No penalty if wrong claim is due to mistake/ wrong advice of CA

No penalty if wrong claim is due to mistake/ wrong advice of CA Tribunal by the impugned order records a finding that in the profit and loss account filed along with the return of income, the respondent-assessee has clearly described the loss as the loss on sale of its garment unit assets. This loss was added to the net loss in the computation of the total... Changes in Service tax Exemption Provisions WEF 01.04.2013 Exemptions (A) The following exemptions are being rationalized: * Rationalization of exemption limit prescribed for charitable organizations, providing service towards any other object of general public utility. So far, the limit was 25 Lakh Rupees per annum. Now, they will be covered by the... Section 115BBE and Section 68 – Taxing the unexplained! This Article aims at highlighting the unsung provisions of Section 115BBE of the Income-tax Act, 1961 (Act), applicable from AY 2013-14 onwards and surfacing some practical concerns surrounding its applicability. Background Certain unexplained cash credit, investment, expenditure, etc., are deemed... ST – Changes in Mega Exemption List W.E.F April 1, 2013 CHANGES IN MEGA EXEMPTION LIST W.E.F APRIL 1, 2013 VIDE NOTIFICATION NO. 3/2013-ST DATED. 1-3-2013 AMENDING NOTIFICATION NO. 25/2012-ST DATED. 20-6-2012: •          Under S. No. 9 – Exemption by way of auxiliary educational services and renting of immovable property provided by specified... Delhi girl becomes CA, Cost Accountant and CS at 23 Nurturing the ambition to make it big in the finance arena, a 23-year-old Delhi girl has qualified as chartered accountant, cost accountant, and also company secretary — becoming possibly the youngest person to complete all the three professional accounting courses. A Delhi University... Clarification regarding admissibility of exemption under area-based Notifications No. 49/2003-Central Excise and 50/2003-Central Excise, both dated 10.06.2003 – reg It was clarified that expansion of an eligible unit by acquiring an adjacent plot of land and installing new plant and machinery on such land, is akin to expansion by way of installing new plant and machinery inside the existing plot/premises and that in such cases, the exemption should continue to... Foreign investment in Government Securities and Corporate Bonds Rationalised The Central Government in consultation with Reserve Bank of India (RBI) and SEBI has been progressively liberalizing/rationalizing the scheme for foreign investment in G-Secs and Corporate bonds keeping in view the evolving macroeconomic scenario and financing needs of the economy. Till now FIIs... DVAT – Regarding submission of information in Form T-2 if vehicle number is not available If the vehicle number is not available in advance, Form T-2 would need to be filed without vehicle number and the vehicle number would need to be updated within 24 hours of receipt of the goods by the Delhi dealer. However, in cases where the complete information in Form T-2 is not filed online... SEBI circular on Rationalisation of Debt Limits The status of utilization of debt limits as on March 31, 2013 indicating the quantum of limits which are freely available for investments by FIIs and QFIs shall be put on the SEBI website and thereafter, the monitoring of investments by FIIs and the dissemination of daily data shall be done by the... Foreign investment in India by SEBI registered FIIs in Government Securities & Corporate Debt On a review, to simplify the existing limits, it has now been decided to merge the existing debt limits into two broad categories as under: (i) Government Debt limit: Government securities of USD 25 billion by merging the existing sub-limits under Government securities [(a)USD 10 billion for... KYC Norms – Simplifying Norms for Self Help Groups KYC Norms /Anti-Money Laundering Standards/Combating Financing of Terrorism (CFT)/Obligation of Banks under PMLA, 2002 – Simplifying Norms for Self Help Groups RBI/2012-13/461 RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13 April 01, 2013 The Chairmen / CEOs of all Regional Rural Banks / State... Core Investment Companies – Guidelines on Investment in Insurance At present NBFCs venturing into insurance are guided by the circular DNBS(PD).CC.No.13/02.01/99-2000 dated June 30, 2000 on amendment to NBFC Regulations which contains the 'Guidelines for entry of NBFCs into Insurance'. In view of the unique business model of Core Investment Companies (CICs), it...