Concerned over the CBDT panel’s proposal to allow reopening of tax filings of the past 16 years, experts and lawyers said it would only result in harassment of assessees without yielding any substantial gains to the exchequer.
Premiums paid for Life insurance – Deduction under Section 80C Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons: In case of individual assessee – Himself/Herself, spouse, children of such […]
In terms of the A. P. (DIR Series) Circular Nos. 17 and 18 dated September 16, 2011, a resident individual has been permitted to make a gift / loan in rupees to a Non-Resident Indian /Person of Indian Origin close relative (s), subject to certain terms and conditions. One of the conditions is that the gift / loan amount should be within the overall limit of USD 200,000 per financial year as permitted under the LRS for a resident individual. Accordingly, the revised Application cum Declaration form for purchase of foreign exchange under the LRS is annexed.
As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust should obtain from donee an instruction mentioning his intention to treat the donation given by him as towards corpus of the trust. Given below is the format of instruction given by donee to trust to treat the donation given by him as towards the corpus fund:-
Gupta & Gupta Chartered Accountants & Anr. Vs Reserve Bank Of India & Ors. (Delhi High Court)- The Delhi High Court has held as illegal the decision of RBI to discontinue the services of a Statutory Central Auditor (SCA) of Punjab National Bank (PNB) without fair and proper enquiry into the allegations against the firm.
Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases. A Finance Ministry official said in New Delhi that extending the period of reopening returns is to unearth undisclosed income […]
The Council of The Institute of Chartered Accountants of India (ICAI), on consideration of the Report of the Disciplinary Committee with respect to Shri P.Rama Krishna and another in the matter of Global Trust Bank (GTB) for the year 2000-01 decided to hold the Respondent (Shri P. Rama Krishna) guilty of professional misconduct under Second […]
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 13,77,444 31,03,832 125.33% 2 ITR-2 5,13,170 9,74,222 89.84% 3 ITR-3 96,315 1,79,132 85.99% 4 ITR-4 & […]
Director General of Audit, New Delhi has published Service Tax Audit Manual, 2010. As per the guidelines, tax payers whose annual service tax payment (including cash and CENVAT) was Rs.3 crore or more in the preceding financial year may be subjected
The Ministry of Corporate Affairs through a clarification on the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956 has extended the time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details upto 15.12.2011.
