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Archive: 10 March 2012

Posts in 10 March 2012

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 51 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7389 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.

HC Rejects Winding up Petition as serious dispute existed on amount due from company to petitioner

March 10, 2012 714 Views 0 comment Print

There is no doubt that the correspondence between the parties in April, 2009 gives the impression that the company admitted and acknowledged that the company owed money to the petitioner. Yet, on the basis of the mail exchanged at the relevant time, the exact quantum of the company’s indebtedness to the petitioner cannot be assessed.

Bureaucratic delays cant be excuse for filing appeal beyond limitation period

March 10, 2012 3274 Views 0 comment Print

SC Bench warned the Union government and its departments that bureaucratic delays could not be cited as an excuse or a ground for filing appeals beyond the period of limitation of 90 days and also said that the law of limitation undoubtedly binds everybody, including the government. The claim on account of impersonal machinery and inherited bureaucratic methodology of making several notes cannot be accepted in view of the modern technologies being used and available. The law of limitation undoubtedly binds everybody including the Government.

No sec. 195 TDS Liability On Payer If Payee Not Assessed

March 10, 2012 3683 Views 0 comment Print

Supreme Court in Bhatinda District Co-op. Milk Producers Union Ltd. [2007] 9 RC 637 ; 11 SCC 363 action must be initiated by the competent authority under the Income-tax Act, where no limitation is prescribed as in section 201 of the Act within that period of four years. In Van Oord ACZ India (P) Ltd. v. Commissioner of Income-tax 323 ITR 130 (Del), the Hon’ble Delhi High Court had approved the view expressed by the Special Bench in the case of Mahindra & Mahindra Ltd. (supra).

Maharashtra VAT – Download Revised List of 1009 Suspicious Dealers

March 10, 2012 7166 Views 0 comment Print

The Department of Sales Tax, Maharashtra State declared UPDATED list of Suspicious Dealers on 7th March 2012 totalling to 1009 nos.

I-T Exemption Limit may be raised to 3 lakh, Highlights of DTC Committee Report,Download Report

March 10, 2012 5048 Views 0 comment Print

Raise I-T exemption limit to Rs 3 lakh from Rs 1.8 lakh. Levy 10 pc tax on income between Rs 3-10 lakh. 20 pc on income between Rs 10-20 lakh,30 pc above Rs 20 lakh. Senior citizen benefits from 60 years instead of 65 years. Raise tax rate on life insurance cos to 15 pc from 12.5 pc. Retain corporate tax rate at 30 pc. Remove Securities Transaction Tax (STT). Hike tax savings schemes limit to Rs 3.2 lakh,from Rs 1.8 L. Raise wealth tax limit to Rs 5 crore from Rs 30 lakh.

How to Apply TAN, Track Status of TAN Application, fees

March 10, 2012 16331 Views 0 comment Print

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns.

S. 54EC investment time limit begins from date of receipt of consideration

March 10, 2012 6307 Views 0 comment Print

The assessee has deposited the sale consideration within one month of receipt with NABARD for availing exemption u/s. 54EC of the Act. In such circumstances whether the assessee is eligible for claim of exemption or not ? In our view, in this type of case, the period of six months for making deposit u/s. 54EC of the Act should be reckoned from the dates of actual receipt of the consideration,

CA issuing wrong 10CCAC certificate guilty of professional misconduct – HC

March 10, 2012 3741 Views 0 comment Print

CA certifying in Form 10CCAC that export proceeds have been realised when not in fact realized amounts to false and bogus certificate and is serious misconduct for which mere reprimand is not sufficient punishment. The attempt was to dupe tax authorities and help assessee to avoid tax, to that extent, such a conduct has to be taken seriously and respondent cannot be let off merely by giving him reprimand; some penalty needs to be imposed so that it acts as deterrent and such professional misconduct are not committed.

RBI reduces CRR by 75 basis points to 4.75 per cent

March 10, 2012 952 Views 0 comment Print

t has been decided to: reduce the cash reserve ratio (CRR) of scheduled banks by 75 basis points from 5.5 per cent to 4.75 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning March 10, 2012. This reduction will inject around `480 billion of primary liquidity into the banking system.

Newly Wed Gurgaon CA and Designer Wife Found Dead In Agra

March 10, 2012 2937 Views 0 comment Print

Puneet Gupta, a chartered accountant working in Gurgaon, alongwith his fashion designer wife Varsha had gone to celebrate Holi in Agra at Punit’s father’s home in Kunwar colony, but were found dead in mysterious circumstances. After celebrating Holi, the two went to have a bath in the washroom, but did not come out.

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