NSDL releases new e-tds Return Preparation Utility (RPU) version 2.7

NSDL releases new e-tds Return Preparation Utility (RPU) version 2.7 Posted: 04 Jan 2012 08:00 PM PST Key features of NSDL Return Preparation Utility (RPU) version 2.7 Correction Statements: Mandatory to import consolidated file for validating the Correction statements. Incorporated FVU: FVU version 3.3 and FVU version 2.131 are... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget to be presented after March 9 – Finance Minister Posted: 04 Jan 2012 06:18 PM PST The government will present the Union Budget for 2012-13 after March 9, Finance Minister Pranab Mukherjee said on Wednesday. We are working on date. We will (present) the budget after (Assembly) election is over... The code of conduct will be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax on Rail Freight – Deferred for sixth time in a Row Posted: 04 Jan 2012 04:00 PM PST Against the backdrop of high inflation, the implementation of levy on railway freight service has been put off once again. The levy is now likely to come into force from April 1 instead of January 1 as announced earlier. This is the sixth time that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Download Format of Statutory Registers required to be maintained under Companies Act, 1956 Posted: 04 Jan 2012 03:55 PM PST Register of investments in any shares or securities not held in its own name , Registers of deposits, Register of charges, Register of members, Index to members, Register & Index of Beneficial Owners [[ This is a content summary only. Visit www.taxguru.in for full article.]] Existence of a Principal – Agent relationship must for applicability of the provisions of Section 194H Posted: 04 Jan 2012 03:44 PM PST SRL Ranbaxy Ltd vs. ACIT (ITAT Delhi) – In the present case, no income was found credited to the account of the collection centers. The loss on account of any damage was to be borne by the collection centers. The expenditure on salary/staff of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest on all small savingSchemes are fixed except on PPF deposits Posted: 04 Jan 2012 08:23 AM PST Ministry of Finance has clarified that although the rate of interest on small savings schemes will be aligned every year with rates of Government securities of similar maturity, with suitable spread, the rates are fixed and not floating so far as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Simplified scheme for the refund of service tax Posted: 04 Jan 2012 08:16 AM PST An announcement was made by Hon'ble Finance Minister in the Budget Speech 2011 for introducing a simplified scheme for the refund of service tax paid on services used for export of goods on the lines of drawback of duties. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Advertisement expenses when incurred to increase sales of products are revenue expenditure Posted: 04 Jan 2012 08:10 AM PST CIT Vs. Monto Motors Ltd. (Delhi HC)- Advertisement expenses when incurred to increase sales of products are usually treated as a revenue expenditure, since the memory of purchasers or customers is short. Advertisement are issued from time to time... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand Posted: 04 Jan 2012 08:01 AM PST CIT Vs. Wimco Seedlings Ltd. (Delhi HC) - It was held that unless and until there was actual expenditure for earning the exempted income, there could not be any disallowance under section 14A. While we agree that the expression 'expenditure... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Companies Bill may be cleared in forthcoming Budget session Posted: 04 Jan 2012 07:16 AM PST Corporate Affairs Minister Veerappa Moily today said the Companies Bill is expected to be cleared in the forthcoming Budget Session despite its withdrawl after being tabled in the winter session. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Extension of Common Proficiency Course (CPC) registration date upto 5th April, 2012 Posted: 04 Jan 2012 06:30 AM PST In view of the closure of banks on account of yearly closing on 31st March, 2012, the last date for registration for Common Proficiency Course (CPC) shall be 5th April, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] if assessee holding shares as investment and as stock-in-trade separately and if this position has not been doubted in earlier years, then the same cannot be altered merely because of amendment in law Posted: 03 Jan 2012 11:29 PM PST ITO Vs. Landmark Finance Pvt. Ltd. (ITAT Kolkata)- The facts are not disputed that the assessee was dealing shares as trader in shares as well as holding the shares as investment. It is not disputed that the assessee had kept both the portfolios... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tribunal may dismiss appeal as unadmitted if appellant do not attend the hearing Posted: 03 Jan 2012 11:24 PM PST Whirlpool of India Ltd. Vs DCIT (ITAT Delhi)- In the case of Commissioner of Income-tax vs. Multiplan India (P) Ltd.; 38 ITD 320 (Del), the appeal filed by the revenue before the Tribunal, which was fixed for hearing. But on the date of hearing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appeal filed in violation of CBDT instruction related to tax effect is liable to dismissed Posted: 03 Jan 2012 11:03 PM PST DCIT Vs. Shri Deepak Mitta (Delhi HC) - Ld. AR on behalf of the assessee pointed out that the tax effect in this appeal filed by the Revenue is about Rs. 2.89 lacs i.e below the limit of Rs. 3 lakhs stipulated by the CBDT in their instruction... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendments Proposed in Consumer Protection Act to Facilitate Faster Disposal and On line filing of consumer complaints Posted: 03 Jan 2012 10:22 PM PST The Government has introduced Consumer Protection (Amendment) Bill, 2011, in Lok Sabha on December 16, 2011, to facilitate quicker disposal of cases and to widen and amplify the scope of some of the provisions of the Act. The enactment of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt makes hallmarking of gold jewellery mandatory Posted: 03 Jan 2012 10:07 PM PST To protect consumers from unscrupulous jewellers, the government today approved a proposal making hallmarking of gold mandatory. The hallmarking of gold, which is voluntary in nature at present, is a purity certification of the precious metal. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBI arrests Vijay Sai Reddy, auditor of Y S jagan; Who is Vijay Sai Reddy? Posted: 03 Jan 2012 10:01 PM PST In a sign that the Central Bureau of Investigation (CBI) is strengthening its case against Kadapa MP and YSR Congress leader Y S Jaganmohan Reddy, the agency on Monday arrested Vijay Sai Reddy, auditor for Jagati Publication, which runs Sakshi... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Important notice on Digital Certificates( SHA2) Posted: 03 Jan 2012 09:55 PM PST If in case you are using Digital Certificate issued post 1st January 2012 (SHA2 Certificate ),please ensure that you have Windows XP ( SP3 )/ Windows Vista/Windows 7 installed. All users using below mentioned services on MCA21 are required to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Direct tax collections for this fiscal up by 14.54 per cent – CBDT Posted: 03 Jan 2012 09:53 PM PST Direct tax collections during April-December this fiscal, are up by 14.54 per cent. This is mainly due to an increase in corporate tax mop-up. As per the data released by the Central Board of Direct Taxes (CBDT), the gross collection of corporate... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Issue of Acknowledgement of Loan Applications to MSME borrowers Posted: 03 Jan 2012 08:01 PM PST Please refer to paragraph 2 (b) of Circular DBOD.Leg.No.BC.104/09.07.007/2002-03 dated May 5, 2003 on 'Guidelines on Fair Practices Code for Lenders' wherein banks were advised to devise a system of giving acknowledgement for receipt of all loan... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notifications no. 03/2006-Central Excise and 6/2006-Central Excise both dated 1st March, 2006 Posted: 03 Jan 2012 08:00 PM PST Notification No. 1/2012-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implementation of Section 51-A of UAPA, 1967 – Splitting of UNSC 1267 Committee's list of individuals and entities linked to Al-Qaida and Taliban – RPCD.CO.RCB.AML.BC.No 52/07.02.12/2011-12 Posted: 03 Jan 2012 08:00 PM PST Please refer to the UN Security Council's 1267 Committee's Consolidated List of individuals and entities linked to Al-Qaida and Taliban who are subject to the assets freeze, travel ban and arms embargo as set out in relevant Security Council... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends notification no. 69/2011-Cus dated 29-07-2011 so as to effect HSN changes and to provide deeper cuts on two items namely tariff items 8408, 2020 and 870840 Posted: 02 Jan 2012 10:41 PM PST Notification No. 124/ 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,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends notification no. 152/2009-Cus dated 31-12-2009 so as to provides deeper tariff cuts as agreed under India-Korea CEPA and effects HSN changes as well Posted: 02 Jan 2012 10:40 PM PST Notification No. 123/ 2011 - Customs G.S.R. (E).- 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No.151/2009-Customs, dated the 31st December, 2009 so as to effect HSN changes. Posted: 02 Jan 2012 10:39 PM PST Notification No. 122/ 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]]