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Archive: September, 2011

Posts in September, 2011

Credit Rating Agencies – Frequently Asked Questions (FAQs)

September 10, 2011 7886 Views 0 comment Print

1. What is the full form of CRA? The full form of CRA is Credit Rating Agency. 2. What is a credit rating agency? A credit rating agency is an entity which assesses the ability and willingness of the issuer company for timely payment of interest and principal on a debt instrument.

Documents pertaining to the transactions in relation to which PAN to be quoted

September 10, 2011 2530 Views 0 comment Print

Every person shall quote his permanent account number in all documents pertaining to the transactions specified below, namely :— (a) sale or purchase of any immovable property valued at five lakh rupees or more; (b) sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of that Act :

Criteria / Guidelines for Income tax Scrutiny for A.Y. 2010-11 / F.Y. 2009-2010

September 10, 2011 12897 Views 0 comment Print

Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .

Govt may soon make Registration of Marriages Compulsory

September 10, 2011 1276 Views 0 comment Print

The Supreme Court vide its judgment dated 14.02.2006 in Seema Vs. Ashwani Kumar (AIR 2006 S.C 1158) has directed the State Governments and the Central Government that marriages of all persons who are citizens of India belonging to various religious denomination should be made compulsorily registerable in their respective States where such marriages are solemnized.

Income Tax – Notified long-term infrastructure bond U/s. 80CCF

September 9, 2011 4133 Views 0 comment Print

Notification No. 50/2011 – Income Tax [F.NO. 178/43/2011-SO(ITA.1)], DATED 9-9-2011 – In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section, namely:-

Comments Invited on the draft National Competition Policy version – II

September 9, 2011 858 Views 0 comment Print

Comments Invited By 19th September, 2011 from chambers of the industries, corporates, law firms, members of civil society or other stakeholders on the draft National Competition Policy version – II to the Ministry. Comments can be sent by mail at dircs@mca.gov.in.

Madras High Court Dismisses Petition Challenging Exemption of CBI from RTI

September 9, 2011 504 Views 0 comment Print

Hon’ble Chief Justice of the High Court in his judgement has pronounced that the notification issued by the Centre exempting CBI from RTI U/s 24 is valid on the grounds of national security and intelligence. The Court saw no justification for interfering in the matter.

Regarding Voluntary payment of custom duty before final assessment

September 9, 2011 5143 Views 0 comment Print

Circular No.40 / 2011 – Customs , – whenever any importer or exporter intimates to the proper officer in writing that he desires to pay voluntarily certain amount of duty of customs, at any time before finalization of the provisional assessment, the following may be drawn to his attention,

Statutory audit of public sector and private/foreign banks simultaneously

September 9, 2011 1021 Views 0 comment Print

In terms of the existing guidelines, an audit firm can take up statutory central audit of one PSB, four private sector banks and four foreign banks simultaneously each year.

Application for allotment of PAN and documents required as identity and address proof

September 9, 2011 2317 Views 0 comment Print

Application for allotment of a permanent account number. 114. (1) An application under sub-section (1) [or sub-section (1A) or sub-section (2) or sub-section (3)] of section 139A for allotment of a permanent account number shall be made in Form No. 49A. (2) An application referred to in sub-rule (1) shall be made,—

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