No.13-CA (EXAM)/CPT/ December/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th December, 2012 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.
It is informed by Income Tax department that E-Filing Utility for ITR-5 is likely to be made available by 7th July 2012. Government has released format of ITR form 5 & 6 as applicable for Assessment year 2012-13 vide NOTIFICATION NO.25/2012 DATED 2-7-2012.
EA 3, EA 4 and EA 5 forms have been notified for filing appeal in Central Excise disputes. Similarly, CA 3, CA 4 and CA 5 have been prescribed for Customs cases and ST 5, ST 6 and ST 7 for disputes in Service Tax matters. 2. It is proposed to amend the existing forms meant for filing appeals in the Tribunal The purpose of the proposed amendment is to align all the forms and include more fields like assessee code and location code etc for quick and effective communication and, more importantly, to facilitate creation of data base by providing inputs fields that can be captured by the System.
State Bank of India (SBI) today launched a new service that will facilitate filing Income Tax returns online. This service is currently available only to the bank’s customers, at a discounted price, SBI said in a statement. For salaried individuals the fee starts as low as Rs 150, inclusive of taxes, which can be paid by the customer through SBI internet banking or debit card, it said.
The assessment is framed u/s. 153A of the IT Act, which is specifically meant for computation of undisclosed income, which is found during the course of search. The assessee in order to circumvent the provisions of law have tried to reduce the amount in question out of total undisclosed income determined in the course of search by claiming a bad debt which was never claimed in the regular books of account or in the original return of income filed u/s. 139(1) of the IT Act.
Bar Council of India v. A.K. Balaji It is clarified that Reserve Bank of India shall not grant any permission to the foreign law firms to open liaison offices in India under section 29 of the Foreign Exchange Regulation Act, 1973.
Gujarat’s Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm. On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income, an I-T official said, adding the survey was conducted at three premises of the firm, involving around 25 I-T officials.
All companies will be allowed to file their financial statements in XBRL mode without any additional fee/penalty upto 15h November, 2012 or within 30 days from the date of their AGM, whichever is later. GENERAL CIRCULAR NO. 16/2012, DATED 6-7-2012
The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)]
While the gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships. Normally, the remission of trading liability takes place only due to adverse business situation faced by a business concern.
