"24 August 2012" Archive

ICAI Guidelines for Advertisement for Members in Practice

The Members may advertise through a write up setting out their particulars or of their firms and services provided by them subject to the following Guidelines and must be presented in such a manner as to maintain the profession’s good reputation, dignity and its ability to serve the public interest....

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Posted Under: CA, CS, CMA |

ITAT cannot ask for rejection of books if A.O. made addition on the basis of his limited review

Pragati Engineering Corporation Vs Income-tax Officer, Raebareli (ITAT Lucknow)

In the instant case, the Judicial Member has not stated anywhere that the profit margin disclosed by the assessee was rejected by the Assessing Officer arbitrarily and the addition made by the Assessing Officer is excessive and arbitrary. The Assessing Officer has discretion to either reject the books of account and estimate gross profit ...

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SEBI (ICDR) (Third Amendment) Regulations, 2012

Notification No. LAD-NRO/GN/201 2-13/12/18951 24/08/2012

The promoter or promoter group shall not make institutional placement programme if the promoter or any person who is part of the promoter group has purchased or sold the eligible securities during the twelve weeks period prior to the date of the programme and they shall not purchase or sell the eligible securities during the twelve weeks ...

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GST is More Effective & Efficient Substitute for Plethora of Indirect Taxes -FM

The Union Finance Minister, Shri P. Chidambaram said that the goods and services tax (GST) is a more effective and efficient substitute for plethora of indirect taxes. The Finance Minister said that he is hopeful that the GST Bill would be passed before the end of the current financial year. ...

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Posted Under: CA, CS, CMA |

Annual e-Filing Guidelines for ROC e-Form Filings

Please note the article was wrongly republished on 24.08.2016 while actually it was suppose to be re-published on its original date of 24.08.2012. Please refer mca.gov.in for latest applicable article or keep visiting us as we will be coming up with a new article on the subject Annual e-Filing Guidelines As a part of Annual […]...

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Posted Under: CA, CS, CMA |

No TDS deductible on interest for delayed payment of Purchase Bills U/s. 194A

Sri Venkatesh Paper Agencies (Hyd.) (P.) Ltd. Vs Deputy Commissioner of Income-tax, Circle-3(1), Hyderabad (ITAT Hyderabad)

Tribunal has held that a payment which has direct link and immediate nexus with the trading liability being connected with the delayed purchase payments will not fall within the category of interest as defined in section 2(28A). The payment made by the assessee in the present appeal being of similar nature also cannot be termed as interes...

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Section 54F exemption available on Residential house constructed on agricultural land

Assistant Commissioner of Income-tax Vs Om Prakash Goyal (ITAT Jaipur)

The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain arises from the transfer of any long-term cap...

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What to do if your client asks about or is involved in a potential tax avoidance scheme

If you provide tax planning advice to clients, it is important to consider what level of risk you are prepared to accept and what processes you have in place to protect you and your practice from inadvertently contravening the promoter penalty laws....

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Service Tax on Film Artists Services

Service tax of 12.36 per cent has been imposed on the taxable services provided by the Film Artists. As a preparation for the introduction of a nationwide comprehensive Goods and Service Tax (GST), comprehensive approach to taxation of services has been brought into effect from the 1st day of July, 2012....

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Posted Under: CA, CS, CMA |

Income-tax (Dispute Resolution Panel) (First Amendment) Rules, 2012

Notification No. 33/2012-Income Tax 24/08/2012

Notification No. 33/2012-Income Tax In exercise of the powers conferred by sub-section (14) of section 144C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules to amend the Income-tax (Dispute Resolution Panel) Rules, 2009, namely :- 1. (1) These rules may be called the Income-tax ...

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