Assessing Officer noticed that the assessee claimed set off of brought forward business loss against income of Rs. 24,94,407/- for the year under consideration. On perusal of profit and loss account , it was revealed that the assessee earned interest income amounting to Rs. 91,26,226/- from the deposits in the banks and thus, wrongly claimed set off of brought forward business loss against such interest income .
Statutory Auditor’s Reporting Responsibilities in Respect of Depositing of Cess Pursuant to Clause 4(ix)(a) of the Companies (Auditor’s Report) Order, 2003and Section 227(3)(g) of the Companies Act, 1956. The Council of the Institute has decided to modify the auditor’s reporting responsibilities in respect of the cess payable by a company under section 441A of the Companies Act, 1956. Pursuant to this decision, paragraph 63(g) of the Statement on Companies (Auditor’s Report) Order, 2003 stands amended as follows:
The term of office of Smt. Pratibha Devisingh Patil, President of India, ends on 24th July, 2012. An election to fill the vacancy caused by the expiration of the term of office of the outgoing President shall need to be completed before the expiration of her term. The law provides that the notification for election shall be issued on, or as soon as conveniently may be after, the sixtieth day before the expiry of term of office of the out going President.
Circular No. 16 /2012-Customs I am directed to invite your attention to the Board’s instruction issued vide F.No.450/79/2010-Cus.IV dated 23.09.2010 which state that the requirement for filing Import General Manifest (IGM) and Bill of Entry should be complied with even in cases, where goods are exempt from payment of any duty. The jurisdictional Commissioners were also instructed to review the situation, and take appropriate action for past cases, including adjudication, if warranted, in case of non-fulfillment of aforesaid filing of documents.
The IRDA had issued guidelines for pension products vide references 1st and 2nd cited. Insurance companies have expressed certain concerns on the provisions in the cited Circulars and have also sought certain clarifications. In view of the above, the following clarifications are issued:
Vide Order No. 118 of 2012 dated 12th June, 2012, the CBDT has transferred and posted several officers in the grade pf Deputy & Assistant Commissioners of Income-tax with immediate effect
Statement of Value of Votes of Elected Members of the State Legislative Assemblies and Both Houses of Parliament as Per Provisions of Article 55(2) of the Constitution of India & Facts at Glance- Presidential Elections from 1952 to 2007
Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 percent during April-May of the F.Y. 2012-13 and stood at Rs. 24,329 Crore as against Rs. 25,035 Crore in the same period in F.Y. 2011-12. Gross collection of Personal Income Tax was up by 10.02 percent and stood at Rs.27,884 Crore as against Rs.25,344 Crore in the same period in F.Y. 2011-12.
I would also like to highlight the need to ensure that claims are settled in the shortest possible time frame. I notice that large numbers of claims, especially in the General Insurance companies, are pending for final settlement. You may like to take up a drive to ensure that this pendency is minimized.
A reading of the DRP Proceeding Extracts shows that the DRP has not considered any of the objections raised by the assessee in respect of TP matters. They held that the appeal filed by the assessee on some issues are pending before the Commissioner of Income-tax (Appeals) pertaining to the assessment year 2004-05 and, therefore, the issues have not reached finality and for that reason the contentions raised by the assessee for the impugned assessment year 2006-07 are liable to be rejected.
