"21 March 2012" Archive - Page 2

Highlights on Union Budget 2012 – 2013 – A corporate glance

The Union Budget of India, referred to as an annual Financial Statement in Article 112 of the Constitution of India is an annual budget of theRepublicofIndia, which is presented each year by the Finance Minister ofIndiain the Parliament. The Union budget has to be passed by the Both Houses of Parliament before it can come into effect on A...

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Posted Under: Income Tax |

Notification No. 23/2012-Customs (N.T.) Dated: 21.03.2012

Notification No. 23/2012-Customs (N.T.) 21/03/2012

S.O. (E).- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Departmen...

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Wife’s money deposited in assesses account can not be treated as unexplained

Sh. Sanjay Srivastava V/s. Income Tax Officer (ITAT Delhi)

Facts, in brief, as per relevant orders are that on the basis of information received from the office of Addl.DIT (Investigation), Ghaziabad that the assessee deposited cash in his bank account No.785 in Punjab National Bank, BB Nagar, Ghaziabad during the period April, 1998 to March, 2000 while he did not file his returns for the relevan...

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Loan against Only Gold can not be more then 60 percent of Value

RBI/2011-12/467 DNBS.CC.PD.No.265/03.10.01/2011-12 21/03/2012

It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has led to their increased dependence on public funds including bank finance and non-convertible deb...

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Foreign Exchange Management (Deposit) Regulations, 2000 – Credit to Non Resident (External) Rupee Accounts

RBI/2011-12/465 A. P. (DIR Series) Circular No.95 21/03/2012

It has been decided that AD Category-I banks may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the resident individual was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to...

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Supply to non mega power projects shall not be entitled to any deemed export benefit

Notification No. 107 (RE-2010)/2009-2014 21/03/2012

Supplies to non mega power projects were entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation / Advance Authorisation for annual requirement / DFIA. It has now been decided that supply to non mega power projects shall not be entitled to any deemed export benefit. When the annual supplement to ...

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All income of recovery agent may not be for services rendered as recovery agent

Pioneer Services Vs CCE (CESTAT Ahmedabad)

we find that the appellant's claim that they have produced some records and the documents, indicating that the income mentioned in the balance sheet may not be totally out of the income as a recovery agent is borne out from the Chartered Accountant's certificate and adjudicating authority has recorded the same in the submissions made by a...

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Constitution of a Committee to formulate a Policy Document on Corporate Governance – General Circular No. 6/2012

General Circular No. 6/2012 21/03/2012

In continuation of this office O.M. of even number dated 7.03.2012 the undersigned is directed to say that Shri Sudhir Additional Secretary in this Ministry shall be the nominee of the Ministry of Corporate Affairs in the Committee to formulate a policy document on Corporate Governance. ...

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Service Tax Reverse Charge Mechanism requires more clarifications on works contract service

In the Budget-2012-13 under the new Reverse Charge Mechanism in certain services the receipient of the service has been made liable to pay tax instead of service provider. In three of services namely hiring of means of transport, construction and man power supply both service receiver and service providers have been made liable to tax i...

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Posted Under: Income Tax |

Lump sum scheme for payment of service tax in works contract

In works contract service lump sum scheme for payment of service tax in a works contract has been introduced by amendment in Rule 2A of the Service Tax (Determination of Value) Rules, 2006 vide Notification No. 11/2012 - Service Tax dated 17-03-2012. In works contract service there were two types of schemes which were earlier available i...

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Posted Under: Income Tax |

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