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Archive: 29 November 2011

Posts in 29 November 2011

Allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income

November 29, 2011 3123 Views 0 comment Print

A.F. Ferguson & Co. Vs. The Asstt. Commissioner of Income tax – The dispute is regarding allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income. The payments had been made under the provisions of partnership deed.

Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued

November 29, 2011 11672 Views 0 comment Print

In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year National Savings Certificate, have already been issued on 25th November 2011.

CBEC invites Comments/suggestions on ‘Draft Adjudication Manual’

November 29, 2011 1988 Views 0 comment Print

Adjudication of offences under the Central Excises Act, 1944, or the Customs act 1962 or the Finance Act, 1994 (Service Tax) are important functions of the officers of the Central Excise, Customs and Service Tax competent to adjudge offences. It seeks to ensure that no economic loss is caused by the alleged contravention by the imposition of an appropriate penalty after an adjudication. If an innocent person is punished or the punishment is more than warranted by the nature of offence it may undermine the trust between the government and the public.

Clarification on FDI Policy in Multi Brand Retail

November 29, 2011 1292 Views 0 comment Print

The policy cleared by Union Cabinet on 24th November stipulates that FDI in multi brand retail will be allowed upto 51% foreign equity through the government approval route, subject to adequate safeguards for domestic stakeholders.

CBI Arrests Central Excise Inspector in Bribery Case

November 29, 2011 1259 Views 0 comment Print

Central Bureau of Investigation has caught red handed an Inspector of Central Excise, Range-III, Division-I, Ankleshwar for demanding and accepting a bribe of Rs.5000/- from the complainant. It was alleged in the complaint that the complainant had supplied some goods to a Company on 24.10.2011 and had to provide the intimation to Central Excise Office in writing by 25.10.2011.

Request for No Action Letter under SEBI (Informal Guidance) Scheme, 2003

November 29, 2011 1044 Views 0 comment Print

RBI has exempted stock brokers registered with SEBI from registering itself as NBFC, upon compliance of certain conditions including that it shall not hold or accept public deposits as defined in paragraph 2(1)(xii) of the Notification No. DFC.118/DG(SPT)-98 dated January 31,1998.

3rd Frequently Asked Questions on Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules 2011

November 29, 2011 3820 Views 0 comment Print

1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also? The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011].

Expenditure can be disallowed only in the event of non-deduction of TDS & not in cases involving short deduction

November 29, 2011 5680 Views 0 comment Print

Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction, TDS not required to be deducted on exchange rate difference if TDS already been deducted at the time of credit of amount

57 Crore People in the Under Insurance Net

November 29, 2011 1241 Views 0 comment Print

Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944.

Online Sale of Insurance Policies

November 29, 2011 1788 Views 0 comment Print

The Insurance Regulatory and Development Authority (IRDA) has informed that at present some of the insurance companies resort to online sale of insurance products through their websites/portals in addition to sale through the conventional distribution channels. However there is no proposal from any insurer for sale of their entire policies on online mode.

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