Ground No. 3 relates to disallowance of prior period expenses amounting to Rs. 2,33,864/-. The Ld. Counsel for the assessee submitted that expenses of petty nature have been written off during the year, details of which have been furnished during the course of assessment proceedings. The Ld. DR strongly supported the orders of lower authorities.
Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012-2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, 2013 without creating a precedence and their Certificate of Practice so renewed shall be valid subject to their obtaining requisite CEP credit hours within 31st December, 2012 positively.
Kind reference is invited to the above, wherein the assessing officers have been instructed to verify and reconcile the demands where such demand or adjustment thereof by CPC is disputed by the taxpayer. They have also been advised to upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Processing Center (CPC), Bengaluru wherever there is balance outstanding arrear demand still remaining after aforesaid correction/ reconciliation.
In case you are going to start export or Import business of goods or service and both are required certain approval and registration with Reserve Bank of India, Custom Department, Central Excise, Service Tax and Value Added Tax / Central Sales Tax Department. These departments imposed certain conditions to avail tax exemption one of important condition is to obtain registration with the Controller of Foreign Trade.
The prima-facie role of a Company Secretary is to identify all the AEs with whom the Company has transacted during the year. There are likely chances that some of the entities which are falling under the deeming fiction might go unnoticed to the auditors. The consequence of non-reporting of a transaction is as high as 2 % of the total value of transaction that went unreported. Further, penalty proceedings can also be initiated for concealment of true facts and disclosure under section the Income Tax Act.
Applicability of Service Tax on Commission Payable to Non-Whole Time Directors of a Company Under Section 309 (4) of the Companies Act, 1956- Approval of Central Government Under Section 309/310 of the Companies Act
The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax Return Preparer Scheme (see www. trpscheme.com) was launched by the Income Tax Department during the year 2006-07.
To give relief to daily commuters, the following steps have been taken to improve the suburban services in Mumbai area: 128 AC/DC Electrical Multiple Unit (EMU) rakes with new state-of-the-art technology having improved ventilation system, better seating arrangement and aesthetics have already been inducted into service since 2007-08. With the induction of these rakes:
there are delays in issuance of passport. The reasons for delay normally are as under: (i) increase in demand for passport; (ii) delays in receipt of police verification reports within the stipulated time of 21 days; (iii) receipt of incomplete police reports due to submission of incomplete information/documentation by the applicants; and (iv) Shortage of staff strength in the Central Passport Organization, not keeping with the increase in demand for services.
Government has not issued directive for use of Open Source Software (OSS) in computers in place of micro software across the country. National Informatics Centre, NIC has implemented OSS in many central and state government departments. NIC has also established Open Technology Centre (OTC) to spearhead the adoption of Free and Open Source Software (FOSS) in e-Governance applications based on Open Standards.
