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Dec 21, 2012

54EC limit of Rs. 50L applies to financial year not to transaction

54EC limit of Rs. 50L applies to financial year not to transaction

Posted: 21 Dec 2012 07:15 PM PST

In This case ITAT Delhi held that Limit U/s 54EC of rs. 50 lakh Applies to Financial year not to the transaction. Court Further held that Cheque has to be issued within 6 months. Encashment of Cheque & Allotment of Bonds beyond 6 months is irrelevant.

Payment of Taxes allowable on payment basis irrespective of year of accrual

Posted: 21 Dec 2012 06:44 PM PST

Payment of Taxes allowable on payment basis irrespective of year of accrual – Advance Excise Duty Payment in PLA A/c allowable The assessee is a car manufacturer; it has to comply with the requirements of the Central Excise and Salt Act, 1944 (Excise Act), in order to clear the goods, by...

Salient Features of Banking Laws (Amendment) Bill 2012

Posted: 21 Dec 2012 05:38 PM PST

The Banking Laws (Amendment) Bill 2011 was introduced in order to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980. The said Bill has been passed by both the Houses of Parliament during its just concluded Winter Session. This...

Expenditure to set-up a new line of business is capital expenditure

Posted: 21 Dec 2012 12:22 PM PST

The power project is a new line of business because this is the first power project being put up by the assessee. The assessee did not have any business of power generation in the earlier assessment years. Further the product manufactured in the power project will be the power; whereas in the...

Income Tax e-Filing Helpline Numbers

Posted: 21 Dec 2012 10:45 AM PST

Need Assistance? For Income tax related queries ASK : 1800 180 1961 For Rectification and Refund CPC : 1800 425 2229 For e-Filing of Returns e-Filing : 1800 4250 0025

WIRC and CIRC Vote Counting Status on 21.12.2012 at 10 P.M.

Posted: 21 Dec 2012 09:42 AM PST

CIRC Position after elimination of candidate at Sr.No.16 CA.Suresh Kabra SR.NO NAME OF CANDIDATE – WIRC(COUNCIL) VALUE RANK 22 Shah Dhinal Ashvinbhai-Ahmedabad 2570 1 24 Zaware Shiwaji Bhikaji-Pune 2540 2 13 Jambusaria Nihar Niranjan-Mumbai 2363 3 23 Vikamsey Nilesh Shivji-Mumbai 2242 4 19...

For reopening of assessment U/s 147 there must be 'tangible material, bearing a 'live link with the formation of the belief'

Posted: 20 Dec 2012 08:45 PM PST

When there was intensive examination in the first instance in respect of the issue, which was the basis for re-opening of assessment, it was necessary for the AO to indicate, what other material, or objective facts, constituted reasons to believe that the assessee had failed to disclose a material...

Regarding Filing of Form 68 for rectification of mistakes in Form 1, Form 1A and Form 44

Posted: 20 Dec 2012 08:40 PM PST

General Circular No.42/2012 Rule 20G(1) of Companies (Central Government's) General Rules and Forms (Second Amendment), 2010 allows for filing of an application for rectification of mistakes made while filing Form No.1, Form No.lA and Form No.44 electronically, on the Ministry's website.

Achievements of Ministry of Corporate Affairs during 2012

Posted: 20 Dec 2012 08:40 PM PST

Passage of the new Companies Bill by Lok Sabha and introduction of the Competition Commission of India (Amendment) Bill 2012 in the Parliament are the highlights of the achievements of the Ministry of Corporate Affairs during 2012

Government Reviews Foreign investment Policy for Assets

Posted: 20 Dec 2012 08:35 PM PST

The Central Government had permitted Foreign Direct Investment (FDI) in the equity capital of Asset Reconstruction Company (ARCs) upto 49% vide Press Release dated 08.11.2005. Further, on 09.11.2005, the Government permitted the Foreign Institutional Investors (FIIs) registered with the Securities...

MCA amends Form of application to the CG for appointment of cost auditor

Posted: 20 Dec 2012 07:48 PM PST

(1) These rules may be called the Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2012. (2) These rules shall come into force with effect from the 23rd December, 2012. 2. In the Companies (Central Government's) General Rules and Forms, 1956, in Annexure 'A'...

Delegation of Powers U/s 388 B, 388C, 388E to RBI (Banking Regulation Act)

Posted: 20 Dec 2012 06:14 PM PST

Central Government hereby delegates its powers under sections 388B, 3880 and 388E of the said Act in relation to banking companies falling within the purview of the Banking Regulation Act, 1949 (10 of'1949), to the Reserve Bank of India subject to condition that the Central GovernMent may -revoke...

MCA – Recognition of MCX Stock Exchange Ltd

Posted: 20 Dec 2012 06:12 PM PST

Government of India, Ministry of Corporate Affairs Notification New Delhi, Dated. 21/12/2012 S.0 (E) – In pursuance of clause (39) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further amendment in the notification of the Government of India...

Regarding imposition of safeguard duty on imports of electrical insulator from China PR

Posted: 20 Dec 2012 05:21 PM PST

Notification No. 5/ 2012-Customs (SG) New Delhi; the 20th December, 2012             G.S.R. 912(E).- WHEREAS, in the matter of import of electrical insulators, falling under tariff heading 8546 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said...

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