The Institute is in the process of development of XBRL Taxonomy for Cost Audit Report and Compliance Report. The Institute has approved the release of initial draft of ICWAI XBRL Taxonomy for public comments. The proposed taxonomy may be modified in the light of comments / suggestions received. Please submit your views / comments / suggestions on the XBRL Taxonomy, preferably by email, latest by January 31, 2012. Comments should be addressed to:
The Union Finance Minister Shri Pranab Mukherjee has said that we need to make the development process more inclusive and also as a means to create sustained opportunities for growth in the country. He said that there is urgent need to improve the reach and quality of our social and physical infrastructure, reduce the regional imbalances and improve the opportunities for the less privileged, while strengthening the role of Government as an enabler. Shri Mukherjee was delivering the inaugural address at the 1066 Annual General Meeting (AGM) of the PHD Chamber of Commerce here today. The theme of the conference was “India 2021: Promise or Progress”. The Finance Minister Shri Mukherjee also released a book entitled “Growth Prospects of the Indian Industry” on this occasion.
Notification No.114 /2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2011-Customs, dated the 14th February, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.91 (E), dated the 14th February, 2011 namel
After doing the initial KYC of the new clients, the intermediary shall forthwith upload the KYC information on the system of the KRA and send the KYC documents i.e. KYC application form and supporting documents of the clients to the KRA within 10 working days from the date of execution of documents by the client and maintain the proof of dispatch. CIRCULAR No. MIRSD/Cir- 26 /2011 , Dated- December 23, 2011
This Report for the year ended March 2011 has been prepared for submission to the President of India under Article 151(1) of the Constitution of India. Audit of Revenue Receipts – Indirect Taxes of the Union Government is conducted under the Section 16 of the Comptroller and Auditor General of India (Duties, Powers and Conditions […]
DIT Vs Ericsson AB (Delhi High Court)- It was argued that the Explanation as initially inserted in the year 2007 after subsection (2) of section 9 sought to clarify as to when income received by way of interest, royalty or fees for technical services, can be regarded as deemed to accrue or arise in India. The subsequent amendment made in the Explanation by the Finance Act, 2010 enacts a further clarification (by effectively adding clause (ii) in the Explanation) in so far as the taxability of fees for technical services are concerned. The Supreme Court in Ishikawajima (supra) has held that if the transfer of property in goods as well as the payment were both made outside India, the transaction of supply was not chargeable to tax in India inspite of the fact that the contract was signed in India.
In Re Nuclear Power Corporation of India Ltd. (AAR) – Since the question whether the payment made under the transaction was chargeable to tax under the Act was pending before the authorities under the Act arising out of an assessment against ASE, before the applicant approached this Authority the allowing of this application under Section 245R(2) of the Act is barred. The bar is in entertaining an application where the question raised in the application is already pending before any income-tax authority. Since we have found that the question arising before us, the primary question, if not the only question, is whether the payment to be made by the applicant to ASE on the transaction(s) is chargeable under the Act is already pending in proceedings against the payee, ASE, entertainment of the present application is barred by clause (i) of the proviso to Section 245R(2) of the Act. We, therefore, reject the application.
Income Tax department seized Rs 300 crore (Rs 3 billion) in black money, including cash and jewellery, during April-October, 2011-12, Parliament was informed on Tuesday. The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63 crore (Rs 2.996 billion), Finance Minister Pranab Mukherjee said in the Rajya Sabha.
Though the Income Tax Department made a provision for electronic filing of returns, it appears that the ITR-V Form containing the due verification of the return of the assessee was required to be remitted only by ordinary post. The instructions which were furnished to assessees, a copy of which has been placed on record, specifically stipulate that the ITR-V form should not be sent either by registered post or by speed post or courier.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, as amended from time to time, Director General of Foreign Trade hereby makes following amendments in Public Notice No. 59(RE-2010)/2009-14 dated 30.06.2011 read with Public Notice No. 21 dated 10.01.2011:
