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Sep 30, 2011

Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax

Police arrests CA for his alleged role in Speak Asia Scam

Posted: 29 Sep 2011 08:41 PM PDT

A chartered accountant was arrested here on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia's multi-level marketing scam taking the total number of arrests in the case to six, police said.

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Non Taxable Services – Proposed Negative List

Posted: 29 Sep 2011 09:12 AM PDT

With Government thinking on the lines of having a negative list of taxable services on which there may be no levy of service tax in future, we have now a list of services which may become a base for the next budget or the new proposed tax ....

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Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax

Posted: 29 Sep 2011 08:24 AM PDT

Circular No. 956/17/2011-CX, Date-  Dated, the 28th September,2011 Sub.: Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax. Attention is invited to Circular No....

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ICAI accuses multinational CA Companies of violation of rules

Posted: 29 Sep 2011 08:11 AM PDT

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance.

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Indo-Nepal Remittance System – Measures to enhance usage

Posted: 28 Sep 2011 09:26 PM PDT

RBI/2011-12/208 DPSS (CO) EPPD No. 590 / 04.09.003 / 2011-12 September 29, 2011 Indo-Nepal Remittance System – Measures to enhance usage This has reference to our circulars DPSS CO. No. 1764 / 04.09.003 / 2007-08 dated April 29, 2008 outlining the...

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SEBI – Filing Offer Documents with SEBI under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

Posted: 28 Sep 2011 09:14 PM PDT

CIRCULAR No. CIR/CFD/DIL/6/2011, Dated- September 28, 2011 Sub: Filing Offer Documents with SEBI under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 1. Please refer to SEBI Circular Nos. SEBI/CFD/ICDRR/2/2009/29/09 and...

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Sep 29, 2011

No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date

Govt considering seven-eight new categories for AIRs

Posted: 28 Sep 2011 08:59 PM PDT

Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current...

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Whether the clients liable to tax in India on the capital gains and if yes, whether the bank is required to deduct tax at source on the remittance?

Posted: 28 Sep 2011 08:08 PM PDT

ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)-The issue in this appeals is with reference to the capital gains arising to various persons of Indian origin or non-resident Indians residing in UAE, who are clients of the Bank....

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No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date

Posted: 28 Sep 2011 07:53 PM PDT

Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report...

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Payment made under Franchise & Management Agreement for availing technical know-how, coupled with technical consultancy services, for setting-up new and distinct business could be considered as capital expenditure

Posted: 28 Sep 2011 07:51 PM PDT

Ansal Housing & Construction Ltd. v. DCIT The Assessing Officer disallowed the expenses on the ground that the payment was made prior to commencement of the hospitality business and had resulted into acquisition of technical know-how and...

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Inter-corporate deposits written off in the books allowable as business expenditure where the incomes from such deposits were taxed as business income in earlier years

Posted: 28 Sep 2011 06:54 PM PDT

CIT  v. ABC Bearing Limited (Bombay High Court) The taxpayer was engaged in the business of advancing loans. Interest received from inter-corporate deposits was offered to tax as business income and accepted by the Assessing Officer in earlier...

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How to resolve Inconsistencies in TDS/TCS Statements through Correction Statements

Posted: 28 Sep 2011 07:15 AM PDT

When you file your TDS/TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the...

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SEBI Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures

Posted: 28 Sep 2011 06:08 AM PDT

SEBI had prescribed initial and continuous disclosure norms applicable to issue and listing of debt securities through the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Simplified Listing...

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KYC Norms – Letter issued by UIDAI containing details of name, address and Aadhaar number

Posted: 28 Sep 2011 06:01 AM PDT

Please refer to the Government of India Notification No. 14/2010/F.No. 6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number,...

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CBEC assigns Adjudicating Authority for another DRI SCN

Posted: 28 Sep 2011 05:43 AM PDT

F.No.437/20/2011-Cus. IV, Dated the 26th September, 2011 - In terms of Notification No. 15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns...

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PAN card Verification procedure and who can avail the facility of verification

Posted: 27 Sep 2011 11:55 PM PDT

To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized...

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Extension of ban on export of edible oils up to 30.09.2012 and exemption for export of edible oil in branded consumer packs with a ceiling of 10,000 tons from 01.11.2011 to 31.10.2012

Posted: 27 Sep 2011 10:28 PM PDT

Notification No 77 (RE – 2010)/2009-2014, - Prohibition on export of edible oils has been extended upto 30.09.2012. But, the same will not apply to relaxations/exemption as mentioned in para (3) and (4) above. Export of fish oil continues to be...

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Indian Economy – Progress and Prospects

Posted: 27 Sep 2011 09:30 PM PDT

(Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank...

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