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Archive: 24 November 2011

Posts in 24 November 2011

Income Tax department seized about Rs 70 crore in cash from contractor in Jharkhand

November 24, 2011 2356 Views 0 comment Print

Income Tax sleuths on Wednesday seized about Rs 70 crore in cash from a contractor from his house at Jharia in Dhanbad district, a senior IT official said. As per Additional Director, IT, Ajit Srivastav An IT team seized the cash from coal contractor Lal Babu Singh’s residence. Singh is a contractor with the Bharat Coking Coal Limited.

Important message on due date of XBRL filing

November 24, 2011 3583 Views 0 comment Print

As per Circular No. 57/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 30th November, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011.

SBI decides to abolish pre-payment charges on home loans

November 24, 2011 610 Views 0 comment Print

Country’s largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. SBI has decided to do away with the pre-payment charges on all kinds of housing loans with immediate effect. The bank has been charging pre-payment penalties only on housing loans with floating interest rates taken before May 2011.

Retrospective amendment does not mean failure to disclose material facts – Bombay HC

November 24, 2011 631 Views 0 comment Print

CIT vs. M/s K. Mohan & Co. (Exports) (Bombay High Court)-In both the cases, the assessment was sought to be reopened on account of retrospective amendment to Section 80HHC introduced by the Taxation Laws Amendment Act, 2005 with effect from 1st April 1998. If the legislature amends the provisions of the Act with retrospective effect, it cannot be said that there was failure on the part of the assessee to disclose fully and truly all material facts relevant for the purpose of assessment.

IDFC demands hike in income tax deduction limit u/s. 80CCF for infrastructure bonds

November 24, 2011 1787 Views 0 comment Print

Infrastructure Development Finance Company (IDFC) today demanded that the Government raise the income tax-saving cap of Rs 20,000 for more retail participation in infrastructure funding. At present, subscription to long-term infrastructure bonds by an individual or Hindu Undivided Family (HUF) not exceeding Rs 20,000 in a fiscal year is entitled for deduction in computation of taxable income.

CBDT’s List of Officers for promotion to the grade of CIT

November 24, 2011 2096 Views 0 comment Print

You are therefore requested to collect and forward the necessary particulars regarding options for transfer/pasting from each of these officers for use by the Board. Three options for CCA region should be indicated in the order of preference. The options should be filled online through Cadre management Systern(CMS) being operational through our website www.irsofficersonline.gov.in

Notification on Minimum wages in CA Offices in kerala

November 24, 2011 5691 Views 0 comment Print

. In the case of any post/category which is not included in the schedule above shall be eligible for the basic wages prescribed for equivalent post/ category.

ESIC – Online Submission Of Return Of Contribution For The Period Ended 30.09.2011

November 24, 2011 50975 Views 14 comments Print

ESI Corporation has introduced payment of contribution through system generated challans from December, 2010. In respect of the current contribution period ending September, 2011, most of the employers have paid ESI contribution through system generated challans. Such employers who have paid ESI contribution through system generated challans for all the six months need not submit return of contribution in hard copy. They can submit the return of contribution online through the ESIC portal (www.esic.in) by following the procedure given below on or before 11/11/2011

Clarification- Service tax on escort charges collected by State Police from clients under security agency's service

November 24, 2011 5709 Views 2 comments Print

LETTER [F.No.137/131/2010-CX.40], dated 20-5-2011 Certain field formations have raised the issue of leviability of service tax on escort charges collected by State Police from banks for escorting cash, under ‘Security Agency service’. 2. While, most of the field formations are of the view that such charges should be leviable to service tax under Security Agency service, doubts have been expressed from certain formations.

Ad hoc exemption to security agency's services provided during 16-10-1998 to 31-3-2009 by Central Industrial Security Force

November 24, 2011 2993 Views 0 comment Print

AD HOC EXEMPTION ORDER No.1/1/2011, dated 1-7-2011 Whereas, the Central Industrial Security Force (CISF) constituted under the CISF Act, 1968 as a force for protection and security of industrial undertakings is a multi-skilled agency under Government of India, Ministry of Home Affairs. In addition to securing property belonging to Government of India, they also provide security service to several other properties including those owned by public sector companies and State Governments for a consideration.

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