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Archive: April, 2012

Posts in April, 2012

Referencer on MCA Circulars 2011-2012)

April 12, 2012 4159 Views 0 comment Print

1. Allotment of Director Identification Number (DIN) under Companies Act, 1956. 2. Certification of E-Forms under The Companies Act, 1956 by The Practicing Professionals. 3. Appointment of Cost Auditor by Companies 4. Simplified Procedure for amalgamation of Government Companies u/s 396 of the Companies Act, 1956

Referencer on Service Tax Circulars (2011-2012)

April 12, 2012 3495 Views 0 comment Print

1. Education Cess and Secondary and Higher Education Cess. 2. Service Tax Audit Manual 2011 3. Accounting Codes for the taxable services introduced vide the Finance Act, 2011 4. Assistance provided for processing visa applications

Referencer on Excise Circulars (2011–2012)

April 12, 2012 1412 Views 0 comment Print

1. Accounting Codes for the Taxable Services introduced vide The Finance Act, 2011 2. Assistance provided for processing visa applications 3. Clarification on issues relating to CENVAT Credit Rules 2004 Benefit of Central Excise Duty exemption on pipes against S. No. 7 in column (3) of the Notification No. 6/2006 (CE) dated 1-03/06 as further amended Vide No. 6/2007 Dated 1-3-07 & 26/2009 Dated 4/12/09

Commission to CMD for personal guarantee may be treated as ploy to divert funds

April 11, 2012 1973 Views 0 comment Print

Honorable high Court in this case on the issue of payment of Commission by United Breweries Ltd. To its Chairman Shri. Vijay Mallya held that though the chairman has stood as guarantor in his personal capacity, the bank has lent money not on personal Guaranty of the Chairman but on the Assets of the Company which are offered as a security to the bank. This personal Guarantee is adopted as a mean to pay remuneration to managing Director for which he was otherwise not entitled too.

Maharashtra LA Bill No.XVII of 2012

April 11, 2012 946 Views 0 comment Print

LA Bill No.XVII of 2012 regarding the proposed amendments in Tax Laws according to Maharashtra Budget 2012 -Download Maharashtra LA Bill No.XVII of 2012

Loan Waiver Results in Reduction of Asset Cost for Depreciation

April 11, 2012 2888 Views 0 comment Print

After the introduction of Explanation 10, it is no longer possible to contend that the subsidy given by the government, by whatever name called, cannot be reduced from the actual cost of the assets in terms of Section 43(1) of the Act for the purpose of allowing depreciation. But Explanation 10 does not cover the case of waiver of the loan. It covers only the grant of a subsidy or re-i mbursement by whatever name called. The case of the assessee may not, therefore, fall under Explanation 10, but having regard to the facts as found which we have alluded to earlier,

National Advisory Committee on Accounting Standrads reconstituted

April 11, 2012 586 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section -2T-fiA of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the National Advisory Committee on Accounting Standards, for a period up to the 28th February, 2013 with effect from the date of publication of this notification, consisting of the following persons to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act, namely

Amends Notification No.12/97-Customs (N.T.), Dated: 2.04.1997

April 11, 2012 630 Views 0 comment Print

Notification No. 32/2012 – 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 Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-

ICAI Zone-shifting of candidates for May – 2012 CA Exams

April 11, 2012 1370 Views 0 comment Print

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available.

CORRIGENDUM to Notification No. 37/2003-Customs (N.T.), Dated: 03.06.2003

April 11, 2012 1258 Views 0 comment Print

F.No. 437/138/2009-Cus. IV dated the 11th April, 2012. In exercise of the powers conferred under the Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendment in the Order F.No.437/138/2009-Cus.IV dated 2nd December, 2009-

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