All about Centralised Processing of Returns Scheme, 2011

All about Centralised Processing of Returns Scheme, 2011 Posted: 06 Jan 2012 07:59 PM PST Notification No.2/2012 This scheme shall be applicable in cases where return of income has been furnished in,- (i) electronic form; or (ii) paper form, in case of a class or classes of persons, as notified by the Board in this behalf. In case... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Specified provisions of the Act which shall apply to Centralised Processing of Returns Scheme, 2011 Posted: 06 Jan 2012 07:58 PM PST Notification No. 3/2012 - In exercise of powers conferred by sub-section (1B) of section 143 of Income Tax Act, 1961 (43 of 1961), for the purpose of giving effect to the Centralised Processing of Returns Scheme, 2011 made under sub-section (IA) of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service Tax Registration – Conversion of temporary based registration (STC) into PAN based registration Posted: 06 Jan 2012 07:57 PM PST To facilitate the trade, STC number/Registrations were issued to those assessees also who were not having PAN Numbers. To them registrations were given by creating TEMP (Temporary) Numbers by the department. This was done so that genuine tax payers... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer fee received from the incoming Members is exempt on the principles of mutuality in the case of co-operative housing societies Posted: 06 Jan 2012 04:39 PM PST Twinstar Jupiter Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) - In the case of Sindh CHS Ltd (supra) the Hon'ble High Court made it clear that in the said case the bye-laws provide that the amount has to be paid by the transferor Member. In the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appeal does not mean merely filing of the appeal but effectively pursuing it Posted: 06 Jan 2012 04:18 PM PST Chadha Finlease Ltd. Vs. ACIT (ITAT Delhi) - At the time of hearing of the appeal, neither the assessee nor any of his authorized representative were present, although, the last notice for hearing the appeal on 11.08.2011 was sent at the address... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Revised draft Bank Branch Auditors' Panel for the year 2011-12 Posted: 06 Jan 2012 04:08 PM PST Revised draft Bank Branch Auditors' Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 10th January, 2012. MEF00001 to MEF10000 MEF10001 to MEF20000 MEF20001 to MEF30000 [[ This is a content summary only. Visit www.taxguru.in for full article.]] Addition under S. 68 cannot be made for loan taken in earlier years Posted: 06 Jan 2012 03:47 PM PST ITO Vs. Nasir Khan J. Mahadik (ITAT Mumbai)-Mumbai ITAT has in the following case deleted the additions made on account of opening balances of unsecured loans and the notional interest on such loans. The Tribunal held that only fresh loans or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Biggest disclosure of black money – Delhi Businessman discloses Rs 73 cr black money stashed abroad Posted: 06 Jan 2012 10:41 AM PST In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] All about ISO 9000 Posted: 06 Jan 2012 08:46 AM PST The ISO 9000 family of standards relates to quality management systems and is designed to help organizations ensure they meet the needs of customers and other stakeholders (Poksinska et al, 2002 ). The standards are published by ISO, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Empanelment with CAG for audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013 Posted: 06 Jan 2012 08:01 AM PST Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory... [[ This is a content summary only. Visit www.taxguru.in for full article.]] NSDL announces Concessional rate for volume based PAN verification Posted: 05 Jan 2012 10:17 PM PST Charges - Details The registered entities will have to pay a basic charge of 1,000 p.m. per user ID for the service. This basic charge will be paid in advance for 12 months at the time of registration. All registered users (except... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Depreciation should be reduced from the income for determining percentage of funds which had to be applied for the purposes of the Trust Posted: 05 Jan 2012 09:30 PM PST ADIT (E) Vs International Goudiya Vedanta Trust (ITAT Delhi) - The Hon'ble Punjab & Haryana High Court in the case of CIT vs Tiny Tots Education Society (supra) has held that the income of the assessee, being exempt, the assessee was only... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Pre-paid users can get itemised bill by paying Rs 50 – Trai Posted: 05 Jan 2012 09:21 PM PST In an effort to protect the interests of pre-paid mobile services users, telecom regulator Trai today said they can now get an itemised bill from service providers on request and at a price not exceeding Rs 50. The consumer can also get details of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt to notify 100% FDI in single-brand retail soon Posted: 05 Jan 2012 09:02 PM PST The government says it will soon notify 100 per cent foreign direct investment in single-brand retail. Secretary in the Department of Industrial Policy and Promotion (DIPP) P K Chaudhery said this in response of a question about issuance of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FMs speech at International Conference organised by ICAI Posted: 05 Jan 2012 08:45 PM PST Union Finance Minister, Shri Pranab Mukherjee's speech at Chennai Trade Centre "The global financial crisis and the current international economic environment has brought into focus significant challenges for governments across the world. India has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rules/Amendment Rules – Guidelines for Notification of affordable housing project under section 35AD Posted: 05 Jan 2012 08:31 PM PST Notification No.1/2012 - In exercise of the powers conferred by section 295 read with sub-clause (vii) of clause (c) of sub-section (8) of section 35AD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI Invites to Participate in the Activities of the Internal Audit Standards Board on January 08, 2012 Posted: 05 Jan 2012 08:30 PM PST As you are aware, the Institute of Chartered Accountants of India is the regulator of chartered accountancy profession in India, having been set up by the Parliament under the Chartered Accountants Act, 1949. The Internal Audit Standards Board of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBI arrests an Enforcement Officer in Bribery Case Posted: 05 Jan 2012 08:29 PM PST The Central Bureau of Investigation has arrested an Enforcement Officer, Employees Provident Fund Organization, Fort Road, Kannur (Kerala) for demanding and accepting a bribe of Rs.30,000/- from the complainant. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 120 of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – DIT (International Taxation) – Amendment in Notification No. S.O. 881(E), dated 14-9-2001 Posted: 05 Jan 2012 08:26 PM PST Notification No.64/2011[F.No.187/03/2011-ITA.I], dated 30-12-2011 - In exercise of the powers conferred by sub-sections (1) and (2) of sections 120 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBI Registers Case Against Officials of Chennai Customs, Conducts Searches, Seizes Rs 1.11 cr Posted: 05 Jan 2012 08:25 PM PST The Central Bureau of Investigation had registered a case against officials of Chennai Customs and others U/s 120-B r/w 420 IPC and Sec. 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 on the allegation that during the period May-June,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 118 of the Income-tax Act, 1961 – Income-tax authorities – Control of – DGIT (International Taxation) – Amendment in Notification No. S.O. 279(E), dated 12-3-2003 Posted: 05 Jan 2012 08:25 PM PST Notification No.63/2011[F.No.187/03/2011-ITA.I], dated 30-12-2011 In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI – Reflections on Leaders and Leadership Posted: 05 Jan 2012 08:10 PM PST This may be an appropriate point to talk about leadership at the Reserve Bank of India. All of you, residents of Kolkata, are possibly aware that RBI was born here, in this historic city of Kolkata, in 1935. The building where RBI took birth 76... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Financial Market Volatility and the Risk Management Imperative Posted: 05 Jan 2012 08:08 PM PST Risk Management is not about eliminating , or which is the same thing as completely hedging out, risk but about first determining , like one's pain threshold, risk tolerance threshold and then aligning an entity's existing risk, be it currency,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT permits Export of 8,300 MTs of white sugar to USA under Tariff Rate Quota Posted: 05 Jan 2012 08:07 PM PST Public Notice No. 90 (RE-2010)/2009-2014 8,300 MTs of white sugar is permitted to be exported to USA under TRQ by M/s. Indian Sugar Exim Corporation Ltd. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Allocation of 10,000 MTs of white sugar for the year 2011-12 (October, 2011- September, 2012) for export to EU under CXL Quota Posted: 05 Jan 2012 08:06 PM PST Public Notice No. 89 (RE-2010)/2009-2014, In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, as amended from time to time, the Director General of Foreign Trade hereby allocates a total quantity of 10,000... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in Appendix-3 to Schedule-2 of ITC(HS) Classification of Export and Import Items,2009-14-regarding supply of SCOMET Items from DTA to SEZ Posted: 05 Jan 2012 08:05 PM PST NOTIFICATION No. 93 (RE-2010)/2009-2014 As per the extant policy provisions enshrined in FTP and SEZ Act, 2005, export permission is required for supply of SOMET items from DTA to SEZ. With this notification, no such permission will be required. ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implementation of Section 51-A of UAPA, 1967- Updates of UNSCR 1267 (1999) and 1989 (2011) Committee's Al-Qaida Sanctions List – Notification No. RPCD.CO.RCB.AML.No.6764/07.02.12/2011-12 Posted: 05 Jan 2012 07:59 PM PST RPCD.CO.RCB.AML.No.6764/07.02.12/2011-12 Please refer to our circular RPCD.CO.RCB.AML.BC.No.52/07.02.12/2011-12 dated January 4, 2012. We have since received from Government of India, Ministry of External Affairs, UNP Division copies of notes... [[ This is a content summary only. Visit www.taxguru.in for full article.]]