ORDER NO 3/2011 – Service Tax, Dated: December 29, 2011 -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 26th December 2011 to 6th January 2012.
1. Interest from Bond do not form part of Total Income. a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/20 1 1.F.No. 178/56/20 1 1-(ITA- 1) dated 23rd September 2011 authorizes National Highway Authority of India to issue during the Financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupee 1,000 each for the aggregate amount of Rs 10,00,000 lacs subject to the other following conditions that-
CAPITAL GAIN NOT TO BE CHARGED ON INVESTMENT IN CERTAIN BONDS – 1) Where the capital gain arises from the transfer of a long term capital asset, (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say.
Shri M.V.Subramanyeswara Reddy (HUF) Vs DCIT ITAT Hyderabad Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property, as held by the Delhi Bench of the Tribunal in the case of Mahavir Prasad Gupta Vs JCIT (5 SOT 353).
Insurance companies have come out with an innovative proposition, wherein they would insure the weddings against their postponement of cancellations for certain reasons. The catch is that the insurer will not pay for marriages turning sour due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.
The Highlights in Tally.ERP 9 Series A Release 3.3 are: 1. MCA’s Statutory Report (in XBRL format) now available in Tally.ERP 9 2. The user experience for Market place has been enhanced 3. In Dealer Excise Enhancements 4. Manufacturers Excise Enhancements 5. New Eligibility criteria for ESI is supported for Payroll computation
Buoyed by an over 30% spike in savings deposits after it increased the interest rate to 6% two months ago, private sector lender Yes Bank today again increased the same to 7% to further attract more such low-cost funds.
The government withdrew the Companies Bill and Pension Fund Regulatory and Development Authority Bill on Wednesday after the BJP opposed the first and coalition ally Trinamool Congress withdrew its support for the other.
Though the Income Tax Department made a provision for electronic filing of returns, it appears that the ITR-V Form containing the due verification of the return of the assessee was required to be remitted only by ordinary post. The instructions which were furnished to assessees, a copy of which has been placed on record, specifically stipulate that the ITR-V form should not be sent either by registered post or by speed post or courier.
The Company Secretaries (Amendment) Bill, 2010 proposes to amend the Company Secretaries Act, 1980 to apply certain provisions of the Limited Liability Partnership Act, 2008 to the Company Secretaries Act, 1980 in order to allow the members of the professional Institute governed by the Company Secretaries Act, 1980 to form the limited liability partnership and insert new definitions of `firm’, `partner’, `partnership’ and `sole proprietorship’ for the said purpose. It will enable the members of the CS Institute to form LLPs and take benefits of provisions of the LLP Act. This will also enlarge the spectrum of the services provided by members of the CS Institute and will also ensure the competitiveness of the members of the Institute.
