"18 July 2012" Archive

EPFO to launch Special Recovery Drive from 1st August, 2012

NA (18/07/2012)

EPFO issues an internal circular dated 13 July 2012 on 'Special Recovery Drive from 1 August, 2012 to 30 September, 2012'. The circular reiterates the launching of the special recovery drive to recover the arrears of provident fund from both un-exempted and exempted establishments and the actions that would be taken against the defaultin...

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Quick Referencers (April 1 – June 30, 2012)

We are attaching below quick referencer Prepared by Team of B Mathur & Co. Referencer contains updates on Circulars and Notifications related to Companies Act, LLP Act, Excise Duty, Custom Duty, DGFT & SEBI for the period from 04.04.2012 to 30.06.2012. Link to Download the referencer are given below :- ...

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Posted Under: Corporate Law |

Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident and Non-Resident (External) Accounts

RBI/2012-13/136 DBOD.Dir.BC. 29/13.03.00/2012-13 (18/07/2012)

Please refer to paragraph 5 of the directives enclosed to the circular DBOD.Dir.BC.47/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of Non-Resident (External) deposits of staff members, existing or retired, interest rate including any additional ...

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Guidelines for Mandatory Training for all Members of ICAI under Continuing Education Programme

To meet the requirement of professional skills in the current changing dynamic economic scenario, Cost Accountants in practice and service (members of ICAI) should equip themselves with the new skills and concepts to meet the challenges and render yeomen’s services to trade, commerce and industry. Therefore, the existing scheme for mand...

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Posted Under: Corporate Law |

Chairman, CBEC Awards AEO Certificates and Launches CBEC’S Interactive Customs Tariff Website

India has developed an Authorized Economic Operator (AEO) Programme consistent with World Customs Organization (WCO) SAFE Framework of Standards. The trade supply chain has become extremely complicated and vulnerable to external threats which led to an urgent need to have a system that ensures end to end supply chain security while ensuri...

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Posted Under: Corporate Law |

RBI – Interest Rates on Deposits held in FCNR (B) Accounts

RBI/2012-13/137 DBOD.Dir.BC. 30/13.03.00/2012-13 (18/06/2012)

Please refer to paragraph 4 of the directives enclosed to our circular DBOD.Dir.BC.49/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of FCNR(B) deposits of staff members, existing or retired, interest rate including any additional interest paid to...

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Investment by Qualified Foreign Investors (QFI) in Indian Corporate Debt

Circular No. IMD/FII&C/17/2012 (18/07/2012)

CIRCULAR no. IMD/FII&C/17/2012, dated 18-7-2012 Vide SEBI circulars IMD/DF/14/2011 and IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFIs) were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein by opening a...

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Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism

Circular No. MRD/DP/18/2012 (18/07/2012)

CIRCULAR no. MRD/DP/18/2012, dated 18-7-2012 Several representations/suggestions have been received from the market participants on few provisions of the above circulars. After due examination and deliberation with the market participants it has been decided to replace the procedures and instructions contained in the aforementioned circul...

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CA Final & CPT Result on 19th July instead of 18th

In supersession of our announcement dated 11th July, 2012 on the likely date and timing of the declaration of the results of the Chartered Accountants Final examination held in May 2012 and of the Common Proficiency Test held in June 2012, this is to inform that due to unavoidable reasons, both the above referred results are now likely to...

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Posted Under: Corporate Law |

FAQs on Exemption from filing of income tax return for Salaried

​The Below Provisions are Applicable only for Assessment Year 2011-12 and Assessment Year 2012-13. What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? ​ The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing ...

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Posted Under: Corporate Law |

Disallowance of expenses paid without deduction of TDS

Section 40a(ia) provides that if any interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is...

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ICAI Releases E-Diary for CA students

The Institute is going to introduce Self Service portal for Students & Members. This release will include view functionality of ‘Students & Member’s Profile and Educational Details as available in the Institute’s records. This release will also includean online e-Diary for keeping a periodical record of Articled Training undertaken ...

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Posted Under: Corporate Law |

Non compete fees chargeable to tax as Business Income, not as Capital Gain

Shri Rakesh Dungarmal Tainwala Vs DCIT (ITAT Mumbai)

Learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT “D” Bench Mumbai concluded that provisions of section 28(va)(a) would apply and consequently the amount received by that assessee would be chargeable to tax as business income a...

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Assessee can request for recall of ITAT order for Apparent mistakes in the order

M/s. Greaves Cotton Limited Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

This Miscellaneous application has been filed by the assessee requesting for recall of the order dated 24.9.2010 of the Tribunal in ITA No.6830/M/05. Apparent mistakes have been pointed out in relation to grounds at Sl.No.(A), (D) and (I) raised by the assessee in the appeal. ...

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Absence of intention in donation receipt cannot convert corpus donation in Income

Addl. Commissioner of IT Vs Chaudhary Raghubir Singh Educational & Charitable Trust (ITAT Delhi)

Case of the revenue is that the intention of the donor apart from the gift deed not to be seen for concluding that it was a corpus donation. On the other hand, case of the assessee is that if discussion between the donor and the donee in the shape of correspondence etc. is seen then it would reveal that donation was made by the donor in o...

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Conditions to reopen u/s. 147 after 4 years from end of relevant A.Y.

Bedmutha Industries Ltd. Vs The Dy. Commissioner of Income Tax (Bombay High Court)

In terms of the proviso to Section 147of the said Act the jurisdiction to reopen assessments already completed under Section 143(3) of the said Act, after the period of four years from the end of the relevant assessment year can only be exercised on the cumulative satisfaction of two conditions precedent as under: 1. There must be a reaso...

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Making incorrect claim in law not amounts to furnishing inaccurate particulars

Income Tax Officer Vs M/s Energetic Constructions Pvt. Ltd. (ITAT Delhi)

We do not think that such can be the interpretation of the concerned words. The words are plain and simple. In order to expose the assessee to the penalty unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By any stretch of imagination, making an incorrect claim in law cannot tantamount to furni...

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Investment u/s. 54EC can be made out of earnest money received prior to transfer of capital asset

Mrs. Parveen P. Bharucha Vs The Deputy Commissioner of Income Tax (Bombay High Court)

It appears that all facts were available on record and according to the respondents was only erroneously granted. This is a clear case of review of an order. The application of law or interpretation of a statue leading to a particular conclusion cannot lead to a conclusion that tax has escaped assessment for this would then certainly amou...

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Just because there is a difference in B/S with bank & as per BOA, addition should not be made

D.C.I.T. Vs Sachidananda Ojha (ITAT Kolkata)

At the outset, what is evident is that a perusal of the order of the ld.CIT(A) shows that the ld. CIT(A) has accepted the balance sheet as filed before the bank whose finding of the ld. CIT(A) has not been challenged by the assessee. Obviously the finding of ld. CIT(A) and the balance sheet filed with the bank stands good. Once the differ...

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