Renting of Immovable Property Service – developments and Issues

I-T – Amendments to Finance Bill, 2012 vide Finance Act, 2012 -Explanation Posted: 13 Jun 2012 08:25 PM PDT The Finance Bill, 2012 was introduced in Parliament on 16-3-2012. Certain official amendments have been carried out during the passage of the Bill in Parliament. A gist of the official amendments to the Finance Bill, 2012 as reflected in the Finance Act, 2012 (Act No. 23 of 2012) enacted on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Punjab & Sind Bank for Concurrent Audit Posted: 13 Jun 2012 07:38 PM PDT Punjab & Sind Bank invites application from Chartered Accountants firms & Retired Officers of our Bank on the prescribed format, who are willing to be considered for empanelment as Concurrent Auditors in the Bank for the period 01.07.2012 to 30.06.2013. The profile/bio-data of Chartered... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] General Anti-Abuse Rule (GAAR) Consultation document (UK) Posted: 13 Jun 2012 06:46 PM PDT This Government has made a firm commitment to tackling tax avoidance. As part of our new approach to tax policy-making, we set out proposals to take a more strategic approach to the risk of avoidance by building in sustainable defences against avoidance opportunities. Through collaborative... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Renting of Immovable Property Service – developments and Issues Posted: 13 Jun 2012 06:24 PM PDT Renting of Immovable property service is one among the services which has huge implication as to the coverage of number of assessees and the quantum of revenue collection. The levy came in to effect from 01-06-2007. Since renting is not a service in common parlance coupled with power to levy taxes... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excise Duty Exemption Certificate – Formats Changed Posted: 13 Jun 2012 05:42 PM PDT Ministry of New & Renewable Energy has made additions/amendments in the existing formats of Application, Annexures, check-lists and drafts of the Excise Duty Exemption Certificate (EDEC) and Concessional Customs Duty Certificate (CCDC). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest Income of NBFC Company from Bank Deposits is Business Income Posted: 13 Jun 2012 11:57 AM PDT Assessing Officer noticed that the assessee claimed set off of brought forward business loss against income of Rs. 24,94,407/- for the year under consideration. On perusal of profit and loss account , it was revealed that the assessee earned interest income amounting to Rs. 91,26,226/- from the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Auditor's Reporting Responsibilities under clause 4(ix)(a) of CARO, 2003 Posted: 13 Jun 2012 11:55 AM PDT Statutory Auditor's Reporting Responsibilities in Respect of Depositing of Cess Pursuant to Clause 4(ix)(a) of the Companies (Auditor's Report) Order, 2003and Section 227(3)(g) of the Companies Act, 1956. The Council of the Institute has decided to modify the auditor's reporting responsibilities... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Election of President of India – Procedure & Schedule Posted: 13 Jun 2012 11:49 AM PDT The term of office of Smt. Pratibha Devisingh Patil, President of India, ends on 24th July, 2012. An election to fill the vacancy caused by the expiration of the term of office of the outgoing President shall need to be completed before the expiration of her term. The law provides that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No-Claim Certificate issued post due deliberations cannot be voided by party claiming duress Posted: 12 Jun 2012 11:06 PM PDT The Hon'ble Court held that the fact that parties were in discussions on the issue of payment for the extra work items undertaken by the Appellant and the exact work to be executed where-after the Respondent submitted its final bill followed by the No-Claim Certificate would be "clear cut evidence"... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer and posting in the grade of DCIT/ACIT – Order No. 118/2012 Posted: 12 Jun 2012 10:32 PM PDT Vide Order No. 118 of 2012 dated 12th June, 2012, the CBDT has transferred and posted several officers in the grade pf Deputy & Assistant Commissioners of Income-tax with immediate effect [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Presidential Elections from 1952 to 2007 & Value of Votes of MPs & MLAs Posted: 12 Jun 2012 10:16 PM PDT Statement of Value of Votes of Elected Members of the State Legislative Assemblies and Both Houses of Parliament as Per Provisions of Article 55(2) of the Constitution of India & Facts at Glance- Presidential Elections from 1952 to 2007 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Net Direct Tax collections increase by 172.64 percent during April-May of the F.Y. 2012-13 Posted: 12 Jun 2012 10:12 PM PDT Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 percent during April-May of the F.Y. 2012-13 and stood... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Insurance Companies need to ensure that claims are settled in shortest possible time frame -FM Posted: 12 Jun 2012 10:09 PM PDT I would also like to highlight the need to ensure that claims are settled in the shortest possible time frame. I notice that large numbers of claims, especially in the General Insurance companies, are pending for final settlement. You may like to take up a drive to ensure that this pendency is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI – Banks should adopt appropriate frameworks for both IT & IS Governance Posted: 12 Jun 2012 09:57 PM PDT It is expected that all banks adopt appropriate frameworks for both IT and IS Governance and put in place the proper structure and systems. Accordingly, we request you to take up suitable steps at your end in this regard and ensure that the issues relating to governance, information security and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI – Banks needs to identify owners of unclaimed deposits/inoperative accounts Posted: 12 Jun 2012 09:54 PM PDT Banks have not been pro-active in tracing customers linked with unclaimed deposits/inoperative accounts. Also, the need to identify the owners of these unclaimed deposits/inoperative accounts is closely linked to KYC due diligence. Therefore, in terms of our circular RPCD.No.RRB.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Self assessment of customs duty of imported & export good – Review of Risk Management System Posted: 12 Jun 2012 09:02 PM PDT Circular No.15/2012-Customs As you are aware Self Assessment has been introduced vide Finance Act 2011. This marks a major change in the system of assessment of customs duty of imported and export goods. Self Assessment is trust based control with more reliance on declarations of the importer and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to get registered as an Alternative Investment Fund Posted: 12 Jun 2012 08:38 PM PDT The Applicant for grant of registration as an Alternative Investment Fund under SEBI (Alternative Investment Funds) Regulations, 2012 should make an application to SEBI in Form A as provided in the Regulations along with all the necessary documents. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Unique Customer Identification Code (UCIC) for banks' customers in India Posted: 11 Jun 2012 11:53 PM PDT While some banks already use UCICs for their customers by providing them a relationship number, etc., other banks have not adopted this practice. All State and Central Co-operative Banks and Regional Rural Banks are, therefore, advised to initiate steps for allotting UCIC to all their customers... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI – Banks to ensure compliance with regulatory guidelines on KYC/AML/CFT Posted: 11 Jun 2012 11:50 PM PDT Reference is invited to paragraphs 98 and 99 (extracts enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012 on Implementation of KYC/AML Guidelines. RRBs/ StCBs/CCBs are aware that risk categorization of customers as also compilation and periodic updation of customer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Custom Notification No. 39/2012-Customs Dated – 12.06.2012 Posted: 11 Jun 2012 08:59 PM PDT Notification No. 39/2012-Customs following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]