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Archive: 26 January 2012

Posts in 26 January 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Income Tax Calculator for A.Y. 2011-12, 10-11, 09-10, 08-09, 07-08

January 26, 2012 26837 Views 0 comment Print

Download Income Tax Calculator for salaried For A.Y. 2011-12, 10-11, 09-10, 08-09, 07-08 for Male, Female, Senior Citizens. The calculator also calculate interest U/s. 234A, 234B and 234C, Automatically. Calculator for those having Income from Salaries.

Delay in notice U/s. 143(2) Renders Assessment Void – HC

January 26, 2012 3681 Views 0 comment Print

Alpine Electronics Asia Pte Ltd Vs. DGIT (Delhi HC)- Draft order is not the final assessment order and does not result in completion of assessment. Under sub-section (2) to Section 143, the assessee has a right to accept, within 30 days, the draft assessment order or has right to file objections with the Dispute Resolution Panel and the Assessing Officer. Under Section 144C(3), the Assessing Officer shall complete assessment proceedings on the basis of the draft order only if the assessee files his acceptance to the variations or if no objections are received within 30 days.

Public issue of Hudco Tax Free Bonds to open on 27 Jan 2012

January 26, 2012 2074 Views 0 comment Print

State-run Housing and Urban Development Corporation (HUDCO) today said its public issue of tax-free bonds will hit the market on January 27 with a target of raising up to Rs 4,685 crore. The income by way of interest on these Bonds shall not form part of total income as per provisions under section 10 (15) (iv) (h) of I.T. Act, 1961; There shall be no deduction of tax at source from the interest, which accrues to the bondholders;

Petition in HC against minimum wages specified in CA Offices by Kerala State Government

January 26, 2012 1169 Views 0 comment Print

CA Club, Thrissur, has filed a writ petition in Kerala High Court against the notification issued by Kerala State Government imposing minimum wages in Offices of Chartered Accountants in Kerala State. The writ petition was filed in Kerala HC by CA Club, Thrissur, on Tuesday, 24.01.2012 and was taken for hearing today ( Wednesday, 25.01.2012).

Procedure and FAQ for On-line Submission of Application for Verification of Answer Books for CA students

January 26, 2012 528 Views 0 comment Print

Candidates of November 2011 CA examinations Final, IPCE and PCE can submit their application for verification of answer books and also make payment of verification fees, on-line at This facility will be in addition to the existing option for submission of application for verification of answer books, physically by Speed/Registered Post, along with a demand draft.

Get Your Firm Status Updated by 31.01.2012 for Empanelment with C&AG and Bank Branch Auditors’ Panel

January 26, 2012 1313 Views 0 comment Print

For the purposes of Empanelment in the panel prepared by Office of C&AG and Bank Branch Auditors’ Panel prepared by ICAI (for which Constitution Certificates as on 1st January are issued every year); no condonation of delay in submission of Form No. 18 beyond 31st January preceding the financial year under audit (e.g. 31st January, 2012 for empanelment for the year 2012-13) will be done by the Institute

ICAI issues Exposure Draft of Guidance Note on Rate Regulated Activities for comments

January 26, 2012 909 Views 0 comment Print

A key aspect of rate regulation is that the regulator is empowered to determine prices that bind the entity’s customers under a statute or otherwise. Regulatory authorities are usually set up under a legislation which stipulates their constitution, functions, powers etc. While such legislation may provide the general guidelines and considerations for determination of tariffs, the regulatory authority decides the particular methodology to be adopted for tariff setting which is notified through regulations or rules. The regulator from time to time issues orders for tariff setting in individual cases which provide further guidance on the implementation of the notified regulations a

Ex – ITAT Members can practise before the Benches of Tribunal where they were not posted – HC

January 26, 2012 873 Views 0 comment Print

Dinesh Chandra Agarwal Vs. UOI (Allahabad High Court)- Rule 13E of Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 as amended on June 3, 2009 imposes a complete ban on practice by the retired members before the Income Tax Appellate Tribunal. Granting a interim relief Honorable high Court has held as under

Validity of reopening of assessment should be judged only with reference to the reasons recorded by the Assessing Officer u/s.148(2)

January 26, 2012 1030 Views 0 comment Print

Rajat Export Import India Pvt. Ltd. Vs. ITO (Delhi HC)- The reasons to believe recorded in writing by the Assessing Officer in the present case have been quoted earlier. They are detailed and show application of mind. The reasons record inferences and conclusions. We wanted to examine the material or evidence on the basis of which conclusions/inferences were drawn. When the record of the Assessing Officer was produced, it was noticed that the documents/ material furnished by the Investigating Wing was not on record and, therefore the order dated 2.12.2011 was passed. Subsequently, on 16.12.2011, the Assessing Officer appeared and had stated that the information given/furnished by the Investigating Wing was in a CD. The print out thereof was furnished. Copy of the material/ evidence relating to the petitioner was furnished to the counsel for the petitioner. In these circumstances, we did not feel that there was any necessity for the respondent to file counter affidavit.

Salient Features of IRFC Tax Free Bonds – Opening on 27 Jan 2012

January 26, 2012 5874 Views 0 comment Print

Indian Railway Finance Corporation Ltd – Issue period: 27 January 2012 to 10 February 2012. Issue of Tax Free Secured Redeemable Non Convertible Bonds . Basis of allotment: On a first-come-first-serve basis within each category. The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act, 1961.

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