Late Fees for XBRL returns filed after 31.12.2011 to be calculated from original due date of filing

Late Fees for XBRL returns filed after 31.12.2011 to be calculated from original due date of filing Posted: 19 Dec 2011 06:42 PM PST You are aware that a select class of companies have to file their financial statements for financial year 2010-11 using eXtensible Business Reporting Language (XBRL) vide Companies (Filing of Documents and Forms in eXtensible Business Reporting... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Search without satisfaction of ingredients of S. 132(1) is illegal and consequently Notice action U/s. 153A of the Act is also bad in law Posted: 19 Dec 2011 06:08 PM PST Spacewood Furnishers Pvt. Ltd. Vs. DGIT (Investigation)- Bombay HC - The mode and manner in which all these notes are prepared, show the absence of any relevant material with authorities which would have enabled them to have 'a reason to believe'... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Enforcement Mechanism Against Corporate Frauds Posted: 19 Dec 2011 05:38 PM PST Though fraud is not explicitly defined in the existing Companies Act there are offences in IPC which include aspects relating to fraud. Frauds of various types like falsification of financial statements through overstatement of assets/... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] In the absence of valid comparable data furnished by the assessee, the use of comparables comparable controlled transactions for the purposes of benchmarking controlled transactions is permissible Posted: 19 Dec 2011 05:00 PM PST Bayer Material Science Private Limited v. ACIT (ITAT Mumbai) - The non segregation of the trading and indenting activity, inadequacy noticed by the Tribunal of the split-up between the said activities, non furnishing of comparable data by the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] MCA invites Comments/Suggestions for future XBRL Implementation Posted: 19 Dec 2011 02:32 PM PST A committee has been formed by MCA to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] New Look Companies Legislation to Come Posted: 19 Dec 2011 02:08 PM PST The Indian Companies Act of 1956, the largest price of legislation of the world with over 700 sections is going to be a history soon. A new Companies Bill with over 400 sections has been very recently introduced in both houses of the Parliament.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Govt clears FDI proposal in broadcast carriage services Posted: 19 Dec 2011 07:48 AM PST Unfazed by the setback to plans for FDI in retail, the government is moving ahead with a proposed hike in the foreign investment cap in different broadcasting services like Direct-to-Home and cable TV networks to a uniform 74%. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Cancellation of Inauguration of Direct Taxes Regional Training Institute, Bangalore Posted: 18 Dec 2011 09:19 PM PST Due to unavoidable changes in the itinerary of the Honorable Finance Minister, Government of India, the inauguration of Direct Taxes Regional Training Institute campus at No 17, Jalahalli, scheduled to be held at 5.30 pm, on 18.12.2011, has been... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Micro Finance Institutions (MFIs) allowed to raise ECBs Posted: 18 Dec 2011 08:31 PM PST A.P. (DIR Series) Circular No. 59 - Considering the specific needs of the micro finance sector, the existing External Commercial Borrowings (ECB) policy has been reviewed in consultation with the Government of India and it has been decided that... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Download Automatic Form 16 with indian Font for A.Y. 2012-13 Posted: 18 Dec 2011 08:30 PM PST The attached form has an input sheet in which You have to fill all the details and Form 16 will automatically get filled. To Display new Indian Rupee font user have to install the new Indian Rupee font on his computer. Font is available on many... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Review of FDI Posted: 18 Dec 2011 08:29 PM PST The Government has put in place an investor-friendly policy on FDI, under which FDI, up to 100% is permitted on the automatic route, in most sectors/activities. Significant changes have been made in the FDI policy regime in recent times, to ensure... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Indian Pharmaceutical exporters facing intense competition from China, particularly in Bulk drugs sector Posted: 18 Dec 2011 08:28 PM PST As per available information, Indian Pharmaceutical exporters are facing intense competition in international markets from China, particularly in Bulk drugs sector. Competition in formulations is also increasing gradually from China. India is also... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Working and objects of SFIO Posted: 18 Dec 2011 08:27 PM PST SFIO was established for investigations falling with the following characteristics: (i) of complex nature with inter -departmental and multi-disciplinary ramifications; (ii) involving substantial public interest to be judged by size,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Banks/FIs should take steps to identify and assess their ML/TF risk for customers- RBI Posted: 18 Dec 2011 08:26 PM PST Accordingly, banks/FIs should take steps to identify and assess their ML/TF risk for customers, countries and geographical areas as also for products/ services/ transactions/delivery channels, in addition to what has been prescribed in our Master... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Railways to Accept 'Aadhaar' as Additional Identity Proof for E-Ticketing & Tatkal Scheme Posted: 18 Dec 2011 08:26 PM PST As Aadhaar is covered under the heading 'Photo Identity Card Issued by Central/State Government', the Ministry of Railways has decided to specifically incorporate and indicate Aadhaar as one of the proofs of identity acceptable for undertaking... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] MVAT – Amendment to Notification dated 6th October 2007-Delegation of Power to JC Posted: 18 Dec 2011 08:20 PM PST No. Sr. DC (A & R) / PWR/1006/2/(Adm-3)/Adm.6.—In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax Maharashtra State, Mumbai, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Amendment to MVAT Rules, 2005 (6th AMD)-Submission of Details of Sales and Purchases Posted: 18 Dec 2011 08:20 PM PST No.VAT 1511/CR138/Taxation.-1.---Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]