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
Rate of interest on various small savings schemes for the financial year 2013-14 effective from 1-4-2013, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :
MCA issues Cost Audit Order in suppression of earlier Cost Audit Orders During the year 2011-12, MCA issued various cost audit orders wherein maximum industries were brought under cost audit net. It needs attention that to bring uniformity in reporting,the MCA had issued a notification vide S.O. 1747(E) dated 7th August, 2012 mentioning Product or […]
NOTIFICATION NO. LAD-NRO/GN/2012-13/36/7368, DATED 26-3-2013 In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, namely:- 1. These regulations may […]
Circular No. 2/2013-Income Tax SECTION 92C OF THE INCOME-TAX ACT, 1961, READ WITH RULE 10B OF THE INCOME-TAX RULES, 1962 – TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE – APPLICATION OF PROFIT SPLIT METHOD CIRCULAR NO. 2/2013 [F. NO. 500/139/2012], DATED 26-3-2013 It has been brought to the notice of CBDT that clarification is needed for selection of profit split method (PSM) as most appropriate method. The issue has been examined in CBDT. It is hereby clarified that while selecting PSM as the most appropriate method, the following points may be kept in mind :
Circular No. 3/2013-Income Tax It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of transfer pricing audit.
During the year 2012-13, all the 25 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs. The names of audit firms recommended by these 25 banks and approved by RBI are displayed on the web-site. The information in regard to branches allotted to these audit firms will be published on the web-site, after […]
In this case Nothing has been pointed out that the bank was not within its right to firstly levy those charges or that it was acting beyond the rules. In levying those charges, the bank has fully justified as it relied on the Reserve Bank Rules and the banking practice. After all the bank had to maintain the accounts and it was by way of an agreement between the complainant and the bank that the bank was levying Rs. 250 per bill per quarter. Therefore, on this account there was no fault on the part of the bank.
Interest on FD and from bank on surplus funds – Even as admitted by the assessee during hearing, the same is only on surplus funds for the time being and, therefore, cannot be said to be derived from the assessee’s business. The same stands rightly excluded. Sales tax refund and excise duty draw back -As such, section 10B(1) read with section 10B(4) does not admit of receipt, the immediate source of which is not the economic activity itself, but a fiscal incentive, as being profit derived therefrom. Thus, the assessee’s claim in respect of aforesaid items was to be rejected.
Though the Assessing Officer invoked penalty under Section 27(1)(c) of the Act and stated that the assessee failed to furnish complete details from bank statement, on going through the materials placed before this Court, it is seen that the Assessing Officer has subsequently found that the said deposit was made for the period commencing from 01.04.2004 to 29.03.2005.
