calcutta High Court)- Rectification of an order does not mean obliteration of the order originally passed and its substitution by a new order. In The present case, we are of the firm opinion that there was no scope of rectification in the case on the ground of error apparent on the face of the record as the Assessing Officer even in his rectified order could not find out the actual expenditure for obtaining the dividend and calculated the same on the notional basis which is not permissible.

Think twice before choosing Lump sum payment of tax in Works contracts under PVAT Act

July 13, 2011 1237 Views 0 comment Print

If you want to choose lump sum scheme for payment of tax in works contracts without maintaining any books of accounts under Punjab VAT Act, 2005, you should think twice before choosing it. Proviso to section 8(2-A) of Punjab VAT Act and Rule 15(6) of Punjab VAT Rules deals with the lump sum payment of tax under Punjab VAT in works contracts.

In the absence of any satisfactory explanation for the late filing of the AIR , penalty can be imposed under s 271FA

July 13, 2011 994 Views 0 comment Print

By way of the instant writ petition, the petitioner has beseeches to quash and set-aside the order dated 10th August, 2010, whereby the Director of Income Tax (CIB) Rajasthan, Jaipur imposed a penalty of 20,200/- rupees on the petitioner.

MVAT – Extention of Due Date for Payment of PTEC for 2011-2012

July 13, 2011 8046 Views 0 comment Print

In Exercise of the powers conferred under clause (a) of sub-section (2) of section 8 of the Maharashtra Tax on Professions, Trades, Callings And Employments Act, 1975 (Mah. XVI of 1975) (hereinafter referred to as “the said Act”), the Commissioner of Profession Tax, Maharashtra State, Mumbai, hereby specifies the due date of tax payable for the year 2011-12 under the said Act, by enrolled persons mentioned in column (2) of the Schedule appended hereto, to be paid as specified against them in column (3) of the said Schedule as follows, namely;—

RBI – Lending to Priority Sector –Reporting Data on Priority Sector Advances

July 13, 2011 478 Views 0 comment Print

Accordingly, we advise you to furnish data on priority sector advances in the revised format to Rural Planning and Credit Department, Central Office, Statistics Division, 10th Floor, New Central Office Building, Shahid Bhagat Singh Marg, Mumbai 400 001, on a quarterly basis as on last reporting Fridays of March, June, September and December of a particular year within fifteen days from the reference date.

RBI/2010-11/111 DPSS (CO) EPPD No./ 94 / 04.03.01/ 2011-12, dated: 13.07.2011

July 13, 2011 1674 Views 0 comment Print

On a review, it has been decided that Clearing Houses / Processing Centres will now calculate and settle the charges payable as prescribed in the circular. Under the revised arrangement, the charges payable by the originating banks to destination banks (including the service tax applicable thereon), will be calculated and settled by the Clearing Houses using the multilateral netting method. However, the service tax will be calculated on gross obligations of the banks.Necessary MIS reports will be provided to the banks to enable them to remit the service tax to the Government.

Insurance – Servicing of Health Insurance Schemes offered by Bodies other than Insurance Companies – Draft Circular

July 13, 2011 498 Views 0 comment Print

The Authority intends to modify the Circular No.031/IRDA/TPA/05, dated 16th December, 2005. Accordingly, the Authority has prepared the Exposure Draft. In this regard, comments/suggestions of all stakeholders on the Exposure Draft are invited. The comments/suggestions on the said draft may be forwarded at meena@irda.gov.in within 10 days.

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