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.
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-Budget memorandum to Finance Minister Pranab Mukherjee.
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.
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 auditor need not report in respect of cess payable under Section 441A of the Companies Act, 1956 as envisaged under paragraph 63(g) of the Statement on the Companies (Auditor’s Report) Order, 2003 issued by the Institute, relating to clause 4(ix)(a) of the Companies (Auditor’s Report) Order, 2003.
This Master Circular consolidates the existing instructions on the subject of “Memorandum of Instructions governing money changing activities” at one place. The list of underlying circulars/ notifications is set out in Appendix. This Master Circular is being issued with a sunset clause. It will stand withdrawn on July 1, 2012 and would be replaced by an updated Master Circular on the subject.
As you are aware, currently all public sector banks are eligible to conduct Government business as agents of RBI. However, only three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. were appointed by RBI as its agents to carry out limited general banking business of the Central Government and of those State Governments which had entered into an agreement with RBI for the purpose. Of late, we have been receiving formal/informal requests from various Central Government Ministries/Departments, State Governments and from the banks themselves for granting authorization for additional/fresh business to these/other private sector banks for conducting Government business.
In exercise of the powers conferred by sub-section (2) of Section 1 of the Chartered Accountants (Amendment) Act, 2011 (No. 3 of 2012) the Central Government hereby appoints the 1st day of February, 2012 as the date on which the provision of the said Act shall come into force.
Salient features of this multilateral convention are – It is based on international standard of transparency and exchange of information. – This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.
F. No. 528/109/2011-STO (TU) Attention is invited to CBEC instructions F.No.528/109/2011 – STO (TU) dated 29.11.2011, and 15.12.2011 on the issue of the implementation of the Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009. Further reference has been received in the Board from Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce, clarifying that certain Commercial vehicles, Off the Road, Run flat and Collapsible types of tyres are not covered under the said Quality (Control) Order, 2009 (copy enclosed).
It is brought to the notice of the Trade and Industry that the Central Board of Excise and Customs, New Delhi vide Circular No. 953/14/2011 issued vide F. No. 282/5/2008-CX-9(pt.) dated 12.09.2011 has directed that a single Regional Advisory Committee (RAC) for the Organised Sector and Small Scale Industry
