"26 August 2011" Archive

Multipurpose Empanelment Form (MEF)- Last Date of online Application extended upto 2nd September, 2011 (05:30 p.m.)

Multipurpose Empanelment Form 2011-12. – (26-08-2011) Last date for submission of online MEF applications on www.meficai.org has been extended upto 2nd September, 2011 (05:30 p.m.)....

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Posted Under: CA, CS, CMA |

Differences between proposed Ind ASs and Existing ASs

Ind AS 1 generally deals with presentation of financial statements, whereas existing AS 1 (issued1979) deals only with the disclosure of accounting policies. The scope of Ind AS 1 is thus much wider and line by line comparison of the difference with the present standard is not possible. However, the major requirements as laid down in Ind ...

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Posted Under: CA, CS, CMA |

SEBI direct brokers to redress investor complaints within a month of receiving them

Capital markets regulator Sebi today directed stock brokers and sub-brokers to redress investor complaints within a month of receiving them, saying that failure to do so would make them liable for penal action. The direction comes a day after it announced that all investor complaints should be forwarded to it electronically through recent...

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Posted Under: CA, CS, CMA |

Rahul Gandhi's speech in the Lok Sabha on the issue of corruption and Jan Lokpal Bill

I have been deeply distressed at the developments of the last few days. Many aspects of the situation have caused me anguish. We are all aware that corruption is pervasive. It operates at every level. The poor may carry its greatest burden but it is an affliction that every Indian is desperate to be rid of. Fighting corruption is as integ...

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Posted Under: CA, CS, CMA |

Bar Council of India ensures that each law college follows the Bar Council of India Rules, 2008

The recommendations made in the 184th Report of the Law Commission on The Legal Education & Professional Training and Proposals for Amendments to the Advocates Act, 1961 and the University Grants Commission Act, 1956 are being examined in consultation with the Department of Higher Education and the Bar Council of India. Giving this inform...

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Posted Under: CA, CS, CMA |

Income Tax Dept to investigate if banks helped people hide black money

In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Cen...

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Posted Under: CA, CS, CMA |

IT Department collecting information on tax returns filed by political parties

The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the Table of the House, Minister of State fo...

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Posted Under: CA, CS, CMA |

Change of designation of officers representing CBEC in the CESTAT

Circular No. 951/12/2011-Central Excise 26/08/2011

With the approval of the Competent Authority it has been decided to re-designate the officers representing the Department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) with immediate effect....

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Clarificatory Note – Reg. provisions of section 147 r.w. Explanation 3 thereto, of I.T. Act, 1961

Explanation 3.—For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such iss...

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Posted Under: CA, CS, CMA |

Constitution Of New DRP At Specified Places – Modification Of Order No. 4/Ft&Tr/2011 And Suppression Of Order No. 5/Ft&Tr/2011

ORDER NO.6/FT&TR/2011 24/08/2011

ORDER NO.6/FT&TR/2011 In partial modification of Order No. 4/FT&TR/2011 and in supersession of Order No. 5/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panels (DRPs) comprising of three Commissioners of Income Tax/Directors of Income Tax...

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