ICAI accepts mistake in deceleration of IPCE result of Divya Vasudeva Posted: 09 Aug 2012 08:41 PM PDT The result of Group-II, Integrated Professional Competence Examination (IPCE) held in May 2012 of Ms. Divya Vasudeva (Roll No.310853) which was hosted on the Institute's website on August 7, 2012 showed her as passed in that group with a total of 133 marks which was an error. The factual position... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| FAQs on Applicability of VAT on Construction projects in Maharashtra Posted: 09 Aug 2012 08:05 PM PDT Admitting while not accepting that the State of Maharashtra can levy tax on such a transaction, will our members get the credit of input tax paid while effecting purchases of materials like cement, iron 86 steel etc. required to be used in the Construction project. The members would pay the tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| TDS applicable only if the amount is expenditure or income of one of the party Posted: 09 Aug 2012 06:52 PM PDT The provisions of TDS were introduced in the statute so that tax is collected by Revenue at source on certain types of income. In other words, it is the income which determines the extent or amount of tax to be deducted at source. Income sought to be taxed by taxing statutes is always the real... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Depreciation allowable on Goodwill Posted: 09 Aug 2012 06:13 PM PDT Delhi High Court has upheld that 'payment on account of goodwill is similar to assets like patents, copyrights, trademarks, licences referred to in the definition of the block of assets in the senses that the function of all these assets is to restrict their misuse and to earn maximum profits in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Loss from Derivative Transactions on NSE & BSE before 25.01.2006 is Speculative Posted: 09 Aug 2012 05:49 PM PDT In this case during the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee company had incurred loss of Rs. 1,15,880/- in respect of derivative transaction during the period under consideration. Assessing Officer further noticed that the transactions in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Gift from unconnected persons cannot be genuine Posted: 09 Aug 2012 05:42 PM PDT Delhi High Court in the case of Rajiv Tondon vs. ACIT 294 ITR 488 has held that in a case where two donors had absolutely no connection with the assessee and they made gifts to the assessee only because he needed money to buy a house and they wanted to help him. It was held that this was not only... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SSI Exemption under Service Tax Posted: 09 Aug 2012 03:53 AM PDT Central Government exempts taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under section 66B of the said Finance Act except the following services described below; [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| How to get relief in case of Double Taxation? Posted: 09 Aug 2012 03:30 AM PDT In any country the tax is levied based on 1) Source Rule and 2) the Residence Rule. The source rule holds that income is to be taxed in the country in which it originates irrespective of whether the income accrues to a resident or a non-resident whereas the residence rule stipulates that the power... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| MVAT – Grant of Registration and Administrative Relief to Developers Posted: 08 Aug 2012 11:09 PM PDT Trade Cir. 14T of 2012 he Hon. Bombay High court has delivered judgement in case of Maharashtra Chamber of Housing Industry (MCHI) vs. State of Maharashtra in respect of the writ petition no. 2022 of 2007. The constitutional validity of the amendment to section 2(24) of the Maharashtra value added... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Guarantee commission Income should be spread over the period to which it relates Posted: 08 Aug 2012 10:20 PM PDT Income from deferred guarantee commission did not accrue or arise in the year in which guarantee agreements were entered'. It was held that such income should be spread over the period to which the guarantee commission related and should be assessed proportionately. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest u/s. 234D will also apply to A.Y. commencing before 1-6-2003 if the regular assessment reducing refund completes on or after 1-6-2003 Posted: 08 Aug 2012 10:14 PM PDT The learned Counsel for the assessee submitted that section 234D cannot apply to the extant case because refund was granted on 24.04.2003 which is well before the date of insertion of section 234D itself. Referring to the language of sub-section (1) : '… where any refund is granted …….', it was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Trust entitled to depreciation on assets, even if cost of such assets allowed as deduction u/s. 11 Posted: 08 Aug 2012 09:59 PM PDT Assessing Officer's stand that 'provision of computation of income under Section 11' does not contain any provision which may entitle an assessee to claim weighted deduction for any expenses incurred' is not acceptable as Section 11 provides that the income of the Trust is to be computed on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| MVAT -Amendment to the certain Laws administered by Sales Tax Department Posted: 08 Aug 2012 09:46 PM PDT Trade Circular No. 13T of 2012 To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2012) to amend the Maharashtra Sugarcane Purchase Tax Act, 1962, the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975, the Maharashtra Tax on Entry of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Rs. 22637 crore lying in Inoperative EPF accounts Posted: 08 Aug 2012 08:47 PM PDT The Ministry of Labour and Employment has informed that there is no unclaimed fund lying with Employees' Provident Fund Organization. However, there are certain accounts which are classified as Inoperative Accounts and all such accounts have a definite claimant. For the year 2011-12 an amount of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Revised s guideline on Priority Sector Lending Posted: 08 Aug 2012 08:45 PM PDT The Reserve Bank of India (RBI) has, revised its guideline on Priority Sector Lending (PSL) on 20.07.2012. The details of important changes in the activities included in the revised Priority Sector Lending guidelines are as under: • Overall target under priority sector is retained at 40 per cent.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Custom Notification No. 68 to 73/2012-Customs (N.T.) – Appointing Common Adjudicating Authority Posted: 08 Aug 2012 07:55 PM PDT NOTIFICATION NO 68/2012-Cus., (NT) Dated: August 8, 2012 In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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