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Provision for premature encashment of 8% Savings (Taxable) Bonds, 2003

August 4, 2013 733 Views 0 comment Print

Premature encashment in respect of the Bonds shall be allowed for individual investors in the age group of 60 years and above, subject to submission of document relating to date of birth of the investor in support of age to the satisfaction of the bank, after minimum lock in period from the date of issue as indicated below:-

TP : Companies With Extreme Turnover Not to be included in Comparables

August 4, 2013 772 Views 0 comment Print

It is a common case that Satyam Computer Services Ltd. should not be taken into consideration. The tribunal for valid and good reasons has pointed out that Infosys Technologies Ltd. cannot be taken as a comparable in the present case.

Jurisdiction u/s 263 can be excercised if AO fails to inquire in respect of payments liable to TDS

August 4, 2013 619 Views 0 comment Print

AO has not made any discussion regarding the subjects raised by the Ld. CIT u/s. 263 and the AO has mechanically accepted what the assessee wanted him to accept without any application of mind or enquiry. Further, no evidence had been placed that the claim made by assessee was objectively

Subsidy given for operating an industry more profitably is revenue receipt & eligible for deduction u/s. 80-IB/80-IC

August 4, 2013 898 Views 0 comment Print

Liberty India (supra) was a case of non-operational subsidy inasmuch as the subsidy, provided in Liberty India (supra), did not relate to production; whereas the subsidies, in the present set of cases, are operational in nature inasmuch as the subsidies are related to the production

Procedure for availing the VCES scheme

August 3, 2013 8047 Views 0 comment Print

Service Tax Voluntary Compliance Encouragement Scheme, 2013 provides the service tax defaulters  with a golden opportunity to pay all  ‘tax dues’ from the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution.  For which such Assessees can Apply on or before 31.12.2013 in the prescribed format. Procedure for availing the VCES […]

Foreign citizens/NRIs can now pay PAN application fee in any currency using Credit /Debit Card

August 3, 2013 1658 Views 0 comment Print

As per information uploaded on NSDL website Facility for payment of PAN application fee in Indian Rupees & foreign currency by foreign citizens/NRIs using ‘Credit Card/Debit Card’ is now available for those applicants who apply PAN online. Foreign Citizen /NRI if If communication Address is within India can pay by any of the following methods […]

ICAI – Time limit for preferring an application by an examinee for inspection and/or certified copy of his evaluated answer books

August 3, 2013 1153 Views 0 comment Print

The time limit for preferring an application by an examinee for inspection and/or certified copy(ies) of his/her evaluated answer book(s), shall henceforth, be one month from the date of declaration of result of the respective examination;

CMA President Communique for August, 2013

August 3, 2013 880 Views 0 comment Print

I am happy to inform that our Council has approved the constitution of the National Advisory Board consisting of eminent persons from industry and other sectors to provide insight and formulate strategies and policies of the Institute to fit in with the emerging economic environment and provide leadership in the field of Cost and Management Accounting. Their valuable guidance would enable the Institute to lay down the way forward and achieve the desired objectives.

Notification No. 40/2013-Customs Dated- 2nd August, 2013

August 2, 2013 801 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 to the Right to Information Act, 2005

August 2, 2013 2448 Views 0 comment Print

he Union Cabinet has approved introduction of a Bill in the coming session of the Parliament to amend the Right to Information Act, 2005, to exclude the political parties from the definition of Public authority for the purpose of the Act. The Central Information Commission (CIC) in its decision dated 03.06.2013, has held that the […]

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