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Archive: 13 April 2012

Posts in 13 April 2012

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

May 15, 2024 6138 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19203 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

s.40(a)(ia) apply only to expenditure remaining payable

April 13, 2012 3797 Views 0 comment Print

Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income.

Benefit of ‘nil’ annual value u/s 23(2) available to HUFs also

April 13, 2012 2703 Views 0 comment Print

Provisions of section 23(2) make it clear that benefits of relief in respect of self-occupied property is available only to owner who can reside in his own residence, that means, benefit of relief is available to self-occupied property only to an individual assessee and not to an imaginary assessable entity/fictional entity such as a partnership firm. Various High Court decisions denying relief under section 23(2) to partnership firms cannot be invoked to deny relief to a HUF since unlike a firm which is a fictional entity and cannot physically reside and so cannot claim benefit of provision, HUF cannot be held to be a fictional entity.

Profit on sale of Compulsory Convertible Debentures taxable as interest

April 13, 2012 1318 Views 0 comment Print

the Authority for Advance Rulings (AAR) in the case of Z (A.A.R. No.1048 of 2011) held that income from sale of Compulsory Convertible Debentures (CCDs) by the applicant is taxable in India as ‘Interest’ under Section 2(28A) of Income-tax Act,1961 (the Act) and Article 11 of India-Mauritius tax treaty (tax treaty). Further the AAR held that sale of Indian company shares by a Mauritius company is not exempt under the tax treaty.

Delhi High Court rejects Bail plea of Delhi CX Commissioner in Rs. 60 Lakh Bribe Case

April 13, 2012 2379 Views 0 comment Print

Briefly stating the facts are that Hemant Gandhi was acting as a middleman for accused Dr. A.K. Srivastava and Lallan Ojha, who were respectively posted as Commissioner and Superintendent of Central Excise at the relevant time. The allegations are that they were involved in obtaining illegal gratification by corrupt and illegal means from the businessmen. Further the allegations are that they had conspired to conduct an unauthorized raid at the business premises of Dalip Aggarwal and Anand Aggarwal.

Trading Strategies for investments in Stock market

April 13, 2012 961 Views 1 comment Print

Stock Market are subject to Market Risk. Do the Fundamental analysis and review past performance. Read and understand basic Terminology of stock Market. Strictly adhere to Stop loss.

Listed public and private sector companie must increase public holding by 25 % by August 2013

April 13, 2012 522 Views 0 comment Print

Capital market regulator, SEBI today said both public and private sector companies will have to increase public shareholding to a minimum of 25 per cent by August 2013 and there will be no relaxation of the guidelines. SEBI Chairman Mr. U K Sinha told this to reporters on the sidelines of Bombay Stock Exchange function in Mumbai today.

New thinking required in areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility & Competition Law -PM

April 13, 2012 426 Views 0 comment Print

Prime Minister Inaugurates the New Campus of Indian Institute of Corporate Affairs Campus in Manesar Gurgaon. Dr. Manmohan Singh Stress upon need of Periodical Review of Corporate Laws. Says new thinking is required in important areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility and Competition Law

Order No. 67 of 2012- Transfer & Promotion of ACIT Probationers

April 13, 2012 321 Views 0 comment Print

ORDER NO. 67 OF 2012 -The following Assistant Commissioners of Income Tax (Probationers) in the pay scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5.400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur. are hereby posted in the Region of CCIT/CCA/Station/Charge indicated against each with immediate effect and until further orders:-

Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)

April 13, 2012 1169 Views 0 comment Print

SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ‘SCORES’. Pursuant to SEBI Circular no. CIR/OIAE/2/201 1 dated June 03, 2011 on the captioned subject, all listed companies are required to obtain authentication on SCORES.

Uploading of the existing clients’ KYC details in the KYC Registration Agency (KRA) system by the intermediaries

April 13, 2012 1572 Views 0 comment Print

SEBI simplified the account opening process for investors and made it uniform across intermediaries in the securities markets vide aforementioned circulars. Further, to avoid duplication of KYC process with every intermediary, KRA system was developed for centralization of the KYC records in the securities markets. The system was made applicable for new clients who opened accounts with the intermediaries from January 1, 2012.

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