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Archive: 29 December 2012

Posts in 29 December 2012

AO cannot rectify order passed by appellate authorities

December 29, 2012 3809 Views 0 comment Print

In this case, the AO had not only stated that the Tribunal did not have the benefit of the decision of the Supreme Court as it was rendered earlier, but has taken liberty of criticizing the Tribunal stating that the Tribunal granted depreciation ‘even though the ITAT was aware that such custom duty was not payable by a subsequent notification by the Govt. of India in 1987.’ He ought not to have done so.

HUDCO – Tax Free Bonds – Tax Benefits

December 29, 2012 29368 Views 1 comment Print

Salient features of the bond issue (Tranche I) a. Issue Opens on – January 09, 2013 b. Issue Closes on – January 22, 2013 c. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible bonds and the interest on the Bonds will not form part of the total income as per provisions […]

Responsibility of Professionals Signing MCA Annual Return

December 29, 2012 4263 Views 0 comment Print

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code). They have to certify it on Form 23 AC and Form 23 ACA on the following page:

CBI arrest Income Tax officer asking for Bribe to facilitate Refund

December 29, 2012 3201 Views 0 comment Print

The Central Bureau of Investigation has arrested an Income Tax Inspector and an Archivist -in-Charge of National Archives of India in separate cases of bribery. A case was registered against an Inspector of Income Tax (Circle-III), Gaya for demanding a bribe of Rs.15,000/-from the Complainant.

Company Secretaries (Amendment) Regulations, 2012 to implement New Training Structure of the ICS

December 29, 2012 6855 Views 0 comment Print

The following draft of certain regulations, further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56 of 1980), and with the prior approval of the Central Government,

Income Tax Calculator for Govt Employees for FY 2011-2012 / 2012-13

December 29, 2012 31206 Views 0 comment Print

Download Automatic Income Tax Calculator for Central & State Government Employees for the Financial Year 2011-2012 / 2012-13 and Assessment year 2012-2013/ 2013-2014.

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December 2012