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Jul 4, 2012

Download ITR-5 & ITR-6 in PDF For A.Y. 2012-13

Download ITR-5 & ITR-6 in PDF For A.Y. 2012-13

Posted: 04 Jul 2012 06:02 PM PDT

NOTIFICATION NO.25/2012 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (7th...

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CMA – President Communique for July, 2012

Posted: 04 Jul 2012 05:42 PM PDT

The Parliament passed the Amendment to The Cost and Works Accountants Act changing the name of the Institute to The Institute of Cost Accountants of India at the same time allowing the use of the designation ACMA and FCMA to denote the membership. Council passed resolution to rename all...

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ICAI Announces date of November CA exams

Posted: 04 Jul 2012 05:37 PM PDT

No. 13-CA (EXAM)/N/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and...

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Bogus Purchase cannot be subject matter of best judgment assessment

Posted: 04 Jul 2012 05:11 PM PDT

J.R. Solvent Industries (P.) Ltd. v. CIT Section 145 deals with method of accounting. However, under section 145(2) where the Income-tax Officer is not satisfied about the 'correctness' or 'completeness' of the accounts of the assessee or where no method of accounting has been regularly employed by...

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CS in Practice recognised to appear before Delhi Value Added Tax Authorities

Posted: 04 Jul 2012 05:09 PM PDT

We are pleased to inform you that the Government of Delhi has notified Delhi Value Added Tax (Second Amendment) Act, 2012 vide Notification No. F.14 (6)/LA-2012/cons2law/61 dated 15th June 2012 amending Section 82(1)(b)to include the Practising Company Secretaries to appear before the Delhi VAT...

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View Solicited on MCA Exposure Draft on XBRL Taxonomy based on Revised Schedule VI

Posted: 04 Jul 2012 05:04 PM PDT

Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account for the financial year 2011-12 based on Revised Schedule VI.

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Accounting for agreements for the construction of real estate [IFRIC 15 under IFRS]

Posted: 04 Jul 2012 04:48 PM PDT

On 3 July 2008, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 15 Agreements for the Construction of Real Estate. The Interpretation addresses the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly...

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Service Tax on Renting – Immovable property do not include hotels, hostels, boarding houses, Residential House property

Posted: 04 Jul 2012 04:43 PM PDT

Appellant has rented out / leased the land along with the entire building, swimming pool and restaurant, bar, parking etc. with all the facilities as provided in the base building and the amenities and facilities under an agreement on monthly rental basis and a hotel is being run in the said...

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In the absence of right to receive advance cannot be treated as Income

Posted: 04 Jul 2012 04:25 PM PDT

Even though assessee is following the cash system of accounting, following the decision of the Hon'ble Supreme Court in the case of Commissioner of Income tax. v. Shoorji Vallabhdas & Co, 46 ITR 144 relied on by the Counsel before the Bench that mere advance received does not partake the...

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Interest on delayed receipt of compensation on land acquisition is liable to TDS

Posted: 04 Jul 2012 04:21 PM PDT

The acquisition is of the year 2001 while the compensation has been paid somewhere in the year 2009. Keeping in view the law laid down by the Apex Court in the matter of Bikram Singh v. Land Acquisition Collector [1996] 89 Taxman 119, it is to be held that interest received on delayed payment is a...

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Deduction u/s. 80-IAB to SEZ developer allowable on income by way of lease rentals of developed area

Posted: 04 Jul 2012 04:20 PM PDT

The assessee is an approved Developer of SEZ. The only activity carried on by the assessee is developing a sector specific SEZ. It has leased out the developed plots to the entrepreneurs who had obtained the letter of approval from the competent authority. Sec.80-IAB provides that setting up of a...

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CAs are capable of putting a stop to corruption & black money

Posted: 04 Jul 2012 03:59 PM PDT

Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India's (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation...

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Taxability of BOT Contracts under Punjab VAT Act, 2005

Posted: 04 Jul 2012 03:58 PM PDT

In today's Global Economy BOT Contracts are playing vital role in the Development of infrastructure but there is no proper legislation and pronouncements which clarifies the status of taxability on these type of transactions. It is very disappointing to point out that tax authorities in their...

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Administrative relief in respect of import export licenses covered under Schedule Entry C-39 of MVAT Act, 2002

Posted: 04 Jul 2012 03:53 PM PDT

Circular No.10T of 2011. The State Government has issued a Government Resolution referred above providing administrative relief for the period 1st April 2005 to 31st December 2010 to the dealers who have collected and paid tax in respect of duty paid scrips which were tax-free prior to 1st January...

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Govt extends 1 pc home loan subsidy scheme by one year

Posted: 04 Jul 2012 03:48 PM PDT

The Union Cabinet today approved the proposal for extending the scheme of interest subvention of 1% on housing loans upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh for the year 2012-13 and to amend the operational part of guidelines for release of funds.

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Basmati Rice can be exported without any Minimum Export Price (MEP)

Posted: 04 Jul 2012 03:40 PM PDT

Notification No. 6 (RE-2012) /2009-2014 In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby deletes...

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Govt imposes Anti-dumping duty on import of Soda ash

Posted: 04 Jul 2012 02:20 PM PDT

Notification No. 34 /2012-Customs (ADD) Whereas, in the matter of import of Soda Ash (hereinafter referred to as the subject goods), falling under sub-heading 283620 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the customs Tariff Act), originating...

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From 1st July 2012 PTRC holder to pay Profession Tax electronically

Posted: 04 Jul 2012 02:12 PM PDT

No. PFT. 1012/C.R. 29/Taxataon-3 Government of Maharashtra hereby specify that, with effect from the 1st July 2012, every employer holding Profession Tax Registration Certificate shall pay tax, interest, penalty or any amount due and payable by or under the said Act, electronically in the manner as...

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Assessee Entitled To Raise Claim For Deduction Even Outside Return of Income

Posted: 03 Jul 2012 08:06 PM PDT

It is clear to us that the Supreme Court did not hold anything contrary to what was held in the previous judgments to the effect that even if a claim is not made before the assessing officer, it can be made before the appellate authorities. The jurisdiction of the appellate authorities to entertain...

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Service tax cannot be demanded from recipient of GTA service during period 16-11-1997 to 2-6-1998

Posted: 03 Jul 2012 08:01 PM PDT

The material on record would clearly show that there is no doubt I about the date on which the amendment was made to the provisions of the Act retrospectively with effecf from 11-5-2000. The show cause notice is issued on 9-11-2004. In view of the decision of the Supreme Court and decision of this...

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