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Archive: 28 February 2013

Posts in 28 February 2013

Budget -Exemption to National Financial Holdings Company Limited

February 28, 2013 2153 Views 0 comment Print

The Specified Undertaking of Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 as the successor of Unit Trust of India (UTI). Exemption from Income-tax was available to SUUTI in respect of its income up to 31st March, 2014.

Procedures for Foreign Portfolio Investors Simplified

February 28, 2013 270 Views 0 comment Print

Procedures for Foreign Portfolio Investors Simplified-Several Measures Announced to Strengthen Capital Markets Terming the Indian markets as amongst the best regulated the Finance Minister announced several measures to strengthen the capital market regulator SEBI on the eve of its Silver Jubilee. The DepositoryParticipants authorized by SEBI will now register different classes of portfolio investors subject […]

Delhi VAT Notification regarding regarding submission of information in Form T-2

February 28, 2013 1758 Views 0 comment Print

Government of National Capital Territory of Delhi hereby direct that the Notification regarding submission of information in Form T-2, shall come into force as per the following schedule:

Delhi Vat Notification regarding Works Contracts Composition Scheme

February 28, 2013 13879 Views 2 comments Print

In supersession of the Notifications No.F.3(78)Fin.(T&E)2005-2006/1508-kha dated 17-3-2006 hereby, provides for the Composition Scheme for every registered dealer engaged exclusively in carrying out works contracts for cash or for deferred payment or for valuable consideration in Delhi as under

ICAI Pre- Budget 2013 Suggestions

February 28, 2013 4949 Views 0 comment Print

I.  Suggestions to Improve Tax Collection 1.Information to be furnished in the Annual Information Return In respect of the transactions (mentioned in detailed memorandum), where the PAN is not provided by the payer, the provisions like TCS may be made applicable to the payee. Accordingly, the payee should be allowed to collect tax at an […]

RBI releases Security and Risk Mitigation measures for Electronic Payment Transactions

February 28, 2013 634 Views 0 comment Print

Sub-membership of banks to the centralised payment systems has made it possible for the customers of such sub-members to reap the benefits of the same. Banks accepting sub-members should ensure that the security measures put in place by the sub members are on par with the standards followed by them so as to ensure the safety and mitigate the reputation risk.

Reassessment – Deduction U/s 80-IC on manufacturing of PET bottles?

February 28, 2013 2112 Views 0 comment Print

Insofar as the other assessment years are concerned where the issue of limitation of four years does not arise, the position would not be any different. This would be so because on a reasonable interpretation of the provisions of section 80-IC(2) read with serial No. 20 of the 13th schedule of the said Act read with the first schedule to the Central Excise Tariff Act, 1985

Penalty not justified on income, taxability of which was debatable

February 28, 2013 851 Views 0 comment Print

We are of the view that the Commissioner of Income Tax (Appeals) as also the Tribunal have approached the issue correctly. The question whether the sale of the stock options would result in long term capital gains or short term gains was not very clear at the time when the respondent/ assessee filed his return for the assessment year 2002-03.

Letter issued by Superintendent is not an appealable order

February 28, 2013 939 Views 0 comment Print

Letter issued by the Superintendent is not an appealable order issued by a competent authority. It is also recorded that since a show cause notice on the same issue has already been issued to the appellant herein, the outcome of such adjudication proceedings is an appealable order before higher judicial fora. Accordingly, I find that the first appellate authority was correct in rejecting the appeal filed by the assessee.

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