If the assessee treats expenditure on acquisition of assets as application of income for charitable purposes under section 11(1)(a) and if the assessee claims depreciation on the value of such assets, then in order to reflect the true income to be available for application for charitable purposes, the assessee should write back in the accounts the depreciation amount to form part of the income to be accounted for application for charitable purposes.
This is to inform all concerned that with the issuance of the Notification No.1-CA (7)/145/2012 on August 1, 2012, the period of employment of a paid assistant with the same firm of Chartered Accountants for the purpose of engagement of articled assistants has been increased from twelve months to three years with effect from August 1, 2012.
The issue of certificate under Sub-section (1) of Section 197 of the Act is mandatory on fulfilment of conditions enumerated under the rules. For determining the existing and estimated liability of the assessee where tax deduction is from income other than dividends, the Assessing Officer is to be guided by Sub-rule (2) of Rule 28AA of the Rules.
Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the computation of capital gains and not to the exemption provisions.
Notification No. 74/2012-CUSTOMS (N. T.) 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 notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
Can Fin Homes Ltd.(CFHL), invites applications from the eligible/interested Firms/ Companies for empanelment as External Auditors for conducting Internal Audit at half yearly intervals in the identified 13 branches as per Annexure 1 for the period from 01.07.2012 to 30.06.2015, subject to our norms.
The 14 August, 2012 In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy – 2009-14, the Central Government hereby amends Schedule – I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2009-14 as under:
CBDT has constituted the present Committee to harmonise the Accounting Standards issued by the ICAI with the provisions of the Act for the purposes of notification under the Act and also to suggest amendments to the Act necessitated by transition to Ind-AS/IFRS. The Committee comprised of brilliant professionals and knowledgeable officers from the Department.
This is to inform that Multipurpose Empanelment form for the year 2012-13 (including form for empanelment of Bank Branch Auditors for the year 2012-13) has been hosted on the website www.meficai.org. Last date for submission of online applications on www.meficai.org has been extended upto 31st August, 2012.
CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of registration becomes functus officio.
