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Jan 17, 2013

Intellectual Dishonesty – of CA or CIT? Cost to be imposed on CA or CIT?

Intellectual Dishonesty – of CA or CIT? Cost to be imposed on CA or CIT?

Posted: 17 Jan 2013 07:56 PM PST

The assessee had categorically stated that the assessee had claimed deduction under the provisions of section 10B for the first time in the assessment year 1995-96. This fact has been admitted by the Revenue in the assessment year 1999-2000. The assessee has placed on record the order of the CIT(A)...

Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives

Posted: 17 Jan 2013 05:58 AM PST

The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income-tax Act, 1961 in respect of their profits derived from the export of computer software.

SC describes ambit of Brand/trade name – Central Excise

Posted: 17 Jan 2013 05:13 AM PST

It was held by Hon'ble Supreme Court of India that where the manufacture and sale of specified goods that do not physically bear a brand name but are sold from branded sale outlets it would disentitle an assessee from the benefit of S.S.I. Notification No. 1/93-C.E., dated 28th February, 1993, as...

PVAT – e-Filing of VAT 15 to start from 23rd January 2013

Posted: 17 Jan 2013 05:04 AM PST

This is to inform all concerned that the e-Filing of VAT 15 for 3rd quarter of Financial Year 2012-13 is likely to start from 23rd January 2013. Sufficient time of 1 month would be provided to e-file VAT 15 for the above mentioned quarter.

Tribunal has power to grant unlimited stay of demand

Posted: 17 Jan 2013 04:59 AM PST

Tribunal has power to extend the period of stay beyond 365 days u/s.254(2A), third proviso, even if the delay in disposing off the appeal is not attributable to the assessee, there may be several other reasons for not disposing of the appeal by the ITAT.

Clarifications on Issues relating to export of computer software – Deduction U/s. 10A, 10AA & 10B

Posted: 17 Jan 2013 04:14 AM PST

The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarifications on various issues relating to the export of computer software and the allowance of deduction under sections 10A, 10AA and 10B of the Income-tax Act, 1961. Circular Covers the following issues :- 1....

Soon TDS Correction Statement can be filed with Digital Signature only

Posted: 17 Jan 2013 03:43 AM PST

Vide clause 4 of the notification CBDT has specified that correction statement of tax deducted at source shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General.

Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013

Posted: 17 Jan 2013 03:34 AM PST

In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deducted at source, namely:-

Bombay HC too stays coercive recovery pursuant to CBEC circular

Posted: 17 Jan 2013 03:27 AM PST

The Bombay High Court today (17.01.2013) granted ad-interim stay against coercive recovery pursuant to Circular No. 967/01/2013 – CX, Dated 1st January, 2013 issued by the Central Board of Excise and Customs.

Number of notices that can be issued under section 148

Posted: 17 Jan 2013 02:33 AM PST

Number of notices that can be issued - If the appellant had already been served with a notice under section 148 and had complied therewith by filing a return, it was entitled to contend that no second notice lay and also to submit that in any event, the second notice was barred by time.

Indirect Tax Recovery Changes Gears

Posted: 16 Jan 2013 11:52 PM PST

Dr. Sanjiv Agarwal Recently Central Board of Excise & Customs (CBEC) has issued a Circular directing the Department (Central Excise / Service Tax / Customs) to fast track the recovery proceedings in all cases where demand of tax or duty has been confirmed but not stayed, whether or not the...

Govt Committed to Moderate Tax Rates, Non- Adversarial Tax Administration & Fair Mechanism for Dispute Resolution – FM

Posted: 16 Jan 2013 10:17 PM PST

The Finance Minister reiterated the commitment of the Government of India to a stable tax regime, moderate tax rates, non- adversarial tax administration and a fair mechanism for dispute resolution. He added that India has been modernizing its tax administration in a way that will minimize...

Listed co. can't frame any scheme for ESOP if it involves acquisition of own securities from secondary market

Posted: 16 Jan 2013 09:09 PM PST

SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 ("SEBI (ESOS & ESPS) Guidelines") were issued to enable listed entities to reward their employees through stock option schemes and stock purchase schemes and to ensure that such schemes introduced by the...

Govt Revises Passenger Rail Fares W.E.F. 22.01.2013

Posted: 16 Jan 2013 08:58 PM PST

Details Regarding Revision in Passenger Fares W.E.F. 22.01.2013 The Ministry of Railways has now issued circular giving details of its decision to revise Passenger Fares w.e.f. 22.01.2013. Details of the fare revision are as under:- 1.      Minimum Fare: The Minimum fare chargeable will be Rs. 5....

Search online if your dividend is lying unpaid or Unclaimed

Posted: 16 Jan 2013 07:30 PM PST

The Ministry of Corporate Affairs has launched a new search facility on its website for unpaid and unclaimed amounts lying with the companies. Investors can visit the web page and obtain information regarding such amounts by providing any of the following combination:

e-filed returns in CPC can be viewed in AST – reg

Posted: 16 Jan 2013 07:10 PM PST

In one of our Pilot Projects it was bought to our notice by the field formations that the e-filed returns were not visible to the concerned assessing officers.The matter was taken up with DGIT (Systems) who has informed that the following information can be accessed on the system by the AO with...

Reporting under Foreign Exchange Management Act, 1999 (FEMA)

Posted: 16 Jan 2013 06:54 PM PST

During the compounding process, on a number of occasions, it has been brought to our notice by the applicants that the contraventions of the provisions of FEMA by corporates and individuals are due to the acts of omission and commission of the Authorised Dealers and some of the applicants have also...

Rate of exchange of conversion of each of foreign currency WEF 18th January, 2013

Posted: 16 Jan 2013 06:50 PM PST

Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 18th January, 2013 be the rate...

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