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Feb 29, 2012

No addition for G.P. shortfall if assesee explains sales / Purchase difference

Company Secretaries Examinations December, 2011 Results on 25th February, 2012

Posted: 24 Feb 2012 09:49 AM PST

Company Secretaries Examinations December, 2011 Result Would Be Declared On 25th February, 2012 At 11.00 A.M. The Results Alongwith Individual Candidate's Subjectwise Break-Up Of Marks Will Be Available On The Institute's Website.

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Immunity U/s. 271AAA(2) cannot be only because entire tax, along with interest, was not paid before filing of income tax return

Posted: 24 Feb 2012 09:35 AM PST

In our considered view, therefore, on the facts of the present case wherein entire tax and interest has been duly paid well within the time limit for payment of notice of demand under section 156 and well before the penalty proceedings were...

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Payments to outside lawyers which was not claimed as deductions in computation of profits cannot be disallowed under section 40(a)(ia)

Posted: 24 Feb 2012 09:29 AM PST

There has been a lot of emphasis in the orders of the authorities below, as indeed in learned Departmental Representative's arguments before us, about the scope of assessee's obligations to deduct tax at source under section 194J. However, having...

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No addition for G.P. shortfall if assesee explains sales / Purchase difference

Posted: 24 Feb 2012 08:31 AM PST

The assessee is engaged in the business of trading in chemicals. The sales shown in the Profit & Loss Accounts were Rs. 3,15,85,478/- and against that purchases were shown as Rs. ,93,31,117/- on which gross profit of Rs. 7.95% was declared. The...

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India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention

Posted: 24 Feb 2012 08:10 AM PST

India had signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 26th January, 2012. The Convention has been ratified by India by depositing the Instrument of Ratification as on 21st February, 2012. By this, India...

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Amendments to the Combination Regulations – Relief to Corporate entities by making process of filings simpler

Posted: 24 Feb 2012 08:06 AM PST

The provisions of the Competition Act, 2002 relating to regulation of combinations and the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulation, 2011 ("Combination Regulations") have...

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Assessee entitled to claim deduction both under Sec.36(1)(vii) and Sec.36(1)(viia) of the Act but amount of deduction shall not exceed the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account

Posted: 23 Feb 2012 08:58 PM PST

Assessee is thus entitled to claim deduction both under Sec.36(1)(vii) and Sec.36(1)(viia) of the Act. The only limitation is that the amount of deduction shall not exceed the amount by which such debt or part thereof exceeds the credit balance in...

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Submission of Credit Information to CICs – Dissemination of Credit Information of suit-filed accounts

Posted: 23 Feb 2012 08:44 PM PST

Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 crore and above and Willful Defaulters of Rs. 25 lakhs and above- Dissemination of Credit information of suit-filed accounts

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Union Finance Minister's Speech at Concluding Function of ESIC Diamond Jubilee

Posted: 23 Feb 2012 07:57 PM PST

The Employees' State Insurance Act, 1948 was the first major legislation in independent India for providing comprehensive Social Security to the workers in the organized sector. The first Prime Minister of India, Pandit Jawahar Lal Nehru inaugurated...

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SEBI (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2012 – Amendment in regulations 2, 25, 30 and Eighth Schedule; substitution of regulation 47 and sixth Schedule and insertion of regulation 75A

Posted: 23 Feb 2012 10:06 AM PST

NOTIFICATION No. LAD-NRO/GN/2011-12/38/4290, dated 21-2-2012 . These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012. 2. They shall come into force on the date of their publication...

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DGFT – Import of spares for the existing machinery procured indigenously under EPCG Scheme

Posted: 23 Feb 2012 09:41 AM PST

Policy Circular No. 54 (RE-2010)/2009-14 Under Para 8.2 (c) of Foreign Trade Policy, Capital Goods can be procured indigenously upon invalidating an EPCG Authorization. However, domestically procured Capital Goods cannot be treated as 'imported...

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DGFT – Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) [RE: 2010]

Posted: 23 Feb 2012 09:38 AM PST

Policy Circular No. 53 (RE-2010)/2009-14 Para 5.11.2 of the Hand Book of Procedure Volume – 1 (HBP V-I) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies...

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