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Feb 1, 2012

Period of limitation if applies to principal amount should also apply to claim for interest – HC

CBDT Extends last date for submission of ITR-V for A.Y. 2011-12

Posted: 31 Jan 2012 07:45 PM PST

The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later.

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Auto TDS and TDS interest calculator

Posted: 31 Jan 2012 06:57 PM PST

This calculator calculates TDS amount deductible under section 194C, 194D, 194A, 194H, 194I and 194J. The calculator calculates TDS automatically on the basis of status of the Assessee and if PAN No. is not provided it will show the rate f TDS as...

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Period of limitation if applies to principal amount should also apply to claim for interest – HC

Posted: 31 Jan 2012 05:58 PM PST

Kwality Ice Cream Company And Anr Vs. UOI (Delhi HC)- Period of limitation, unless otherwise stipulated by the statute, which applies to a claim for the principal amount should also apply to the claim for interest thereon. If that be the position,...

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IPCC Students Registered on or before 1st March / 1st September can appear in November /May Examination

Posted: 31 Jan 2012 05:44 PM PST

Resolved that by virtue of powers vested under Regulation 205 of the Chartered Accountants Regulations, 1988, the Council of the Institute hereby orders that candidates who register for Integrated Professional Competence Course (IPCC) in the...

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Assessee not required to prove the source of source

Posted: 31 Jan 2012 05:37 PM PST

DCIT Vs. R. R.Builders (ITAT Mumbai) - There is no dispute that the partners of the assessee firm are also partners of the firm M/s Adarsh Octroi Services, Mumbai. We further find that the amount of Rs.5,25,000/- each was withdrawn by Shri Rafique...

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For rejecting the view taken in earlier assessment years, there must be a change in the fact situation or a material change in law

Posted: 31 Jan 2012 05:15 PM PST

ACIT Vs. Pawan Hans Helicopters Ltd. (ITAT Delhi) - Hon'ble Delhi High Court in A.R.J. Security Printers' case [2003] 264 ITR 276 and CIT v. Neo Poly Pack P. Ltd. [2000] 245 ITR 492 (Delhi ), held that even when the doctrine of res judicata does...

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PPF Scheme, 1968/Senior Citizens Savings Scheme Rules, 2004 – Notified branches of Central Bank of India

Posted: 31 Jan 2012 12:55 PM PST

NOTIFICATION No.F.7/9/2008-NS.II, dated 19-1-2012 -In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings Scheme Rules, 2004, the Central...

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Banking – Factoring Regulation Act, 2011 – (NO. 12 OF 2012)

Posted: 31 Jan 2012 11:42 AM PST

FACTORING REGULATION ACT, 2011 -(No. 12 of 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract for assignment of receivables and for...

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Finance Ministry Develops Comparative Rating Index of Sovereigns (CRIS)

Posted: 31 Jan 2012 11:37 AM PST

Major credit rating agencies give out the sovereign credit rating of each nation as an absolute grade. How other nations fare does not matter in a particular nation's rating score. This is very different from a comparative rating. An example of...

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Indian Banking- Journey into the Future

Posted: 31 Jan 2012 10:49 AM PST

There has been appreciation for India for weathering the financial crisis relatively unscathed. Much of it hinged on the sound and resilient banking system in the country. The foundation for the banking sector resilience was laid with the...

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CBI registers Case against Certain Officials of Central Excise, Railways and Others

Posted: 31 Jan 2012 10:38 AM PST

The Central Bureau of Investigation has registered two cases against certain officials of the Ministry of Railways; unknown officials of Central Excise of Haldia Commissionerate (West Bengal) and two private companies - one based at Jhargram(West...

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Master Circular on Memorandum of Instructions governing money changing activities – Updated as on January 31, 2012

Posted: 31 Jan 2012 10:36 AM PST

This Master Circular consolidates the existing instructions on the subject of "Memorandum of Instructions governing money changing activities" at one place. The list of underlying circulars/ notifications is set out in Appendix. This Master...

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Government Agency Business Arrangement – Appointment of Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)

Posted: 31 Jan 2012 10:35 AM PST

As you are aware, currently all public sector banks are eligible to conduct Government business as agents of RBI. However, only three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. were appointed by RBI as its agents...

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