"April, 2012" Archive

CBI arrests JCIT, Raipur in bribe case

The Central Bureau of Investigation has arrested a Joint Commissioner of Income Tax, Raipur for demanding & accepting a bribe of Rs.15 Lakh and three others for offering the said bribe....

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Posted Under: Finance |

Punishment not prescribed under the statutory rules cannot be imposed

Vijay Singh Vs State of U.P. & Ors (Supreme Court of India)

Undoubtedly, in a civilized society governed by rule of law, the punishment not prescribed under the statutory rules cannot be imposed. Principle enshrined in Criminal Jurisprudence to this effect is prescribed in legal maxim nulla poena sine lege which means that a person should not be made to suffer penalty except for a clear breach of ...

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Difference between Finance & Operational Lease

Commissioner of Income Tax Delhi-VI Vs The Instalment Supply Limited (Delhi High Court)

The appellants are carrying on the business of financiers: they are not dealing in motor-vehicles. The motor-vehicle purchased by the customer is registered in the name of the customer and remains at all material times so registered in his name. In the letter taken from the customer under which the latter agrees to keep the vehicle insure...

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Seeks to amend Notification 21/2012 – Customs, Dated: 17.03.2012

Notification No. 29/2012-Customs (30/04/2012)

Notification No. 29/2012 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry...

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Delhi HC on What is Make Available Technical Service?

Director of Income Tax Vs Guy Carpenter & Co. Ltd. (Delhi High Court)

Honourable High court has agreed with the The Tribunal that the 'make available' condition was not satisfied inasmuch as no technical knowledge etc, was made available by the assessee to the Indian insurance companies operating in India. The Tribunal conclusions are based on an assessment of the factual matrix of the case at hand and are...

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Notification No. 39/2012 – Customs (N. T.) – Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001

Notification No. 39/2012–Customs (N.T.) (30/04/2012)

Notification No. 39/2012 – Customs (N. T.) 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 (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, publish...

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Explanation to s. 37(1) not apply if unaccounted business is not an illegal business

The Commissioner of Income Tax (Central) Cochin Vs Shri P.D. Anrahm Alias Appachan (Kerala High Court)

Learned Senior Standing Counsel for the Revenue has also made reference to the explanation to Section 37(1) of the Act and also to the scope of the proviso inserted to Section 69C of the Act by the Finance (No.2) Act, 1998 with effect from 01/04/1999. Learned counsel for the assessee contended that film production is not an illegal busine...

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Policy Circular No. 60 (RE-2010)/2009-14, Dated: 30.04.2012

Policy Circular No. 60 (RE-2010)/2009-14 (30/04/2012)

Policy Circular No. 60 (RE-2010)/2009-14 As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circ...

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How to Send free SMS from Gmail

Did you know that you can now send free text messages (SMS) to your friends directly from your Gmail account? Try Gmail SMS today and start texting your friends from your computer. 1. Log into your Gmail account. In the Send SMS box above Chat, enter the phone number you want to send a SMS to. ...

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Posted Under: Finance |

Amendment of SION of Food Products (Code ‘E’) in the HBP V.2 (2009-14) – Re-numbering of SION E – 1A as E – 131

Public Notice No. 107 (RE-2010)/2009-14 (30/04/2012)

PUBLIC NOTICE No. 107 (RE-2010)/2009-14 SION E-1A that was notified by Public Notice No.94 dated 01.02.2012 is being re-numbered as SION E-131. There is no change in the Import Items (either in description or in quantity permitted). ...

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Amendment of SION of Food Products (Code ‘E’) in Handbook of Procedures V.2 (2009-14)

Public Notice No. 106 (RE-2010)/2009-14 (30/04/2012)

Accordingly, in exercise of the powers conferred under Para 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby re-numbers SION E-129A as E-130 for the export product “Instant Fruit Juice Powder / Crystals ( Sugar Free)” in the Handbook of procedure V.2 (2009-14 ). The quantity and description of ...

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Empanelment with IIFCL Ltd. for Internal Audit

The Company intends to engage professionals for rendering services in the field of Internal Audit .This document is not a recommendation, offer or invitation to enter into a contract, agreement or any other arrangement in respect of the services. This invitation is to shortlist professionals for rendering services in the field of Internal...

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Posted Under: Finance |

Corporate Debt Restructuring Mechanism – Need to Review/ Re-Define the Policy

There are few hurdles in the process of effecting Corporate Debt Restructuring Mechanism and a possible threat to the Indian Economy. The objective of this article is to highlight the noble objectives of corporate debt Restructuring Mechanism; to examine the hurdles and to explore the possible solution to remove these deficiencies. ...

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Posted Under: Finance |

Know your STD Code

Many times we require STD CODE of some place, but we have do not have that and search for the same in Telephone Directories, on Internet etc. We have uploaded an excel utility which will ease your search of STD codes.Download STD Code Finder...

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Posted Under: Finance | ,

Download EMI Calculator & EMI in Terms of FD & RD

Download EMI Calculator EMI in Terms of FD & RD Calculator...

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Posted Under: Finance | ,

MVAT Notification for TDS for Societies registered under Societies Registration Act, 1860

Notification No. JC (HQ)1/ VAT/2005/97 (30/04/2012)

In exercise of the powers conferred by sub-clause (i) of clause (b) of Sub section (1) of section 31 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby, amend the Notification No. JC (HQ)1/ VAT/2005/97, dated 29th August 2005 with effect from 1st June 2012 as fo...

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Guidelines for setting up Infrastructure Debt Fund for the purpose of exemption u/s. 10(47)

Notification No. 16/2012-Income Tax (30/04/2012)

Notification No. 16/2012-Income Tax In exercise of the powers conferred by clause (47) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962...

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Intra-bank Deposit Accounts Portability

RBI/2011-12/528 DBOD.AML. BC. No. 97/14.01.001/2011-12 (27/04/2012)

Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of c...

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Priority Sector Lending-Indirect Finance to Housing Sector – Increase in Limit to 10 lakh

RBI/2011-12/527 RPCD.CO RRB. BC.NO.74 /03.05.33/2011-12 (27/04/2012)

Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose of construction/reconstruction of individ...

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SEBI – Auction calendar for allocation of FII debt limit

Circular No. IMD/FIIC/12/2012 (27/04/2012)

SEBI has been allocating FII debt limits through open bidding platform since February 2009 as and when free limits are available. The utilisation status of FII debt limits and the free limits available as on 15th of every month and at the end of every month are being disseminated on SEBI website....

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Seeks to amend Notification 69/2011 – Customs, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan

Notification No. 28/2012-Customs (27/04/2012)

Notification No. 28/ 2012 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the...

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Seeks to amend Notification 69/2011-Cus, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan

Notification No. 28/2012-Customs (27/04/2012)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (D...

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S. 36(1)(ii) Without Evidence AO can not presume Commission paid as Dividend

ACIT Vs. Coromandel Agrico Pvt. Ltd. (ITAT Delhi)

In the case of ACIT vs. Bony Polymers Pvt. Ltd. (supra), it was held by the Co-ordinate Bench that in the absence of any material or evidence to show that the commission is being paid as dividend to the shareholders the disallowance u/s 36 (1)(ii) was not permissible. The Companies Act, 1956 contains the limitation and restrictions in the...

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If recipient of services is required to pay service tax than provider of services not required to pay

Raj Ratan Castings Pvt. Ltd Vs Commissioner Cus. & C. Ex, Kanpur (CESTAT Delhi)

The appellant/assessee is a distributor of mutual fund units and receives commission from mutual fund companies or asset management companies. The commission received by the appellants from the said companies stand taxed by the authorities below on the ground that they have provided Business auxiliary services to the mutual fund company. ...

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Monetary Policy Statement 2012-13 – Exposure to Housing, Real Estate and Commercial Real Estate – Primary (Urban) Co-operative Banks

RBI/2011-12/525 UBD.BPD. (PCB). Cir. No.31/13.05.000/2011-12 (26/04/2012)

Please refer to our Circular UBD.BPD.(PCB). Cir. No.47/13.05.000/2010-11 dated May 11, 2011, on the above subject, advising UCBs that their exposure to housing, real estate and commercial real estate loans should be limited to 10 percent of their total assets which could be exceeded by an additional 5 percent of total assets for housing l...

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Whether section 127(2) transfer order is invalid for want of reasons referred to Full Bench

Millennium Houseware Vs Commissioner of Inome Tax (Gujarat High Court at Ahmedabad)

Whether the decision of the three-judge-bench of the Supreme Court in the case of Ajantha Industries reported in [1976] 102 ITR 281 so far as it lays down the law that the requirement of recording reasons under section 127(1) of the Income tax Act is a mandatory direction under the law and non-communication thereof is not saved by showing...

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Section 10A / 10B deduction allowable without set off of losses of non-eligible units

The Commissioner of Income Vs Black & Veatch Consulting Pvt.Ltd. (Bombay High Court)

Section 10A is a provision which is in the nature of a deduction and not an exemption. This was emphasised in a judgment of a Division Bench of this Court while construing the provisions of Section 10B in Hindustan Unilever Ltd Vs. Deputy Commissioner of Income Tax 2. (2010) 325 ITR 102 at para 24. ...

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Till 6-7-2009 refund would be governed by conditions under the Notification No. 41/2007, dated 6-10-2007

Internation Agriculature Processing (P) Ltd Vs Commr. of C. EX. (S.T.), MADURAI (CESTAT Chennai)

In respect of exports made from 14-5-2009 till 6-7-2009, the grant of the refund would be governed by the conditions under the previous Notification No. 41/2007, dated 6-10-2007. For the remaining period, refund would be governed by the new Notification No. 17/2009, dated 7-7-2009. The conditions prescribed in the two notifications are s...

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Related Party Transactions & Legal Provisions

In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions. An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and disclosing the same in the Financial Statements....

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Posted Under: Finance |

Common return for ER-1, ER-3 & ST-3, Change in ST Return Periodicity – Govt invites suggestion

F No 201/05/2011-CX.6 (13/04/2012)

A draft circular containing details of proposed amendments to harmonize the ER-1, ER-3 and ST-3 returns so that a single common return can be prescribed instead of these three returns as measure of simplification of the Business Processes in respect of filing the Return by assesses. The draft is being placed in public domain for widest po...

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Direct & Indirect Tax Updates for CS June 2012 Examination

APPLICABLE FOR icsi JUNE 2012 EXAMINATION FOR EXECUTIVE & PROFESSIONAL PROGRAMME . • Tax Rates • Definition of Charitable Purpose [Section 2(15)] • Exemptions under section 10 • Weighted deductions under section 35 • Deduction under section36 for Employers contribution towards Pension scheme is allowed • Deduction under Chapte...

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Posted Under: Finance |

Excel Tips – Square root and cube root in Microsoft Excel

Getting a root of a number is the same as raising that number to the power of 1/root. Example: The square root of x is x^(1/2). The square root of A1 is: =A1^(1/2). You can also use the built-in worksheet function SQRT: =SQRT(A1) ...

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Posted Under: Finance |

Rate of exchange of conversion of each of the foreign currency wef 1st May, 2012

Notification No. 38/2012-Customs (N.T.) (26/04/2012)

Notification No.38/2012- Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st May, 2012 be the rate mentioned a...

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FAQ on Profession Tax (PT) in Maharashtra

Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax Act, is liable to pay Profession Tax....

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Posted Under: Finance |

Can a Person be tried twice for same offence?

Sangeetaben Mahendrabhai Patel Vs State of Gujarat & Anr. (Supreme Court of India)

Learned counsel for the appellant has further placed reliance on the judgment in G. Sagar Suri & Anr. v. State of U.P. & Ors., (2000) 2 SCC 636, wherein during the pendency of the proceedings under Section 138 N.I. Act, prosecution under Sections 406/420 IPC had been launched. This Court quashed the criminal proceedings under Sections 406...

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S.147 Change of opinion if AO not specifically apply his mind? Referred to Full Bench

Commissioner of Income Tax Vs Usha International Limited (Delhi High Court)

What is meant by the term change of opinion? (ii) Whether assessment proceedings can be validly reopened under Section 147 of the Act, even within four year, if an assessee has furnished full and true particulars at the time of original assessment with reference to income alleged to have escaped assessment and whether and when in such cas...

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Amendment to S. 40(a)(ia) retrospective – ITAT Follows HC

M/s. Alpha Projects Society P. Ltd Vs. DCIT (ITAT Ahmedabad)

The issue involved in the present appeal has now been decided by the Hon’ble Calcutta High Court in the case of CIT v. Virgin Creation in GA No.3200/2011 dated 23-11-2011 against the Revenue. However, it is noteworthy that the Special Bench of ITAT Mumbai in the case of Bharati Shipyard Ltd. v. DCIT in ITA No.2404/Mum/2009 in order date...

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Notification No. S.O. 904(E)-Income Tax Dated 25/4/2012

Notification No. S.O. 904(E)-Income Tax (25/04/2012)

Notification No. S.O. 904(E)-Income Tax In pursuance of Section 5 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of April, 2012 and the balances at the credit of the subscriber shall bear interest at the rate of 8.8 per cent per an...

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Notification No. GSR 323(E)-Income Tax Dated 25/4/2012

Notification No. GSR 323(E)-Income Tax (25/04/2012)

Notification No. GSR 323(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Time Deposit (Amendmen...

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Notification No. GSR 322(E)-Income Tax Dated 25/4/2012

Notification No. GSR 322(E)-Income Tax (25/04/2012)

Notification No. GSR 322(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:- 1. (1) These rules may be called the Post Office (Monthly I...

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Notification No. GSR 321(E)-Income Tax Dated 25/4/2012

Notification No. GSR 321(E)-Income Tax (25/04/2012)

Notification No. GSR 321(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:— 1. (1) These rules may be called the Senior Citizens Savings Sc...

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Notification No. GSR 320(E)-Income Tax Dated 25/4/2012

Notification No. GSR 320(E)-Income Tax (25/04/2012)

Notification No. GSR 320(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Recurring Deposit ...

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Notification No. GSR 319(E)-Income Tax Dated 25/4/2012

Notification No. GSR 319(E)-Income Tax (25/04/2012)

Notification No. GSR 319(E)-Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (IX Issue) Rules, 2011, namely:- 1. (1) These rules may be called the National S...

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Notification No. GSR 318(E)-Income Tax Dated 25/4/2012

Notification No. GSR 318(E)-Income Tax (25/04/2012)

Notification No. GSR 318(E)-Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:- 1. (1) These rules may be called the National...

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Loss due to fluctuation in foreign exchange liabilities allowable

Asstt. Commr. of Income Tax Vs. M/s. Afcons Pauling (India) Ltd. (ITAT Mumbai)

The assessee debited an amount of Rs.17,34,716/- being foreign exchange loss that arose due to re-statement of current liabilities. The liability had arisen in the earlier years due to consultancy services rendered by Alfred Mcalphine, UK. The assessee contended that the loss arising due to fluctuation in foreign exchange liabilities, whe...

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Cost of construction based upon actual expenditure most appropriate for computation of capital gain

Assistant Commissioner of Income-tax Vs. National Cooperative Consumers Federation of India Ltd. (ITAT Delhi)

We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by Shri Charanjit S. Shah and a copy of balance...

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CBI Clarification in Case of Alleged Clandestine Silk Imports in Collusion with Senior Customs Officials

Reports have been published in a section of the Media indicating that CBI is likely to Close a case against five senior officers of the Indian Customs and Central Excise, who were charge-sheeted for alleged clandestine silk imports in collusion with Senior Customs & Central Excise officials. ...

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Posted Under: Finance |

Priority Sector Lending-Indirect Finance to Housing Sector

RBI/2011-12/524 RPCD.CO.Plan.BC.73 /04.09.01/2011-12 (25/04/2012)

Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose of construction/reconstruction of individ...

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NIL Service Tax Return late filling penalty – BAAP RE BAAP

Budget 2011-12 has made many significant changes in Service Tax and also gave emphasize to penal provisions including prosecution. Section 70 of Finance Act, 1994 reading with Rule 7 of Service Tax Rules, 1994 mandates every service tax payer to file half yearly return within 25 days. If the return is not filed within the time specified t...

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Posted Under: Finance |

ESIC – No Need to Submit Hard Copy of Returns from March 2012

Notification No. G-32/11/6/31/2012/DIR-ICT/Misc (25/04/2012)

it has been decided by Hqrs Office that for the Contribution Period Ending March 2012 also employers are not required to submit the hard or soft copies of Return of Contributions. The copy of the letter no 67/Dir/Misc/SPOC-REV dated 8/11/2011 is also being attached for necessary action. ...

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Procedure for Conversion of Partnership firm into company

Conversion of Firm under Part IX of the Companies Act, 1956 :- The firm may be converted into a company by following the provisions of Part IX of the Companies Act, 1956. Sections 565 to 581 deal with conversion of firms into a company under the Companies Act, 1956....

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Posted Under: Finance |

All about High Seas Sales

Please explain sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale) with special reference to when the goods crosses Custom Frontiers of India....

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Posted Under: Finance |

Excel Tips – Number of Days, Weeks, Months & Years between Dates

To calculate the difference in days, use the DATEDIF function as shown in the following formula: =DATEDIF(A2,B2,"d") To calculate the difference in weeks, use the INT function as shown in the following formula: =INT((B2-A2)/7) To calculate the difference in months, use the DATEDIF function as shown in the following formula: =DATEDIF(A2,B...

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Posted Under: Finance |

General Circular No. 7/2012- Name Availability Guidelines, 2011

General Circular No. 7/2012 (25/04/2012)

All the names applications submitted in STP mode will be put for system check and if there is exact match of any of the two words (other than the words private limited/limited) proposed in new company's name with any existing company's name, then such name will also be processed in non-STP mode....

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All about Annual eFiling with ROC

As a part of Annual eFiling, Companies incorporated under the Companies Act, 1956 are required to efile the following documents with the Registrar of Companies (RoC): 1 Balance-Sheet - Form 23AC to be filed by all Companies* 2 Profit & Loss Account- Form 23ACA to be filed by all Companies 3 Annual Return - Form 20B to be filed by Compani...

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DVAT- No more half yearly/yearly returns, compulsory on line 2A/2B

No.F. 3(27)/Fin(Rev-I)/2011-12/17511/353 (25/04/2012)

Delhi Value Added Tax - Notification for change in tax period wef F.Y. 2012-13. No more half yearly/yearly returns, compulsory on line 2A/2B...

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MVAT Notification regarding entry C-12 -Bidy & D-12

Notification No.VAT.1512/CR-55/ Taxation-1 (25/04/2012)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st May 2012, amends SCHEDULES C and D appended to the said Act, as follows, namely....

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Section 54EC NHAI Capital Gains Bonds 2012-13 – Tax Benefits

TAX BENEFITS UNDER SECTION 54 EC OF THE INCOME TAX ACT 1961 Section 54 EC relating to exemption on long term capital gains if invested in Bonds was inserted by the Finance Act 2000 effective for the assessment year 2001-2002 and subsequent years from 1st April, 2001. The section as effective for the assessment year 2008-09 and subsequent ...

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Tax on Service relating to transportation of goods

The following services provided in relation to transportation of goods are specified in the negative list. Services:- • by road except the services of (i) a goods transportation agency; or (ii) a courier agency • by aircraft or vessel from a place outside India to the first customs station of landing in India; or • by inland...

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Posted Under: Finance |

Tax on Service relating to transportation of passengers

The following services relating to transportation of passengers, with or without accompanied belongings, have been specified in the Negative List. Services by: • a stage carriage; • railways in a class other than (i) first class; or (ii) an AC coach; • metro, monorail or tramway; • inland waterways;...

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Posted Under: Finance |

Service Tax on Financial sector

Financial sector Services Covered in Negative List –Services by way of – (i) extending deposits, loans or advances insofar as the consideration is represented by way of interest or discount; (ii) inter se sale or purchase of foreign currency amongst banks or authorized dealers of foreign exchange or amongst banks and such dealers;...

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Posted Under: Finance |

Service Tax on renting of residential dwelling used as residence

The phrase ‘residential dwelling’ has not been defined in the Act. It has therefore to be interpreted in terms of the normal trade parlance as per which it is any residential accommodation, but does not include hotel, motel, inn, guest house, camp-site, lodge, house boat, or like places meant for temporary stay....

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Posted Under: Finance |

Make Auspicious Investing Today – It’s Akshaya Tritiya

Investments and sale to consumers does pick up around Akshaya Tritiya, one of the most auspicious days in the hindi calendar to buy gold, silver , jewellery and to make investment. ‘Akshaya’ means some thing which never diminishes. It is believed that all investments on this day appreciates. Infact, as per astrology, each moment to...

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Posted Under: Finance |

Interest leviable u/s 234B on income computed u/s 115JB

Central Warehousing Corporation Vs. ACIT (OSD) (ITAT Delhi)

Issue is covered by decision of Hon’ble Supreme Court in the case of JCIT vs. Rolta India Ltd. 330 ITR 470 (SC) wherein it has been held that interest u/s 234B and 234C shall be payable for failure to pay advance tax in respect of tax payable u/s 115JA/115JB. Therefore, we hold that learned CIT (A) has rightly decided that interest is...

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RTI – ITAT Member’s Corruption Charges Can Be Disclosed

R.K. Jain Vs Union of Bank & Anr. (Delhi High Court)

As is clear from the arguments of Mr. Bhushan, whole attempt was to say that divulgence of ACR is in public interest. That is precisely the CIC is asked to find out. The matter is still at large and the appellant can always argue this before the CIC. What is important is that the procedure under Section 11(1), which is mandatory has to be...

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Order not dealing with finding of sham transaction is erroneous, cryptic, perverse & laconic

Commissioner of Income Tax (Central) Ludhiana Vs M/s Punjab Breweries Ltd. Ludhiana (now amalgamated with M/s United Breweries) (Punjab and Hariyana High court at Chandigarh)

It is not in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Co to the assessee. The sole object of diverting funds to Blue Chip & Co was to facilitate passing of funds as interest free loan to Vijay Mallya and Samira Mallya. ...

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Punjab VAT Dept, launches drive to survey unregistered dealers liable to be registered

Excise and Taxation Department, Punjab has launched a special drive for finding out the unregistered dealers by way of survey u/s 48 of Punjab VAT Act, 2005, who are eligible for registration under Punjab VAT Act but may not have registered as yet. ...

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Posted Under: Finance |

Depreciation on computer accessories & peripherals allowable at 60%

Assistant Commissioner of Income Tax Vs. M/s Caparo Maruti Limited (ITAT Delhi)

The Assessing Officer allowed the depreciation on computer accessories and peripherals at the rate of 15% as against 60% claimed by the assessee. The learned CIT(A) directed the Assessing Officer to allow depreciation at the rate of 60% following the decision of Special Bench of ITAT in the case of DCIT Vs. Datacraft India Ltd. – 40 SOT...

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Company Law – Substitution of Forms 23C and 23D

Notification No. G.S.R. 313(E) (24/04/2012)

Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 - Substitution of Forms 23C and 23D. Notification No. G.S.R. 313(E), dated 24-4-2012 - In exercise of the powers conferred by sub-section (l) of section 642, read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes th...

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Diesel prices linked with market rates , Prices my go up

The government today said that it has taken an in-principle decision to link diesel prices with market rates, however, there is no proposal at present to fully deregulate cooking gas price. Minister of State for Finance, Namo Narain Meena said this in a written reply to the Rajya Sabha today. While petrol prices are market-linked, the gov...

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Posted Under: Finance |

Trinity to make financial stability possible

Globally, the triad of Financial Inclusion, Financial Literacy and Consumer Protection has been recognized as intertwining threads in pursuit of Financial Stability. For any kind of stability, whether financial, economic, political or social, inclusive growth is an essential prerequisite. Inclusive growth, in turn, is largely driven by fi...

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Posted Under: Finance |

External Commercial Borrowings for Civil Aviation Sector – A. P. (DIR Series) Circular No. 113

RBI/2011-12/523 A. P. (DIR Series) Circular No. 113 (24/04/2012)

As per the extant guidelines, availing of ECB for working capital is not a permissible end-use. On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for working capital as a permissible end-use for the civil aviation sector, under the ...

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Regarding File applications for 53 SEZ ports codes

Policy Circular No. 59 (RE-2010) /2009-14 (24/04/2012)

Policy Circular No. 59 (RE-2010) /2009-14 Director General (Systems) have accorded SEZ port codes to the following 53 SEZs which have been uploaded on DGFT’s website:-...

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How to Combine VLookup and Match formulas in Microsoft Excel

The VLookup formula returns data from any column you choose in the data table, simply change the number of the column in the third argument. Although it sounds simple, there is a catch. How can you determine the number of a column in a data table that contains numerous columns? How can you easily change the number of the column in...

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Draft Guidance Note on Revised Schedule VI

Guidance Note to the Revised Schedule VI to the Companies Act, 1956 1.        Introduction1.1 Schedule VI to the Companies Act, 1956 (‘the Act’) provides the manner in which every company registered under the Act shall prepare its Balance Sheet, Statement of Profit and Loss and notes thereto. In the light of various economic an...

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MVAT – Submission of annexures by dealers who are not required to file Audit Report in Form 704

Trade Cir. No. 7T of 2012 (24/04/2012)

Trade Cir. No. 7T of 2012 This office is in receipt of various representations from the Trade and Associations. These representations with other queries also seek clarification with regards to the submission of Annexures by dealers covered under composition scheme in terms of Notification cited at Ref. 1 and 2 above. The issues have been...

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Service Tax Payment Rate Chart & Rules

In case of Individuals or Proprietary Concerns and Partnership Firm, service tax is to be paid on a quarterly basis. The due date for payment of service tax is the 5th of the month immediately following the respective quarter ( in case of e-payment, by 6th of the month immediately following the respective quarter). For this purpose, quart...

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S.14A ITAT disallowed expenditure for year prior to AY 2008-09

MBSK Finvest Pvt. Ltd. Vs. Income Tax Officer (ITAT Kolkata)

The provisions of rule 8D of the Income-tax Rules which have been notified with effect from March 24, 2008, shall apply with effect from the assessment year 2008-09; Even prior to the assessment year 2008-09, when rule 8D was not applicable, the Assessing Officer has to enforce the provisions of sub-section (1) of Section 14A. For that pu...

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Pre Rule 8D Expenses to earn Exempt Income to be disallowed on reasonable basis

Abbott Healthcare P. Ltd. Vs Addl. Commissioner of Income-tax (ITAT Mumbai)

Provisions of rule 8D of the Rules which have been notified with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that purpose, the AO is duty bound to determi...

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Empanelment with Punjab Infotech for Third Party Audit

Punjab Infotech invites online proposal from professional agency for Third Party Audit and SLA Monitoring of Enterprise wide ERP System at Punjab Infotech. The detailed Request for Proposal can be downloaded from our website www.etender.punjabgovt.gov.in...

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Posted Under: Finance |

Tender for Appointment of Concurrent Auditor at J&KState Health Society Under NRHM for FY 2012-13

1. Sealed tenders, in two bid formats (technical and financial) are invited for appointment of Concurrent Auditor(s) of State Health Society under NRHM for the financial year 2012-13 from reputed Chartered Accountants/ Firms. 2. NIT can be obtained from the office of State Health Society, Nagrota, Jammu on any working day. Alternatively, ...

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S.148 Notice – Whether Revenue required to verify change in address of assessee

I M Construction Pvt Ltd Vs Commissioner of Income Tax (Delhi High court)

Whether when notice u/s 148 is issued, Revenue is not required to verify the change in address of the assessee - Whether when assessee is aware of the fact that a notice has been issued but wrongly dispatched to his old address, the same is to be treated as deemed served - Whether the requirement u/s 149 is to 'issue notice' and not 'serv...

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Charitable Trust – Deduct Depreciation to arrive at income for application

Director of Income Tax Vs Vishwa Jagriti Mission (Delhi High Court)

Whether the income of the assessee being a Trust can be computed on commercial principles and while doing so whether depreciation on fixed assets can be allowed. On this issue, there seems to be a consensus of judicial thinking, having regard to the consensus of judicial opinion, we are not inclined to admit the appeal and frame any subst...

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Service Tax on Specified services relating to education

Specified services relating to education - The following services relating to education are specified in the negative list - • pre-school education and education up to higher secondary school or equivalent • education as a part of a prescribed curriculum for obtaining a qualification recognized by law for the time being in force;...

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Service Tax liability of registered charity on their activities & covered activities

Charity Services -Services by an entity registered under section 12AA of the Income tax Act, 1961 (43 of 1961) by way of charitable activities; You are doing charitable activities if you are registered with income tax authorities for this purpose under section 12AA the Income-tax Act, 1961 and carry out one or more of the specified chari...

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Posted Under: Finance |

Service Tax on Transmission or distribution of Electricity Service

If charges are collected by a developer or a housing society for distribution of electricity within a residential complex then are such services covered under Negative List?...

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Posted Under: Finance |

Service Tax on Entry to Entertainment Events and Access to Amusement Facilities

‘Entertainment events’ has been defined in section 65B of the Act ‘as an event or a performance which is intended to provide recreation, pastime, fun or enjoyment, such as exhibition of cinematographic films, circus, concerts, sporting events, fairs, pageants, award functions, dance performances, musical performances, theatrical per...

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No Service Tax on Access to a road or a bridge on payment of toll charges

Is access to national highways or state highways also covered in Negative list? Yes. National highways or state highways are also roads and hence covered in this entry....

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No Service tax on Selling of space or time slots for advertisements other than advertisements broadcast by radio or television

‘Advertisement’ has been defined in section 65B of the Act as form of presentation for promotion of, or bringing awareness about, any event, idea, immovable property, person, service, goods or actionable claim through newspaper, television, radio or any other means but does not include any presentation made in person....

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Taxability of bundled services under Service Tax

‘Bundled service’ means a bundle of provision of various services wherein an element of provision of one service is combined with an element or elements of provision of any other service or services. An example of ‘bundled service’ would be air transport services provided by airlines wherein an element of transportation of passeng...

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Service Tax on Any process amounting to manufacture or production of goods

The phrase ‘processes amounting to manufacture or production of goods’ has been defined in section 65B of the Act as a process on which duties of excise are leviable under section 3 of the Central Excise Act, 1944 (1 of 1944) or any process amounting to manufacture of alcoholic liquors for human consumption, opium, Indian hemp and oth...

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Posted Under: Finance |

Service Tax on Trading of goods & Related services

The services provided by commission agent or a clearing and forwarding agent are not in the nature of trading of goods. These are auxiliary for trading of goods. In terms of the provision of clause (1) of section 66F reference to service does not include reference to a service used for providing such service. Moreover the title in the go...

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Posted Under: Finance |

Service Tax on Services relating to agriculture

The services relating to agriculture that are specified in the negative list are services relating to - agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing;...

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Posted Under: Finance |

Service Provided by RBI is Exempt from Tax

1 Are all services provided by the Reserve Bank of India in the negative list? Yes. All services provided by the Reserve Bank of India are in the negative list....

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Notification No. 37/2012-Customs (N.T.) Dated: 23.04.2012

Notification No. 37/2012-Customs (N.T.) (23/04/2012)

G.S.R. (E).- In exercise of the powers conferred by section 79 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules further to amend the Baggage Rules,1998, namely :- ...

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Guidelines on Credit Default Swaps for Corporate Bonds-Permitting All India Financial Institutions

RBI/2011-12/522 IDMD.PCD.4085/14.03.04/2011-12 (23/04/2012)

A reference is invited to our circular IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps for corporate bonds. As indicated in paragraph 2.1.1 of the guidelines, commercial banks, PDs, NBFCs, mutual funds, insurance companies, housing finance companies, provident funds, listed corporates ...

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Appointment of Common Adjudicating Authority -Notification No.36 / 2012 – Customs (N.T.)

Notification No. 36/2012-Customs (N.T.) (23/04/2012)

Notification No.36 / 2012 - Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Jupiter Tools Corporation, 1, Minerva Motor Marhet, Kashmere Gate, Delhi-6 and M/s Suri & Co., 2712A, Lothian Road, Kashmere Gate, Delhi-6, issued vide, DRI F.No. 856(11)Ldh/2010/Pt.IV/265-279 dated the 1...

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Notification No. 35 /2012 -Customs (N.T.) to amend Notification No.12/97-Customs (N.T.)

Notification No. 35/2012-Customs (N.T.) (23/04/2012)

Notification No. 35 /2012 - Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of...

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Form 49A, Form 49AA , PAN Correction / Reprint Form – Excel Utility

Download Automatic Excel Utility for Application for allotment of New PAN (Form 49A) – applicable for Citizens of India. This form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. An applicant can visit Income Tax Department (ITD) website to find whether a PAN has been allotted to him o...

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