Deductors to Ensure Correct Credit to Persons of Whose TDS is Deducted

Deductors to Ensure Correct Credit to Persons of Whose TDS is Deducted Posted: 10 Jul 2012 07:31 PM PDT All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Frequency of Service Tax Return / Payment – Monthly, Quarterly, Half yearly? Posted: 10 Jul 2012 05:45 PM PDT Budget 2012 Presented by Finance Minister on 17.03.2012 proposed that the cycles for the payment service tax and filing of return should coincide. In View of the same Following Changes are proposed in Rules Related to periodicity of Service tax Return Filing and Service tax payment. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    MEF Empanelment for Bank Audit for 2012-13 Starts Posted: 10 Jul 2012 07:45 AM PDT ADVISORY FOR MULTIPURPOSE EMPANELMENT FORM (MEF) FOR THE YEAR 2012-13 - 1. Last date for submission of applications on the website www.meficai.org is 14th August 2012. 2. Please use Internet Explorer 6.0/ Mozilla Firefox 7.0 or later versions to fill MEF 2012-13. Members are advised to fill MEF... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Service Tax on remittance of foreign currency in India from overseas Posted: 10 Jul 2012 07:34 AM PDT CIRCULAR NO. 163/14/2012-ST, Concerns have been expressed in various forums regarding the leviability of service tax on the remittance of foreign currency in India from overseas. 2. The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Taxation of Private Trusts & Applicable Tax Rates Posted: 10 Jul 2012 07:31 AM PDT When the shares of the individual beneficiaries are determinate:- a. The shares falling to each of the beneficiaries are liable to be assessed, either in the hands of the trustee(s) as a representative assessee or directly in the hands of the beneficiary entitled to the income. Such assessment is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Indian Legal System – Problems may not end soon? Posted: 10 Jul 2012 05:35 AM PDT A good legal system represents good governance in the Country. We may say that India is a vibrant democracy and we may further proudly say that Indian society reflects 'Unity in Diversity'. There are critics of democracy and they show caste politics, purchasing votes in elections, leaders looting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    ITAT SB explains scope of assessment or reassessment u/s.153A(1)(b) & Sec. 80IA Posted: 10 Jul 2012 03:54 AM PDT These appeals involving certain common grounds regarding interpretation of section 153A of the Income-tax Act, 1961, and claimed for deduction under section 80-IA (4) of the Act. The same are being discussed by us with reference to the facts of the case for assessment year 2004-2005 in the case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Mere Share speculation transaction not enough to treat capital gain as business profit Posted: 10 Jul 2012 01:12 AM PDT Tribunal after examining the evidence upheld the order of CIT(A) and concluded that the respondent was an investor in shares and entitled to be taxed under the head capital gains in respect of purchase and sale of shares. The Tribunal after examining the facts found that the respondent had not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Proper reasons must be given for non-acceptance of additional evidence under rule 46A Posted: 10 Jul 2012 12:00 AM PDT It is not the case of the assessee, at this stage, that the AO has not given sufficient opportunity; the case of the assessee is that the additional evidence produced before the CIT(A) ought to have been admitted under Rule 46A. If additional evidence is not admitted, the ld. CIT(A) ought to have... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Non submission of creditors details cannot be ground for making addition if books are seized by revenue Posted: 09 Jul 2012 11:20 PM PDT As regarding the other addition of Rs.34,82,972/- on account of Sundry creditors the ld. CIT(A) has deleted the same by relying upon the decision of the Hon'ble Apex Court in the case of CIT vs. Sugauli Sugar Works (P) Ltd. 236 ITR 518 (SC) without going into the facts of the case. In this case the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Decision not merely mean the 'conclusion' it includes reasons forming basis for conclusion Posted: 09 Jul 2012 11:10 PM PDT The requirement of recording of reasons and communication thereof has been read as an integral part of the concept of fair procedure and safeguard to ensure observance of the rule of law. We may point out that a 'decision' does not merely mean the 'conclusion'. It embraces within its fold the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Australian Tax Office – How to work out if an arrangement is a tax avoidance scheme Posted: 09 Jul 2012 10:19 PM PDT Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    MVAT – List of beneficiary dealers against whom police complaints lodged after 01.04.2011 Posted: 09 Jul 2012 09:30 PM PDT List of beneficiary Maharashtra VAT dealers against whom police complaints lodged after 01.04.2011 - Download List - Source - http://mahavat.gov.in/Mahavat/index.jsp [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    KYC once done by one branch of bank should be valid for transfer of account within the bank Posted: 09 Jul 2012 09:30 PM PDT It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. In such cases, insisting on opening of a fresh account or subjecting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Clarification on Investor Education And Protection Fund (Uploading Of Information Regarding Unpaid And Unclaimed Amounts Lying With Companies) Rules, 2012 Posted: 09 Jul 2012 09:28 PM PDT (a) As per new rule 3 of Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, return is to be filed in form 5 INV. However, it is not clear what is the cut-off date for it? - Ans. The cut-off date refers to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    RBI releases the gist of comments on the draft guidelines for licensing of new banks Posted: 09 Jul 2012 09:25 PM PDT The Reserve Bank of India released on its website today, the gist of comments and suggestions received on the draft guidelines for licensing of new banks in the private sector which were placed on its website on August 29, 2011. Comments and suggestions were received from general public,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Provisional assessment to imports of vitrified & porcelain tiles, originating in or exported from China Posted: 09 Jul 2012 09:20 PM PDT Notification No. 35/2012-Customs (ADD) Seeks to provide provisional assessment to imports of vitrified and porcelain tiles, originating in or exported from China PR by certain parties, pending the outcome of New Shipper Review [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Sections 51, 63, 64, 65 of LLP Act,2008 notiifed Posted: 09 Jul 2012 09:06 PM PDT Central Government hereby makes the following amendments in the notification number S.O. 891(E), dated the 31st March, 2009, namely:- 2. In the said notification,- (a) after serial number 5 and the entries relating thereto, the following serial number and entries shall be inserted, namely: 5A.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]    Direct Investment by Residents in Joint Venture /Wholly Owned Subsidiary Abroad – Master Cir. No. 11/2012-13 Posted: 09 Jul 2012 09:05 PM PDT MASTER CIRCULAR NO. 11/2012-13, DATED 2-7-2012 Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms of clause (a) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999, (42 of 1999) read with Notification... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]