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Feb 15, 2013

Tax Relief for Speedy Growth of Food Processing Sector

Tax Relief for Speedy Growth of Food Processing Sector

The Govt. has extended the following incentives and promotional measures for the promotion of food processing sector: 1. Income Tax Relief a) Under sub-section (11A) of section 80 IB of the Income Tax Act, 1961 a deduction from profits up to specified amounts [100% for the first 5 assessment years...

It Happened In 2013- Those 12 Hours on Result Days

CA NIraj Mahajan The day before the result. Unexpectedly I was calm, was with friends..had fund with them and saw a nice move in cinema hall.. came night, and the butterflies started waking up.. telling me how can you possibly sleep? Still, somehow passing time on whatsapp and FB, somehow convinced...

To Keep money in USA spend it on prostitutes & beer – Marc Faber

The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala.

Corporate Restructuring in India

In earlier years, India was a highly regulated economy. To set-up an industry various licenses and registration under various enactments were required. The scope and mode of corporate restructuring was, therefore, very limited due to restrictive government policies and rigid regulatory framework.

Manpower Supply – Sharing the employees with sister concern is not Services

The facts of the case are the appellant, M/s. Paramount Communications Wire and Cable Ltd., another sister concern company M/s. Paramount Wire and Cable Ltd. were utilising the services of certain common staff located in their common head office at Delhi.

Deemed Export- Refund of Terminal Excise Duty (TED)

DGFT has issued a public notice no. 31 dated 21st November 2012, allowing recipient of goods also to claim refund of terminal excise duty (TED) against deemed export supplies on production of a disclaimer form from the supplier.

Independent Directors under the Proposed Companies Bill, 2011

With a view to add transparency, fairness and independence in decision making to safeguard of stakeholders' interest, the concept of Independent Directors was introduced. While the concept was till date applicable on Listed Public Companies, the New Company Law proposes to introduce the same upon...

Statement recorded u/s 132(4) without corroborative evidence could not fasten any liability

Statement recorded under section 132(4) of the Income Tax Act, 1961 is evidence but its reliability depends upon the facts of the case and particularly surrounding circumstances. Drawing inference from the facts is a question of law. Here in this case, all the authorities below have merely reached...

CAG Empanelment online Application date extended to 22.02.2013

The Last Date for On-line Application for empanelment of Chartered Accountants for the year 2013-14 with the O/o C&AG has been extended to 22nd February 2013.

Registration of Articled/ Audit Assistants within stipulated period reg.

It is brought to the notice of those students' who have completed Orientation Programme and 100 hours Information Technology Training (ITT) and joined for the practical training under Regulation 46/69 of the Chartered Accountants Regulations, 1988 under Direct Entry Scheme are advised to complete...

S. 14A not applies to Share Application money as it is not an investment

Share application money', to the extent it is actually so, so that it only represents amount/s paid by way of application for allotment of shares, the same cannot be regarded as an investment in shares, or an asset (or asset class) yielding tax-free income, and neither is it capable of...

Service tax demand cannot be upheld merely on basis of admission of liability by employee

It is not in dispute that although the employee of the assessee during the course of recording statement had admitted and expressed willingness to pay service tax, in the affidavit-in-reply to the show-cause notice, the liability to pay service tax was specifically denied and even before the...

Gold Exchange Traded Fund Scheme (Gold ETFs) Investment in Gold Deposit Scheme (GDS) of Banks

Gold related instruments – Regulation 2(mc) of MF Regulations stipulates that gold related instruments are such instruments having gold as underlying, as are specified by SEBI from time to time.

Notification No. 21/2013-Customs (N. T.), Dated- 15th February, 2013

 Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold and Silver Notified Notification No. 21/2013-Customs (N. T.), Dated-  15th February, 2013 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962),...

RBI modifies Gold Deposit Scheme guidelines to be complied by Banks for dealing in Gold

Gold Deposit Scheme CIRCULAR DBOD.No.IBD.BC.81/23.67.001/2012-13, dated 14-1-2013 The Central Government, with a view to bringing privately held stock of gold in circulation, reduce the country's reliance on import of gold and providing its owners with some income apart from freeing them from...

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