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Oct 13, 2011

Online Service Tax Return filling without signature – Is it valid return?

Hindu woman entitled to equal property rights and Liabilities in the property of HUF – SC

Posted: 13 Oct 2011 08:33 PM PDT

Ganduri Koteshwaramma & Anr. Versus Chakiri Yanadi & Anr. (Supreme Court)-A Hindu woman or girl will have equal property rights along with other male relatives for any partition made in intestate succession after September 2005. under the...

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Whether the metal scrap or waste generated whilst repairing of worn out machineries or parts of cement manufacturing plant amounts to manufacture, and thereby, is excisable to excise duty?

Posted: 13 Oct 2011 07:44 PM PDT

Grasim Industries Ltd. Vs. Union of India (Supreme Court) Process of repair and maintenance of the machinery of the cement manufacturing plant, in which M.S. scrap and Iron scrap arise, has no contribution or effect on the process of...

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Highlights of Annual Supplement to FTP 2009-2014 (New Benefit Scheme for Exporters and changes in existing shcemes))

Posted: 13 Oct 2011 07:03 PM PDT

Special Bonus Benefit Scheme- It has been decided to introduce a new scheme to provide special assistance to specified sectors for 6 months as special assistance. The support is given to Engineering, Pharmaceutical and Chemical sectors. The scheme...

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Online Service Tax Return filling without signature – Is it valid return?

Posted: 13 Oct 2011 08:49 AM PDT

ST-3 returns can be directly filled up online on ACES website or an XML schema can be downloaded, filled up, converted in to XML file and uploaded on ACES website. Once the return is being filed in either of the way, ACES displays an acknowledgement...

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AO cannot apply Rule 8D without recording any satisfaction as to how the assessee's calculation of s. 14A disallowance was incorrect

Posted: 13 Oct 2011 07:42 AM PDT

DCIT vs. Jindal Photo Limited (ITAT Delhi)- As per section 14A(2) of the Act, if the AO, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of expenditure incurred in...

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Working hours of the Articled Assistants doing CA – ICAI

Posted: 13 Oct 2011 07:07 AM PDT

The Council has considered the issue regarding the working hours of the articled assistants. The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the...

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Master of Form-16 for Fy 2011-2012 which can prepare at a time Form-16 for 100 employees

Posted: 13 Oct 2011 04:00 AM PDT

Download Master of Form-16 for Fy 2011-2012 which can prepare at a time Form-16 for 100 employees in excel format Developed by-  Pranab Banerjee Master Form-16 New FY 11-12  

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Filing of Balance Sheet and P&L Account in XBRL

Posted: 12 Oct 2011 11:35 PM PDT

Filing of Balance Sheet and P&L Account in XBRL XBRL filing is mandated for select class of companies vide "Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011". For details visit, Ministry website...

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FM to raise the Issue of Exchange of Information Among the Countries Concerned to Fight Against the Menace of Blackmoney and Terror Financing

Posted: 12 Oct 2011 10:22 PM PDT

he Union Finance Minister Shri Pranab Mukherjee is likely to raise the issue of exchange of information among different countries to fight against the menace of blackmoney and terror financing. Tax evasion and illicit flows have posed serious...

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Income Tax Department starts scrutiny of high value transactions

Posted: 12 Oct 2011 10:22 PM PDT

Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. "The Central Board of Direct Taxes (CBDT) will verify all high-value transactions. Directorate of Revenue...

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Proposal to bring India Infrastructure Finance Company Ltd. under regulatory oversight of RBI approved

Posted: 12 Oct 2011 10:18 PM PDT

The Union Cabinet today approved the proposals to bring India Infrastructure Finance Company Ltd. (IIFCL) under regulatory oversight of Reserve Bank of India, to enhance its professional capability and to increase its capital base.

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Export Grows 52% in April- September 2011 at US $ 160 Billion – Commerce Secretary

Posted: 12 Oct 2011 10:16 PM PDT

India's exports for the month of April- September 2011 have registered a growth of 52%, at US $ 160 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-September 2011,...

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Income Tax Dept. raids Indore businessmen, detects tax evasion of Rs 21 cr

Posted: 12 Oct 2011 10:01 PM PDT

The sleuths of Income Tax Commissionerate have detected an income-tax evasion of over Rs 21 crore after they conducted raids at the premises of prominent city-based businessmen, including jewellery showrooms, a Press Information Bureau official said...

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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved

Posted: 12 Oct 2011 09:51 PM PDT

The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational...

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IIP, inflation to decide RBI move

Posted: 12 Oct 2011 09:49 PM PDT

Two sets of data to be released this week - industrial output growth for August and consolidated monthly inflation for September - would largely determine the Reserve Bank of India's (RBI's) next move on interest rate hikes. Policy makers are facing...

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RBI turns heat on banks to check bad loans

Posted: 12 Oct 2011 09:45 PM PDT

Following the recent downgrade of the country's largest lender State Bank of India by credit rating agency Moody's Investor Services, the Reserve Bank of India (RBI) has asked banks to focus on recovery and follow a stringent credit appraisal...

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Industrial growth slows to 4.1% in August

Posted: 12 Oct 2011 09:44 PM PDT

Pressure built up on RBI over interest rates on Wednesday as India's industrial output grew by 4.1% year-on-year in August. Factory output had grown by 3.8% in July and 4.5% in the year-ago period, with rising input costs and costlier loans forcing...

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Seeks to amend notifications no. 67/2006-Cus, 68/2006-Cus (both dated 30.06.2006) and 85/2011-Cus dated 06.09.2011 so as to include Afghanistan as one of the beneficiary countries under SAFTA

Posted: 12 Oct 2011 09:30 PM PDT

Notification No. 96 /2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...

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Satyam fraud case – SC grants bail to Four Emplyees and one Auditor

Posted: 12 Oct 2011 09:30 PM PDT

The five had approached the apex court challenging the 30 August order of Andhra Pradesh high court which had rejected their bail pleas. Four former employees of IT major Satyam Computers Services Ltd and a former auditor of PriceWaterhouseCoopers...

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DGFT – Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Appendix 37A, Appendix 37C and Appendix 37D of Handbook of Procedure Vol.1

Posted: 12 Oct 2011 09:29 PM PDT

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1 SECTION-1 GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE No.80 (RE2010)/2009-14, DATED: 13th October 2011...

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DGFT – Regional Authorities (RAs) can now allow clubbing of Advance Authorisations

Posted: 12 Oct 2011 09:28 PM PDT

Public Notice No. 79 (RE-2010)/ 2009-14 Facility of clubbing shall be available only for redemption / regularisation of cases and no further import or export shall be allowed. For this facility, authorisations are required to have been issued...

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DGFT – 'On-line' message exchange of Duty Free Import Authorization (DFIA) between DGFT and Customs

Posted: 12 Oct 2011 09:25 PM PDT

Policy Circular No. 41(RE-2010)2009-14 DFIA authorizations issued on or after 13.10.2011 will be transmitted by DGFT 'on-line' to Customs. This will not involve any change on the part of exporters/ importers. Accordingly, the existing system of...

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DGFT – Amendments in Para 3.14.2 and Para 3.15.2 of Foreign Trade Policy 2009-14

Posted: 12 Oct 2011 09:23 PM PDT

Notification No. 79(RE-2010)/2009-2014 he following sub para is added at the end of Para 3.14.2 of FTP 2009-14: Export of products to notified countries (in Table 3 of Appendix 37C of HBPv1) will be entitled for additional duty credit scrip @ 1% of...

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Guidelines on IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010

Posted: 12 Oct 2011 09:21 PM PDT

Many representations have been made by the insurers to allow a higher revival period to enable the policyholder to revive at a later stage and requests were also made to allow the insurer to levy fund management charge for managing the discontinued...

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Inclusion of Credit under KCC under direct financing for Agriculture

Posted: 12 Oct 2011 09:14 PM PDT

RPCD.CO.Plan.BC. 22 /04.09.01/2011-12 Please refer to para 1.1.3 of our circular RPCD.CO.Plan.BC.No.10/04.09.01/2011-12 dated July 1, 2011 on lending to priority sector in terms of which working capital and term loans for financing production and...

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Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) – Revision of Rating Symbols and Definitions ofCredit Rating Agencies

Posted: 12 Oct 2011 09:11 PM PDT

In terms of para 6 of the circular, four domestic credit rating agencies viz. CARE, CRISIL, FITCH India and ICRA have been accredited for the purpose of risk weighting the banks' claims for capital adequacy purposes. The long term and short term...

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Know your Customer Norms – Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number

Posted: 12 Oct 2011 09:06 PM PDT

RPCD.CO RRB.AML.BC No. 21/03.05.33(E)/2011-12 In this regard, a reference is invited to paragraph 5 of our circular RPCD.CO.RRB.AML.BC.No.15/ 03.05.33(E) /2011-12 dated August 8, 2011 wherein it was stipulated that when bank relies exclusively on...

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