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Jul 19, 2012

Claim Interest on Income Tax Refund for delay

Claim Interest on Income Tax Refund for delay

Posted: 18 Jul 2012 08:29 PM PDT

It is important to know some of the reasons that may have caused the delay in Income Tax Refund. If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high.Tax authorities have...

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How costly can the delay in filing tax returns be?

Posted: 18 Jul 2012 08:26 PM PDT

Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date' prescribed in section 139(1) of the Income Tax Act, 1961. Self-employed businessmen and professionals, and those deriving income from let-out property too have to file...

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Tribunal not authorized to extend stay of demand beyond maximum period of 365 days

Posted: 18 Jul 2012 08:25 PM PDT

The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No....

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Taxation of Services – Confusion Persists

Posted: 18 Jul 2012 08:24 PM PDT

India has migrated to new regime of Service Tax w.e.f. July 1, 2012 where in all services, except negative list of services and exempted services are liable to suffer Service Tax @ 12.36 percent. While the government expects over 125 lakh crore rupees from Service Tax in current fiscal, it appears...

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LIC's Jeevan Vaibhav – New single premium endowment assurance plan

Posted: 18 Jul 2012 08:20 PM PDT

LIC's Jeevan Vaibhav is a close-ended single premium endowment assurance plan which offers guaranteed benefits on death and maturity along with Loyalty Addition, if any, payable on maturity or on death in the last policy year. The plan will be open for sale for a maximum period of 120 days from the...

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Update to Article 26 Of OECD Model Tax Convention

Posted: 18 Jul 2012 08:01 PM PDT

1. The competent authorities of the Contracting States shall exchange such information as is foreseeably relevant for carrying out the provisions of this Convention or to the administration or enforcement of the domestic laws concerning taxes of every kind and description imposed on behalf of the...

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Companies to file XBRL Return without additional fee/ penalty up to 15.11.2012

Posted: 18 Jul 2012 07:48 PM PDT

Additional Fee Exemption: All companies referred to in the 1st Para, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty up to 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.

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CA Final, CPT & ISA Examination Result today

Posted: 18 Jul 2012 07:33 PM PDT

Results of the CA Final Examination May 2012, CPT June 2012 and ISA June, 2012 are likely to be declared by the evening of 19th July, 2012 on the following website. http://www.caresults.nic.in We at taxguru.in would like to wish all the best to the student who appeared for CA Final...

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No tax avoidance in conversion of Indirect Shareholding in Direct through Merger

Posted: 18 Jul 2012 07:18 PM PDT

The Transferor Companies are in existence since 1975. It was felt that it would be in the interest of the Transferee Company to merge the five Transferor Companies with the Transferee Company, and to enable the Promoter thereof to hold shares directly in the Transferee Company rather than...

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In absence of rejection of Books, addition on estimate basis cannot be made

Posted: 18 Jul 2012 07:03 PM PDT

Hon'ble Supreme Court in the case of Sargam Talkies (refer to supra) clearly shows that in absence of rejection of books of account maintained by the assessee in respect of cost of construction, no addition on estimate basis can be made. In the present case, a perusal of the assessment order...

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Merely looking at B/s and P/L A/c, one cannot infer nature of expenditure

Posted: 18 Jul 2012 06:58 PM PDT

Hon'ble Bombay High Court in Amitabh Bachan Corporation Ltd.,(supra) held that whether an expenditure was on revenue account or capital account is required to be examined in the light of the totality of all facts for this purpose. Evidence would be required in the form of documents and accounts and...

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EPFO to launch Special Recovery Drive from 1st August, 2012

Posted: 18 Jul 2012 07:21 AM PDT

EPFO issues an internal circular dated 13 July 2012 on 'Special Recovery Drive from 1 August, 2012 to 30 September, 2012'. The circular reiterates the launching of the special recovery drive to recover the arrears of provident fund from both un-exempted and exempted establishments and the actions...

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Quick Referencers (April 1 – June 30, 2012)

Posted: 18 Jul 2012 06:43 AM PDT

We are attaching below quick referencer Prepared by Team of B Mathur & Co. Referencer contains updates on Circulars and Notifications related to Companies Act, LLP Act, Excise Duty, Custom Duty, DGFT & SEBI for the period from 04.04.2012 to 30.06.2012. Link to Download the referencer...

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VAT Refund through Electronic Clearing Service (ECS) in Maharashtra

Posted: 17 Jul 2012 10:21 PM PDT

You are well aware that the State Government vide notification cited at Ref.-l inserted rule 45A so as to enable remittance of refund through Electronic Clearing Service (for short ECS). By virtue of this rule the State Government has taken powers to notify the dealers or classes of dealers to whom...

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Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident and Non-Resident (External) Accounts

Posted: 17 Jul 2012 09:02 PM PDT

Please refer to paragraph 5 of the directives enclosed to the circular DBOD.Dir.BC.47/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of Non-Resident (External) deposits of staff members, existing or...

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Guidelines for Mandatory Training for all Members of ICAI under Continuing Education Programme

Posted: 17 Jul 2012 09:00 PM PDT

To meet the requirement of professional skills in the current changing dynamic economic scenario, Cost Accountants in practice and service (members of ICAI) should equip themselves with the new skills and concepts to meet the challenges and render yeomen's services to trade, commerce and industry....

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Chairman, CBEC Awards AEO Certificates and Launches CBEC'S Interactive Customs Tariff Website

Posted: 17 Jul 2012 08:55 PM PDT

India has developed an Authorized Economic Operator (AEO) Programme consistent with World Customs Organization (WCO) SAFE Framework of Standards. The trade supply chain has become extremely complicated and vulnerable to external threats which led to an urgent need to have a system that ensures end...

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Anti dumping duty on the imports of 'Grinding media Balls' originating in, or exported from Thailand & China

Posted: 17 Jul 2012 08:48 PM PDT

Notification No.36 /2012-ADD, New Delhi, dated the 16th July, 2012 Whereas in the matter of imports of 'Grinding Media Balls' (excluding Forged Grinding Media Balls, hereinafter referred to as the subject goods), classified under Chapter 73 of the First Schedule to the Customs Tariff Act, 1975...

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Master Circular on Allied Activities – Entry Into Insurance Business, Issue Of Credit Card & Marketing & Distribution Of Certain Products

Posted: 17 Jul 2012 08:16 PM PDT

MASTER CIRCULAR DNBS (PD) CC No. 287/03.10.001/2012-13, DATED 2-7-2012 In the statement of Monetary and Credit Policy for the year 2000-2001 announced by our Governor on April 27, 2000 it was indicated, inter alia, that the guidelines for entry of NBFCs into insurance business would be announced....

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RBI Master Circular on Corporate Governance

Posted: 17 Jul 2012 08:14 PM PDT

Master Circular DNBS (PD) CC No. 288/03.10.001/2012-13, DATED 2-7-2012 As it is evident, the need for good corporate governance has been gaining increased emphasis over the years. Globally, companies are adopting best corporate practices to increase the investors confidence as also that of other...

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Master Circular on NBFCs Auditor's Report (Reserve Bank) Directions, 2008

Posted: 17 Jul 2012 08:11 PM PDT

Master Circular DNBS (PD) CC No. 280/03.02.001/2012-13, dated 2-7-2012 Matters to be included in the Auditor's report - The auditor's report on the accounts of a non-banking financial company shall include a statement on the following matters, namely: -(A) In the case of all Non-Banking Financial...

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RBI Master Circular on Future Approach towards Monitoring Of Frauds in NBFCs

Posted: 17 Jul 2012 08:08 PM PDT

MASTER CIRCULAR DNBS.PD.CC. NO.283/03.10.042/2012-13, DATED 2-7-2012 Incidence of frauds in NBFCs is a matter of concern. While the primary responsibility for preventing frauds lies with NBFCs themselves, a reporting system for frauds is prescribed in the following paragraphs, which may be adopted...

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Introduction of New Category of NBFCs – 'Non Banking Financial Company-Micro Finance Institutions' (NBFC-MFIs) – Directions

Posted: 17 Jul 2012 08:06 PM PDT

Master Circular DNBS.(PD)CC.No.293/03.10.38/2011, dated 2-7-2012 As indicated in the Second Quarter Review of Monetary Policy in November 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector. The...

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RBI – Interest Rates on Deposits held in FCNR (B) Accounts

Posted: 17 Jul 2012 08:04 PM PDT

Please refer to paragraph 4 of the directives enclosed to our circular DBOD.Dir.BC.49/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of FCNR(B) deposits of staff members, existing or retired, interest rate...

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Non compete fees chargeable to tax as Business Income, not as Capital Gain

Posted: 17 Jul 2012 05:30 PM PDT

Learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT "D" Bench Mumbai concluded that provisions of section 28(va)(a) would apply and consequently the amount received by that assessee would be...

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Assessee can request for recall of ITAT order for Apparent mistakes in the order

Posted: 17 Jul 2012 05:30 PM PDT

This Miscellaneous application has been filed by the assessee requesting for recall of the order dated 24.9.2010 of the Tribunal in ITA No.6830/M/05. Apparent mistakes have been pointed out in relation to grounds at Sl.No.(A), (D) and (I) raised by the assessee in the appeal.

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Validity of Reopening of assessment u/s. 147 on the ground that assessee was not entitled to exemption u/s 54EC in original assessment order

Posted: 17 Jul 2012 05:10 PM PDT

It appears that all facts were available on record and according to the respondents was only erroneously granted. This is a clear case of review of an order. The application of law or interpretation of a statue leading to a particular conclusion cannot lead to a conclusion that tax has escaped...

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IRDA – Modified Guidelines on Advertisements

Posted: 17 Jul 2012 10:06 AM PDT

In partial modification of point no. 3.7.1 of Advertisement Guidelines Circular No. 007/IRDA/Cir/Adv/May-07 dated 14th May, 2007 relating to Joint Sale Advertisements, it is decided to permit Insurers to release Joint Sales Advertisements, without prior approval of the Authority, in accordance to...

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Notification No. 60/2012-Customs (N.T.), Dated the 17th July, 2012

Posted: 17 Jul 2012 09:58 AM PDT

Notification No. 60/2012-Customs (N.T.), S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner...

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Appoints the Joint Commissioner or Additional Commissioner of Customs (Port), Custom House, 15/1, Strand Road, Kolkata, to act as a common adjudicating authority

Posted: 17 Jul 2012 09:53 AM PDT

Notification No. 59/2012-Customs (N.T.) New Delhi, dated the 17th July, 2012. S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint...

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