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Jun 18, 2012

Know / Check PAN Name,Verify PAN Free

Know / Check PAN Name,Verify PAN Free

Posted: 18 Jun 2012 07:01 PM PDT

How to Know the Name of Person we are having PAN Number? How to Verify PAN for Free? How to know of person as on his PAN Card? As we all know Income Tax Act has provided that TDS to be deducted @ 20% if a person do not provide his PAN. Sometimes person provides his PAN but not the copy of PAN card...

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Works Contract viz-a-viz Commercial or Industrial Construction Services – Valuation & Abatement Issues

Posted: 18 Jun 2012 06:02 PM PDT

Recently Service Tax (Determination of Valuation Rules), 2012 vide Notification No. 11/2012 –S.T dated 17.03.2012 amended the Service Tax (Determination of Value) Rules, 2006 which were supposed to come into force from the date on which the new Section 66B (the new charging Section) comes into...

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Excel Billing, Accounting & Reporting software for small professional firms

Posted: 18 Jun 2012 05:30 PM PDT

ABCAUS is an Excel template that works like any modern Billing, Accounting and Reporting Software. It has facility for and provides synchronised outputs for: 1. Bill Issue to Clients 2. Receipt Issue to Clients 3. Voucher Entries + Auto Bill and Receipt Vouchers

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DTAA between India & Nepal

Posted: 18 Jun 2012 11:32 AM PDT

Notification No. 20/2012 Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Nepal. WHEREAS the annexed Agreement between the Government of the Republic of India and the Government...

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Transfer Pricing – Management service charges paid to AE

Posted: 18 Jun 2012 04:08 AM PDT

Management service charges paid to AE by the assessee, which is closely linked to core business activities of the assessee, benchmarked by applying TNMM at entity level is held to be appropriate. Need and benefit from intra-group management services demonstrated by the assessee upheld – [McCann...

AAR – subsidiary created for Indian business is PE of foreign applicant company as well as its group companies in India

Posted: 18 Jun 2012 03:47 AM PDT

This is a unique Ruling rendered by the AAR wherein the concept of PE of a group of companies has been discussed. It is well known that a subsidiary of a foreign company is not enough to qualify the former as a PE of later or its group companies. The mere existence of a company control is not, in...

Man sends 'bribe' by demand draft

Posted: 18 Jun 2012 01:29 AM PDT

Vexed over the delay in getting a birth certificate, a man in Virudhunagar hit upon a bizarre idea of sending a demand draft for Rs 100 as bribe to a local body, stunning the municipality authorities who made amends for the lapse and home delivered the document.

Onus of proving what was apparent is not real is on the party who claims it to be so

Posted: 17 Jun 2012 11:34 PM PDT

Issue -Whether the impugned order passed by the Income Tax Appellate Tribunal is perverse? In CIT versus Daulat Ram Rawat Mull, (1973) 87 ITR 349, the Supreme Court held that onus of proving what was apparent is not real is on the party who claims it to be so. There should be some direct nexus...

Non-occupancy charges received by Housing society not taxable

Posted: 17 Jun 2012 11:33 PM PDT

Assessee has challenged the addition of Rs.30,914/- made by the Assessing Officer on account of non-occupancy charges as income from the business not covered under the principles of mutuality. Learned AR submitted that the assessee's case is covered by the decision of the ITAT Mumbai Bench passed...

RBI increases Export Credit Refinance limit to 50% for scheduled banks

Posted: 17 Jun 2012 11:13 PM PDT

RBI/2011-12/603 Ref. MPD. No. 355/07.01.279/2011-12 June 18, 2012 To All Scheduled Banks [excluding Regional Rural Banks (RRBs)] Dear Sir/Madam, Export Credit Refinance Facility (ECR): Relaxation At present, the Export Credit Refinance (ECR) limit is fixed at 15 per cent of the outstanding rupee...

RBI Mid-Quarter Monetary Policy Review – June 2012, No Change in Key rates

Posted: 17 Jun 2012 11:09 PM PDT

On the basis of an assessment of the current macroeconomic situation, 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 liquidity adjustment facility...

RRBs – Home Loans-Levy of Fore-closure Charges / Pre-payment Penalty

Posted: 17 Jun 2012 10:28 PM PDT

Attention is invited to paragraphs 81 to 83 of the Monetary Policy Statement 2012-13 announced on April 17, 2012 with regard to home loans on floating interest rates. The Committee on Customer Service in Banks (Chairman: M. Damodaran) had observed that foreclosure charges levied by banks on...

Fitch Ratings Rely on Older Data, Ignore Recent Positive Trends in Indian Economy – FM

Posted: 17 Jun 2012 09:05 PM PDT

Today, Fitch Ratings have issued a press release on India's sovereign credit rating. Fitch has reaffirmed India's long-term Foreign and Local Currency Issuer Default Rating (IDR) at BBB(-). It has, however, revised India's outlook to Negative from Stable.

Notification No. 51/2012-Customs (N.T.)

Posted: 17 Jun 2012 08:38 PM PDT

Notification No. 51/2012-Customs (N.T.) In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A read with sub-sections (2) and (3) of...


Notification No. 50/2012-Custom (NT) – Change in Tariff Value of Brass Scrap (All Grades), Poppy Seeds, Gold & Silver

Posted: 17 Jun 2012 08:30 PM PDT

Notification No. 50/2012-CUSTOMS (N. T.) Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012- Customs dated 17.03.2012 is availed .


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