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Notification no. S.0-447 (E) dated 28.02.2011 on revised schedule VI is effective from 1st April 2011. The current year filing is based on revised schedule VI is due for filing. The revised form 23AC & ACA is under finalization and will be notified shortly on the MCA website.
In the present case we find that the warrant of authorisation under Section 132 of the Act has been issued on 10th November, 2006 in the joint name of three persons. We are, therefore, of the considered opinion that in view of the provisions of Section 292CC, as inserted by Finance Act, 2012 in the Statute Book i.e. the Income-tax Act, 1961, the assessments made in the individual capacity of each persons named in he warrant of authorisation was perfectly within the jurisdiction of the Assessing Authority and the Commissioner of Income Tax (Appeals) as also the Tribunal were not justified in annulling the assessment on the ground that if the warrant of authorisation was issued jointly in the name of more than one person, the assessment could not have been made in the capacity of an individual.
As regards, more particularly, government securities, and bonds and debentures, the text specifies that premiums or prizes attaching thereto constitute interest. Generally speaking, what constitutes interest yielded by a loan security, and may properly be taxed as such in the State of source, is all that the institution issuing the loan pays over and above the amount paid by the subscriber, that is to say, the interest accruing plus any premium paid at redemption or at issue.
Division Bench of this Court that the brought forward business loss can be set off against the interest earned by the assessee from bank deposit in the subsequent year, if such interest can be attributed to a business activity of the assessee, notwithstanding that such interest is assessable under the head “income from other sources” under the Act.
In the present case, it is not in dispute that the original assessment order dated 28/2/1997 was set aside by the ITAT with a direction to pass fresh assessment order. Accordingly, fresh assessment order was passed on 24/12/2006 and the demand notice was served on 24/12/2006. As per Section 220(1) of the Act, the assessee was liable to pay the amount of demand within thirty days from the service of demand notice dated 24/12/2006.
No. PFT-2012/46/Adm-20.In exercise of the powers conferred under clause (a) of sub-section (2) of section 8 of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975, (Mah, XVI of 1975) the Commissioner of Profession Tax, Maharashtra State, Mumbai hereby, in respect of the period from 1st April 2012 to 31st March 2013, specifies the date as mentioned in the column (3) of the SCHEDULE appended hereto to be the due date for the purpose of payment of tax due from enrolled person as stated in column (2) of the said SCHEDULE, as follows, namely :—
Explanation to section 73 does not operate in respect of a company whose gross total income consists mainly of income which is chargeable under the heads of ‘interest on securities’, ‘income from house property’, ‘capital gains’ and ‘income from other sources’. In the instant case, the income from other sources was the only chargeable income, as the assessee had suffered a business loss otherwise. Therefore, Explanation to section 73 would not apply in the instant case. Further the Judgment of the Bombay High Court in the case of CIT v. Darshan Securities (P.) Ltd. [2012] 206 Taxman 68/18 taxmann.com 142 supports the assessee’s case.
Filling of Balance Sheet and Profit and Loss Account by companies in Non XBRL for accounting year commencing on or after 01.04.2011.
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2012 are likely to be declared tentatively on Tuesday, the 7th August, 2012 around 5.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will beavailable on the following website:
The facility of DMA provided by the stock broker shall be used by the client or an investment manager of the client. A SEBI registered entity shall be permitted to act as an investment manager on behalf of institutional clients. In case the facility of DMA is used by the client through an investment manager, the investment manager may execute the necessary documents on behalf of the client(s).
