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Mar 15, 2012

Submit Articles on budget 2012-13 by E-Mail for Publication

Submit Articles on budget 2012-13 by E-Mail for Publication

Posted: 15 Mar 2012 08:51 PM PDT

We would like to invite Article / Analysis on on Budget 2012-13 from Accounting, Tax, Finance and Legal professionals on taxation, Accounting, Finance, Audit and Corporate law. Article will be Published with details of the Author which they send...

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Budget 2012 going to be 81st budget of India

Posted: 15 Mar 2012 08:33 PM PDT

The Government will present its 81st Budget proposals in the history of independent India, when the Finance Minister, Mr Pranab Mukherjee, tomorrow reads out his taxation and other economic policies before the Parliament. Individually, Mr Mukherjee...

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NBFC – Investments in fixed deposits cannot be treated as financial assets and interest on FD not income from financial assets

Posted: 15 Mar 2012 07:50 PM PDT

It is clarified, that the Reserve Bank issues a Certificate of Registration for the specific purpose of conducting NBFI activities. Investments in fixed deposits cannot be treated as financial assets and receipt of interest income on fixed deposits...

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RBI Policy March 2012- No Change in repo, reverse repo rates & CRR

Posted: 15 Mar 2012 07:47 PM PDT

On the basis of the current macroeconomic assessment, it has been decided to: keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.75 per cent of their net demand and time liabilities; and keep the policy repo rate under the...

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ICAI requests members to share CPC and TDS related issues being faced.

Posted: 15 Mar 2012 07:41 PM PDT

The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by...

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Budget 2012- Tax Exemption Limit may be raised slightly

Posted: 15 Mar 2012 07:34 PM PDT

Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance...

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Section 234A, 234B and 234C of Income Tax Act, 1961 in brief with Example

Posted: 15 Mar 2012 05:03 AM PDT

Section 234A - Interest for default in furnishing return of Income -(A) Where the return of income for any Assessment year is furnished after the due date specified in section 139(1) or is not furnished the assessee shall be liable to pay simple...

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Budget expectation by Mr. Manish Khanna, CEO, UEI Global Institute

Posted: 15 Mar 2012 04:25 AM PDT

The extent of higher education is generally measured by enrolment ratio in higher education; by taking the ratio of persons in all age group enrolled in various programs to total population in age group of 18 to 23. The current level of GER in India...

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How High Court's intervention in SARFAESI ACT matters justified?

Posted: 15 Mar 2012 12:37 AM PDT

No one can defend a willful defaulter and no one can possibly object to the need of providing a special legislation to enable the Banks to recover their dues speedily and thus reduce their 'Non-performing Assets'. Constitutional validity of 'The...

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Foregoing right to acquire equity shares is transfer and Compensation taxable

Posted: 15 Mar 2012 12:05 AM PDT

ITAT held that a right acquired by the taxpayer to convert advance given into equity shares falls under the definition of 'Capital Assets' as per Section 2(14) Income-tax Act,1961 (the Act). Accordingly, the compensation received for foregoing right...

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Highlights of Economic Survey 2011-12 – Survey Pegs GDP Growth At 6.9% in 2011-12

Posted: 15 Mar 2012 12:05 AM PDT

Rate of growth estimated to be 6.9%. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14. Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro...

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Development of Balanced Score Card management tool is Technical Services under India-Singapore treaty

Posted: 14 Mar 2012 11:41 PM PDT

Software used by the assessee cannot be considered independent, but, only as a part of the service rendered by the assessee to its clients with regard to the development of BSC. By means of the Balance Score Card system developed by the assessee,...

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Non-compete fees of capital nature entitled for depreciation as intangible asset

Posted: 14 Mar 2012 11:23 PM PDT

In thie case ITAT held that the non-compete fees was in the nature of capital expenditure and entitled for depreciation as intangible asset under Section 32(1 )(ii) of the Act. ITAT followed the in view of the Chennai Tribunal's decision in the...

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Payments for transponder hire charges cannot be treated as 'royalty'

Posted: 14 Mar 2012 11:07 PM PDT

Times Global Broadcasting Co Ltd v. DCIT [ITAT Mumbai) ITAT held that the amount paid towards transponder2hire charges by a TV Channel company to a non-resident cannot be treated as 'royalty' under the Income-tax Act, 1961 (the Act). The Tribunal...

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Notice sent by post within time but not served will be deemed as served within time

Posted: 14 Mar 2012 10:20 PM PDT

Non-availability of the acknowledgement of the receipt cannot be the sole basis on which the order made can be annulled. The fact that notice was not served on the assessee has to be established by considering all relevant facts. The dispatch number...

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Companies Bill, 2011 requires more disclosures/declarations by companies,promoters, first directors at Incorporation

Posted: 14 Mar 2012 10:18 PM PDT

Companies Bill, 2011 provides for more detailed requirements in the form disclosures/declarations to be made by companies, and their promoters/first directors at the time of Incorporation. Detailed disclosure requirements on continuous basis have...

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s.263 Order without giving reson for observing that the order passed by AO erroneous is invalid

Posted: 14 Mar 2012 09:53 PM PDT

In the present case, the findings recorded by the Tribunal are correct as the CIT has not gone into and has not given any reason for observing that the order passed by the Assessing Officer was erroneous. The finding recorded by the CIT is that...

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Reopening U/s. 147 even within 4 years, on basis of retrospective amendment invalid

Posted: 14 Mar 2012 09:41 PM PDT

The fact that the Assessing Officer in the assessment proceedings under section 143(3) of the Act did not give any opinion regarding the allowability or otherwise of deduction u/s 80IB (10) of the Act is not a ground of invoking Section 147 of the...

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Excel Tips – How to Quickly fill Blank Cells in a list?

Posted: 14 Mar 2012 09:03 PM PDT

Many times in a list, especially so when it is imported from a database, cells down below that have same headings or subheadings are left blank for the sake of easier readability. For eg. See the screenshot below. Excel Tips-3

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Husband obliged to accord due respect to his wife in society

Posted: 14 Mar 2012 08:39 PM PDT

A man is obliged to accord due respect to his wife in society, a Delhi court has said, dismissing the anticipatory bail plea of a Haryana Police constable who has been accused of harassing his spouse.

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M/s Dow Chemicals VIS-Ă€-VIS London Olympics

Posted: 14 Mar 2012 08:22 PM PDT

Government had directed Indian Olympic Association to take up the issue of sponsoring of London Olympics, 2012 by M/s Dow Chemicals emphatically with the IOC to draw its attention to the sensitivities of the victims of the tragedy in Bhopal and that...

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ICAI National Cost Convention-2012 begins

Posted: 14 Mar 2012 08:14 PM PDT

ICAI National Cost Convention-2012 begins RPN Singh calls for public friendly Accounting Shri R.P.N. Singh, Minister of State for Corporate Affairs has emphasized upon public friendly Accounting. Inaugurating the three day long 53rd National Cost...

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RRBs/StCBs/DCCBs – Bank Rate Increased

Posted: 14 Mar 2012 07:51 PM PDT

The Reserve Bank has consulted various organizations/stakeholders relying on the Bank Rate as a reference rate. Based on the feedback received, it is determined that the Bank Rate should normally stay aligned to the MSF rate. Accordingly, it has...

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Notification No. 19/2012-CUSTOMS (N. T.) amending notification No. 36/2001-Customs (N.T.) dated, the 3rd August, 2001

Posted: 14 Mar 2012 07:42 PM PDT

Notification No. 19/2012-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to...

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Regarding 'Handling of Cargo in Customs Areas Regulations, 2009'

Posted: 14 Mar 2012 05:07 AM PDT

It has been reported that in a large number of cases, containers detained by Directorate of Revenue Intelligence (DRI), Special Intelligence & Investigation Branch (SIIB) or Preventive formations are not being released after elapse of...

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Offence out of a failure comply with statutory rule and liability will continue until requirement is complied

Posted: 14 Mar 2012 03:00 AM PDT

Jiyuan Li Vs Registrar Of Companies (Delhi HC) Continuing offence is one which is susceptible of continuance and is distinguishable from the one which is committed once and for all. It is one of those offences which arises out of a failure to obey...

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Reward for tax info should be reduced on the ground that amount of penalty cannot be determined

Posted: 14 Mar 2012 02:45 AM PDT

In the first three minutes, reward has been awarded @ 19.4% that is nearly the maximum possible rate. The said reward was on the principal amount of customs duty of Rs.1.21 crores and, therefore, the Reward Committee was competent to award a lower...

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Computation of limitation period begins from the date of expiry of the compliance period as provided by order u/s.234(3A)

Posted: 14 Mar 2012 02:36 AM PDT

A bare perusal of section 469 CrPC makes it amply clear that the period of limitation commences from the day the offence comes to the knowledge of the complainant. In the present case the "offence" of non-compliance with the order came to the...

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S. 11B Burden to prove that Excise duty incidence not transferred to customer is on person claiming refund

Posted: 14 Mar 2012 02:20 AM PDT

Munch Food Products Limited vs Commissioner (Delhi HC) In the grounds of appeal, the petitioner had pleaded and submitted that the observations of the Assistant Commissioner to the effect that the value shown in the invoices issued along with the...

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