The Ministry of Corporate Affairs vide its General Circular No. 16/2012 dated 6 July, 2012 has mandated select class of companies to file their Balance Sheet and Profit & Loss Account and other documents with the Registrar of Companies for the financial year commencing on or after 01.04.2011 in XBRL mode without any additional fee/ penalty upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.
The Committee to review the facilities for individuals under FEMA, 1999 (Chairperson: Smt. K.J.Udeshi) has recommended that the banks may sanction Rupee loans in India or foreign currency loans outside India to either the account holder or a third party to the extent of the balance in the NRE/FCNR (B) account subject to margin requirements. The existing position in this regard has been reviewed and it has been decided, in exercise of powers under paragraph 6(d) of Schedule-1 read with para 9(1) of Schedule-2 of the Foreign Exchange Management (Deposit) Regulations, 2000, that the banks may now grant loans against NR(E)RA and FCNR(B) deposits either to the depositors or the third parties as under:-
NOTIFICATION [F.NO. 17/161/2012 – CL.V], The following class of companies have to file their Balance Sheet. Profit and Loss Account and any other document as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure II for the financial year commencing on or after 1st April, 2011 with e-Form No. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956 namely:-
NEFT system provides for an efficient, affordable, safe mode of funds transfer in near real time. The growth in volume and value of transactions processed under the NEFT in recent times reflects its popularity as newer segments of population have also started using the system for meeting their remittance requirements.
LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.
There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation, exception being the MAT provisions in the case of companies. What is required to be seen as per the circular issued by CBDT and which was approved by Supreme Court in Hindustan Coca Cola Beverage (P.) Ltd. v. CIT [2007] 293 ITR 226, is that ‘Taxes due’ have been paid by the deductee-assessee.
Minerals like Granite, Limestone, etc are being extracted from mines by various corporates and others for use in the manufacture of other goods like cement etc for sale or otherwise. Though the mines may be owned by the corporates or may have been taken on long lease, the minerals lying below the surface belongs to the Government.
The first issue before us is whether the assessee is a developer and builder and, thus, entitled to deduction u/s. 80IB(10) qua the Sadguru Krupa Project, or only a Contractor and, thus, not so entitled. No argument, much less materials, has been advanced or adduced before us
The finding of the AO is that expenditure incurred by the head office will have to be allocated to the Indian offices. There has been no allocation made by the assessee. The income is being offered for tax on cost plus basis, therefore, the general and administrative expenditure incurred by the head office for running India offices has to be considered for working out the cost base.
Assessee held a bona fide belief that it was liable to pay customs duty on the drawings and designs imported by it as the same were goods. Under the circumstances, no mala fide intention could be attributed to it in not discharging the service tax liability under the category of Intellectual Property Rights Services.
