Expectations of Individuals from Budget 2012 on Direct tax

S. 263 Revision – Full Bench of HC Resolves Conflict In Law- S. 263 Jurisdiction can be exercised whenever it is found that the order of assessment was erroneous and prejudicial to the interest of the Revenue Posted: 08 Mar 2012 03:06 AM PST CIT vs. Jawahar Bhattacharjee we hold that Daga Entrade P. Ltd. lays down correct law and the same is not in conflict with the earlier order of this Court in Rajendra Singh. Jurisdiction under Section 263 can be exercised whenever it is found that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 50B – Amount of liabilities being reflected in the negative net worth cannot be added to sale consideration for determining the capital gains on account of slump sale Posted: 08 Mar 2012 02:47 AM PST DCIT vs. Summit Securities Ltd - In view of the detailed discussion made above, we are with utmost respect unable to concur with the view expressed by the Mumbai Bench of the Tribunal in the case of Zuari Industries Ltd. (supra) and Delhi Bench of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Decision of any High Court binding on all subordinate authorities and Tribunals through out India untill contrary view is taken by other HC Posted: 07 Mar 2012 09:55 PM PST In an old judgement but useful Judgment Bombay High Court in the case of CIT vs. Godavari Saraf held that until contrary decision is given by any other competent High Court, which is binding on a Tribunal in the relevant State, it has to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Expectations of Individuals from Budget 2012 on Direct tax Posted: 07 Mar 2012 09:19 PM PST Increase in the Basic Income Tax Exemption Limits for Individuals - To compensate partially for rising inflation it would be right move if govt. increases basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-. The education cess of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Latest Announcements from Maharashtra Sales tax department Posted: 07 Mar 2012 09:00 PM PST LAST DATE FOR UPLOADING FORM 501 FOR PERIOD FROM 01/04/2008 TO 31/03/2009 IS 31/03/2012. If you have received more than one Acknowledgement of Audit Report in Form-704, then submit any one of them while doing physical submision [[ This is a content summary only. Visit www.taxguru.in for full article.]] Concept Paper on National Corporate Governance Policy, 2012 Prepared by ICSI Posted: 07 Mar 2012 08:10 PM PST This Concept Paper on National Corporate Governance Policy, 2012 prepared by ICSI is aimed at laying down an overarching policy framework for promoting good governance practices amongst corporates by instilling principles of good governance in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI declares standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial paper eligible for purchase under that RBI Act Posted: 06 Mar 2012 07:43 PM PST Section 49 of the Reserve Bank of India Act, 1934 requires the Reserve Bank to make public (from time to time) the standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial paper eligible for purchase under... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Data submitted on Bancassurance channel and as required under Section 31B (2) of Insurance Act, 1938 Posted: 06 Mar 2012 11:17 AM PST On review of the details furnished by the insurers under the aforesaid circulars, certain discrepancies were observed by the Authority. It was also observed that while some of the insurers have robust IT backed systems/processes in place to ensure... [[ This is a content summary only. Visit www.taxguru.in for full article.]]