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Archive: 16 December 2011

Posts in 16 December 2011

Documents required for Service Tax Registration – CBEC

December 16, 2011 7032 Views 0 comment Print

Central Board of Excise and Customs hereby specifies the following documents that are required to be submitted by the person who has made an application for registration under Rule 4(1) of the Rules ibid: (a) Copy of Permanent Account Number (PAN) (b) Proof of Residence (c) Constitution of the Applicant. (d) Power of Attorney in respect of authorised person (s).

Despite voluntary surrunder penalty u/s 271(1)(c) is justified if surrunder made after incriminating material is found

December 16, 2011 2957 Views 0 comment Print

Sanjay Enterprises (P.) Ltd. Vs. ITO (ITAT Delhi)- In the instant case, surrender made by the assessee during the remand proceedings, when the assessee was confronted with the statement of Shri Sanjay Rastogi recorded on oath on 27.9.2005, has never been retracted either during the reassessment proceedings or during the penalty proceedings at any stage. The assessee has not even attempted to establish its bona fide nor submitted any explanation before the AO during the penalty proceedings. Thus, in the light of view taken in the aforesaid two decisions relied upon by the ld. DR, we are of the opinion that the ld. CIT(A) rightly upheld the levy of penalty.

RBI retains interest rates, indicates cut in key policy rates from now onwards

December 16, 2011 1009 Views 0 comment Print

The Reserve Bank of India (RBI), has kept policy rates unchanged in its Mid Quarter Review of Monetary Policy announced today. The repo rate (the rate at which RBI lends money to banks) remains unchanged at 8.5%. The Reverse Repo Rate (rate at which RBI borrows money from banks) also will remain unchanged at 7.5% and the Marginal Standing Facility (MSF) rate at 9.5%.

RBI – Mid Quarter Monetary Policy Review – December 2011

December 16, 2011 1391 Views 0 comment Print

On the basis of the current macroeconomic assessment, it has been decided to: * keep the cash reserve ratio (CRR) unchanged at 6 per cent; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per cent.

Challenges to the Accounting Profession Some Reflections

December 16, 2011 1508 Views 0 comment Print

The development of the accounting profession owes its origin to the emergence of the joint stock company and the consequent separation of ownership from management. This arrangement triggered the need for an independent and informed opinion on the accounting of the owners’ funds entrusted to the management for their stewardship. The “raison d’etre” of the profession is consequently based on the confidence which the profession enjoys with the

Protocol Amending India-Australia Dtaa Signed; Updated for Effective Exchange of Information on Tax Matters

December 16, 2011 255 Views 0 comment Print

The Protocol amending India-Australia Double Taxation Avoidance Agreement (DTAA) was signed, here today by Shri. S. S. Palanimanickam, Minister of State for Finance and Mr. Bill Shorten, Minister for Employment and Workplace Relations & Minister for Financial Services and Superannuation, Government of Australia. The original India-Australia DTAA was signed way back in 1991.

FM Welcomes RBI’s Resolve to Check the Speculative interventions in the Foreign Exchange Market

December 16, 2011 249 Views 0 comment Print

The Union Finance Minister, Shri Pranab Mukherjee has stated that today’s announcements of RBI concerning Monetary Policy would help in regaining our growth momentum with improved macro-economic parameters in the remaining period of the current fiscal 2011-12. The Finance Minister was reacting to the RBI’s Mid Quarter Review of Monetary Policy for 2011-12 which was announced by RBI Governor in Mumbai today. Shri Mukherjee welcomed the RBI Governor’s resolve to check the speculative interventions in the foreign exchange market which among other factors has contributed to the sharp depreciation in the Indian Rupee against the US Dollar. The Finance Minister, Shri Mukherjee said that inflation will moderate further in the coming weeks and therefore, the today’s announcements of RBI are welcome.

Anand Sharma Unveils Strategy for Doubling Exports – Target of Us $ 500 Billion by 2014

December 16, 2011 537 Views 0 comment Print

Special Bonus Benefit Scheme: A new scheme to provide special assistance to specified sectors for 6 months has been introduced. The support is given to Engineering, Pharmaceutical and Chemical sectors covering 50 products. This scheme will be available on exports made on or after 1.10.2011 and up to 31.3.2012. The rate of duty credit is 1% of FOB value of exports.

Government has tax demand of Rs 1.96 lakh crore of which 84 per cent cannot be realised – CAG

December 16, 2011 571 Views 0 comment Print

In a startling revelation, official auditor CAG today said the government has a huge tax demand of Rs 1.96 lakh crore, of which 84 per cent cannot be realised due to various reasons like death, insolvency and liquidation of company. Out of Rs 1.96 lakh crore, the arrear demand reported by DIT ( Department of Income Tax) Recovery, a major portion, i.e, 84.3 per cent amounting to Rs 1.65 lakh crore was categorised as unrealisable demand by the Department, said the report tabled in Parliament.

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts

December 16, 2011 1185 Views 0 comment Print

With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts (the interest rates on term deposits under Ordinary Non-Resident (NRO) Accounts are already deregulated). Accordingly, banks are free to determine their interest rates on both savings deposits and term deposits of maturity of one year and above under Non-Resident (External) Rupee (NRE) Deposit accounts and savings deposits under Ordinary Non-Resident (NRO) Accounts with immediate effect. However, interest rates offered by banks on NRE and NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits.

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