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Archive: 20 October 2011

Posts in 20 October 2011

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

May 15, 2024 7170 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.

Clarification on "Completion of Service" where service providers are unable to issue invoices within 14 days of completion of service

October 20, 2011 456 Views 0 comment Print

This is to clarify that as per Service Tax Rules, 1994, an invoice should be issued within a period of 14 days from the completion of the taxable service. The invoice needs to indicate inter alia the value of service so completed. Thus, it is important to identify the service so completed.

Addition under section 68 not permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances

October 20, 2011 1411 Views 0 comment Print

DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata)- From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained from the said Ankur Marketing Ltd. with its I.T. File No. and the same were filed with the A.O. For the Share Application Money received by the assessee, shares were allotted immediately after close of the accounting year 2000-01.

Govt. issues National Public Private Partnership (PPP) Policy – 2011

October 20, 2011 583 Views 0 comment Print

Government of India is committed to improving the level and the quality of economic and social infrastructure services across the country. In pursuance of this goal, the Government envisages a substantive role for Public Private Partnership (PPPs) as a means for harnessing private sector investment and operational efficiencies in the provision of public assets and services.

Ashok Chawla takes oath as New Chairman of Competition Commission of India (CCI)

October 20, 2011 829 Views 0 comment Print

Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri Dhanendra Kumar who […]

Introduction of Credit Default Swaps for Corporate Bonds – Date for Operationalisation Changed

October 20, 2011 535 Views 0 comment Print

A reference is invited to para 4 of the RBI circular of IDMD.PCD.No. 5053 /14.03.04/ 2010-11 dated May 23, 2011 wherein it was indicated that the guidelines on CDS would be effective from October 24, 2011. Necessary infrastructure which includes trade repository, documentation, publication of CDS curve for valuation, standardisation of contracts, etc. required for the launch of the product is being put in place. Further, market participants have asked for certain clarifications regarding documentation, operational aspects, and the arrangement for the necessary institutional framework.

Income Tax department to make names of defaulters owing over Rs 10 crore public

October 20, 2011 823 Views 0 comment Print

The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently. The department has decided to send show cause notices to such assessees, who have reported “no assets/inadequate assets for recovery”, by the end of this month, asking why their names should not be published and put in the public domain.

Service Tax Return Filing due date extended

October 20, 2011 71439 Views 0 comment Print

In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.

SEBI Substantial acquisition of Shares & Takeover Regulations 2011

October 20, 2011 9260 Views 0 comment Print

This is in continuation of the circular No SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011 on the captioned Regulations wherein various formats for the reports/ disclosures to be filed were specified. The formats for disclosures for acquisition and disposal of shares under Regulation 29 (1) and 29 (2) of the Regulations, which have since been finalized are placed as Annexure-A and Annexure-B respectively.

Exposure Draft of Amendments to Indian Accounting Standard (Ind AS) 107 Financial Instruments – Disclosures

October 20, 2011 720 Views 0 comment Print

Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 107, Financial Instruments: Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Exposure Draft of Amendments to Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements

October 20, 2011 525 Views 0 comment Print

Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 1, Presentation of Financial Statements, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

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