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Sep 26, 2012

Format of Tax Residency Certificate to avail DTAA / Treaty benefit notified

Format of Tax Residency Certificate to avail DTAA / Treaty benefit notified

Posted: 25 Sep 2012 08:20 PM PDT

Government has now vide notification No. NOTIFICATION NO. 39/2012 [, DATED 17-9-2012 released the following forms which are applicable from 1st day of April, 2013 :- FORM No. 10FA - Application for Certificate of residence for the purposes of an agreement under section 90 and 90A of the Income Tax...

Trust can invest in debt instruments of Infrastructure Finance Companies registered with RBI

Posted: 25 Sep 2012 08:19 PM PDT

CBDT has vide Notification No. 40/2012 dated 20-9-2012 allowed charitable or religious trust or institution to invest in debt instruments issued by any infrastructure Finance Company registered with the Reserve Bank of India.

e-TDS/TCS RPU (version 3.1) for statements from FY 2005-06 onwards

Posted: 25 Sep 2012 07:31 PM PDT

Key features of NSDL Return Preparation Utility (RPU) version 3.1 .. Aforementioned FVU version will be mandatory w.e.f October 16, 2012. 3. Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of...

Seminar on 'Contemporary Issues on TDS' at NADT

Posted: 25 Sep 2012 07:26 PM PDT

Deduction/Collection of direct tax at source plays one of the most crucial roles in mobilizing direct tax revenue. It is imperative to note that in the last year about 36% of total Direct Tax collection was made through TDS/TCS only. The TDS wing of the department registered an annual growth of...

No criminal prosecution against a lawyer for mere non acceptance of his opinion -SC

Posted: 25 Sep 2012 07:10 PM PDT

Merely because his opinion may not be acceptable, he cannot be mulcted with the criminal prosecution, particularly, in the absence of tangible evidence that he associated with other conspirators. At the most, he may be liable for gross negligence or professional misconduct if it is established by...

Addition based on DVO report for insignificant difference not justified

Posted: 25 Sep 2012 07:06 PM PDT

In the absence of a finding rejecting the accounts of the assessee, the reference to the DVO could not have been made by the Assessing Officer in the first place.   It is evident that the valuation in the instant case was uncritically accepted by the Assessing Officer. As can be seen from a...

Every tax advantageous action or inaction cannot be treated as a colourable device

Posted: 25 Sep 2012 07:01 PM PDT

It is important to bear in mind uncontroverted claim of the assessee that there were sufficient reserves and surplus, which were eligible for distribution as 'dividend', and the NIPL had sufficient cash balances as well. The nature of amounts distributed as dividend has not been altered as a result...

Deduction u/s. 80-IA(4)(iv)(c) is available in respect of capital work-in-progress

Posted: 25 Sep 2012 06:57 PM PDT

The deduction under section 80-IA(4)(iv)(c) is allowed for a period of ten years. The dispute in the present appeal is as to whether assessment year 2005-06 should be the first year in which the deduction should be allowed. It was clarified at the time of hearing of the appeal that from the...

Section 40A(3) – Payment to milk producers in cash not disallowable

Posted: 25 Sep 2012 06:53 PM PDT

The economic problems of milk producers are such that the Parliament/CBDT felt it necessary to incorporate that milk producer should be free to receive payments in cash. Of course, such exclusion from the rigour of the provisions of section 40A(3), is subjected to certain conditions.

No change of opinion if AO not examined or applied his mind on a particular issue-HC

Posted: 25 Sep 2012 06:34 PM PDT

There may be cases where the Assessing Officer does not and may not raise any written query but still the Assessing Officer in the first round/ original proceedings may have examined the subject matter, claim etc, because the aspect or question may be too apparent and obvious. To hold that the...

SEBI fines CA for failing to respond to summons

Posted: 25 Sep 2012 06:16 PM PDT

Market regulator Sebi today imposed a penalty of Rs 6 lakh on Dilip S Mehta, owner of a chartered accountancy firm, for failing to respond to summons issued by it in relation to a probe into the affairs of erstwhile Bank of Rajasthan. The matter pertains to alleged irregularities committed by...

S. 14A applies to funds not directly attributable to either exempt or taxable income

Posted: 25 Sep 2012 05:57 PM PDT

Interest expenses directly attributable to tax exempt income as also directly attributable to taxable income, are required to be excluded from computation of common interest expenses to be allocated under rule 8D(2)(ii).

Depreciation allowable on leased asset which in substance is a purchase

Posted: 25 Sep 2012 05:45 PM PDT

Section 32 of the Act indeed entitles an assessee, who is the owner of a property, to depreciation. As we have already held, the arrangement between the lessor and the assessee was, in effect, an agreement of sale of the property by the lessor to the assessee. The assessee is, therefore, the owner...

Prevention of Money Laundering – Money Changing Activities – FEMA

Posted: 24 Sep 2012 08:46 PM PDT

RBI/2012-13/219 A. P. (DIR Series) Circular No. 33 September 24, 2012 To All Authorised Persons in Foreign Exchange Madam/Sir, Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money...

Import of gold in any form including jewellery – FEMA Clarification

Posted: 24 Sep 2012 08:44 PM PDT

Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones - clarification

Provisional Anti Dumping Duty imposed on Resin or other organic substances bonded wood or ligneous fibre boards

Posted: 24 Sep 2012 08:40 PM PDT

Notification No.43/2012-Customs (ADD) New Delhi, dated the 21st September, 2012             G.S.R. 710 (E). – Whereas in the matter of import of Resin or other organic substances bonded wood or ligneous fibre boards of thickness below 6mm, except insulation boards, laminated fibre boards and...

Anti Dumping Duty on Paracetamol – Resurrection Again

Posted: 24 Sep 2012 08:37 PM PDT

Notification No.42 /2012-Customs (ADD) Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 99/2007-Customs, dated the 3rd September, 2007, published in the Gazette of India, Extraordinary,...

No Excuse acceptable For Delay in Filing Appeal – Govt

Posted: 24 Sep 2012 08:30 PM PDT

I am directed to bring to your kind notice that the Hon'ble Supreme Court has taken a serious view in cases of delay in filing appeals in the High Courts as also SLPs. In a particular case of delayed filing the responsibility has been directed to be fixed and action taken suitably. I am directed to...

Establishment of Liaison Offices (LO) /Branch Offices (BO) / Project Offices (PO) in India by Foreign Entities – Reporting

Posted: 24 Sep 2012 05:59 PM PDT

It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also: submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the DGP of the state...

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