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May 1, 2013

I-T returns may require disclosure of all assets

I-T returns may require disclosure of all assets

Posted: 30 Apr 2013 05:15 PM PDT

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms. "The government is considering to introduce a new income tax return form...

New Norms for XBRL Filing

Posted: 30 Apr 2013 11:44 AM PDT

New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of  2,90,39 and 2,57,86 companies respectively have filed their Balance Sheet using the...

Penal Action Against Fraudulent Companies

Posted: 30 Apr 2013 11:42 AM PDT

During last five years i.e. from 2008-09 to 2012-13 a total of 782 inspection reports in respect of companies were received in the Ministry of Corporate Affairs. Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in...

Download Finance Bill 2013-14 passed by Lok Sabha on 30.04.2012

Posted: 30 Apr 2013 05:04 AM PDT

The Finance Bill 2013 has been passed by the Lok Sabha today (30.04.2013) after incorporating  12 minor amendments. THE MINISTER OF FINANCE (SHRI P. CHIDAMBARAM) Moving the motion for consideration of the Bill said: Post the Budget presentation and post the Finance Bill introduction, we had...

CBDT Clarifications on Functional Profile of Development Centres engaged in Contract R&D Services with insignificant risk

Posted: 29 Apr 2013 11:56 PM PDT

CA Kamal Garg TRANSFER PRICING: CBDT Clarifications on Functional Profile of Development Centres engaged in Contract R&D Services with insignificant risk – conditions relevant to identify such Development Centres The Central Board of Direct Taxes (CBDT) issued CIRCULAR NO. 3/2013 [F NO....

Utilizing Refunded SAD for Duty Payment (DEPB) – Extended Again

Posted: 29 Apr 2013 10:36 PM PDT

CIRCULAR NO 18/2013-Cus., Dated: April 29, 2013 Subject:- Refund of 4% CVD (SAD)-Extension of time upto 30th September 2013, for using re-credited 4% CVD (SAD) amount in DEPB-Regarding. Your kind attention is invited to the Circular No.27/2010-Customs, dated 13.08.2010, regarding procedure on...

TDS – New File Validation Utility (FVU) version 2.133 – Key features / Download

Posted: 29 Apr 2013 08:32 PM PDT

Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of validating the quarterly TDS/TCS statement, if the TDS/TCS is deposited through challan. This will be applicable in case of regular statement...

Transfer Pricing – Important principles on turnover filter & comparison explained

Posted: 29 Apr 2013 07:56 PM PDT

. Facts in brief are that the assessee during the assessment year 2007- 08 had provided software programming services to the parent company in the US for which the assessee had received a sum of Rs.5,39,40,81,065/-. Since the assessee had entered into an international transaction with an associate ...

Transfer Pricing: Scope of +/- 5% tolerance adjustment to ALP explained

Posted: 29 Apr 2013 07:33 PM PDT

From the above second proviso to Section 92C(2), it is evident that if the variation between the arm's length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has...

ICAI President's Message – May 2013

Posted: 29 Apr 2013 07:24 PM PDT

Dear Friends, Ethics is all about our becoming and feeling responsible about everything that is around us. We are responsible only when we appreciate everything that is ethical and denounce all that is not ethical around us. I would like our membership to ensure that they always go for the stricter...

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