Download ITR 6 For Online Filing of I-T Return for A.Y. 2012-13 Posted: 30 Jul 2012 08:33 PM PDT Income tax Department has released ITR 6 for online Filing of Income Tax Return For Companies other than companies claiming exemption under section 11 for the Assessment Year 2012-13 / Financial year 2011-12. Although the department has released the Return Preparation Software / Excel utility for ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CIT denies exemption u/s. 54F as assessee not even got possession of Land Posted: 30 Jul 2012 08:30 PM PDT Exemption under section 54F is subject to the provision of sub-section (4), meaning thereby, the amount of net consideration is to be appropriated towards the purchase of new asset within one year before the date on which the transfer of the original asset took place or if not utilised for the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 54F exemption available for sum invested in land but non-construction of building due to Court order Posted: 30 Jul 2012 08:15 PM PDT The course of events in the instant case shows that the assessee was really contemplating the construction of a residential house. This intention of the assessee is very clear from the fact that within days of the sale of her old property, the assessee had purchased the new site for constructing a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Expenses incurred outside India on charitable Purposes confined to India not allowable Posted: 30 Jul 2012 07:19 PM PDT It is not in dispute that amount of Rs. 1,95,26,116/- was spent for participating in Hannover Fair held in Germany and for such participation, Steering Committee under the chairmanship of Commerce Secretary was constituted and modalities of participation was decided by the Organizing Committee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Download Free e-filing Excel Software for ITR 1, 2, 3, 4, 4S,5, 6 for A.Y. 2012-13 Posted: 30 Jul 2012 05:45 PM PDT Income Tax Department has enabled online submission of ITR-1 (SAHAJ), ITR-2 & ITR-4S (SUGAM), ITR 5, ITR 6, for Assessment Year 2012-13. These software can be used to file Income Tax Return Online. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| AS-14 is applicable only to amalgamations & not to demerger Posted: 30 Jul 2012 05:34 PM PDT It is clarified that AS-14 (i.e. accounting standards issued by the Institute of Chartered Accountants) is applicable only to amalgamations and not to demerger. On a plain reading of the accounting standard under reference, it is clear that the same is applicable only in case of an amalgamation and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Taxation of Portfolio Investments referred to GAAR Committee Posted: 30 Jul 2012 05:08 PM PDT The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Download ITR 1 ITR 2 ITR ITR4S ITR4 ITR 5 ITR 6 ITR 7 in excel & Pdf format for A.Y. 2012-13 Posted: 30 Jul 2012 05:00 PM PDT ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, I in excel, word and Pdf Format for A.Y. 2012-13 / Financial Year 2011-12. We have uploaded below ITR 1- Sahaj, ITR 2, ITR 3, ITR-4, SUGAM (ITR-4S), in Excel Word and Pdf Format applicable for Assessment year 2012-13 and Financial Year 2011-12. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Exemption u/s. 11 & 12 can be denied for Investment of borrowed fund by trust in Companies in which founders have substantial interest Posted: 30 Jul 2012 08:07 AM PDT The assessee borrowed money and instead of financing in rural areas invested the same in the company 'J,' where the founders of the assessee-trust are having substantial interest, which is contrary to the object of which the registration was granted to the assessee under section 12AA. Apart from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Filing of Form 23B without Payment of Fee Posted: 30 Jul 2012 04:35 AM PDT As you may be aware, the Ministry of Corporate Affairs vide its circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Subsequently, the Ministry vide its circular number 19/2012 dated 27.07.2012 has extended the last date for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| View on Filing of Cost Audit Reports & Compliance Reports in XBRL Mode Posted: 30 Jul 2012 03:58 AM PDT Ministry of Corporate Affairs vide their General Circular No. 18/2012 dated 26th July, 2012 has said that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Genesis of CDR Mechanism in India Posted: 30 Jul 2012 02:25 AM PDT In a notification issued by RBI said that promoters of companies seeking debt recast could be allowed to bring in 50 per cent of their sacrifice upfront and the balance within a period of one year. The RBI's decision follows representation by banks and the Indian Banks' Association that corporates... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Safe Harbour Provisions to be Finalised soon Posted: 30 Jul 2012 02:09 AM PDT The Prime Minister has constituted a Committee to Review Taxation of Development Centres and the IT Sector. The Committee will engage in consultations with stakeholders and related government departments to finalise the Safe Harbour provisions announced in Budget 2010 sector-by-sector. It will also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Penalty cannot be waived for mitigating factors such as financial hardship / illness Posted: 29 Jul 2012 10:24 PM PDT Perusal of the show-cause notice indicates that the appellant had realised service tax from his client but did not deposit. The mitigating factors of financial condition and illness could have been received consideration, had the appellant not realised service from its clients. Since service tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service tax paid on courier service used for dispatch of samples abroad eligible for refunded Posted: 29 Jul 2012 10:20 PM PDT Counsel submits that service of the courier was used for dispatch of the samples to abroad. When courier service is connected with export and relevancy thereof was not doubted, the appellant cannot be denied relief of credit relating to tax paid for appropriate consequence under different law. Ld.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No Service tax on supply of Ready Mix Concrete (RMC) at place desired by customer Posted: 29 Jul 2012 10:20 PM PDT Appellants are engaged in business of manufacturing Ready Mix Concrete (RMC). While supplying the goods they delivered it at the desired location on site by pumping of the RMC to the spot where it was required. Revenue has made out a case that this activity is covered under 'Commercial &... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Cenvat Credit when assessee provides both taxable & exempted services Posted: 29 Jul 2012 10:13 PM PDT The submission of the learned Counsel for the appellants is that the credit is mostly in respect of capital goods only and there is only a small portion of credit attributable to input services. He submits that the portion of Rule 6(3)(c) will apply only in respect of credit taken in respect of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CA Handed 12-Year Directorships Ban Posted: 29 Jul 2012 10:02 PM PDT A chartered accountant has been disqualified from acting as a company director for 12 years after a judge found him guilty of 'grossly improper' conduct in respect of his work as liquidator of a large number of companies. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| DGFT – Amendment in General Note for Fuel for the Product Group at Sl. No. 23 Posted: 29 Jul 2012 05:43 PM PDT Public Notice No.13 (RE:2012)/2009-2014 Description of Sl. No. 23 of General note for fuel in HBP Vol. II has been amended to harmonise it with SION C-593, as modified on 02.06.2011.
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