"26 January 2012" Archive

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

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. ...

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

Alpine Electronics Asia Pte Ltd. Vs Director General of Income Tax & Others (Delhi High Court)

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 ...

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

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; The...

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Posted Under: Income Tax | ,

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

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, 25.01.20...

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Posted Under: Income Tax |

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

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 http://icaiexam.icai.org. This facility will be in addition to the existing option for submission of application for verification of answer books, physically b...

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Posted Under: Income Tax |

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

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...

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Posted Under: Income Tax |

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

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 cons...

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Posted Under: Income Tax |

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

Dinesh Chandra Agarwal Vs. UOI (Allahabad High Court)

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 hel...

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

Rajat Export Import India Pvt. Ltd. Vs Income Tax Officer (Delhi High Court)

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 conclus...

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

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 ...

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