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Archive: 09 November 2011

Posts in 09 November 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 480 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7491 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.

Power to reopen an assessment cannot be exercised to reopen what formed subject matter of an appeal to Commissioner (Appeals)

November 9, 2011 807 Views 0 comment Print

ICICI Bank Ltd. V. DCIT (Bombay HC) – Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision, which is chargeable to tax and has escaped assessment.

Prevention of Money Laundering Act, 2002 (PMLA) and Rules thereunder -Reporting of CTR,STR etc to FIU-India– Reporting Format under Project FINnet

November 9, 2011 7239 Views 0 comment Print

FIU-IND has developed a Report Generation Utility and Report Validation Utility to assist reporting entities in the preparation of the prescribed reports. Reporting entities, which have necessary technical capabilities, may generate XML reports directly from their systems. Reporting entities are encouraged to shift to the fixed width data structure version 2.0 before generating XML reports at their end.

Customs duty exemption extended to least developed countries amongst the SAARC countries

November 9, 2011 3162 Views 0 comment Print

Notification No. 99/2011-Customs the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods, in respect of which the benefit of this exemption is claimed, are of the origin of the country listed in the APPENDIX in accordance with the Rules of Determination of Origin of Goods under the Agreement on South Asian Free Trade Area (SAFTA), 2006, published in the notification of the Government of India in the Ministry of Finance (Department Revenue) No 75/2006-Customs, (NT) dated the 30th June,2006.

Notification No. F.No.2/1/2009-IICA(Vol.1), dated 09/11/2011

November 9, 2011 1255 Views 0 comment Print

onsequent upon acceptance of recommendations of the Search-Cum-Selection committee for the post of Director General and Chief Executive Officer (DG&CEO) in the Indian Institute of Corporate Affairs (IICA) by the Appointments Committee of the Cabinet (ACC) for appointment of Shri Bhaskar Chatterjee, IAS (Retd.) to the said post, and upon acceptance of the offer of appointment by the officer, on the terms & conditions mentioned in the letter of even number dated 03-11-2011,

Govt. charging more then Rs. 25 per litre as taxes on Petrol

November 9, 2011 13784 Views 0 comment Print

About 38 per cent or Rs 26.22 in petrol price of Rs 68.64 a litre in Delhi is because of central and state government taxes. State-owned oil firms had last week hiked petrol price by Rs 1.80 a litre, the fifth increase this year as oil imports became costlier due to fall in rupee value. The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.

Receipts on account of tender form and recovery of house accommodation and furniture & fixture provided with house accommodation are of capital nature.

November 9, 2011 7032 Views 0 comment Print

ACIT Vs Bharat Oman Refineries Limited (ITAT Mumbai) – So far as the receipts on account of tender forms and by way of water and electricity charges to the contractors were concerned, they would not be treated as arising out of a source of income separate from the business which was being set up. Since, the business had not been fully set up, the receipts and payments would be clearly on capital account and hence not liable to tax. In a case where these receipts and payments pertains to the fixed structure of the company’s business that was being set up, it would be inconsistent to hold that the expenditure incurred by the assessee prior to the setting up would be of a capital nature but the receipts would be of a revenue nature.Hence, the impugned receipts were of a capital nature and were not liable to tax.

Draft Code of Conduct for Chartered Accountancy Students

November 9, 2011 6872 Views 0 comment Print

In order to govern the conduct of Chartered Accountancy Students during the period of practical training and also that of the students pursuing Professional Competence Course (PCC) / Integrated Professional Competence Course (IPCC), prior to registration for practical training as well as of the students who have completed practical training but not yet passed Final examinations, it has been decided to prescribe a code of conduct for such students.

Gearing up for the Competitive Impulse in the Indian Banking in its defining decade

November 9, 2011 6077 Views 0 comment Print

Why is the next decade likely to be a defining decade? In my view, in the coming years, the Indian banking can unshackle several constraints that it faces today bringing about a transformation into an era of globally competitive banking. The biggest of the constraint has been the legacy of staffing that the public sector banks face. Indian banks employ about 1 million people, three-fourths of which are in public sector banks.

Export Grows 10.8% in October at US $ 19.9 Billion: Commerce Secretary

November 9, 2011 5697 Views 0 comment Print

India’s exports have registered a growth of 10.8% during October 2011, at US $ 19.9 billion. Imports in October 2011 stood at 39.5 Billion US$ registering a growth of 21.7%. Balance of Trade for the period was (-) 19.6 Billion US$. Cumulative Export figures for the period of April to October 2011 stood at 179.8 Billion US$ registering a growth of 46%. Imports for the same period stood at 273.5 Billion US$ registering a growth of 31%. Balance of trade for the period stood at (-) 93.7 Billion US$.

UCBs – KYC Norms – While opening accounts based on Aadhaar also, banks must obtain current address proof

November 9, 2011 8255 Views 0 comment Print

RBI/2011-12/253 UBD. BPD. (PCB) No. 8/12.05.001/2011-12 November 9, 2011 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer Norms – Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number Please refer to circular UBD. BPD. (PCB). No. 38 / 12.05.001/2010-11 dated March […]

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