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Jul 2, 2012

E-Filing of Income Tax Returns Mandatory – CBDT

E-Filing of Income Tax Returns Mandatory – CBDT

Posted: 02 Jul 2012 08:40 PM PDT

Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for - an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he...

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Service tax exemption to Railways till 30.09.2012

Posted: 02 Jul 2012 08:39 PM PDT

Notification No. 43/2012-St Govt. exempts the taxable services of the description mentioned in the Table below, provided by the Indian Railways from the whole of service tax leviable thereon under section 66B of the said Act, with effect from the date of publication of this notification in the...

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Rajiv Gandhi equity scheme -Lock in period may be reduced to 1 year

Posted: 02 Jul 2012 08:38 PM PDT

Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to...

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Service Tax on All Services A Reality Now

Posted: 02 Jul 2012 08:37 PM PDT

The consumption of services in India has become costlier w.e.f. 1.7.2012. The services which were hitherto not taxable at all are into tax net now. Those which were taxed earlier have a larger scope or are taxed with lesser exemptions. The valuation norms have been made tougher so that Service Tax...

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Tax can not be claimed from both service provider & recipient

Posted: 02 Jul 2012 08:36 PM PDT

Bench held that When the transporter is same and recipient is respondent and there is no contradiction that tax was collected from the transporter, double taxation on the same transaction is inconceivable under the present provisions of Finance Act, 1994.

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Section 115JB – Interest capitalised cannot be added to book profit

Posted: 02 Jul 2012 08:35 PM PDT

The Assessing Officer is not competent to make addition to the book profit for amount of interest, as the net profit had already been computed as per provisions of the Companies Act. The said amount does not fall under section 115JB(2) and Explanation 1 thereunder. Therefore, the appeal of the...

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Assessee not entitled to deduction u/s. 54EC while computing book profit u/s. 115JB

Posted: 02 Jul 2012 06:15 PM PDT

Assessee contended that it is entitled to the benefit of exemption under section 54EC of the Act even while computing book profit chargeable to tax under section 115JB of the Act. The Bench, while passing the order, followed the decision of the Hon'ble Kerala High Court to hold that the assessee...

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Admitting additional evidence without calling for remand report violates Rule 46A

Posted: 02 Jul 2012 05:00 PM PDT

We find that certain fresh documents have been produced before CIT(A) and CIT(A) without calling for remand report or confronting such material to the Assessing Officer has passed the impugned order in a very precise manner to delete the impugned addition which is not justified. So, action of the...

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While dealing with application u/s. 80G(5) CIT cannot act as assessing authority

Posted: 02 Jul 2012 03:44 PM PDT

The Hon'ble Gujarat High Court in the case of N.N. Desai Charitable Trust (supra) while deliberating upon the scope of enquiry for the purpose of granting of recognition u/s.80G of the Act opined that it does not envisage the commissioner to act as an assessing authority because the actual...

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Loss created from sale / Purchase of shares through sister concerns not allowable

Posted: 02 Jul 2012 01:52 PM PDT

Premier Mills Limited merely used the assessee firm as a special vehicle for the purpose of achieving, what it would not be possible for it to achieve in a legal way. It was found that as Premier Mills Limited could not purchase its own shares and in order to circumvent Section 77 of the Companies...

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Full value of consideration cannot be replaced by FMV if it exceeds stamp duty value

Posted: 02 Jul 2012 01:26 PM PDT

Having regard to the nature of the asset, if the AO is of the opinion, that valuation of the capital asset is required, but such reference can be made only to ascertain the fair market value, therefore, the applicability of section 55A(b)(ii) is also limited one. We have read section 50C alongwith...

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Change in shareholding with sole object of gaining control of company is oppression

Posted: 02 Jul 2012 01:26 PM PDT

The petitioners allegations that their group has been converted from a majority to a minority in shareholding and respondents representation in management has substantially been increased are found to be correct. In view of the continuous effects of such oppressive acts, to undo the effects and to...

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Sec. 11B – Time Limit to claim refund not applies to duty paid under protest

Posted: 02 Jul 2012 01:23 PM PDT

Apparently the Superintendent took objection for the debit of interest in the cenvat credit and thereafter the appellants made the cash payment. Under these circumstances it has to be held that the payments made by the appellant were under protest only and therefore the time limit under Section 11B...

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Rail Transportation of Passengers & Goods Exempt from Service Tax for 3 Months

Posted: 02 Jul 2012 12:01 PM PDT

The Ministry of Finance has issued Notification No. 43/2012-St, dated 2-7-2012 which states that the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the two kinds of services provided by Indian Railways namely Service of transportation of...

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Service Tax (Second Amendment) Rules, 2012 – Corrigendum

Posted: 01 Jul 2012 09:06 PM PDT

Notification [F. No. 334/01/2012- TRU], dated 2-7-2012 - In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide...

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Conditions for export of Carpets, Handicraft items & Silk items

Posted: 01 Jul 2012 09:01 PM PDT

Notification No. 5 (RE-2012)/2009-2014 Export of Handmade Woolen Carpets, Handicraft items and Silk items etc. (details given above) shall not be permitted on the basis of Documents against Acceptance (D/A) except when covered by (a) Guarantee from Bank or ECGC or (b) made to own Subsidiaries etc.

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Prohibition on import of milk and milk products from China extended till 23.6.2013

Posted: 01 Jul 2012 09:00 PM PDT

Notification No.04 (RE – 2012)/2009-2014 Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is further extended till 23.6.2013 or until further orders,...

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RBI issues master Circulars updated till 30.06.2012

Posted: 01 Jul 2012 08:36 PM PDT

Master Circular – Use of Hindi in Banks Master Circular – Operational Guidelines to Primary Dealers Master Circular- Disbursement of Pension by Agency Banks Master Circular – Lending to Micro, Small & Medium Enterprises (MSME) Sector Master Circular – Detection and Impounding of...

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Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 – Amended upto June 30, 2012

Posted: 01 Jul 2012 07:27 PM PDT

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars / notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated...

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Non-Banking Financial (Non – Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 updated till 30.06.2012

Posted: 01 Jul 2012 07:24 PM PDT

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The instructions contained in the Notification No. DNBS. 193 DG(VL)-2007 dated February 22 , 2007 updated as on June 30, 2012 are reproduced...

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RBI – Maintenance of CRR on Foreign Currency (Non-Resident) [FCNR (B)] Scheme

Posted: 01 Jul 2012 07:20 PM PDT

As per extant guidelines in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio (CRR), Regional Rural Banks (RRBs) may use the FEDAI indicative rate for all the four major currencies (viz. US dollar, GBP, Japanese Yen, and DM/Euro) on...

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