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Archive: 31 December 2012

Posts in 31 December 2012

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

July 14, 2024 3033 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!

Daily allowance paid to employees are similar to hotel expenses for disallowance u/s. 37(3A) to 37(3D)

December 31, 2012 891 Views 0 comment Print

A reading of the provision of section 37(3A) to (3D) indicates that where the expenditure or as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the following; i.e. (i) advertisement, publicity, sales promotion (ii) running and maintenance of air craft and motor cars and (iii) payments made to hotels exceeds Rs. 1 lakh 20 per cent of such excess shall not be allowed as deduction in computing the income chargeable under the head ‘profits and gains of business or profession’.

Assessment of preceding years in search cases during election period

December 31, 2012 4958 Views 0 comment Print

Circular No. 10/2012-Income Tax As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made.

Public Notice No. 42 (RE-2012)/2009-14, Dated: 31.12.2012

December 31, 2012 676 Views 0 comment Print

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol. I) (Appendices and Aayat Niryat Forms) 2009-2014.

No TDS on specified Nature of payment to Scheduled Bank

December 31, 2012 15046 Views 0 comment Print

Income Tax Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, namely:-

Power to rectify a mistake u/s. 254(2) cannot be used for recalling entire order

December 31, 2012 426 Views 0 comment Print

The words used in s. 254(2) are ‘shall make such amendment, if the mistake is brought to its notice’. Clearly, if there is a mistake, then an amendment is required to be carried out in the original order to correct that particular mistake. The provision does not indicate that the Tribunal can recall the entire order and pass a fresh decision.

Notification No. 68/2012-Customs, Dated: 31.12.2012

December 31, 2012 4166 Views 0 comment Print

all goods, other than the goods specified in TABLE II, of the description specified in column (3) of the TABLE I here to annexed and falling under the Chapter, Heading, Sub-heading or Tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), and specified in the corresponding entry in column (2) of the said TABLE

Redefinition of Business Affairs through Limited Liability Partnership Route

December 31, 2012 4562 Views 1 comment Print

Limited Liability Partnership (LLP) is a corporate business vehicle, identifiable by entity’s name containing ‘Limited Liability Partnership’ or ‘LLP’ as suffix, a new business structure in Indian Corporate, that enables professional expertise and entrepreneurial initiative to combine, organize and operate in innovative, flexible and efficient manner,

Amendment in Concessional Duty rate of Goods imported into India from Malaysia

December 31, 2012 718 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further

Amendment in Concessional Duty rate of Goods imported into India from Korea

December 31, 2012 736 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in

Amendment in Duty rate of Goods imported into India from Japan

December 31, 2012 757 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further

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