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Archive: 21 May 2013

Posts in 21 May 2013

Govt urges taxpayers to Disclose True income and pay Appropriate taxes

May 21, 2013 1840 Views 0 comment Print

Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2 Batches to High Priority Cases in this […]

ITAT being final fact finding body can direct AO for making addition by ignoring report of valuation officer

May 21, 2013 4428 Views 0 comment Print

ITAT is the final fact finding body and high court cannot decide a question related to fact of the case. However can decide that whether ITAT has rightly decide a matter or not. If high court found that matter was not decided on facts then it can send back matter to ITAT for fresh examination but

Protective additions in minors hand not required if made on substantive basis in fathers hand

May 21, 2013 994 Views 0 comment Print

The only addition made in the hands of both the above minor children of Shri Kamal Piyush was the protective addition of 2,51,000/- which was added on substantive basis in the hands of Shri Kamal Piyush.

Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds

May 21, 2013 660 Views 0 comment Print

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy.

MVAT Notification for Second amendment to the Maharashtra Value Added Tax Rules, 2005

May 21, 2013 2427 Views 0 comment Print

(4) Notwithstanding anything contained in this rule, where an order, notice or any communication is made electronically and addressed to the dealer by e-mail which is provided to the department by the dealer, then such order, notice or communication, shall be deemed to have been served on the addressee. For the purpose of this sub-rule, the provisions of section 13 of the Information Technology Act, 2000 (21 of 2000) shall be applicable.

Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956

May 21, 2013 1193 Views 0 comment Print

All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013.

Issues related to transmission of trade data by Customs to DGCIS

May 21, 2013 409 Views 0 comment Print

A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations.

SEBI issues Broad guidelines on Algorithmic Trading

May 21, 2013 570 Views 0 comment Print

SEBI has received various suggestions with regard to the requirement of system audit of trading algorithm / software used by stock brokers / trading members. After due examination of the suggestions in consultation with the Technical Advisory Committee, it has been decided to revise the requirement as follows:

Tariff Value of Gold, Silver, Crude / RBD Palm Oil, Brass Scrap, Poppy seeds wef 21.05.2013

May 21, 2013 568 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the

How to view ST-3 for the period July -Sept, 2012

May 21, 2013 3296 Views 0 comment Print

Service Tax Returns (ST 3) for the period July -Sept, 2012,e-filed in ACES, can now be viewed by the Assesses under ‘View Original ST3’ and ‘View ST3’ options under the RET module of ACES with a facility to revise it, if required. The Revised return can be filed by the assessee within 90 days from […]

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