Intelligence suggested that M/s. V.K.Udyog Ltd. has imported LDPE/HDPE granules and PP granules without payment of duty under Duty Free Credit Entitlement Certificate and availing exemption under Notification No. 53/2003-Cus dated 01.04.2003 during 2009- 10 and 2010-11 and sold these materials in the market. As per the condition of the aforesaid notification the imported goods cannot be sold or transferred. Consequently, searches were undertaken on 22.03.2011 in the offices of the above firm and certain incriminating documents were seized. On preliminary investigation
CIT v Grewal Brothers – No doubt the firm and the partners may be separate entities for income tax and it may be permissible for a firm to give a contract to its partners and deduct tax from the payment made as per s 194C, but it has to be determined in the facts and circumstances of each case whether there was any separate subcontract or the firm merely acted as an agent as pleaded in the present case. The case of the assessee is that it was the partners who were executing the transportation contract by using their trucks and the payment from the companies was routed through the firm as an agent. The CIT(A) and the Tribunal accepted this plea on facts. Once this plea was upheld, it cannot be held that there was a separate contract between the firm and the partners in which case the firm was required to deduct tax from the payment made to its partners under s 194C.
Notification No. 19/2011 – Income Tax – In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 5C, – (a) the word “scientific”, wherever it occurs, shall be omitted; (b) in sub-rule (1) in clause (i) after the words, brackets and letters “clause (ii)”, the words, brackets and letters “or clause (iii)” shall be inserted. 3. For the rule 5D of the said rules, the following rule shall be substituted, namely:– “5D. Conditions subject to which approval is to be granted to a research association under clause (ii) or clause (iii) of sub-section (1) of section 35.–(1) The sole object of the applicant research association shall be to undertake scientific research or research in social science or statistical research as the case may be.
The Institute of Chartered Accountants of India (ICAI) is pleased to welcome all Firms of Chartered Accountants (CAs) and leading companies to the forthcoming Exclusively Structured Campus Placement Programme for Small & Medium Sized Enterprises(SMEs) and the Small and Medium Sized CA Firms. The Committee for Members in Industry (CMII) of the ICAI has been successfully organising placement programme for newly qualified Chartered Accountants (CAs) twice a year.
Notification No. 18/2011 – Income Tax The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR -3 or Form SUGAM (ITR-4S) or Form No. ITR -4 or Form No. ITR-5 or Form No. ITR -6 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act.
In one of the International economic forum held recently at Singapore, it was opined by some experts that Indian Economy may still be trailing China’s now but it can catch up if the country opens up its financial sector more. They said the problem could be due to the lack of foreign capital inflows. Experts explained this is because a few large businesses and conglomerates control a large part of the Indian economy and are unwilling to partner with foreign companies. India has the technology, the entrepreneurship and the brands. These are the potential assets that experts believe can lead to strong GDP growth in India.
1. National Institute of Accountants, Melbourne, Australia and The Institute of Cost and Works Accountants of India (ICWAI), have signed a Memorandum of Understanding (MoU) on 9th March, 2011. 2. It will develop the profession of accounting for the benefit of their members and students in the pursuit of excellence in education and training and continuing professional development in accounting including cost and management accountancy.
Justice Shiv Narayan Dhingra (Retd.) has taken over as Chairperson of Appellate Authority constituted under Section 22A of the Chartered Accountants Act, 1949, Cost and Works Accountants Act, 1959 and Company Secretaries Act, 1980 w.e.f. from 1st April, 2011
The probe into the 2G spectrum scam has revealed that former Telecom Minister A Raja ”deliberately and dishonestly” did not consider auction or revision of entry fee and threw away the licences of radio waves at the rate prevailing in 2001, depriving the government of huge revenue, the CBI has said.
CORRIGENDUM- Dated: April 4, 2011 – In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 25/2011-Service Tax, dated the 31st March, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 283 (E), dated the 31st March, 2011, in rule 9,-
