Hon’ble High Court in the case of CIT vs AFT Industries Ltd. 270 ITR 167 (Cal) held that amount paid as cess is eligible for deduction in computing the composite income under Rule 8 of I.T. Rules. This issue is, therefore, decided in favour of the assessee and against the Revenue by upholding the order of the C.I.T.(A) who has allowed the deduction of payment of cess on green leaves in computing the composite income from tea business of the assessee under rule 8 of the I.T. Rules. We may further mention that identical issue was the subject matter of appeal before the Tribunal in the case of M/s.Empire Plantations (India) Ltd. and the Tribunal vide order dated 28.2.2005 in I.T.A.No.1600 (Kol)/2004 for A.Y. 2000-01 has allowed the claim of the assessee.
Rule 66 is amended vide Notification No. VAT 1512/CR-61/Taxation-1 dated 1st June 2012 and As per the amended rule, the report of the audit under section 61 shall be submitted within 8 months from the end of the year to which the report relates. Earlier it was 10 months. It means the due date to file audit report for Financial year 2011-12 is 30th November 2012. This rule deals with procedural aspect of filing of audit report.
Union Finance Minister Pranab Mukherjee on Sunday said all the money kept by Indians abroad is not black money and noted that India has signed treaties with 37 countries to know the details of such illegal wealth.
The following Bills, after having received the assent of the President on 7th June, 2012, have been published as corresponding Acts in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 8th June, 2012: 1. The Copyright (Amendment) Bill, 2012 as Act No. 27 of 2012 ; and 2. The National Institutes of Technology (Amendment) Bill, 2012 as Act No. 28 of 2012. 3. The Anand Marriage (Amendment) Act, 2012 –
The Union Finance Minister Shri Pranab Mukherjee will review the annual performance of banks and financial institutions tomorrow relating to Agriculture Credit, MSME (Micro, Small and Medium Enterprises) Credit, Housing Loans, Education Loans, Gross and Net Non Performing Assets (NPAs) along with slew of measures initiated by the Department of Financial Services, Ministry of Finance in the areas of improving productivity and efficiency in the PSBs.
Rising litigation with the tax payers and amount locked-up in appeal before Commissioners of Income Tax (Appeals)/CIT (A), Income Tax Appellate Tribunals (ITATs), High Courts and the Supreme Court has been a matter of serious concern. I am informed that a total amount of Rs. 4,36,741 Crore was locked-up in 2,59,523 cases as on 31st December, 2011. Out of this Rs. 2,52,846 Crore is locked-up in 1,93,525 cases which are pending before CIT(A). The main reason for pendency of cases before CIT(A) appears to slower disposal rate vis-à-vis the pace of cases being filed. I am told that on an average it takes one and a half years to dispose off a case. The Department needs to ensure that after proposed cadre restructuring sufficient manpower is deployed to reduce the time taken for disposal of appeals and that it is not more than six months.
The overall growth in indirect tax revenue collection during the month of May, 2012 is about 16.1% which is 5.7% higher than last month’s position. Further, the progressive growth of indirect taxes during April-May of current financial year 2012-13 is 13.3%, and in terms actual amount is Rs. 8256 crore higher than the corresponding period of last financial year.
The Union Finance Minister Shri Pranab Mukherjee said that the Government is fully seized of the current situation and he is confident that there will be a turnaround in our growth prospects in the coming months. The Finance Minister Shri Mukherjee was reacting to the S&P recent report suggesting that India could be the first BRIC country to falter. The Finance Minister Shri Mukherjee said that this is not based on a fresh rating action. S&P had issued India’s sovereign credit rating on April 25, 2012 reaffirming India’s long-term sovereign credit rating at BBB(-). It had, however, revised India’s outlook to negative from stable.
Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight the achievements of his Ministry here in New Delhi today. The minister said a systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace. On this occasion He also released a the compendium entitled, Innovative March to New Horizons of Corporate Growth.
Corporate Affairs Minister Dr. M.Veerappa Moily had said the Competition Commission of India compliments Sectoral Regulators and there is no question of encroachment on the jurisdiction of Sectoral Regulators. Dr. Moily stated this today while interacting with the Press on the occasion of releasing a compendium titled “Innovative March to New Horizon of Corporate Growth” to highlight the achievements of the Ministry of Corporate Affairs. The Minister observed that Competition Commission of India is a Market Regulator whose mandate is to foster competition and protect the markets from anti competitive practices.
