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ICAI to take action against students pursuing additional course in violation of its guidelines

May 8, 2013 4014 Views 0 comment Print

As you are aware, the Council of the Institute, under Regulation 65 of the Chartered Accountants Regulations, 1988 has permitted Articled Assistants to pursue/attend, with prior permission to be obtained from concerned Decentralised offices

Loss on foreign currency forward contracts which is not in respect of specified export or import is speculation loss

May 8, 2013 3909 Views 0 comment Print

As far as submissions of allowing the deduction in subsequent AY. is concerned we are of the opinion that the question is not arising out of the appeal decided by the FAA and appeal for the next AY is not before us. In these circumstances, we do not want to pass any order in this regard.

Notification for Changes in Custom Duty rates wef 08.05.2013

May 8, 2013 2878 Views 0 comment Print

Changes in Custom Duty rates titanium dioxide falling under heading 28.23, polymers (CTH 3901, 3902, 3903 and 3904) including ethylene vinyl acetate (EVA), iron or steel scrap including stainless steel scrap (CTH 7204), aluminum scrap (CTH 7602) been notified wef 05.05.2013.

Notification on Changes in Excise Duty Rates wef 08.05.2013

May 8, 2013 6209 Views 0 comment Print

Changes in Excise Duty Rates wef 08.05.2013 on jaggery powder, Particle/Fibre Board, flattened bamboo boards and bamboo flooring tiles, Clay bricks (Tariff Item 69010010) and roofing tiles (Tariff Item 69051000), Steel supplied to the Indian shipyards manufacturing ships and vessels [CETH 8901, 8902, 8904, 8905 (except sub heading 8905 20) or 8906]

ICAI to conduct Mock Tests for CPT students for June, 2013 Examination

May 8, 2013 3039 Views 0 comment Print

With a view to further encourage the students to evaluate their preparation for the examination, the Board of Studies has prepared CPT Mock Test Papers for CPT students to assess their preparation for the main examination to be held on 16th June, 2013.

Public Notice No. 11 (RE-2013)/2009-2014, Dated: 07.05.2013

May 7, 2013 502 Views 0 comment Print

Accordingly, names of the above agency is added at Serial No. 7 (Karnataka) of Appendix 4C (List of Agencies Authorized to issue Certificated of Origin-Non-Preferential) to Handbook of Procedure Vol.I, 2009-2014 (Appendices & ANFs).

Public Notice No. 10 (RE-2013)/2009-2014, Dated: 07.05.2013

May 7, 2013 469 Views 0 comment Print

The input Sodium Dithionate (Hy-drose) in Standard Input Output Norms at Sr. No.20 under G-7 and at Sr. No.22 under G-46, both in Leather Product Group, stands deleted. After deletion of Sodium Dithionate (Hy-drose) the total number of permissible inputs in G-7 and G-46 will be reduced to 42 inputs from existing 43.

Please do not blindly follow Western model of development and culture

May 7, 2013 586 Views 0 comment Print

There is a basic difference between Western culture and the Vedic culture, which is eternal. In the Indian or Vedic culture, our Rishis and Seers have always advised to have total control over our desire for sense gratification. Instead, it is advised that one should strive to evolve to a higher level of consciousness, where no craving is left for gratification of the senses. In India, we are advised to rise above the senses, as well as the mind and reach a stage where one can realize one’s real identity.

Commercial expediency cannot be mere availing of interest free loan from one assessee and giving interest free loan to another

May 7, 2013 2360 Views 0 comment Print

Facts :- learned Assessing Officer found that the assessee paid interest to the Banks amounting to Rs.13,64,522/- and has availed loans to the extent of Rs.60,22,364/- including secured loans of Rs.47,63,761/- from Punjab & Sind Bank and Rs.8,59,298/- from Andhra Bank.

Assessment of person not searched can be carried out u/s 158BD only by issue of proper notice

May 7, 2013 1210 Views 0 comment Print

Search operation was carried out in one M/s. G.B. & Company under section 132. Though the premises of the assessee were also searched during search operations, the same were in the capacity of an employee of the said company and not in individual capacity.

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