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Archive: 13 October 2011

Posts in 13 October 2011

Validity of Online Service Tax Return without signature

October 13, 2011 7018 Views 0 comment Print

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 physical copy is required to be submitted to field authorities once the ST-3 return has been successfully uploaded on ACES. On experience it is found that different field authorities ask for different number of copies or few don’t ask for any physical copy at all.

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

October 13, 2011 1301 Views 0 comment Print

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 shall determine the amount incurred in relation to such income, in accordance with such method as may be prescribed, i.e., under Rule 8D of the I.T. Rules. However, in the present case, the assessment order does not evince any such satisfaction of the AO regarding the correctness of the claim of the assessee.

Working hours of the Articled Assistants doing CA – ICAI

October 13, 2011 10722 Views 0 comment Print

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 […]

Filing of Balance Sheet and P&L Account in XBRL

October 13, 2011 3698 Views 0 comment Print

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-XBRL are now available on the MCA portal. For XBRL Taxonomy, Business rules, Filing Manual and Validation Tool, visit http://www.mca.gov.in/XBRL

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

October 13, 2011 345 Views 0 comment Print

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 exchanging information automatically for tax purposes on a voluntary basis including exchange of past banking information.

Income Tax Department starts scrutiny of high value transactions

October 13, 2011 2742 Views 0 comment Print

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 collect information”, a senior Income Tax official said.

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

October 13, 2011 399 Views 0 comment Print

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.

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

October 13, 2011 432 Views 0 comment Print

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 at US $ (-)73.5 billion, during the same period. Shri Khullar also informed that India’s imports in September 2011 were US $ 34.6 billion and export stood at US$ 24.6 bn Balance of trade for the month of September 2011 stood at (-) 9.8 billion US $.

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

October 13, 2011 453 Views 0 comment Print

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.

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

October 13, 2011 600 Views 0 comment Print

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, etc. without fearing for recovery, thus bringing about equity. Further, mandatory registration of subsisting security interest (equitable mortgages) would promote innovation in credit information.

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