Section 40(a)(ia) cannot be invoked in respect of amounts paid by 31st March Posted: 12 Apr 2012 08:43 PM PDT Whether Section 40(a)(ia) of the Income Tax Act can be invoked only to disallow expenditure of the nature referred to therein which is shown as payable as on the date of the balance sheet or it can be invoked also to disallow such expenditure which become payable at any time during the relevant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Guidelines for engagement of Standing Counsels to represent Income-tax Department before HC & other judicial forums Posted: 12 Apr 2012 08:40 PM PDT Instruction No. 3/2012, [F. No. 279/Misc./M-75/2011-ITJ], dated 11-4-2012 With a view to improve the quality of representation and to streamline the process of engagement of Standing Counsels for the Department to represent before various High Courts and other judicial forums and in supersession... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ACIT, Guwahati appointed prescribed authority for S.108(1A)(a) of Companies Act,1956 Posted: 12 Apr 2012 08:39 PM PDT S.O. 733(E). --In exercise of the powers conferred by sub-rule (1) of rule 5A of the Companies (Central Government's) General Rules and Forms, 1956, the Central Government hereby appoints the Assistant Commissioner of Income-tax, Guwahati, as the prescribed authority for the purposes of clause... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Best practices of writing a cheque correctly Posted: 12 Apr 2012 08:37 PM PDT K. Srinivas CWA A bank cheque is a written order directing your bank to pay a certain sum of money against your bank balance. Almost every one of us use cheques extensively to make payments for utility bills, insurance payments etc; Writing a cheque may sound simple to many of us but believe me,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ACB arrests CA for accepting bribe Posted: 12 Apr 2012 08:25 PM PDT A Rajkot-based chartered accountant, approved by the government for evaluating firms involved in commodity market, was caught by the anti-corruption bureau (ACB) officials for demanding and accepting Rs 1.5 lakh at a five-star hotel in Satellite on Thursday night. Dilip Patel, a director in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CBDT detects Undisclosed income exceeding Rs. 9,200 crore Posted: 12 Apr 2012 08:15 PM PDT Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| MVAT – Composition Dealers other than works contract composition not to submit Annexures Posted: 12 Apr 2012 06:52 PM PDT Composition dealers in Maharashtra (excluding works contract composition dealers covered by 5% or 8% Scheme) who are not liable to submit Audit Report in form No. 704 SHALL NOT be required to submit ANNEXURES. No Change in Due Date For Submission of Return or Payment. Due Date Shall Be 30th April. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Constitution of Dispute Resolution Panel (DRP) at Delhi & Mumbai Posted: 12 Apr 2012 06:46 PM PDT ORDER NO. 4/FT&TR/2012 [F.No. 500/15/2011-FT&TR-I], dated 10-4-2012 In partial modification of order No.1/FT&TR/2012 and order No. 2/FT&TR/2012, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Branch is not the PE in respect of the business done out of the supplies made by foreign principal Posted: 12 Apr 2012 06:38 PM PDT Ld. counsel for the assessee contended that similar action was taken by the AO for the assessment year 2003-0-4 also, which was reversed in the first appeal. He placed on record a copy of the order passed by the Tribunal on 13-08-2009 in ITA No.4960/Mum/2007 for the assessment year 2003-04 by which... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Amount received from sister concern cannot be treated as unexplained only on the basis that sister concern shows lower profit Posted: 12 Apr 2012 06:35 PM PDT Appellant had shown receipt of a sum ofRs.45,67,375/- on account of job work from Sunita Crimpers and further receipts of Rs.13,06,422/- on account of labour charges. In the tax audit report it has been mentioned that Sunita Crimpers had made the total payment of Rs.59,29,759/- i.e. a sum of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Non TDS on sale of product Posted: 12 Apr 2012 11:12 AM PDT ITAT held that the correct nature of transactions is sale of product and not any fees for technical services requiring deduction of tax at source. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Transfer Pricing – Segmental accounts of assessee required to be considered for determination of assesses profit to total cost from international transaction Posted: 11 Apr 2012 11:42 PM PDT Addition of Rs.19.14 crore has been made on the basis of the assessee's operating margin from its total operations within and outside India arising due to both the controlled and uncontrolled transactions with the associated enterprises and nonassociated enterprises. The addition on account of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Union Cabinet approves Public Procurement Bill, 2012 Posted: 11 Apr 2012 09:19 PM PDT The Bill seeks to regulate procurement by Ministries/ Departments of the Central Government and its attached/subordinate offices, Central Public Sector Enterprises (CPSEs), autonomous and statutory bodies controlled by the Central Government and other procuring entities with the objectives of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Setting up of Special Purpose Vehicle to be called Goods and Services Tax Network (GSTN SPV) Posted: 11 Apr 2012 09:18 PM PDT The Cabinet has approved a proposal to set up a Special Purpose Vehicle (SPV) namely Goods and Services Tax Network SPV (GSTN SPV) to create enabling environment for smooth introduction of Goods and Services Tax (GST). GSTN SPV will provide IT infrastructure and services to various stakeholders... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Amendments of the Registration of Births and Deaths Act, 1969 Posted: 11 Apr 2012 09:17 PM PDT The Union Cabinet today approved the introduction of a Bill in the Budget Session of Parliament to amend the Registration of Births and Deaths Act, 1969 to include registration of marriages as well, so that the existing administrative mechanisms will be able to carry out such registration of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Proposal to revise the existing rates of royalty on coal and lignite Posted: 11 Apr 2012 09:15 PM PDT The Cabinet Committee on Economic Affairs today approved the proposal for adoption of ad-valorem regime, in place of the present hybrid formula, for charging royalty on coal and lignite at the rate of 14% and 6% respectively, as per the recommendations of the Study Group, constituted by Ministry of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Bombay HC dismisses petition challenging applicability of VAT on sale of flats Posted: 11 Apr 2012 09:05 PM PDT THE Bombay High Court appears to have served a body blow to realtors in Maharasthra. The HC today dismissed their petition that challenged the applicability of Value Added Tax (VAT) on sale of flats. The builders argued that VAT is not payable on immovable property. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Exim Bank's Line of Credit of USD 150 million to the Ecowas Bank for Investment and Development (EBID) Posted: 11 Apr 2012 09:00 PM PDT A. P. (DIR Series) Circular No. 106 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 21, 2011 with the Ecowas Bank for Investment and Development (EBID), making available to the latter, a Line of Credit (LOC) of USD 150 million (USD one hundred and fifty million) for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Allocation of debt limits for investments in Government / corporate Debt Old & Government Debt Long Term category to FIIs Posted: 11 Apr 2012 08:59 PM PDT Based on the assessment of the utilization of the limits to FIIs for investments in Government Debt Old, corporate Debt Old and Government Debt Long Term category, it has been decided to allocate the unutilized limits. The bidding for this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs,...
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