The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The TAS, applicable only to computation of taxable income under the Income Tax Act 1961, will be different from accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and notified by the Ministry of Corporate Affairs under the Companies Act 1956. However, separate books of account are not required to be maintained under TAS, thus reducing compliance burden on businesses.
2. The CVC during its consultative meeting with the CBDT on 18.10.2011 has conveyed that the Vigilance Awareness Week 2011 should also be observed as Grievance Redressal week. Hence in addition to the various activities suggested in the earlier communication , the week long celebration should be combined with the whole hearted effort to redress pending grievances of the tax payers in the areas like Rectifications , Appeal effects , issuance of Refunds , Requests for PAN Migrations etc .
The NHB, which is the housing finance regulator, has also asked HFCs to ensure that all borrowers pay the same interest rate, irrespective of when the loan was taken. Download NHB Notification No. NHB (ND)/DRS/Pol. No. 44/2011-12 Dated 19.10.2011 related to Uniformity in charging interest (floating rate basis) for old and new customers
This is to clarify that as per Service Tax Rules, 1994, an invoice should be issued within a period of 14 days from the completion of the taxable service. The invoice needs to indicate inter alia the value of service so completed. Thus, it is important to identify the service so completed.
DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata)- From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained from the said Ankur Marketing Ltd. with its I.T. File No. and the same were filed with the A.O. For the Share Application Money received by the assessee, shares were allotted immediately after close of the accounting year 2000-01.
Government of India is committed to improving the level and the quality of economic and social infrastructure services across the country. In pursuance of this goal, the Government envisages a substantive role for Public Private Partnership (PPPs) as a means for harnessing private sector investment and operational efficiencies in the provision of public assets and services.
Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri Dhanendra Kumar who […]
A reference is invited to para 4 of the RBI circular of IDMD.PCD.No. 5053 /14.03.04/ 2010-11 dated May 23, 2011 wherein it was indicated that the guidelines on CDS would be effective from October 24, 2011. Necessary infrastructure which includes trade repository, documentation, publication of CDS curve for valuation, standardisation of contracts, etc. required for the launch of the product is being put in place. Further, market participants have asked for certain clarifications regarding documentation, operational aspects, and the arrangement for the necessary institutional framework.
The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently. The department has decided to send show cause notices to such assessees, who have reported “no assets/inadequate assets for recovery”, by the end of this month, asking why their names should not be published and put in the public domain.
In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.
