"January, 2012" Archive

Exposure Draft on Guidelines on Prospect Product Matrix for Life Insurance

Circular No. 16/CA/PPI/PPM/11-12 (31/01/2012)

On 18th June, 2010, the Authority had put up a draft in the nature of a Discussion Paper on the need to prescribe standards and procedures for Needs Analysis for sale of life insurance policies. Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to en...

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Tariff Value increased for Gold, Silver, Brass Scrap and Poppy Seeds

Notification No. 10/2012–Customs (N.T.) (31/01/2012)

Notification No. 10/2012 – Customs (N. T.) - Government has increased the tariff values of Brass Scrap (all grades) from USD 4007 to USD 4078 and changed the tariff value of poppy seeds from USD 1970 to 2205.The Tariff Value of Gold is increased from 526 to 556 USD per 10 grams and the tariff value of silver is increased from 953 to 10...

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MVAT – Additional List of Suspicious Dealers who has issued false bills without delivery of goods

Maharashtra Sales tax Department on its website hosted the List of Suspicious Dealers who has issued false bills without delivery of goods on its website. Sales Tax Department has first issued a list of 698 Dealers around a month back on 21.11.2011. Now the Sales tax Department has issued Additional List list of dealers who it is suspec...

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Posted Under: Corporate Law | ,

Yograj Infrastructure Ltd Vs. Ssang Yong Engineering & Construction Company Ltd. & ANR. (SC)

Yograj Infrastructure Ltd. Vs. Ssang Yong Engineering & Construction Company Ltd. & Anr. (Supreme Court of India)

Yograj Infrastructure Ltd Vs. Ssang Yong Engineering & Construction Company Ltd. & ANR. (SC) - The Supreme Court last week dismissed the appeal of Yograj Infras Ltd against the ruling of the Madhya Pradesh high court in its dispute with Ssang Yong Engineering & Construction Co. The National Highway Authority of India (NHAI) awarded a Rs 7...

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CIT Appeal to consider documents submitted by the Assessee before passing Ex-parte Order

Rujuta N. Shah V/s ITO (ITAT Mumbai)

Rujuta N. Shah V/s ITO (ITAT Mumbai)- At the time of hearing, the ld. counsel for the assessee submits that no proper and due opportunity was not provided to the assessee by the ld. CIT(A) inasmuch as, the ld. CIT(A) has also not considered the paper book filed by the assessee, while deciding the appeal ex-parte, therefore, in the interes...

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Refund of Statutory / ROC Fees Paid by mistake to MCA

Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. Now the Ministry has introduced process of refund of statutory fees paid for certain services. The refund of MCA21 fees is available in the following cases:...

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Posted Under: Corporate Law |

Units of mutual funds are not generally trading instrument – ITAT Mumbai

Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)

Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)- In Mr. Chetan R.Parikh V/s ITO in ITA No. 1569/Mum/2010 (AY: 2006- 07) dated 25.05.2011, it has been held by the Tribunal that the units of mutual funds are not generally a trading instrument because of comparatively low fluctuation and number of transactions in units are also not large....

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ICAI – Double home loan repayment exemption limit to Rs 3 lakh

Seeking relief for home buyers, accounting regulator ICAI has asked the Finance Ministry to double the tax exemption limit on loan repayment to Rs 3 lakh. "...it is suggested that the deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs 1.5 lakh to Rs 3 lakh", ICAI said in a pre-Bu...

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Posted Under: Corporate Law |

ICAI panel on black money to submit report in a fortnight

The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight....

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Posted Under: Corporate Law |

ICAI President’s Message – February 2012 – Amendment to the Statutory Auditor’s Reporting Responsibilities

ICAI Council at its 312th meeting had noted that till date the Central Government had not notified the effective date of Section 441A of the Companies Act, 1956. Consequently, no Rules thereunder had been prescribed by the Central Government. The Council, therefore, has decided that in view of the aforementioned situation, the statuary au...

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Posted Under: Corporate Law |
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