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Jan 2, 2013

CBEC Gift- If Stay Application is Pending, Pay up Confirmed Amounts

CBEC Gift- If Stay Application is Pending, Pay up Confirmed Amounts

Posted: 02 Jan 2013 07:14 PM PST

CBEC has issued its first Central Excise Circular No. 967/01/2013 - CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. The said Circular has brought...

XBRL Software Tool for e-filing of Cost Audit & Compliance Reports

Posted: 02 Jan 2013 05:43 PM PST

Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these...

Pay due taxes, avail trade facilitation – Revenue Secy

Posted: 02 Jan 2013 05:31 PM PST

Government urged all tax assessees to make timely and correct payment of customs and central excise duties and service tax for continued trade facilitations. In a statement, Revenue Secretary, Sumit Bose said that the government is making all out efforts to felicitate trade and industry but a...

No TDS on specified Nature of payment to Scheduled Bank

Posted: 02 Jan 2013 05:06 PM PST

Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a...

Assessment of preceding years in search cases during election period

Posted: 02 Jan 2013 05:01 PM PST

As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is...

Commodity Codes under Gujarat VAT

Posted: 02 Jan 2013 11:04 AM PST

The State of Gujarat has shown significant interest in developing e-platform for Commercial Taxes (VAT) since last 2 years. Since December 2011, the e-Registration facility has been enabled and the procedure designed for online registration is absolutely clear and systematic approach. Not only that...

Tax Residency Certificate (TRC) for Indian & Non Resident wef 01.04.2013

Posted: 01 Jan 2013 10:54 PM PST

From 01.4.2013 the India Residents who earns Income from Countries with which India have a DTAA can obtain a Tax Residency Certificate from Income Tax Department. The same may be submitted to the Payer to claim DTAA Benefit.

New Features on ACES New Website

Posted: 01 Jan 2013 10:31 PM PST

1. A sub-menu Print Acknowledgement is available in each module to take a print of response/acknowledgment message at a later point of time. 2. Assessees can file ER7 return now through online, offline utility and xsd schema.

Modifications in ST 1 & ST 2 & New Accounting Codes for existing & New registrants

Posted: 01 Jan 2013 09:30 PM PST

Existing registrants: Those assessees, who had registered with the department after 01.07.2012 under the 'Other than in the Negative List' (OTNL) category should amend the taxable service details now and opt for relevant description/s from the list of 120 services. After approval by the...

CMA President Communique for January, 2013

Posted: 01 Jan 2013 08:32 PM PST

The present day businesses are run by brands. It may be in the form of name, symbol, term, sign, design or any combination of these and signifies the services of any business and differentiates it from another. Branding is the visual voice of any enterprise. We CMAs have a glorious history of...

Government Constitutes Fourteenth Finance Commission

Posted: 01 Jan 2013 06:40 PM PST

Fourteenth Finance Commission Constituted   As mandated by the Article 280 of the Constitution, the Government has constituted the Fourteenth Finance Commission consisting of Dr. Y.V.Reddy, former Governor Reserve Bank of India, as the Chairman and the following four other members,...

FM Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold

Posted: 01 Jan 2013 06:39 PM PST

FM Statement on Current Account Deficit (CAD); Confident to Finance the Cad Without Drawing Upon Reserves; Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold The text of the Union Finance Minister Shri P.Chidambaram's Statement about Current Account Deficit...

Appointment of ACIT as DCIT vide Notification No. 1/2013

Posted: 01 Jan 2013 11:19 AM PST

The following Assistant Commissioner of Income Tax (Junior Scale) are hereby appointed to officiate as Deputy Commissioner of Income (Senior Time Scale) in the Pay Scale of Rs. 15,600-39,100 (Plus Grade Pay of Rs. 6,600/- in Pay Band-3) with effect. from the date(s) indicated against each:-

New Team of ICSI for 2013

Posted: 31 Dec 2012 11:37 PM PST

CS M.S.SAHOO, a former officer of the Indian Economic Service (IES) takes over as the SECRETARY of the Institute of Company Secretaries of India (ICSI) w.e.f1st January 2013. CS Sutanu Sinha has taken over as the CHIEF EXECUTIVE of the Institute of Company Secretaries of India (ICSI) w.e.f 1st...

Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs

Posted: 31 Dec 2012 11:32 PM PST

As per the revised procedure, a software exporter either under STPIs or SEZs/EPZs/100%EOU/DTA, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit statements in revised excel format sheets as per enclosed...

SEBI circular on Debt Allocation Mechanism for FII

Posted: 31 Dec 2012 10:23 PM PST

SEBI vide circular IMD/FIIC/1/2012 dated January 3, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in...

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