"10 February 2012" Archive

November 2011 Examination CA PCC, IPCC Toppers, Pass Percentage

The results of the Chartered Accountants IPCC / PCC Examination held in November 2011 was declared recently. The details of percentage of candidates passed in the above said examinations and list of top three toppers are given below; ...

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Posted Under: CA, CS, CMA |

For Calculating 90% of Commission, Brokerage etc under Expl (baa) to section 80HHC netting of income from expenditure is allowed

M/s ACG Associated Capsules Pvt. Ltd. Vs The Commissioner of Income Tax (Supreme Court of India)

ACG Associated Capsules Pvt. Ltd Vs. CIT (Supreme Court)- Memorandum explaining the clauses of the Finance Bill, 1991 contained in the circular dated 19.12.1991 of the Central Board of Direct Taxes to come to the conclusion that the Parliament intended to exclude items which were unrelated to the export turnover from the computation of de...

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For Promotion and Choice Posting achievement of revenue collection target to have highest weightage – CBDT

Among the parameters of performance in your area, achievement of revenue collection target will obviously be given the highest weightage while writing your APAR by reporting officers and reviewing officers and will also be a major factor while considering placements during AGT 2012....

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Posted Under: CA, CS, CMA |

Section 143(3) assessment order without AO’s signature is Void – ITAT

Vijay Corporation Vs. ITO (ITAT Mumbai)

Vijay Corporation Vs. ITO (ITAT Mumbai) - Provisions of Sec. 143(3) of the Act contemplates that the AO shall pass an order of assessment in writing. The requirement of signature of the AO is therefore a legal requirement. The omission to sign the order of assessmenet cannot be explained by relying on the provisions of Sec.292B of the Act...

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Carrying of Original ID Proof to be Compulsory During Train Journey in all Air Conditioned Classes

In a move to prevent misuse of Reserved Train Tickets and reduce cases of travelling on transferred tickets, Ministry of Railways has decided that with effect from 15th February 2012, anyone of the passengers/the passenger booked on the ticket issued from computerized Passenger Reservation System (PRS counters) and Internet (i-ticket) u...

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Posted Under: CA, CS, CMA |

Revised / New procedure for activation of TAN account

Steps to Register TAN- Register your TAN online at TIN website. For registration of TAN, click here. Submit the application online. On successful registration of TAN, a 12 digit alpha numeric registration number will be generated....

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Montek not in favour of referring legislative Bills to ‘expert groups’

Terming as landmark the process adopted for finalising the Direct Taxes Code (DTC), Plan Panel Deputy Chairman Montek Singh Ahluwalia said he is not in favour of referring legislative Bills to 'expert groups'. ...

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Posted Under: CA, CS, CMA |

Clarification regarding Filing of conflicting ROC returns by contesting parties

General Circular No. 1/2012 (10/02/2012)

I am directed to invite a reference to Ministry’s circular No. 19 and 20 of 2011 issued on 02.05.2011 laying down certain procedure to regulate cases wherein filing of conflicting returns with regard to appointment of Directors or change of Director/Directors was laid down. In the light of some specific cases wherein it appears that eit...

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Bangalore Metro to float tax-free bonds to raise Rs 2,000 crore

The Bangalore Metro Corporation (BMRC) will issue a tax free Metro Bond to raise Rs 2,000 crore for the first phase of the project. The bond, pending with the Union Finance Ministry at present for clearance, is expected to hit the market in a few days, the Union Urban Development Secretary Sudhir Krishna said on Friday. ...

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Posted Under: CA, CS, CMA |

Sebi enhances minimum investment amount in Portfolio Management Scheme to Rs 25 lakh

Notififcation No. LAD-NRO/GN/2011-12/37/3689, (10/02/2012)

With a view to keeping retail investors away from the portfolio management schemes (PMS), Sebi on Friday raised the minimum investment amount of clients for such schemes to Rs 25 lakh from the earlier Rs 5 lakh. PMS offers investors a range of specialised investment strategies to capitalise on opportunities in the market and made suitable...

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