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Archive: 30 October 2012

Posts in 30 October 2012

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5847 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4713 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

2nd Quarter Review of Monetary Policy 2012-13 – RBI Cuts CRR by 25 basis points

October 30, 2012 699 Views 0 comment Print

A short while ago, we put out the Second Quarter Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5 per cent to 4.25 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning November 3, 2012.

CBDT assures HC that there would be no laxity in assistance rendered to court in future

October 30, 2012 609 Views 0 comment Print

It is stated by them that insofar as the revamping the system and giving better assistance to the court is concerned, all necessary action as they would take has been taken. We would thus naturally expect that now there would no lack of proper assistance to the court.

Amount not allowed for non deduction of TDS is eligible for deduction U/s. 80IB

October 30, 2012 831 Views 0 comment Print

We are not inclined to interfere with the finding of the CIT(A) because on account of violation of conditions prescribed under clause (ia) the implication u/s.40(a) would be that the said amount will not be deducted in computing income chargeable under the head ‘profits and gains of business or profession’. The same will form part of profits and gains of business or profession of the assessee which could be included along with income under all the other heads in the assessee’s gross total income.

CA given life term for creating mid-air hijack scare

October 30, 2012 2365 Views 0 comment Print

A chartered accountant was today sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun.

RBI permits Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities

October 30, 2012 1129 Views 0 comment Print

As announced in the Second Quarter Review of the Monetary Policy Statement 2012-13 (para 77) and in exercise of powers conferred on Reserve Bank under the Repo in Corporate Debt Securities (Reserve Bank) Directions 2010, it has now been decided to permit scheduled Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities subject to adherence to conditions prescribed by Urban Banks Department, Central Office, Reserve Bank of India, from time-to-time.

Service used, rendered & enjoyed in India – Taxable in India

October 30, 2012 5049 Views 0 comment Print

In the instant case, the service rendered is promotion/marketing of the goods of the client in India by rendering various services such as demonstration, installation, after sales warranty and advertising services for which the appellant received a consideration. These activities are rendered in India and their effective use and enjoyment are in India and therefore, the benefit of the services rendered also accrue in India and hence leviable to service tax.

Secretary of Society is Public Servant & can be booked for Corruption – HC

October 30, 2012 8537 Views 0 comment Print

The petitioner who was serving as the Secretary of the Avinashi Co-operative Housing Society Limited, Avinashi was charged with offences punishable under section 7 and 13(2) r/w. 13( 1)(d) of the Prevention of Corruption Act, 1988.

Income tax E-Filing Website likely to be closed for few days

October 30, 2012 3117 Views 0 comment Print

The e-Filing Portal is migrating to a revamped new portal in next few days and the existing website services are likely to be closed for few days.

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