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Oct 17, 2012

Works Contract Service after Negative List-Part II(Reverse Charge Mechanism)

Works Contract Service after Negative List-Part II(Reverse Charge Mechanism)

Posted: 17 Oct 2012 05:30 PM PDT

What is reverse charge: Before jumping to the reverse charge mechanism in works contract service, it is important to understand what is reverse charge. Normally service tax is payable by the service provider after charging/collecting the same from the service receiver.

Due date to FILE XBRL Statement for FY 2011-12

Posted: 17 Oct 2012 05:10 PM PDT

Kindly note that all eligible companies may file their financial statements (based upon new Schedule VI) in XBRL till 15th November, 2012 or within 30 days from date of its AGM, whichever is later, without any additional fees. For further details, visit MCA website

Download Latest Form 49A, 49AA & PAN Correction Form

Posted: 17 Oct 2012 05:00 PM PDT

Income tax Department has recently amended the format of PAN Application form 49A. It also introduced separate PAN Application form 49AA for foreign citizens and Similarly changes been made in PAN Correction form. We have uploaded below the format of revised PAN Application & Correction form :-

OECD's recommends DTC, Lokpal, FDI, mitigation of corruption

Posted: 17 Oct 2012 11:35 AM PDT

OECD has issued a report outlining areas that are critical to India's long-term economic performance and social development: financial sector, competition, regulation, innovation, infrastructure, energy efficiency, green growth, poverty reduction, employment, education and health.

Additional Commissioner competent to make reference to TPO u/s. 92CA

Posted: 17 Oct 2012 03:09 AM PDT

The statutory provision of section 92CA does provide for an approval by the Commissioner and the original record produced before this Court establishes that there was an approval by the Commissioner in the matter of reference to the Transfer Pricing Officer. In the instant case, the impugned order...

Integration of risk & finance information in a financial organization

Posted: 16 Oct 2012 11:53 PM PDT

The recent global financial crises, intense regulatory requirements, extensive competitive pressures, voluminous data, have created a challenging environment for financial institutions to operate, make effective decisions, manage risk, thereby affecting financial reporting and regulatory compliance.

Donation towards corpus can't be added to Income if Assessee furnishes full details

Posted: 16 Oct 2012 11:23 PM PDT

The question as to whether the amount constituted the corpus fund of the assessee-trust, in view of the fact that the Commissioner (Appeals) after considering declaration from all the 60 donors of the corpus fund certifying that they have donated towards corpus fund of the assessee-society and the...

Cenvat credit otherwise permissible can't be denied merely on technical grounds

Posted: 16 Oct 2012 10:03 PM PDT

No doubt, mere submission of document shall not ipso facto grant relief to claimant. But once the facts and circumstances of the case bring out the identity of the receipient of service, denial of cenvat credit may cause absurdity and when claim is otherwise permissible. Added to this, the claimant...

Steel plates & strips used for fabrication of storage tanks being part of Boiler is entitled to CENVAT Credit

Posted: 16 Oct 2012 09:58 PM PDT

Assessing authority has himself extended the benefit to storage tank storing water as a component to main machinery namely, boiler, he ought to have extended the benefit to the storage tanks which are also part of the factory premises, in which the by products are stored and thereafter sold as a...

Interest on bad & doubtful debts kept in reserve account eligible for deduction u/s. 43D

Posted: 16 Oct 2012 09:50 PM PDT

Mere crediting of the interest to a reserve cannot be said to be an incidence by which the said interest could be charged to tax. Whatever has been recovered by the assessee has been shown as income. Therefore, the assessee is entitled to claim of such interest under the provisions of section 43D...

CIT can't exercise revisionary power against a well reasoned order for mere disagreement with AO's view

Posted: 16 Oct 2012 09:39 PM PDT

It is settled law that when an officer adopts one of the courses permissible in law and it has resulted in a loss of revenue or when two views are possible and the Assessing Officer takes one view with which the Commissioner does not agree, the order cannot be treated as erroneous in so far as it...

Assessee should not be made to suffer for Non Application of mind by AO

Posted: 16 Oct 2012 09:34 PM PDT

The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval. There was no failure on the part of the assessee to furnish true and correct all material facts. The facts were available before and were within the...

Expenses related to STCG cannot be apportioned to LTCG

Posted: 16 Oct 2012 09:30 PM PDT

Having regard to the dates on which the sites were acquired the long term capital gains and short term capital gains were arrived at . The assessee has paid the money by way of account payee cheque to one B.G. to clear the slum dwellers, which amount has been acknowledged by him. Expenses related...

CBI arrests absconding I-T officer

Posted: 16 Oct 2012 06:22 PM PDT

The Central Bureau of Investigation has arrested ward-1 Income Tax officer P. Venkateswara Rao who allegedly demanded a bribe from financier M. Srinivasa Reddy of Rayavaram mandal to reduce his Income Tax dues on September 16. The Central Bureau of Investigation had then registered a case against...

FTP – Import of Arms for Sports

Posted: 16 Oct 2012 06:12 PM PDT

NOTIFICATION NO. 23 (RE-2012)/2009-2014 Under existing Policy Conditions, import of arms (including parts thereof) & ammunition is permitted freely, inter alia, to National Rifle Association of India (NRAI) for its own use and for transfer to its State/district affiliates by due certification...

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