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Apr 2, 2013

FAQs on ST3 return for July-September 2012

FAQs on ST3 return for July-September 2012

Posted: 02 Apr 2013 08:30 PM PDT

I got ST registration on/after 01.07.2012 with the service description, 'Other Than in the Negative List'. Can I file the return now? Assessees registered / amended their registration on or after 01.07.2012 with the service description, "All Taxable Services – Other than in...

Govt launches Wi-Fi Facility on Howrah Rajdhani Express Train

Posted: 02 Apr 2013 08:29 PM PDT

Pawan Kumar Bansal Launches Wi-Fi Facility on Howrah Rajdhani Express Train The Minister of Railways Shri Pawan Kumar Bansal launched Wi-Fi- facility as a pilot project on Howrah Rajdhani Express (train no. 12302), here today. To introduce internet access in moving train was a technological...

Sec 54F – Deposit in capital gains account scheme by sec 139(4) due date sufficient

Posted: 02 Apr 2013 07:36 PM PDT

From a plain reading of sub-section (2) of Section 54 of the Income-tax Act, 1961, it is clear that only section 139 of the Income-tax Act, 1961, is mentioned in section 54(2) in the context that the unutilized portion of the capital gain on the sale of property used for residence should be...

Empanelment of CA Firms with SBI for Concurrent Audit of Treasury Operations

Posted: 02 Apr 2013 07:16 PM PDT

APPOINTMENT OF AUDIT FIRMS FOR CONCURRENT AUDIT OF TREASURY OPERATIONS. State Bank of India, having its Corporate Centre at Mumbai is India's leading Public Sector Bank having all India presence with branch network of over 14500 is interested in engaging an Audit firm of repute and proven track...

India-Gibraltar TIEA is effective from March 11, 2013

Posted: 02 Apr 2013 11:35 AM PDT

Agreement for Exchange of Information With Respect To Taxes with Gibraltar NOTIFICATION NO. 28/2013[F.NO.503/11/2009-FTD-I], DATED 1-4-2013 Whereas, an Agreement between the Government of the Republic of India and the Government of Gibraltar for the Exchange of Information with respect to taxes was...

No Penalty on additions made on estimation basis without evidencing concealment of income

Posted: 02 Apr 2013 02:26 AM PDT

Assessing Officer has made all additions, disallowances, treating the cash credits/foreign receipts as well as the assessee's declared agricultural income merely on estimate and guess work basis without bringing on record any positive and concrete evidence to be applied against the assessee....

Procedural delay on the part of CBDT will not make Assessee ineligible for benefit

Posted: 02 Apr 2013 02:22 AM PDT

The objection of the Revenue that the deduction under Section 80IA(4)(iii) of the Act is available to an industrial park only on CBDT notifying the industrial park under Rule 18C of the Income Tax Rules, 1962 ('the Rules' for short). This the CBDT did only on 5th June 2006. Therefore,...

Sales made to canteen stores department in Punjab is subject to VAT

Posted: 01 Apr 2013 09:46 PM PDT

Punjab government has issued the notification No. S.O.19/P.A.8/2005/S.8/2013. Dated 15th March 2013 in which sales made to canteen store department are subject to tax at the rate of 6.05% subject to the furnishing of certificate duly signed and stamped by the officer authorized to make such...

CST Notification for Exemption of tax on inter-State Sales of furnishing cloth

Posted: 01 Apr 2013 09:42 PM PDT

CST Notification for Exemption of tax under section 8(5) of CST Act, 1956 on inter-State Sales of furnishing cloth - Government of Maharashtra hereby in the public interest, exempts with effect from the 1st April 2013, the tax payable on sale of furnishing cloth notified under entry 101 of Schedule...

CBDT notifies exemption for grant-in-aid received by 'Assam State Control Society' from specified persons

Posted: 01 Apr 2013 08:37 PM PDT

The notification shall be effective subject to the following conditions, namely:- (a) the 'Assam State AIDS Control Society' does not engage in any commercial activity; (b) the activities and the nature of the specified income of the 'Assam State AIDS Control Society' remain unchanged throughout...

Govt increases tariff value of gold to prevent under invoicing

Posted: 01 Apr 2013 08:12 PM PDT

The government has increased the tariff value of gold to 521 dollar per 10 grams, making import of gold in any form costlier. According to an official release however, the tariff value for silver has been lowered to 920 dollar per kg. The base price on which the customs duty is determined to...

Regarding examination of export consignments of perishable cargo

Posted: 01 Apr 2013 12:18 PM PDT

The Department related Parliamentary Standing Committee on Commerce has emphasized that in order to promote export of Agriculture and Processed Food products, the Customs authorities must be sensitized to accord priority clearance to perishable agro products cargo. Accordingly, the Board reiterates...

Yemen included in the list of Least Developed Countries eligible to avail the benefit of duty free tariff preferences (DFTP) scheme

Posted: 01 Apr 2013 12:16 PM PDT

Notification No. 19/2013-Customs New Delhi, dated the 2nd April, 2013 G.S.R.   (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...

New Capital Adequacy Framework – Non-market related Off Balance Sheet Items- Bank Guarantees

Posted: 01 Apr 2013 12:07 PM PDT

Large disparities have been noticed in the application of CCFs on guarantees issued by banks. As incorrect application of CCFs may have a direct bearing on the capital adequacy, banks are advised to keep in view the following principles for application of CCFs:

CMA President Communique for April, 2013

Posted: 01 Apr 2013 12:00 PM PDT

NABARD includes Cost Accountant for Stock Audit - Delhi VAT Act now also includes Cost Accountants for VAT Audit - National Bank for Agriculture and Rural Development (NABARD) vide its circular dated 30.1.2013,include Cost Accountant also for purpose of carrying out the Stock Audit for Working...

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