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Feb 27, 2013

ICAI Pre- Budget 2013 Suggestions

ICAI Pre- Budget 2013 Suggestions

Posted: 27 Feb 2013 07:28 PM PST

I.  Suggestions to Improve Tax Collection 1.Information to be furnished in the Annual Information Return In respect of the transactions (mentioned in detailed memorandum), where the PAN is not provided by the payer, the provisions like TCS may be made applicable to the payee. Accordingly, the payee...

Reassessment – Deduction U/s 80-IC on manufacturing of PET bottles?

Posted: 27 Feb 2013 06:13 PM PST

Deduction available U/s 80-IC for manufacturing of PET bottles as it  fall within the negative list stipulated in serial No. 20 of the 13th schedule of the Income Tax Act and issue of notice on this ground  U/s 148 is invalid. The entire substratum of the notices issued under section 148 of the...

Penalty not justified on income, taxability of which was debatable

Posted: 27 Feb 2013 05:58 PM PST

Penalty proceeding u/s 271(1)(c ) imposed on the basis of that the assessee declared short term gains on the sale of the stock options instead of long term capital gains is not justified. The question whether the sale of the stock options would result in long term capital gains or short term gains...

Letter issued by Superintendent is not an appealable order

Posted: 27 Feb 2013 11:22 AM PST

Letter issued by the Superintendent is not an appealable order issued by a competent authority. It is also recorded that since a show cause notice on the same issue has already been issued to the appellant herein, the outcome of such adjudication proceedings is an appealable order before higher...

Summary of Economic Survey for 2013-14

Posted: 27 Feb 2013 07:01 AM PST

More than 6 Per Cent Growth Forecast for Next Fiscal Considerable Enhancement for Social Sector Spending India on Verge of Creating Quality Jobs to Seize 'Demographic Dividend' Indian economy is likely to grow between 6.1% to 6.7%  in 2013-14 as the downturn is more or less over and the economy is...

Parliament passes sexual harassment at workplace Bill

Posted: 27 Feb 2013 06:40 AM PST

Sexual Harassment of Women at Workplace (Prevention, Prohibition and  Redressal) Bill, 2013 Passed by Parliament The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Bill, 2012 was passed by the Rajya Sabha on 26th February 2013. Lok Sabha has passed it in September...

Gross Tax Revenue in April-December 2012 Grows by 15%

Posted: 26 Feb 2013 09:02 PM PST

Gross Tax Revenue in April-December 2012 Grows by 15% Over Corresponding of Previous Fiscal The Economic Survey 2012-13 presented by the Union Finance Minister, Shri P. Chidambaram in the Lok Sabha today states that the Gross Tax Revenue in April-December, 2012 has grown year-on-year by 15% to...

Countervailing Duty by US on Export of Shrimp

Posted: 26 Feb 2013 08:52 PM PST

A legal petition to USA has been filed on 28.12.2012 by Coalition of Gulf Shrimp Industries, for imposition of countervailing duty (CVD) on import of shrimps to USA by seven countries viz. China, Thailand, Vietnam, Ecuador, Indonesia, Malaysia and India.Coalition of Gulf Shrimp Industries claims...

ICAI President's Message – March 2013

Posted: 26 Feb 2013 08:43 PM PST

Dear Friends, It is my privilege as the 61st President of ICAI to formally welcome our accounting stakeholders that include our members, students and employees of the Institute. I would like to thank my past and present Central Council colleagues for believing in my competence and leadership, and...

Economic Survey 2012–13 presented as on 27-2-2013

Posted: 26 Feb 2013 08:37 PM PST

A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2012–13 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the...

India signs protocol with UK amending the convention between the two States

Posted: 26 Feb 2013 08:29 PM PST

R. Kumar, B.Com. MBA (Finance) Background:-India and UK have signed a Protocol on 30th October 2012, amending the Convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain for the Avoidance of Double Taxation and the Prevention of Fiscal...

Gujarat Budget 2013-14 – Maiden claim on a virtual product 'Carbon Credits'

Posted: 26 Feb 2013 11:19 AM PST

Gujarat State Government first to recognize Carbon credit as intangible goods and propose to levy lower rate of 5% VAT which will drive industrial houses to lower their carbon foot print. In advent to combat global warming, United Nations Framework Convention on Climate Change's (UNFCCC) Kyoto...

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