"14 August 2012" Archive

Employee CA can engage article under him after 3 year of employment with the same firm

This is to inform all concerned that with the issuance of the Notification No.1-CA (7)/145/2012 on August 1, 2012, the period of employment of a paid assistant with the same firm of Chartered Accountants for the purpose of engagement of articled assistants has been increased from twelve months to three years with effect from August 1, 201...

Read More
Posted Under: CA, CS, CMA |

Rejection of Nil or lower tax deduction certificate for pendency of penalty proceedings is invalid

Serco BPO (P.) Ltd. Vs Assistant Commissioner of Income-tax, TDS Circle, (Punjab and Hariyana High Court)

The issue of certificate under Sub-section (1) of Section 197 of the Act is mandatory on fulfilment of conditions enumerated under the rules. For determining the existing and estimated liability of the assessee where tax deduction is from income other than dividends, the Assessing Officer is to be guided by Sub-rule (2) of Rule 28AA of th...

Read More

S.54E exemption available on gain on sale of depreciable Assets

M/s. Jai Hind Rubber Products Pvt.Ltd. Vs The ACIT, Cir 5(2) (ITAT Mumbai)

Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the computation of capital gains and not to the ...

Read More

Notification No. 74/2012-Customs (N.T.), Dated: 14.08.2012

Notification No. 74/2012-Customs (N.T.) 14/08/2012

Notification No. 74/2012-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the...

Read More

Empanelment for internal audit with Can Fin Homes Ltd.

Can Fin Homes Ltd.(CFHL), invites applications from the eligible/interested Firms/ Companies for empanelment as External Auditors for conducting Internal Audit at half yearly intervals in the identified 13 branches as per Annexure 1 for the period from 01.07.2012 to 30.06.2015, subject to our norms. ...

Read More
Posted Under: CA, CS, CMA |

Amendments Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2009-14

Notification No. 10 (RE- 2012)/2009-2014 14/08/2012

The 14 August, 2012 In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy – 2009-14, the Central Government hereby amends Schedule – I (Imports) of the ITC(HS) Classifications of Export and Import Items...

Read More

Deduction u/s 54F available for flat purchased in minor daughters name

Shri N. Ram Kumar Vs ACIT (ITAT Hyderabad)

Hon’ble Delhi High Court in case of CIT vs. Ravinder Kumar Arora (supra) and also by the ITAT, Madras Bench in 33 TTJ 466 (supra), we hold that the assessee will be entitled for deduction u/s 54F for the flat purchased in the name of his daughter subject to the restrictions under the proviso to section 54F(1) of the Act. ...

Read More

Accounting Standards Committee Final Report -August 2012

CBDT has constituted the present Committee to harmonise the Accounting Standards issued by the ICAI with the provisions of the Act for the purposes of notification under the Act and also to suggest amendments to the Act necessitated by transition to Ind-AS/IFRS. The Committee comprised of brilliant professionals and knowledgeable officers...

Read More
Posted Under: CA, CS, CMA |

Last Date for MEF submission extended upto 31st August, 2012

This is to inform that Multipurpose Empanelment form for the year 2012-13 (including form for empanelment of Bank Branch Auditors for the year 2012-13) has been hosted on the website www.meficai.org. Last date for submission of online applications on www.meficai.org has been extended upto 31st August, 2012....

Read More
Posted Under: CA, CS, CMA |

CIT can review registration granted u/s. 12A

Mumbai Cricket Association Vs Director of Income-tax (Exemption) (ITAT Mumbai)

CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of registration becomes functus officio. ...

Read More

Search Posts by Date

October 2021