Income Tax Amendments Applicable for A.Y. 2012-13

Post Budget Service Tax on Chartered Accountants Posted: 23 May 2012 07:25 PM PDT As from 1.4.2012 the determination of point of taxation is on the basis of invoices for large CA firms. For this several representations were made to CBEC requiring clarification of invoices issued on or before 31st March 2012 where the payment has not been received before 1st April 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxation of HUF & Family Arrangement Posted: 23 May 2012 07:23 PM PDT Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2011 – Income Tax Amendments Applicable for A.Y. 2012-13 Posted: 23 May 2012 07:21 PM PDT Rates for deduction of income-tax at source from certain incomes during the financial year 2011-12. Rates for computation of advance tax, deduction of income-tax at source from Salaries and charging of income-tax in certain cases during the financial year 2011-12.Tax benefits for New Pension System... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt Hikes Petrol price by Rs 7.54 a litre Posted: 23 May 2012 07:20 PM PDT The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prepare & File Electronically MVAT Return with Tally Posted: 23 May 2012 07:20 PM PDT Government of Maharashtra has made it mandatory for all dealers to file their VAT returns only through electronic format. Dealers can e-file periodical returns from any place at any time through Government of Maharashtra website  ( http://www.mahavat.gov.in ) using the Internet. Government of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on Hotel Room Rent & Other Facilities? Posted: 23 May 2012 07:19 PM PDT TDS on the charges you pay to a Barber? The word 'carrying out any work' in section 194C is limited to any work which on being carried out culminates into a product or result. The word 'work' in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Meaning of Electronic Clearing Service (ECS) & how it works Posted: 23 May 2012 07:18 PM PDT What is Electronic Clearing Service (ECS)? It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Jokes on Chartered Accountants Posted: 23 May 2012 07:17 PM PDT We had many options to end our life Poison, Sleeping pills, Hanging, Jump from building, Sleep under a train.. But we choose the bravest... Education (CA). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to know CIBIl Rating & Access Credit Information Report? Posted: 23 May 2012 07:16 PM PDT You can now access your Credit Information Report (CIR) directly from CIBIL. As you may be aware, your CIBIL CIR is a factual record of your credit payment history compiled from information received from credit grantors. The purpose is to help credit grantors make informed lending decisions -... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deemed Dividend over Closely Held Private Companies Posted: 23 May 2012 07:10 PM PDT The concept of Deemed Dividend is embedded in Section 2(22)(e) of the Income-tax Act, 1961 and was also embedded in section 2(6A)(e) of the Indian Income-tax Act, 1922. In nutshell, the concept envisages taxing certain payments made by closely held companies by way of loans or advances to certain... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 292BB – Assessment can not be annulled If no objection regarding valid service of notice was taken before completion of assessment Posted: 23 May 2012 07:06 PM PDT Hon'ble Punjab & Haryana High Court in the case of CIT vs. Panchvati Motors (P) Ltd. in ITA No.292 of 2008, dated 3.05.2011 has held that in a case where no objection regarding valid service was taken before the completion of assessment, provisions of sec. 292BB will be applicable to all... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A.O. can not make the additions deleted by Appellate Authorities while Passing order U/s.154 Posted: 23 May 2012 06:57 PM PDT With respect to assessment framed u/s 143(3) dated 30.11.2010, addition of Rs.1,32,52040/- was made, against which the assessee filed appeal and CIT(A) deleted such addition vide order dated 31.5.2011 against which the department filed appeal and Tribunal upheld the order of CIT(A) vide order dated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.25 Company – Amendment in MOA without Government permission is illegal Posted: 23 May 2012 06:46 PM PDT The order of Sh. K.S.Mohi basically implements the resolution of DDCA dated 1.3.2007 and on which aspect I have already commented above that there is absolutely no resolution whatsoever dated 1.3.2007 and if even there is such a resolution, the same will be an illegal resolution because the same... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Bribery Case – CBI arrests three excise officials in Pune Posted: 23 May 2012 09:54 AM PDT The Central Bureau of Investigation has arrested an Assistant Commissioner, a Superintendent and an Inspector, all of Central Excise (Service Tax Department), Akurdi, Pune in a bribery case. A case was registered against the Superintendent and an Inspector, both of Central Excise (Service Tax),... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DTAA with Switzerland -Black Money of Rs. 565 Crores Detected in 6 Months Posted: 23 May 2012 03:37 AM PDT The Amended Protocol between India and Switzerland amending the existing Double Taxation Avoidance Agreement (DTAA) between the two countries came into force on 7th October, 2011. In 219 cases, undisclosed income of Rs. 565 crore has been detected and tax of Rs.181 crore realized so far. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If a pure question of law arises for which facts are on record of the authorities below, the question should be allowed to be raised if it is necessary to assess correct tax liability Posted: 22 May 2012 10:10 PM PDT In the case of JB Greaves (supra), which is the decision of the jurisdictional High Court, it has been held that the subject - matter of appeal before the Tribunal would be the grounds raised by the appellant before it. Rule 11 provides that the appellant shall not except by the leave of Tribunal,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment of EPF – Who can attest the claim of liquidated company? Posted: 22 May 2012 09:06 PM PDT Employees of a liquidated company can file their claim for provident fund, duly attested by any of the following authorized persons: ♦ Member of Parliament; ♦ Member of Legislative Assembly; ♦ Magistrate; ♦ A Gazetted Officer; ♦ Sarpanch of the Village; [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt raises interest rate on GPF to 8.8% for 2012-13 Posted: 22 May 2012 09:02 PM PDT Government has hiked interest rate on contributions to General Provident Fund (GPF) and other similar funds to 8.8 per cent for 2012-13.The interest rate on such funds was 8.6 per cent during December 2011-March 2012 period, while it was 8 per cent for April-November 2011. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 21 bills passed by the Parliament during Budget Session- 2012 Posted: 22 May 2012 09:01 PM PDT The Union Minister of Parliamentary Affairs & Water Resources Shri Pawan Kumar Bansal said that the government is very keen on passing of the Lokpal Bill the earliest possible. He was addressing a Press Conference on the conclusion of the Budget Session- 2012 in New Delhi today. The Budget... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI – Companies/Agencies Seeking Verification of Qualification to Remit Fee Posted: 22 May 2012 08:57 PM PDT In terms of the decision of the Finance Committee taken at its 23rd meeting on the recommendations of the Examination Committee, it has been decided to henceforth charge a sum of Rs.500/- per person as the education verification fee from the companies/agencies seeking such verification of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI – Master Circular for Mutual Funds Posted: 21 May 2012 10:26 AM PDT Master Circular IMD/MC No.3/10554/2012, dated 11-5-2012 For effective regulation of the Mutual Fund Industry, Securities & Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the industry and other users to have an access to all the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI (Alternative Investment Funds) Regulations, 2012 Posted: 21 May 2012 09:22 AM PDT Registration of Alternative Investment Funds. 3. (1) On and from the commencement of these regulations, no entity or person shall act as an Alternative Investment Fund unless it has obtained a certificate of registration from the Board: Provided that an existing fund falling within the definition...