Understanding Section 14A Impact with Case Laws Posted: 30 Nov 2011 07:26 PM PST Now a days, every assessee who is doing investment in shares are getting hitted hard by the impact of section 14A. The AO are adding back a huge sum on account of this, whereas the assessee had not earned so much from it. The article will provide... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| How to get your PAN Card details updated? Posted: 30 Nov 2011 06:51 PM PST The permanent account number (PAN) card, issued by the income tax authorities, is now widely used in financial transactions and is the single most convenient proof for identity. So, it may be useful to keep the PAN card updated to reflect your... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Ups and Downs of Service Tax on Goods Transport Operators Posted: 30 Nov 2011 06:24 PM PST Service tax on transportation had a bad innings right from its first levy. It has gone through the ups and downs since it was levied for the first time on 16.11.1997. The levy was challenged and was withdrawn on 2.6.1998 just after few months.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| While processing application u/s. 12AA of the Act Commissioner should not act as an Assessing Authority Posted: 30 Nov 2011 05:12 PM PST CIT Versus Baba Deep Singh Educational Society (P & H High Court)- Jurisdiction of the Commissioner at the stage of processing application under Section 12AA of the Act is limited regarding whether the activities are genuine and in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit Posted: 30 Nov 2011 04:33 PM PST Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax – Systems). ... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Rs. 45 crore tax exemption to ICC for World Cup unjustified Posted: 30 Nov 2011 06:43 AM PST The Rs. 45 crore tax exemption given to the ICC on the revenue generated from this year's cricket World Cup here was unjustified and devoid of merit, the Standing Committee on Finance has concluded in an inquiry. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Refund cannot be adjusted against demand on disputed issues which are covered by the earlier orders of the ITAT or CIT (Appeals) Posted: 30 Nov 2011 06:28 AM PST Maruti Suzuki India Limited vs. DCIT (Delhi High Court)- The petitioner has filed calculations and has drawn our attention to a chart summarizing the issues on which additions/ disallowances have been made by the Assessing Officer and has... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| High Court has no Power to entertain grounds not raised before tribunal Posted: 30 Nov 2011 05:38 AM PST C& C Construction Pvt Ltd vs. CIT (Delhi High Court)- Clause (a) of sub-Section (6) to Section 260A of the Act states that the High Court may decide an issue, which is not determined by the Appellate Tribunal. The word determined means that the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| XBRL Filing due date extended to 31.12.2011 or 60 days from due date, whichever is later Posted: 30 Nov 2011 05:18 AM PST General Circular No: 69/2011 , Dated 30.11.2011 In partial modification of Para 1 of the Ministry's Circular no. 57/2011 dated 28.07.2011, the last date for filing financial statements in XBRL mode without any additional fee due to delay by those... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| ICAI appeals for Empanelling as a Peer Reviewer with the Peer Review Board of ICAI Posted: 29 Nov 2011 09:19 PM PST As you would be aware, the Council of the Institute introduced the concept of Peer Review by issuing the Statement on Peer Review in the year 2002. The primary objective behind this was to conduct Peer Review of CA firms (Practice Units) for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Cost Accounting Records and Cost Audit – clarifications regarding applicability and compliance requirements Posted: 29 Nov 2011 08:44 PM PST General Circular No. 68/2011 In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Empanelment of CA/ICWA for special audit of Service tax Assessees with Service Tax Commissionerate at Delhi Posted: 29 Nov 2011 08:39 PM PST The Service Tax Commissionerate, New Delhi proposes to draw a panel of auditors for conducting special audit under Section 14 AA of the Central Excise Act as made applicable to Service Tax matters by the Chartered Accountants and the Cost... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Cost Accounting Records and Cost Audit – clarifications about coverage of certain sectors thereunder Posted: 29 Nov 2011 08:38 PM PST General Circular No. 67/2011, That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to: (i) Wholesale or retail trading activities. (ii) Banking, financial, leasing, investment, insurance, education, healthcare,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| India receives info on around 1,500 transactions from Denmark and Finland under DTAA Posted: 29 Nov 2011 08:35 PM PST India has received information on around 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries and the CBDT is looking into the data. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Dropping lock-in period for FDI in Cosntruction Posted: 29 Nov 2011 08:31 PM PST As per extant Direct Investment (FDI) policy, as contained in 'Circular 2 of 2011-Consolidated FDI Policy', FDI, upto 100% is allowed under the automatic route, in 'Construction development: Township, Housing Built-up infrastructure', subject to... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Growth Performance in Second Quarter of Current Fiscal not Disappointing – FM Posted: 29 Nov 2011 08:29 PM PST The Union Finance Minister Shri Pranab Mukherjee said though second quarter (Q2) estimates of the Gross Domestic Product (GDP) are low by our recent growth experience yet considering the current global context and the slowdown in the domestic... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Guidelines on Capital Adequacy and Exposure Norms for Credit Default Swaps (CDS) Posted: 29 Nov 2011 08:25 PM PST Please refer to the guidelines on Credit Default Swaps on corporate bonds issued vide Circular IDMD.PCD.No. 5053 / 14.03.04 / 2010-11 dated May 23, 2011. As indicated in paragraph 3.5 of the circular, market participants will have to follow the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| QE-II and FII inflows into India – Is there a Connection? RBI Working Paper Posted: 29 Nov 2011 08:20 PM PST he Reserve Bank of India today released a working paper – 19th in the series – titled 'QE-II and FII inflows into India – Is there a connection?' Working Paper series of the Reserve Bank of India was introduced in April this year to provide a... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| RBI decides to implement guidelines relating to introduction of CDS for Corporate Bonds w.e.f December 1, 2011 Posted: 29 Nov 2011 08:19 PM PST A reference is invited to our circular IDMD.PCD.No. 5053 /14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps (CDS) for Corporate Bonds wherein it was indicated that Market-makers shall report their CDS trades with... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| RBI – Prudential Guidelines on Credit Default Swaps (CDS) applicable from 30.11.2011 Posted: 29 Nov 2011 08:18 PM PST RBI/2011-12/285 Please refer to guidelines on single name Credit Default Swaps on corporate bonds issued vide Circular No. IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011. As indicated in the paragraph 3.5 of the circular, market participants... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Asian Economy Shutting Down…Resulting Interest Rate Cuts Posted: 29 Nov 2011 08:18 PM PST The world is facing the tremors of financial time bombs which are getting blasted from time to time. Europe has covered every country, states, town's news papers and, TV channels and other media resources left on the globe with their ongoing crisis.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Financial Inclusion-Opening of Aadhaar Enabled Bank Accounts (AEBA) for implementation of EBT for routing MGNREGA wages and social security benefits Posted: 29 Nov 2011 08:16 PM PST In view of the timelines attached to the implementation of EBT for routing MGNREGA wages and social security benefits including proposed cash transfers in respect of subsidies on Kerosene, LPG and Fertilisers, you are requested to ensure opening of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 vide Notification No. 85 / 2011 – Customs (N. T.) Posted: 29 Nov 2011 08:12 PM PST Notification No. 85 / 2011 - Customs (N. T.), The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001)... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Seeks to amend Notification No.87/98-Customs (N.T.), dated the 9th November, 1998 thereby amending Courier Imports and Exports (Clearance) Regulations, 1998 Posted: 29 Nov 2011 08:11 PM PST Notification No.84 / 2011 - Customs (N.T.) In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations further to amend the Courier Imports... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Appointment of Common Adjudicating Authority – Notification No. 83 / 2011 – Customs (N.T.) Posted: 29 Nov 2011 08:10 PM PST Notification No. 83 / 2011 - Customs (N.T.), New Delhi, dated the 29th November, 2011. S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of...
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