First proviso to Section 158BC (a) required no notice under Section 148 for making a block assessment, merely because the notice required to be issued under Section 158BC (a) calling for the block return is analogous to the notice under Section 148 to reopen an assessment, is without any basis, either on principle or on authority.
The matter has since been reviewed in consultation with the Ministry of Commerce and Industry, Government of India and it has been decided to allow ADs to sell foreign exchange to a unit in the DTA for making payment in foreign exchange to a unit in the SEZ for the services rendered by it (i.e. a unit in SEZ) to a DTA unit. It may, however, be ensured that there is an enabling provision of supplying these goods/services by the SEZ unit to the DTA unit and for payment in foreign exchange for such goods/ services to the SEZ unit, in the Letter of Approval (LoA) issued to the SEZ unit by the Development Commissioner(DC) of the SEZ. A. P. (DIR Series 2012-13) Circular No. 46
Notification No. 1/2012 under CPR Scheme 2011-Income Tax In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011’, issued vide C B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate)
Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES .It is available in ‘DOWNLOADS’ section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012, the return filing cycle of six months (April-September, 2012) has been spilt.
This has reference to your application for the multipurpose panel for the year 2012-13. Please click on the relevant interval to know your category in the subject Panel. MEF00001 to MEF10000 MEF10001 to MEF20000 MEF20001 to MEF30000
Recently on 18th October 2012, The Supreme Court of Canada gave its decision on the case of Majesty of Queen vs Glaxosmithkline Inc. Many Transfer Pricing Professionals had keen eye on this case as it involved huge stakes & would also serve as Benchmark cases for other Transfer Pricing Cases in future. Before looking at the case lets see its development.
As we are all aware excel is widely used for accounting and financial purposes.In the past they were used only to perform basic moths, such as adding, multiplying, subtracting and dividing. Today’s spreadsheets can be significantly different and far more advanced. A CA office cannot work without excel. But do we CA’s utilize excel to its optimal? Sadly no! Most of us never realize the full potential of using Excel. EXCEL has numerous features which can reduce your time & your client’s time in day to day analysis and reporting.
The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society engaged in marketing of agricultural produce of its members also had other co-operative societies as its members. Since the agricultural produce marketed by the Society was not produced by the primary marketing Societies, being its members, the assessee society was not held entitled to exemption under section 81(1)(c) [now section 80P(2)(a)(iii )].
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time. The earlier last date to file the return was October 25.
It is respectfully submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter ‘the Act’) are absolutely unlawful. DRT has no jurisdiction to proceed against the Guarantor as he has not taken any debt, which he has to repay.
