MVAT – Additional List of Suspicious Dealers who has issued false bills without delivery of goods

MVAT – Additional List of Suspicious Dealers who has issued false bills without delivery of goods Posted: 30 Jan 2012 07:55 PM PST Maharashtra Sales tax Department on its website hosted the List of Suspicious Dealers who has issued false bills without delivery of goods on its website. Sales Tax Department has first issued a list of 698 Dealers around a month back on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CIT Appeal to consider documents submitted by the Assessee before passing Ex-parte Order Posted: 30 Jan 2012 05:33 PM PST Rujuta N.Shah V/s ITO (ITAT Mumbai) - At the time of hearing, the ld. counsel for the assessee submits that no proper and due opportunity was not provided to the assessee by the ld. CIT(A) inasmuch as, the ld. CIT(A) has also not considered the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Refund of Statutory / ROC Fees Paid by mistake to MCA Posted: 30 Jan 2012 05:30 PM PST Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. Now the Ministry has introduced process of refund of statutory fees paid for certain services. The refund of MCA21... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Units of mutual funds are not generally trading instrument – ITAT Mumbai Posted: 30 Jan 2012 05:02 PM PST Shri Dev Ashok Karvat Vs. DCIT (ITAT Mumbai)- In Mr.Chetan R.Parikh V/s ITO in ITA No.1569/Mum/2010 (AY:2006-07) dated 25.5.2011, it has been held by the Tribunal that the units of mutual funds are not generally a trading instrument because of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI – Double home loan repayment exemption limit to Rs 3 lakh Posted: 30 Jan 2012 04:10 PM PST Seeking relief for home buyers, accounting regulator ICAI has asked the Finance Ministry to double the tax exemption limit on loan repayment to Rs 3 lakh. "...it is suggested that the deduction in respect of interest on housing loan in case of self... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI panel on black money to submit report in a fortnight Posted: 30 Jan 2012 04:07 PM PST The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight. [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI President's Message – February 2012 – Amendment to the Statutory Auditor's Reporting Responsibilities Posted: 30 Jan 2012 04:01 PM PST ICAI Council at its 312th meeting had noted that till date the Central Government had not notified the effective date of Section 441A of the Companies Act, 1956. Consequently, no Rules thereunder had been prescribed by the Central Government. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Press Release on signing of Convention on Mutual Administrative Assistance in tax matters as amended by the 2010 Protocol by India Posted: 29 Jan 2012 08:44 PM PST Salient features of this multilateral convention are - It is based on international standard of transparency and exchange of information. - This instrument is multilateral and a single legal basis for multi-country co-operation as against the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Regarding implementation of the pneumatic tyres and tubes for Automotive Vehicles (Quality Control) Order, 2009 DIPP Office Memorandum dated 13-12-2011 Posted: 29 Jan 2012 08:40 PM PST F. No. 528/109/2011-STO (TU) Attention is invited to CBEC instructions F.No.528/109/2011 – STO (TU) dated 29.11.2011, and 15.12.2011 on the issue of the implementation of the Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] TDS not deductible on freight chargers shown separately in Goods Purchase Bill Posted: 29 Jan 2012 08:30 PM PST CIT v. Bhagwati Steels -(Punjab & Haryana HC) -In the instant case, it was held that the payment of freight charges by the assessee to the truck drivers was based on individual GRs which represented individual and separate contracts and there... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 10E of the Companies Act, 1956 – Board of Company Law Administration – Constitution of – Revision of fees payable in terms of regulations 29 & 30 of the CLB Regulations, 1991 Posted: 29 Jan 2012 08:10 PM PST The Company Law Board has revised the fees payable in terms of Regulations 29 and 30 of the Company Law Board Regulations, 1991 vide Notification No. GSR 32(E), dated 18th January, 2012. The fee for inspection of documents of a case has been revised... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Company Law Board (Amendment) Regulations, 2012 – Amendment in regulation 30 Posted: 29 Jan 2012 08:08 PM PST These regulations may be called the Company Law Board (Amendment) Regulations, 2012. 30 Inspection of record and supply of certified copies - (1) The record of a pending case shall be open, as of right, to the inspection and supply of the certified... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rate of exchange of conversion of each of the foreign currency with effect from 1st February, 2012 Posted: 29 Jan 2012 08:07 PM PST Notification No. 9/2012- Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997 thereby notifying Tondiarpet (TNPM), Chennai as ICD Posted: 29 Jan 2012 08:02 PM PST Notification No. 8/2012 - Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Insurance – AML/CFT guidelines – CIRCULAR NO. IRDA/F&I/CIR/AML/028/01/2012, DATED 27-01-2012 Posted: 29 Jan 2012 08:00 PM PST Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individuals/entities connected with countries identified by FATF as having deficiencies in their AML/CFT regime ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deregulation of Savings Bank Deposit Interest Rate – Guidelines for Co-operative and Regional Rural banks Posted: 29 Jan 2012 08:00 PM PST Based on the references received from banks, we clarify that the revised guidelines issued vide our circulars referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts – A. P. (DIR Series) Circular No.72 Posted: 29 Jan 2012 07:58 PM PST A. P. (DIR Series) Circular No.72 With a view to give more operational leeway to the AD Category-I banks, it has been decided to dispense with the requirement of prior approval of the Reserve Bank for opening and maintaining each Rupee Vostro... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Memorandum of Instructions governing money changing activities – A. P. (DIR Series) Circular No.71 Posted: 29 Jan 2012 07:57 PM PST A. P. (DIR Series) Circular No.71 . In view of the recent measures adopted to provide more flexibility to the Authorised Persons in selecting the location for their branches, it has now been decided to remove the criteria relating to increase in... [[ This is a content summary only. Visit www.taxguru.in for full article.]]