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Mar 31, 2013

Form 15G / 15H in Word Format WEF AY 2013-14 / FY 2012-13

Form 15G / 15H in Word Format WEF AY 2013-14 / FY 2012-13

Posted: 31 Mar 2013 08:45 PM PDT

CA Hiren Bhandari The Income Tax department has been modified the Form No. 15G & 15G as per amended notification No. 11/2013 [F.NO.142/31/2012-SO(TPL)]/SO 410(E) Dated 19.02.13 for the assessment year 2013-14. The New Form No. 15G & 15H is applicable to all Taxpayee who do not want TDS...

MVAT Notification to give effect to proposals as per Budget 2013-14

Posted: 31 Mar 2013 08:36 PM PDT

We are attaching herewith VAT Notification to give effect to the proposals as per the Budget Speech 2013-14 given by Finance Minister of Maharashtra State :- Download MVAT Notification :  

RBI Foreign Currency Conversion rate as on 31/03/2013

Posted: 31 Mar 2013 08:16 PM PDT

We are giving below RBI Rate as on 31/03/2013 which may be used for Year end foreign currency conversion. Rate given is rate as on 28.03.2011 as there was holiday on 29th , 30th and 31st March 2013  so the same be use for currency conversion as on 31/03/2013:- Date USD GBP EURO YEN   [...]

Income Tax Refund Set-Off without prior intimation to Assessee is invalid

Income Tax Refund Set-Off without prior intimation to Assessee is invalid

In the present case there was no prior intimation of the proposed action of adjusting the amount of refund due to the assessee towards any other amount due from the assessee. It was an intimation informing the appellant that the amount of refund due for the assessment year 1997-98 stood adjusted...

S. 145A Value of inventory must include amount of excise duty paid on it

During the course of assessment proceedings it was observed by AO that the assessee was following 'exclusive method' of valuing the cost of its inventory by not increasing it with the amount of excise duty paid thereon, although as per section 145A purchases and inventories are required...

Trust Registration valid for sec. 25 Companies formed with charitable objects

In the instant case, a perusal of the object clause of the company shows that it has been incorporated with the aim of providing education, facilitate social and economic empowerment, economic development programs, literacy programs, training programs for villagers and downtrodden people. How these...

Mobile Companies can recognize revenue to extent of talk time used in case of prepaid talk time

In the present case, the main dispute is regarding revenue recognition relating to unused talk time remaining available as at the end of the year. As noted earlier, there is no dispute that company had to provide talk time to its subscriber till the expiry of the period of card or till complete...

Deduction u/s. 10A is allowable without setting off of losses of other units

It is after the deduction under Chapter VI-A that the total income of an assessee is arrived at. Chapter VI-A deductions are the last stage of giving effect to all types of deductions permissible under the Act. At the end of this exercise, the total income is arrived at. Total income is thus, a...

S. 54 Exemption cannot be denied for payment by third party if subsequently reimbursed by the Assessee

As regards another facet of addition in this case which has resulted from enhancement made by the Ld. Commissioner of Income Tax (A) by holding that assessee is not eligible for deduction u/s. 54F(1) on the payment of Rs. 55,70,800/-. This has been denied on the ground that the payment was made by...

A Study on Government Accounting in India – Some Recent Developments

Introduction – The financial management of any organization must have a prudent financial system backed by sound and effective accounting procedures and internal controls. A well-designed and well managed accounting system helps ensure proper control over funds. Accounting policies and...

Belated filing of return can be no ground for denying Income Tax refund

Where revenue authorities rejected assessee's claim for refund of TDS merely on the ground that return raising said claim was filed after expiry of prescribed time period, view taken by authorities below was hyper technical and, thus, matter was to be remanded back for disposal in accordance...

ICAI Presidents Message on Bank Audit, Finance Bill 2013, Companies Bill, 2012

Not resorting to any populist measures, the Government has not touched the direct and indirect tax structures in principle in the Union Budget 2013- 14; neither has it touched the middle class. Some of the experts have felt that they were expecting something more miraculous in the Budget that could...

List of CA Firms Empaneled for Co-Operative Audit in Maharashtra for FY 2012-13

Auditors List Updated on 30th March 2013 Orders of Hon'ble Commissioner Regarding Empanelment of Auditors Auditor Panel List Amravati Aurangabad Kolhapur Konkan Latur Mumbai Nagpur Nashik Pune

S. 14A disallowance can be made even if there is no exempt income

In order to be covered under section 22, it is sine qua non that the assessee must be the owner of the house property as per section 27 read with section 269UA(f). In the instant case, the assessee is not the owner of the property. It cannot also be considered as deemed owner of house [...]

Interest on loan not deductible if loan were taken for non-business purposes

It appears that nothing is available from the record that advances/loan without interest were ever given for business purposes. It was for the personal use of Director or family members and after obtaining the loan/advances, the borrower never made any effort to repay the loan amount nor did the...

Mere accruing of income jointly to more persons than one would not constitute thereon an AOP

In order to assess individuals to be forming association of persons, the individual co-owners should have joined their resources and thereafter acquired property in the name of association of persons and the property should have been commonly managed, only then it could be assessed in the hands of...

Press Note on Appointment of Indirect Tax Ombudsman

The President of India has appointed Shri Hrishikesh Sharan, Chief Commissioner, Central Excise (Retd.) as Indirect Tax Ombudsman at Mumbai to hear grievances on Central Excise, Customs and Service Tax issues from the general public. Download Press Note on appointment of Indirect Tax Ombudsman

Depreciation not allowable if Assessee is not the owner of the Asset either wholly or partly

In this case ownership of the dredger was not transferred to the assessee in pursuance to the sale agreement, contrary to the claim of the assessee made in this regard. Even accepting the contention of the learned AR that no registration of dredger is required and customs duty is not payable on...

Jurisdiction of ITAT depends upon location of office of AO passing the order

Undisputedly the office of the Assessing Officer who passed the assessment orders is located in Delhi, over which the Delhi Benches of the Tribunal has jurisdiction. The order under section 127 of the Act was passed by the ld. Commissioner of Income-tax on 12.8.2011 w.e.f. 23.8.2011, which was...

Ban on release of film in theatres due to its release on DTH platform prior to theatrical release is anti-competitive

The informant herein was trying to experiment with an innovative way to have premier of its movie in India through DTH so as to have reach to maximum number of consumers/viewers at a premier show through DTH medium. The decision of the OP not to exhibit this movie or any other movie released before...

Presentation of Foreign Currency Monetary Item Translation Difference Account

1. In the year 2009, the Ministry of Corporate Affairs amended Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates by inserting Paragraph 46. As per Paragraph 46, in respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31st March,...

Mar 29, 2013

RBI reduces Interest Rate on PPF & SCSS, 2004 from 01.04.2013

RBI reduces Interest Rate on PPF & SCSS, 2004 from 01.04.2013

Posted: 28 Mar 2013 08:30 PM PDT

Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of interest rates. Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government's...

CA Firms approved for appointment as Statutory Central Auditors in Public Sector Banks for FY 2012-13

Posted: 28 Mar 2013 08:30 PM PDT

Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2012-13 Allahabad Bank, Kolkata 1       M/s N K Bhargava & Co, New Delhi 2       M/s M C Jain & Co, Kolkata 3       M/s Raghu Nath Rai & Company, New Delhi 4       M/s...

India & Liechtenstein Sign Tax Information Exchange Agreement (TIEA)

Posted: 28 Mar 2013 06:34 PM PDT

India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) today at Bern, Switzerland. The Agreement was signed by Ms Chitra Narayanan, Indian Ambassador in Switzerland from Indian side and Madame Doris Frick, Ambassador of Liechtenstein in Switzerland on behalf of...

TP – Circular on Identification of Contract R&D Service Provider With Insignificant Risk & Application of Profit Split Method

Posted: 28 Mar 2013 06:32 PM PDT

Government Approves Issue of Circulars on Identification of Contract R&D Service Provider With Insignificant Risk and on Application of Profit Split Method Based on Recommendation of the Rangachary Committee; These Circulars Will Help in Providing Certainty to the Taxpayer on Issues Relating to...

Service tax implication on AC Restaurants vide Finance Bill, 2013

Posted: 28 Mar 2013 06:11 PM PDT

With effect from July 1, 2012, Service is defined under Section 65B(44) of Chapter V of the Finance Act, 1994 ("the Finance Act") means  any activity carried out by a person for another person for a consideration is service, which includes a declared service. Further service tax is applicable...

Excise & Customs Offices to Remain open on 29th, 30th & 31st March, 2013

Posted: 28 Mar 2013 05:22 PM PDT

Proposed Nationwide Strike by the Associations of Superintendents and Inspectors of Central Excise for 29th, 30th & 31st March, 2013 Stands Withdrawn. All Offices under the Central Board of Excise and Customs (CBEC) shall be open on 29th, 30th & 31st March, 2013 observing their normal...

TP – When TPO may prefer TNMM or CUP over PSM where intangibles are involved

Posted: 28 Mar 2013 04:30 PM PDT


TP – How to identify development centres engaged in contract R&D services with insignificant risk

Posted: 28 Mar 2013 04:30 PM PDT

It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of transfer pricing audit.

CBEC – Good Friday – Relaxation for Prayers to persons who profess Christian faith

Posted: 27 Mar 2013 10:00 PM PDT

The Hon'ble High Court has directed, amongst other things, that such persons who profess Christian faith and are desirous of either being sanctioned full leave on both days or permission to pray at the Church for a limited duration on either day would be sanctioned leave or permission to leave...

Sessions Court shifted to Kochi and Calicut for trial of offences under Prevention of Money-Laundering Act

Posted: 27 Mar 2013 06:19 PM PDT

NOTIFICATION NO. SO 419(E) [F.NO. 6/3/2005-ES), DATED 21-3-2013 In exercise of the powers conferred by sub-section (1) of section 43 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), and in consultation with the Chief Justice of High Court of Kerala, the Central Government hereby makes...

Change in shareholding by 2% or more to be disclosed now even if resultant shareholding falls below 5%

Posted: 27 Mar 2013 06:16 PM PDT

NOTIFICATION NO. LAD-NRO/GN/2012-13/36/7368, DATED 26-3-2013 In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Substantial...

KYC verification of office bearers sufficient while opening savings bank account of Self Help Groups (SHGs)

Posted: 27 Mar 2013 12:21 PM PDT

KYC verification of all the members of SHG need not be done while opening the savings bank account of the SHG and KYC verification of all the office bearers would suffice.

DGFT notifies 5 new Pre Shipment Inspection Agencies & widens area of existing four

Posted: 27 Mar 2013 12:07 PM PDT

Five new Pre Shipment Inspection Agencies (PSIA) have been notified. Area of operation of four existing PSIA's has been widened.

Amendment to SEBI {(KYC) Registration Agency} Regulations, 2011 &relevant circulars

Posted: 27 Mar 2013 11:33 AM PDT

The Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Amendment Regulations, 2013 have been notified vide No. LAD‑NRO/GN/2012-13/35/6998 with effect from March 22, 2013 whereby the requirement for sending original KYC documents of the clients to the KRA has been...

Mar 27, 2013

Form 16 Salary Certificate – Is It different from Form 16A?

Form 16 Salary Certificate – Is It different from Form 16A?

Posted: 27 Mar 2013 08:04 PM PDT

What is Form 16A and how is it different from Form 16? If you are not a salaried employee and work as a professional for an organisation and earn fees, then the certificate that shows TDS details deducted while making payments to you is Form 16A.

Income tax Calculator for FY 2012-13

Posted: 27 Mar 2013 08:02 PM PDT

We have attached below the Excel file containing Income Tax calculator for Financial Year 2012-13 / Assessment year 2013-14 as modified by Finance Bill 2012 presented on 16th March 2012.

National Electronic Funds Transfer (NEFT) – FAQ

Posted: 27 Mar 2013 06:40 PM PDT

Q.1. What is NEFT System? Ans National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. Q. 2. Are all bank branches in the system part of the funds transfer network? Ans No. As on January...

What is Cheque Truncation & Cheque Truncation in India

Posted: 27 Mar 2013 12:05 PM PDT

Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant...

Reassessment to disallow claim allowed earlier by change of opinion not permissible

Posted: 27 Mar 2013 05:32 AM PDT

This is a clear case where the primary facts were available before the AO, and therefore, the assessee cannot be held to have failed to disclose "fully and truly all material facts". In our opinion, it was for the AO to draw the appropriate inference. The assessee is/was under no obligation to draw...

Amount not allowed for non deduction of TDS is eligible for deduction U/s. 80IB

Posted: 27 Mar 2013 05:19 AM PDT

We are not inclined to interfere with the finding of the CIT(A) because on account of violation of conditions prescribed under clause (ia) the implication u/s.40(a) would be that the said amount will not be deducted in computing income chargeable under the head 'profits and gains of business...

Income Tax Authority cannot intervene on any scheme filed for sanction u/s. 391

Posted: 27 Mar 2013 05:14 AM PDT

It is an admitted position that under the provisions of Section 391 the Central Government and the IT Authority do not have any powers to intervene or to be heard on any scheme which is filed seeking sanction of this Court u/s 391 of the Companies Act. This question was considered and decided by...

Curable defects do not take away right to appeal

Posted: 27 Mar 2013 05:05 AM PDT

If there is any defect in appeal, in terms of the procedure prescribed by rule 4.03 of Chapter 4 of Judicial Manual, that defect may be intimated to the appellant for curing the same without compulsion since curable defects do not take away right to appeal. Therefore, such valuable right should not...

DOPT Releases FAQ on Leave & Allowance for Central Government Employees

Posted: 26 Mar 2013 10:19 PM PDT

Department of Personnel & Training (DOPT) has released an FAQ each on Leave and Children Education Allowance Scheme (CEA), which are very useful to the Central Government Employees Download FAQ on Leave Download FAQ on Children Education Allowance

CBEC threatens action against striking Excise Superintendents & Inspectors

Posted: 26 Mar 2013 10:10 PM PDT

It is reiterated that action in instances of violation of discipline and conduct rules would be taken in accordance with the instructions on the subject.

CBI arrests excise superintendent for accepting bribe of Rs. 3.50 Lakh

CBI arrests excise superintendent for accepting bribe of Rs. 3.50 Lakh

Posted: 26 Mar 2013 09:30 PM PDT

CBI ARRESTS A SUPERINTENDENT OF CENTRAL EXCISE FOR ACCEPTING A BRIBE OF RS.3.50 LAKH; APPROX. RS.9 LAKH CASH RECOVERED IN SEARCHES FROM HIS POSSESSION             The Central Bureau of Investigation has arrested a Superintendent of Central Excise(Anti Evasion), Haldia Commissionerate, Kolkata for...

Income Tax Department playing smart

Posted: 26 Mar 2013 07:21 AM PDT

I filed Income Tax return of my client in July 2012 for assessment year 2012-13 which was very well before the due date of 31 July 2012. I filed another return of my client in March 2013, which was approximately 9 months late. But see the irony! The Return filed in month of March got processed and...

Service Tax Regime Heads for Stringent Penalties

Posted: 25 Mar 2013 11:29 PM PDT

Very soon, Service Tax, which is considered to be a relatively young baby in the tax universe, will make the assessees scared of penalties and prosecution. The Budget which has been passed by both the houses of the Parliament now will soon become enactment and all provisions shall become...

Mar 26, 2013

Online Service Tax Return – ST-3 for July-September, 2012 available

Online Service Tax Return – ST-3 for July-September, 2012 available

Posted: 25 Mar 2013 10:38 PM PDT

Service Tax Return (ST 3) for the period 1st July-30th September, 2012 is now available in a modified format for e-filing in ACES. Only offline version is available and there is no online version. The utility needs to be downloaded afresh from 'DOWNLOADS' section of ACES website,...

Mar 25, 2013

Interest Rate on NSC MIS MIS SCSS POTD WEF 01.04.2013

Interest Rate on NSC MIS MIS SCSS POTD WEF 01.04.2013

Posted: 25 Mar 2013 07:20 PM PDT

Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that year.

Cost Audit Applicability for financial year starting on or after Jan 1, 2013

Posted: 25 Mar 2013 07:00 PM PDT

MCA issues Cost Audit Order in suppression of earlier Cost Audit Orders During the year 2011-12, MCA issued various cost audit orders wherein maximum industries were brought under cost audit net. It needs attention that  to bring uniformity in reporting,the MCA had issued a notification vide S.O....

Be diligent & adhere to manuals while seeking exchange of info from treaty partners -CBDT

Posted: 24 Mar 2013 08:08 PM PDT

It is. therefore, requested that all the officers in your jurisdiction may be directed to seek information under DTAAs/TIEAs/Multilatcral Convention, as per guidelines provided in the Manual on Exchange of Information, for carrying out the necessary enquiries and for taking the investigation to its...

Private placement of Tax free Bonds – CBDT removes restriction on issue size

Posted: 24 Mar 2013 07:53 PM PDT

NOTIFICATION NO. 23/2013 [F. NO. 178/60/2012-ITA-l], DATED 22-3-2013 In exercise of the powers conferred by item (h) of sub clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following further amendment to the notification of the...

FTP – Amendment in Notification related to Prohibition on export of pulses

Posted: 24 Mar 2013 07:37 PM PDT

Prohibition on export of pulses has been extended by one more year; from 31.03.2013 to 31.03.2014. But, there are two exceptions to this. One is export of Kabuli Chana. Second is export of Organic Pulses and lentils; but with a ceiling of 10,000 MTs per annum and subject to certain conditions...

FTP – Amendment in Notification related to prohibition on export of edible oils

Posted: 24 Mar 2013 07:32 PM PDT

Notification No 39(RE – 2012)/2009-2014 New Delhi, Dated :  25th March, 2013 Subject: Amendment in Notification No 32(RE-2012)/2009-14 dated 5th February, 2013 relating to export of edible oils. S.O.(E)             In exercise of the powers conferred by Section 5 of the Foreign Trade (Development...