"13 October 2011" Archive

Validity of Online Service Tax Return without signature

ST-3 returns can be directly filled up online on ACES website or an XML schema can be downloaded, filled up, converted in to XML file and uploaded on ACES website. Once the return is being filed in either of the way, ACES displays an acknowledgement of ST-3 return filed. What are the threats then? There is no clarity whether any p...

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Posted Under: Service Tax |

AO cannot apply Rule 8D without recording any satisfaction as to how assessee’s calculation of s. 14A disallowance was incorrect

The Dy. Commissioner of Income Tax V. M/s. Jindal Photo Limited (ITAT Delhi)

DCIT Vs. Jindal Photo Limited (ITAT Delhi)- As per section 14A(2) of the Act, if the AO, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of expenditure incurred in relation to income which does not form part of the assessee ’s total income under the Act, the AO...

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Working hours of the Articled Assistants doing CA – ICAI

The Council has considered the issue regarding the working hours of the articled assistants. The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the scheme framed by the ICAI in this behalf. Accordingly, to clarify […]...

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Posted Under: Service Tax |

Filing of Balance Sheet and P&L Account in XBRL

Filing of Balance Sheet and P&L Account in XBRL XBRL filing is mandated for select class of companies vide “Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011”. For details visit, Ministry website http://www.mca.gov.in under the head “Notifications” Requisite eForms 23AC-XBRL and 23ACA-...

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Posted Under: Service Tax |

FM to raise the Issue of Exchange of Information Among the Countries Concerned to Fight Against the Menace of Blackmoney and Terror Financing

he Union Finance Minister Shri Pranab Mukherjee is likely to raise the issue of exchange of information among different countries to fight against the menace of blackmoney and terror financing. Tax evasion and illicit flows have posed serious challenges to the world economy. Shri Mukherjee may impress on G-20 member countries to start exc...

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Posted Under: Service Tax |

Income Tax Department starts scrutiny of high value transactions

Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. “The Central Board of Direct Taxes (CBDT) will verify all high-value transactions. Directorate of Revenue Intelligence has been given all powers under various sections of the Income Tax Act to co...

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Posted Under: Service Tax |

Proposal to bring India Infrastructure Finance Company Ltd. under regulatory oversight of RBI approved

The Union Cabinet today approved the proposals to bring India Infrastructure Finance Company Ltd. (IIFCL) under regulatory oversight of Reserve Bank of India, to enhance its professional capability and to increase its capital base....

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Posted Under: Service Tax |

Export Grows 52% in April- September 2011 at US $ 160 Billion – Commerce Secretary

India’s exports for the month of April- September 2011 have registered a growth of 52%, at US $ 160 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-September 2011, the imports were US $ 233.5 billion with a growth of 32.4% and a Balance of Trade stood ...

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Posted Under: Service Tax |

Income Tax Dept. raids Indore businessmen, detects tax evasion of Rs 21 cr

The sleuths of Income Tax Commissionerate have detected an income-tax evasion of over Rs 21 crore after they conducted raids at the premises of prominent city-based businessmen, including jewellery showrooms, a Press Information Bureau official said today....

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Posted Under: Service Tax |

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved

The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursement to retail investors, home loan borrowers, e...

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Posted Under: Service Tax |

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