Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and recommended notification of AS on 14 issues under the Act and formulated drafts of AS on these issues.
SAARC Secretariat, Katmandu, Nepal has conveyed that the Government of Nepal proposes to organize a four day Seminar on Tax Payer Services in Dhulikhel (about 30km. southeast from Kathmandu) during 27th-30th November, 2012.
Analysis of e-filed returns filed in the current Financial Year reveals that nearly 29,000 taxpayers, where committed tax payable was in excess of Rs.50,000, have defaulted on the payments aggregating to approximately Rs. 3,770 crores.
Subsequently vide notification dated September 1,2012 the Government modified the Terms of Reference of the Committee to include an additional item “to examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of all non-resident taxpayers”.
Expansion of asset classes which can be held in demat form – (i) There have been demands for dematerialization of assets/records other than securities, such as, Warehouse receipts, Fixed Deposits with banks and corporates, Insurance Policies, Investment products of Post Office, etc.
In terms of sub-rules (1) and (2) of Rule 7 of the Service Tax Rules, 1994, the half yearly return for the period 1st April to 30th September 2012, is to be filed by 25th October, 2012. In the current financial year , an assessee would have had to give data with respect to specific services and the corresponding legal provisions for the period 1-4-2012 to 30-6-2012.
Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account holders other than the first account holder who wish to open a fresh account.
As per extant policy, the foreign investment (FI) limits, in companies operating in the Broadcasting Sector, are set out in paragraph 6.2.7 of ‘Circular 1 of 2012 – Consolidated FDI Policy’, issued by the Department of Industrial Policy and Promotion (DIPP), on 10.4.2012.
Press Note No. 6 (2012 Series), (a) Air Transport Services would include Domestic Scheduled Passenger Airlines; Non-Scheduled Air Transport Services, helicopter and seaplane services. (b) No foreign airlines would be allowed to participate directly or indirectly in the equity of an Air Transport Undertaking engaged in operating Scheduled and Non-Scheduled Air Transport Services except Cargo airlines. (c) Foreign airlines are allowed to participate in the equity of companies operating Cargo airlines, helicopter and seaplane services.
Press Note No. 5 (2012 Series), Foreign Direct Investment (FDI) is prohibited in retail trading, except in single-brand product retail trading, in which FDI, up to 100%, is permitted, under the Government route, subject to specified conditions.
