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Apr 5, 2013

Demolition of house is ‘transfer’ & Exemption U/s. 54F may be withdrawn on such transfer

Demolition of house is 'transfer' & Exemption U/s. 54F may be withdrawn on such transfer

Posted: 05 Apr 2013 08:59 PM PDT

In the instant case, it is not in dispute that the demolition of the building took place at the behest of the assessee and it is not an act of God in which event, it has to be said that demolition of house would fall within the definition of 'transfer'. This aspect was not properly [...]

List of Income Tax Forms (Other than ITRs) available for e-Filing

Posted: 05 Apr 2013 08:28 PM PDT

We are providing below the list of 30 Income tax Forms which can filed online on the Income tax E-Filing website namely . These Forms includes Tax Audit Reports, transfer Pricing Audit Reports, MAT Computation Report, Special Audit Reports , Audit...

DISA Members allowed to conduct Annual Systems Audit of BSE Stock Brokers

Posted: 05 Apr 2013 08:26 PM PDT

BSE, vide its Notice No 20130405-5 dated 05 Apr 2013, has clarified that DISA Qualified members are also eligible to conduct Annual Systems Audit of trading members who have availed of the IML/ Internet facility from the Exchange. Official Notification in this regard is as follows :-   Notice No...

Budget 2013 – Proposed amendment to definition of Agricultural Land – Boon or a bane

Posted: 05 Apr 2013 06:55 PM PDT

The Finance Bill, 2013 has proposed to amend the definition of agricultural land. Here is an attempt to analyse the impact of such changes from a capital gains tax perspective. Any profit arising from sale of a capital asset would be chargeable to income tax under the head 'capital gains' and...

ALP of loan transaction has to be determined as per CUP & LIBOR

Posted: 05 Apr 2013 06:43 PM PDT

CUP method is the most appropriate method in order to ascertain arms length price of the international transaction as that of the assessee. We agree with the assessee's contention that where the transaction was of lending money in foreign currency to its foreign subsidiaries the comparable...

S. 194J Payment for Modeling to film actress Katrina Kaif not liable to TDS

Posted: 05 Apr 2013 06:13 PM PDT

The case of the assessee is that the assessee being an actor-model rendered modelling services for marketing the products of the assessee-payer of the fee. The services since not rendered for production of cinematographic film, the impugned payments are outside the scope of section 194J of the Act....

Carrying IPL matches is not a Charitable Activity

Posted: 05 Apr 2013 05:58 PM PDT

In addition to the regular cricket matches, the assessee is conducting commercially oriented matches like Indian Premier League (IPL). Players of IPL teams are selected by sponsors to play under their brand names. Players are selected through auctions. Players choose that sponsor which offers the...

Competition Commission of India – Amendments to the Combination Regulations

Posted: 04 Apr 2013 09:30 PM PDT

The Regulations now do not require a notice to be filed for acquisition of shares or voting rights of companies if the acquisition is less than five percent of the shares or voting rights of the company in a financial year, where the acquirer already holds more than twenty five percent but less...

CMA – Guidelines for Mandatory Training for Members wef 01.04.2013

Posted: 04 Apr 2013 08:25 PM PDT

 THE INSTITUTE OF COST ACCOUNTANTS OF INDIA GUIDELINES FOR MANDATORY TRAINING FOR ALL MEMBERS OF THE INSTITUTE  UNDER CONTINUING EDUCATION PROGRAMME (with effect from 1st April,2013) 1.      INTRODUCTION 1.1 The Institute of Cost Accountants of India was set up under the Cost and Works Accountants...

No ad-hoc Promotions – DOPT Tells Ministries

Posted: 04 Apr 2013 07:57 PM PDT

No.28036/1/2012-Estt(D) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training New Delhi Dated: April 3, 2013 OFFICE MEMORANDUM Subject: Ad-hoc Appointment/Promotion – Review of- Regarding. The undersigned is directed to say that as...

ICAI – Zone-shifting of candidates for May – 2013 CA Exams

Posted: 04 Apr 2013 07:40 PM PDT

April 5th, 2013 Subject: Zone-shifting of candidates for May – 2013 CA Exams Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore and Mumbai some of the candidates have been allotted examinations centres in the zone other than the zone opted...

Authorised Money Changers may sell INR to foreign tourists /visitors against International Credit/ Debit Cards

Posted: 04 Apr 2013 07:20 PM PDT

On a review, it has been decided that Authorised Money Changers (AMCs) may sell Indian rupees to foreign tourists /visitors against International Credit Cards / International Debit Cards and should take prompt steps to obtain reimbursement through normal banking channels.

Classification of Low Noise Block (LNB) down converter in harmonised Customs Tariff – regarding

Posted: 04 Apr 2013 07:17 PM PDT

Circular No.13 / 2013 – Customs, Dated- 5th April, 2013  Subject:   Classification of "Low Noise Block" (LNB) down converter in the harmonised Customs Tariff – regarding. Doubts have been raised regarding classification of Low Noise Block (LNB) down converter which is designed to be...

Due Dated Extended for bar-coding on Primary level packaging on export consignment

Posted: 04 Apr 2013 07:15 PM PDT

Public Notice No. 54 (RE-2012)/2009-2014, New Delhi, Dated the  5th April, 2013 Sub: Deferment in the date of effect for implementation of bar-coding on Primary level packaging on export consignment of pharmaceuticals and drugs for tracing and tracking purpose. In exercise of the powers conferred...

No Revival of PSU Litigation after COD Rejection – Cabinet Secretariat

Posted: 04 Apr 2013 06:44 PM PDT

Instances have come to notice wherein a few PSUs/Departments have approached Tribunals/Courts to re-open the cases in which permission to litigate was denied by CoD. In a few cases, Public Sector Undertakings/Departments have filed petitions in the High Courts. In an isolated case, a Special Leave...

SEBI -Exit order in respect of Coimbatore Stock Exchange (CSX)

Posted: 04 Apr 2013 12:24 PM PDT

Exit order in respect of Coimbatore Stock Exchange (CSX) 1.  SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges inter-alia including treatment of assets of...

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