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Mar 7, 2013

Advocates only can appear before Income Tax Authorities

Transaction with sister concerns at a comparatively low price not sufficient ground to reject Books

Posted: 07 Mar 2013 07:49 PM PST

The primary condition for rejecting the book results as laid down under section 145 of the Income-tax Act, 1961 (the Act) is that the Assessing Officer should be satisfied that the books of account maintained by the assessee are not complete and correct. As can be seen from the findings given by...

Notional depreciation not allowable while computing value of assets for wealth tax

Posted: 07 Mar 2013 07:45 PM PST

A plausible manner in which WDV of an asset, thus, may be reckoned for the purpose of r. 14 is to reduce the depreciation at the rate as prescribed for the relevant block of the assets, i.e., under which the said asset falls, for the years for which depreciation has actually been allowed since its...

Advocates only can appear before Income Tax Authorities

Posted: 07 Mar 2013 06:41 PM PST

In a very interesting move which may not be a good news for practicing CA, CS, CMA etc. who are engaged in practice in the area of Law and taxation,  Rajasthan Tax Bar Association have filed a petition before  Chief Commissioner of Income Tax (CCIT), Rajasthan and urged him  to not to allow any one...

Dishonest ICAEW member excluded for lying

Posted: 07 Mar 2013 05:55 PM PST

A former high-flying finance director has been expelled from ICAEW membership after he lied about his wealth to the courts during divorce proceedings Simon Kingdon, former finance director to the Kensington Group and once voted one of the top 100 FDs by institutional shareholders, failed to...

Revision in criteria for classifying Level II non-corporate entities for Accounting Standards

Posted: 07 Mar 2013 11:01 AM PST

The Council of the Institute with a view to harmonise the differences between the Accounting Standards issued by the ICAI and the Accounting Standards notified by the Central Government under the Companies (Accounting Standards) Rules, 2006, in February, 2008

MVAT – TCS by certain Authorities u/s. 31A, in respect of Excavation of Sand

Posted: 06 Mar 2013 09:27 PM PST

Maharashtra VAT Notification for Tax Collection at Source by certain Authorities under section 31A, in respect of Excavation of Sand. FINANCE DEPARTMENT Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk, Mumbai 400 032, Dated the 2nd February 2013 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT,...

IT – Corrigendum – Notification No. 9/2013, dated 31/01/2013 – Electoral Trusts Scheme 2013 – Regarding

Posted: 06 Mar 2013 06:51 PM PST

Notification No. 18/2013 S.O. 464(E)- the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 9/2013 dated 31-1-2013 bearing S.O. 309(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)...

Rate of exchange of conversion of each of foreign currency WEF 08.03.2013

Posted: 06 Mar 2013 06:08 PM PST

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 8th March, 2013 be the rate mentioned against it in the corresponding entry in column (3)...

DGCEI, Chennai recovers Rs. 100 Crores voluntarily from evaders of Central Excise duty and service tax

Posted: 06 Mar 2013 03:55 PM PST

DIRECTORATE GENERAL OF CENTRAL EXCISE INTELLIGENCE, CHENNAI ZONAL UNIT, CHENNAI. PRESS NOTE It is to inform that during the current Financial Year 2012-13 (up to 7th March 2013), The Directorate General Of Central Excise Intelligence, Chennai Zonal Unit has recovered an amount of Rs. 100 Crores...

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