"30 June 2012" Archive - Page 2

Premium paid to LIC under Group Leave Encashment Scheme is deductible u/s. 37(1)

CIT Vs Hindustan Latex Ltd. (Kerala High Court)

Calcutta High Court decision in Exide Industries case (supra). The Calcutta High Court held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause (f) with the objects sought to be achieved...

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Post amendment in S.36(1)(vii), assessee is not required to demonstrate that debt is bad

ACIT Vs. M/s. Bobcards Ltd. (ITAT Mumbai)

AO has not given any reason for disallowing the claim. We also find that the AO has simply followed the findings of earlier assessment years. As similar additions in earlier assessment year has been deleted by Ld. CIT(A) which has been accepted by the Revenue as Committee on Dispute declined to give permission to the department to proceed...

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Exemption to taxable services received by an exporter of goods & used for export of goods

Notification No 42/2012 - ST 29/06/2012

Notification No 42/2012 Service provided by a commission agent located outside India and engaged under a contract or agreement or any other document by the exporter in India, to act on behalf of the exporter, to cause sale of goods exported by him....

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Law Minister again embarks on special drive to reduce pendency in courts

Encouraged by the success of the last year’s Pendency Reduction Drive, undertaken for reduction in pendency in the courts from 1st July 2011 to 31st December 2011, the Minister of Law & Justice, Shri Salman Khurshid, has requested the Chief Justices of all the High Courts to undertake another drive this year from 1st July 2012 to 31st D...

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Posted Under: Income Tax |

Note On Service Tax Amendments – June 2012

From the date the Finance Bill 2012 was introduced on March 17, 2012 until date, there have been numerous amendments made in the service tax law. Several notifications have been issued over the last three months and many of them have already been superseded by a fresh set of notifications issued on June 20, 2012. In all 40 Notifications h...

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Posted Under: Income Tax | ,

Companies Bill 2011, towards a higher level of transparency & accountability

Companies Bill 2011, if passed, will take the place of nearly 55 years old yet significant law Companies Act 1956. This act came into force when our fore fathers use to do the business but the things have changed now the number of companies in India in 1956 was 30,000 which is more than 7laks now. Although the companies act has gone nearl...

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Posted Under: Income Tax |

Amendments to schedule entries under Maharashtra Value Added Tax Act, 2002

Trade Circular No. 9 T of 2012 30/06/2012

To give effect to the Budget proposals certain changes in the schedule entries under the Maharashtra Value Added Tax Act,2002 are made by the above referred notification. These changes in tax rates are effective from 1st April 2012 (except otherwise stated) and are briefly explained below....

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Service tax on Advocates – Applicability, Exemptions & SSI provisions

Advocates were resisting being brought within the ambit of Service Tax by their argument that their basic function is to assist the Court in effective justice delivery system and while doing so they function more like officers of the Court than as service provides. They were assisting the litigants in obtaining justice and that charging o...

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Posted Under: Income Tax | ,

ICAI President’s Message – July 2012

Representation on Definition of Accountant in Direct Taxes Code Bill: As the members are aware, widening of the scope of the definition of accountant has been recommended by the Standing Committee in its 49th report on the Direct Taxes Code Bill. As the report is still under consideration of Parliament, we have submitted a representation ...

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Posted Under: Income Tax |

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