Key Requirements and Changes in New ITR Forms

Format for Excise and Service Tax Return & changes in Return Periodicity Posted: 13 Apr 2012 08:36 PM PDT The attached document is a draft circular containing details of proposed amendments to harmonize the ER-1, ER-3 and ST-3 returns so that a single common return can be prescribed instead of these three returns as measure of simplification of the Business Processes in respect of filing the Return by... Key Requirements and Changes in New ITR Forms Posted: 13 Apr 2012 08:25 PM PDT The Central Board of Direct Taxes (CBDT) has notified the new tax return forms vide Notification No. S.O. 626 (E) dated 28 March 2012 for tax year 2011-2012 [Assessment Year (AY) 2012-13]. The Notification also modifies Rule 12 of the Income-tax Rules, 1962 which prescribes the form of return of... Reprint of PAN Card – Revised Guidelines, Instructions, Procedure Posted: 13 Apr 2012 08:02 PM PDT This application should be used when PAN has already been allotted to the applicant but applicant requires a PAN card. A new PAN card bearing the same PAN is issued to applicant. While filling this form, applicant should not select any of the check boxes on the left margin of the form. However, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Land do not form part of Block of Assets & cannot be treated as short term capital assets Posted: 13 Apr 2012 11:33 AM PDT Assessee has produced valuation report at the time of purchase as well as sale. In Remand, Assessing Officer has not pointed out any lacunae in the same. Moreover, the cost of land so bifurcated was being already reflected in the books of accounts and no depreciation was claimed on that account. In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80G registration can be rejected for conducting Bhagwat Katha Posted: 13 Apr 2012 09:55 AM PDT The assessee-trust registered under section 12A and also approved under section 80G(5) was found to have more then 3/4th of of its total receipt for organizing 'Bhagwat Katha'; section 80G(5B) limits expenditure on activities of religious nature to 5% of income for year; since expenditure in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Benefit of 'nil' annual value u/s 23(2) available to HUFs also Posted: 13 Apr 2012 09:44 AM PDT Provisions of section 23(2) make it clear that benefits of relief in respect of self-occupied property is available only to owner who can reside in his own residence, that means, benefit of relief is available to self-occupied property only to an individual assessee and not to an imaginary... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012 – Late Filing or Non filing of TDS Statement Made Costly Posted: 13 Apr 2012 09:25 AM PDT No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence as the finance bill 2012-13 has given 2 New provisions – Fee for late filing U/s 234E and Penalty for late filing or Non filing of TDS statement U/s 271H. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No S.271G penalty for benign reasons in the nature of procedural issues provided taxpayer maintained substantial documentation in support of its ALP Posted: 13 Apr 2012 09:07 AM PDT The Chennai bench of the Income Tax Appellate Tribunal recently pronounced its ruling in the case of SSL-TTK Ltd. (Appeal no. ITA No. 544/Mds/2011), wherein the Tribunal ruled that a notice issued by the Transfer Pricing Officer ["TPO"] under section 92CA (3) of the Act cannot be considered as a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gains from sale of equity shares not exempt under India-Mauritius tax treaty Posted: 13 Apr 2012 08:41 AM PDT the Authority for Advance Rulings (AAR) in the case of Z (A.A.R. No.1048 of 2011) held that income from sale of Compulsory Convertible Debentures (CCDs) by the applicant is taxable in India as 'Interest' under Section 2(28A) of Income-tax Act,1961 (the Act) and Article 11 of India-Mauritius tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Delhi High Court rejects Bail plea of Delhi CX Commissioner in Rs. 60 Lakh Bribe Case Posted: 12 Apr 2012 10:30 PM PDT Briefly stating the facts are that Hemant Gandhi was acting as a middleman for accused Dr. A.K. Srivastava and Lallan Ojha, who were respectively posted as Commissioner and Superintendent of Central Excise at the relevant time. The allegations are that they were involved in obtaining illegal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Trading Strategies for investments in Stock market Posted: 12 Apr 2012 10:11 PM PDT Stock Market are subject to Market Risk. Do the Fundamental analysis and review past performance. Read and understand basic Terminology of stock Market. Strictly adhere to Stop loss. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Listed public and private sector companie must increase public holding by 25 % by August 2013 Posted: 12 Apr 2012 09:30 PM PDT Capital market regulator, SEBI today said both public and private sector companies will have to increase public shareholding to a minimum of 25 per cent by August 2013 and there will be no relaxation of the guidelines. SEBI Chairman Mr. U K Sinha told this to reporters on the sidelines of Bombay... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] New thinking required in areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility & Competition Law -PM Posted: 12 Apr 2012 09:16 PM PDT Prime Minister Inaugurates the New Campus of Indian Institute of Corporate Affairs Campus in Manesar Gurgaon. Dr. Manmohan Singh Stress upon need of Periodical Review of Corporate Laws. Says new thinking is required in important areas such as Investor Education and Protection, Corporate Governance,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Order No. 67 of 2012- Transfer & Promotion of ACIT Probationers Posted: 12 Apr 2012 09:10 PM PDT ORDER NO. 67 OF 2012 -The following Assistant Commissioners of Income Tax (Probationers) in the pay scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5.400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur. are hereby posted in the Region of CCIT/CCA/Station/Charge... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES) Posted: 12 Apr 2012 09:04 PM PDT SEBI has commenced processing of investor complaints in a centralized web based complaints redress system 'SCORES'. Pursuant to SEBI Circular no. CIR/OIAE/2/201 1 dated June 03, 2011 on the captioned subject, all listed companies are required to obtain authentication on SCORES. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Uploading of the existing clients' KYC details in the KYC Registration Agency (KRA) system by the intermediaries Posted: 12 Apr 2012 09:03 PM PDT SEBI simplified the account opening process for investors and made it uniform across intermediaries in the securities markets vide aforementioned circulars. Further, to avoid duplication of KYC process with every intermediary, KRA system was developed for centralization of the KYC records in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) Posted: 12 Apr 2012 09:02 PM PDT In the event of disaster, the disruption in trading system of stock exchanges / depository system may not only affect the market integrity but also the confidence of investors. In order to address this issue, the current BCP - DR setups of some of the stock exchanges having nation-wide terminals... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to extend validity of notification No. 112/2007-Customs, dated 30.10.2007 by one more year Posted: 12 Apr 2012 09:01 PM PDT Notification No.21/2012-Customs (ADD), in the matter of continuation of anti-dumping duty on imports of 'Vitamin A Palmitate', originating in, or exported from, China PR and Switzerland imposed vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to extend validity of Notification No. 96/2007-Customs dated 29.08.2007, upto and inclusive of 18.03.2013 Posted: 12 Apr 2012 09:00 PM PDT Notification No.20/2012-Customs (ADD) in the matter of continuation of anti-dumping duty on imports of 'Peroxosulphates' also known as 'Persulphates', originating in, or exported from, China PR and Japan imposed vide notification of the Government of India in the Ministry of Finance (Department... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to levy definitive ADD on phosphoric Acid of all grades when imported from Israel and Taiwan Posted: 12 Apr 2012 08:59 PM PDT Notification No.19/2012 - Customs (ADD) Whereas, in the matter of import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/Fertilizer Grade) (hereinafter referred to as the subject goods), falling under tariff item 28092010 of the First Schedule to the Customs Tariff... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to rescind the notification no. 04/2012-Customs ADD dated 13-01-2012 Posted: 12 Apr 2012 08:58 PM PDT Notification No.18/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Brickwork Ratings India Pvt. Ltd. accredited for risk weighting Banks' claims for Capital Adequacy Purposes Posted: 12 Apr 2012 08:55 PM PDT In terms of para 6 of the circular, four domestic credit rating agencies viz. CARE, CRISIL, FITCH India and ICRA have been accredited for the purpose of risk weighting the banks' claims for capital adequacy purposes. The long term and short term ratings issued by these domestic credit rating... Annual Financial Inspection – Priority Sector Loans – Misclassification by Banks Posted: 12 Apr 2012 08:50 PM PDT Please refer to Para 3 of our circular RPCD.CO.Plan.BC.No.49/04.09.01/2010-11 dated January 28, 2011 on the captioned subject, wherein it was advised that the misclassifications reported by Principal Inspecting Officers, during the current year would be added to the shortfall reported by banks, as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Acceptance of NEFT inward for credit to Loan Accounts Posted: 12 Apr 2012 07:05 PM PDT National Electronic Funds Transfer launched in year 2005 has been working successfully over the years and occupies an important place in the payment system space. The system is meant for one-to-one funds transfer and can be used for transferring funds to beneficiaries (individual, institutions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]