Circumustances when Rs. 1,50,000 maximum interest deduction not available on Self Occupied property

Circumustances when Rs. 1,50,000 maximum interest deduction not available on Self Occupied property Posted: 10 Feb 2012 07:54 PM PST Rs. 1,50,000 maximum deduction will not be available in the following situations: i. if capital is borrowed before April 1, 1999 for purchase, construction, reconstruction, repairs or renewals of a house property; ii. if capital is borrowed on or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Clarification regarding Filing of conflicting ROC returns by contesting parties Posted: 10 Feb 2012 07:50 PM PST General Circular No. 1/2012 I am directed to invite a reference to Ministry's circular No. 19 and 20 of 2011 issued on 02.05.2011 laying down certain procedure to regulate cases wherein filing of conflicting returns with regard to appointment of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amount received towards issue of share cannot be considerd as revenue receipt Posted: 10 Feb 2012 06:51 PM PST DCIT Vs. Hooghly Dock & Port Engineers Ltd. (ITAT Kolkata) - The assessee is under the Ministry of Shipping, Govt. of India. Assessee's business is in ship building, ship repairing and general engineering. The ld. A.O. made an addition of Rs. 2... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Owning of Pan,filing of return, Payment through banking channel not a conclusive proof that, the gift is genuine Posted: 10 Feb 2012 06:44 PM PST Shri Pradeep Kumr O Bhala Vs. ITO (ITAT Mumbai) - The submission is considered and the decisions are perused. There is no denying fact that, the gift has come through banking channel, the donor has filed return showing taxable income, however, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amount which was never routed through or debited the profit & loss account could not be considered for the purpose of determination of book profits Posted: 10 Feb 2012 06:37 PM PST ITO Vs. United Estate P. Ltd. (SC) - The Hon'ble Supreme Court clearly observed in the case of National Hydroelectric Power Corporation Ltd. vs. CIT [supra] that for making an addition under clause (b) of Explanation 1 to sec.115JB two conditions... [[ This is a content summary only. Visit www.taxguru.in for full article.]] November 2011 Examination CA PCC, IPCC Toppers, Pass Percentage Posted: 10 Feb 2012 01:10 AM PST The results of the Chartered Accountants IPCC / PCC Examination held in November 2011 was declared recently. The details of percentage of candidates passed in the above said examinations and list of top three toppers are given below; [[ This is a content summary only. Visit www.taxguru.in for full article.]] For Calculating 90% of Commission, Brokerage etc under Expl (baa) to section 80HHC netting of income from expenditure is allowed Posted: 09 Feb 2012 10:50 PM PST ACG Associated Capsules Pvt. Ltd vs. CIT (Supreme Court) - Memorandum explaining the clauses of the Finance Bill, 1991 contained in the circular dated 19.12.1991 of the Central Board of Direct Taxes to come to the conclusion that the Parliament... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For Promotion and Choice Posting achievement of revenue collection target to have highest weightage – CBDT Posted: 09 Feb 2012 10:28 PM PST Among the parameters of performance in your area, achievement of revenue collection target will obviously be given the highest weightage while writing your APAR by reporting officers and reviewing officers and will also be a major factor while... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 143(3) assessment order without AO's signature is Void – ITAT Mumbai Posted: 09 Feb 2012 09:59 PM PST Vijay Corporation Vs. ITO (ITAT Mumbai) - Provisions of Sec. 143(3) of the Act contemplates that the AO shall pass an order of assessment in writing. The requirement of signature of the AO is therefore a legal requirement. The omission to sign the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Carrying of Original ID Proof to be Compulsory During Train Journey in all Air Conditioned Classes Posted: 09 Feb 2012 08:05 PM PST In a move to prevent misuse of Reserved Train Tickets and reduce cases of travelling on transferred tickets, Ministry of Railways has decided that with effect from 15th February 2012, anyone of the passengers/the passenger booked on the ticket... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Montek not in favour of referring legislative Bills to 'expert groups' Posted: 09 Feb 2012 07:52 PM PST Terming as landmark the process adopted for finalising the Direct Taxes Code (DTC), Plan Panel Deputy Chairman Montek Singh Ahluwalia said he is not in favour of referring legislative Bills to 'expert groups'. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Bangalore Metro to float tax-free bonds to raise Rs 2,000 crore Posted: 09 Feb 2012 07:49 PM PST The Bangalore Metro Corporation (BMRC) will issue a tax free Metro Bond to raise Rs 2,000 crore for the first phase of the project. The bond, pending with the Union Finance Ministry at present for clearance, is expected to hit the market in a few... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sebi enhances minimum investment amount in Portfolio Management Scheme to Rs 25 lakh Posted: 09 Feb 2012 07:40 PM PST With a view to keeping retail investors away from the portfolio management schemes (PMS), Sebi on Friday raised the minimum investment amount of clients for such schemes to Rs 25 lakh from the earlier Rs 5 lakh. PMS offers investors a range of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CASB releases Exposure Draft of CAS – 2 (Revised 2012)- Invites Comment Posted: 09 Feb 2012 07:35 PM PST Cost Accounting Standards Board, the standard-setting body of the Institute, has approved the release of Exposure Draft of Revised Cost Accounting Standard - 2 on Capacity Determination (CAS - 2). The proposed standard may be modified in light of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in SION, A1790 and A1834 – Public Notice No. 98(Re 2010)/2009-2014 Posted: 09 Feb 2012 07:13 PM PST PUBLIC NOTICE NO.98(RE:2010)/2009-2014 - Only the name of the import item (input) is modified from 'Antimony Dioxide/Oxide' to 'Antimony Trioxide'. There is no change in either the description or quantity of the inputs or in the description of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI announces date, Schedule, Exam Centres, Fees of CPT (Paper- Pencil Mode) June 2012 Exams Posted: 09 Feb 2012 07:00 PM PST In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 17th... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI help desk to attend students' queries on examination matters including admit card Posted: 09 Feb 2012 04:30 PM PST Help Line desk has been established by ICAI in the Examination Division of the Institute to attend to students' queries relating to CA Final, IPCC , PCC and other examination conducted by ICAI on Examination matters including admit card. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI permission no longer required for cut in sanctioned ECB limit Posted: 09 Feb 2012 03:06 PM PST As per the extant ECB procedures, requests for reduction in the amount of ECB, changes in the drawdown schedule and reduction in the all-in-cost of the ECB after obtaining the loan registration number (LRN) is required to be referred by the bank... [[ This is a content summary only. Visit www.taxguru.in for full article.]]