E-Governance Cell: – with a request to place the aforesaid letter in the website of MCA.
Madhya Gujarat Vij Co. Ltd. (ITAT Ahmedabad)- Section 192(3) of the Act enables the employer to make adjustment of any excess or deficiency arising out of previous deduction or failure to deduct during the tax year. If there are bona fide reasons for short deduction in the earlier months and the same is made good immediately […]
ORDER NO. 176 OF 2011 -The following postings and transfers of officers in the grade of Commissioners/Director of Income Tax are hereby ordered with immediate effect and until further orders:
The Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance has developed a fully secured Government e-payment system for direct credit of dues from the Government of India into the account of beneficiaries using digitally signed electronic advice (e-advice) through the ‘Government e-Payment Gateway’ (GePG). The Union Finance Minister Shri Pranab Mukherjee will […]
Implementation of Green Initiative of the Government -As part of the ‘Green Initiative’ of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of their resources and also better delivery of services.
Know Your Customer’ (KYC) Guidelines – Anti Money Laundering Standards (AML) Prevention of Money Laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder’-Reporting Format under Project FINnet. Please refer to Master Circular No 231 dated July 1, 2011 on ‘Know Your Customer’ (KYC) Guidelines – Anti Money Laundering (AML) Standards. In terms of the extant instructions, NBFCs are required to report information/data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND) in the prescribed format.
In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A read with sub-sections (2) and (3) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3, 4 and 5 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.68/2011-Customs(N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E) dated the 22nd September, 2011, retrospectively with effect from 1st day of October, 2011, namely:-
M/s Tally Solutions Private Limited Vs. Deputy Commissioner of Income Tax, Bangalore for ITA No. 1235(Bang)/2010; AY- 2006- 07 Facts:– The taxpayer was engaged in the business of software development, marketing and sale of ‘tally’ branded financial accounting and management software. On 31 January, 2006 it sold its intellectual property rights including patent, copyrights and […]
Li & Fung (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi)- ITA No. 5156/Del/2010] Tribunal ruling that the amount of compensation to be received ought to be a reflection of the functions performed, assets deployed and risks assumed by the associated enterprises (‘AE’) whilst discharging the business. On the concept of location savings the Tribunal held […]
Abhiram Seth Vs. JCIT (ITAT Delhi) Facts :- Abhiram Seth (the assessee) was employed in an executive position with M/s. PepsiCo India Holdings (P) Ltd., part of PepsiCo Inc.The assessee was granted valuable rights in shares of Pepsi Co Inc. Employees’ Stock Options [ESOP] held with Barry Group of Merrill Lynch [Trust], USA. Such rights […]
