CBDT Extended Due Date to 31.08.2012 for all returns which were due to be filed by 31.07.2012

CBDT Extended Due Date to 31.08.2012 for all returns which were due to be filed by 31.07.2012 Posted: 01 Aug 2012 08:30 PM PDT A section of Media has reported that the Central Board of Direct Taxes has extended 'due date' of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] PCC & IPCC May 2012 examination result likely on 7th August, 2012 Posted: 01 Aug 2012 08:08 PM PDT The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2012 are likely to be declared tentatively on Tuesday, the 7th August, 2012 around 5.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55%... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] India Signs Tax Information Exchange Agreement with Monaco Posted: 01 Aug 2012 07:57 PM PDT Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on duty concessions on import of certain specified sports goods, equipments & requisites Posted: 01 Aug 2012 07:39 PM PDT Circular No. 21 /2012-Customs - From the wordings of the notification no. 146/64-Customs dated 13.07.1994, it is seen that the exemption covers two broad categories of goods. First category covering sports goods required for training purposes by a sports person of outstanding eminence, which are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Addition u/s 68 for share application money received in bank if assessee establishes identity of share applicants Posted: 01 Aug 2012 06:32 PM PDT Indisputably, certain discrepancies crept in while furnishing the information requisitioned by the AO from the assessee in respect of the aforesaid amount of Rs. 10 lacs from M/s Melco Sales Pvt. Ltd. and Rs. 5 lacs from M/s Poonam Corporation Ltd. towards share application money vis-à-vis... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Show Cause notice not mentioning ground for initiating action u/s 263 is invalid Posted: 01 Aug 2012 06:21 PM PDT It was the submission by the ld. AR that the show cause notice issued u/s 263 of the IT Act on 23.01.2012 had not mentioned which order was erroneous nor had he mentioned the error in the assessment order. It was the submission that the show cause notice did not show as to how and what was the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee need not reside abroad permanently to be treated as non resident Posted: 01 Aug 2012 09:55 AM PDT Test of residence will be determined on the basis of number of days of stay in India and not by the interpretation adopted by the lower authorities in this case. It has not been disputed by the revenue that the number of days of the stay of assessee in India are less than 182 days. In these facts... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] In Scrutiny Assessment A.O cannot totally ignore information given in revised belated return Posted: 01 Aug 2012 09:35 AM PDT The assessee-company initially filed u/s 139(1), a return supported by regular accounts, and showing substantial book profit and offering MAT. However thereafter its accounts came to be inspected by the Registrar of Companies who gave certain directions to modify its Annual Accounts. On the basis... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA extends due date to file Form No. 5 INV to 31st August 2012 Posted: 31 Jul 2012 10:15 PM PDT GENERAL CIRCULAR NO. 20/2012 (a) Any Company, which has filed multiple Form 5 INV while uploading the information for the year 2010-11 on or before the date of issue of this circular, should again file Form 5 INV (single) and upload the details of investors in excel template. This process should... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt Permits investments from Pakistan Posted: 31 Jul 2012 09:58 PM PDT Present Position - As per paragraph 3.1.1 of 'Circular 1 of 2012 - Consolidated FDI Policy', effective from 10-4-2012, investment from a citizen of Pakistan or an entity incorporated in Pakistan is not permitted. 2.0 Revised Position - The Government of India has reviewed the policy, as contained... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of exchange of conversion of each of the foreign currency wef 02.08.2012 Posted: 31 Jul 2012 09:15 PM PDT Notification No.67/2012-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Custom – Change in tariff value of Gold, Silver, Palm Oil etc. Posted: 31 Jul 2012 09:02 PM PDT Notification No. 66/2012 – Customs (N. T.),  31st  July, 2012             S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Custom Circular to give effect to Changes in Foreign Trade Policy 2009-14 Posted: 31 Jul 2012 09:01 PM PDT Circular No. 20 /2012-Cus Changes in the Foreign Trade Policy 2009-14 issued - In para 4.1.2 of FTP (applicable to Advance Authorization and DFIA schemes) the formula/norm for Value Addition (except for gems and jewelery) has been tightened by including reference to intent of claiming drawback,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt bans export of edible oil in branded consumer packs Posted: 31 Jul 2012 07:17 PM PDT Notification No 9 (RE – 2012)/2009-2014 (i) Export of edible oils in branded consumer packs has been prohibited. (ii) Transitional arrangements under Para 1.5 of FTP shall not be applicable.