Amendment to Income Tax (Appellate Tribunal) Rules, 1963

---------- Forwarded message ----------

From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Tue, Feb 28, 2012 at 9:17 PM
Subject: Message from EGroup of SolapurCAs Amendment to Income Tax (Appellate Tribunal) Rules, 1963
To: editor@itatonline.org

 

Dear Subscriber,

Amendment to Income Tax (Appellate Tribunal) Rules, 1963

Vide Notification No. F. 71-Ad(AT)/2012, dated 7-2-2012 certain important amendments have been incorporated to the Income Tax (Appellate Tribunal) Rules, 1963. Some of the amendments are to give effect to the judgement of the Bombay High Court in Jagjivandas Nandlal vs. ITAT 236 CTR 274 as incorporated in the Practice Note dated 22.2.2011 issued by the Registrar of the Tribunal.


It may be recalled that the Bar Association had called for suggestions on the amendments vide letter dated 1.11.2011.

(Click Here To Read More)

Regards,

Editor,

itatonline.org

---------------------

Latest:

Bombay High Court Affirms Special Bench Law On Brokers' Bad Debts

Direct Tax, Customs, VAT, SEBI, RBI, AUDIT, Company Law , Other Laws , Financial Management and International Business

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Tue, Feb 28, 2012 at 9:48 AM
Subject: {jalgaoncas} Direct Tax, Customs, VAT, SEBI, RBI, AUDIT, Company Law , Other Laws , Financial Management and International Business
To:

Dear All,

Find enclosed text on the above topics along with links to detailed text.

 

http://www.indiantaxhome.com/2012/02/i-t-relief-house-panel-may-push-for.html

·         I-T relief: House panel may push for higher deduction of Rs 3.20 lakh

The Standing Committee of Parliament on Finance is likely to recommend a deduction of Rs 3.20 lakh for income-tax relief.

 

http://www.indiantaxhome.com/2012/02/new-tax-deal-for-housing.html

·         New tax deal for housing

It is proposed that the Direct Taxes Code, 2010 ('DTC') will be introduced from April 1, 2012. It is an attempt to simplify the overall tax structure and lay-out of the tax provisions in a manner that these are better understood by the common tax payer. In this context, significant changes have been proposed in respect of taxability of house property income, which are worth noting.

 

http://www.indiantaxhome.com/2012/02/customs-gets-business-friendly-in.html

·         Customs gets business friendly in tougher times

There have been several significant changes recently in Indian Customs laws, which have perhaps not received the attention they deserve. These changes include introduction of the concept of 'self assessment' and post-import audit.

 

http://www.indiantaxhome.com/2012/02/import-duty-on-capital-goods-may-be.html

·         Import duty on capital goods may be self-defeating

It goes without saying that the capital goods industry constitutes the fulcrum of the manufacturing base of any country. More than consumer goods the production of capital equipment can test the innovativeness of a society, its commitment to productivity norms and effort it puts in to attain higher levels at every stage.

 

http://www.indiantaxhome.com/2012/02/govt-may-hike-duties-on-insulators-to.html

·         Govt may hike duties on insulators to help local cos like Aditya Birla Group, BHEL

Chinese companies are threatening the survival of not just power equipment industry in the country, but also manufacturers of insulators for transmission systems who claim that a fifth of their market has already been usurped by subsidised products from across the border.

http://www.indiantaxhome.com/2012/02/vat-hike-to-offset-cst-crunch-says.html

·         VAT hike to offset CST crunch, says Ghadai

Finance Minister Prafulla Chandra Ghadai on Saturday defended the imposition of tax on sugar and textile fabric by raising the lower rate of VAT to 5 per cent, even as the Opposition Congress demanded a rollback of the proposal and staged a walkout protesting the Minister's reply in the Assembly.

 

http://www.indiantaxhome.com/2012/02/sebi-to-hire-professional-agency-to.html

·         Sebi to hire professional agency to educate investors

Capital market regulator Sebi will launch a big investor education programme through short films, TV and radio commercials in English and regional languages.

 

http://www.indiantaxhome.com/2012/02/new-chapter-on-company-law.html

·         New chapter on company law

In India's history, the year 1857 is a landmark one , remembered for India's first war for independence. However, a few know that the first Companies Act in India was legislated in the same year, which after multiple iterations resulted in the Companies Act, 1956.

 

http://www.indiantaxhome.com/2012/02/rbi-for-only-pure-fdi-in-realty.html

·         RBI for only 'pure' FDI in realty

The Reserve Bank of India (RBI), which has taken a firm stand against allowing external commercial borrowings (ECBs) in the real estate sector, now wants to clamp down on overseas investments in the sector through instruments that carry a fixed or variable internal rate of return.

 

http://www.indiantaxhome.com/2012/02/goverment-mulls-psu-banks-to-cut-loan.html

·         Goverment mulls PSU banks to cut loan rates by March

The finance ministry is nudging state-owned banks to cut lending rates before March-end, though most lenders had initially taken a stand to review interest rates only next financial year. This has not been communicated in writing, but at a recent meeting, senior ministry officials asked bank chiefs to consider lowering interest rates.

http://www.indiantaxhome.com/2012/02/cost-energy-audits-now-mandatory-for.html

·         Cost & energy audits now mandatory for Maharashtra sugar co-operatives

The Maharashtra government has made it mandatory for the co-operative sugar industry to perform cost and energy audits. This, if implemented seriously, is expected to save crores of rupees of the co-operatives. Maharashtra is the country's top sugar producer, having a turnover of about Rs 25,000 crore.

 

http://www.indiantaxhome.com/2012/02/retail-interest-revives-small-mid-cap.html

·         Retail interest revives; small, mid-cap stocks see sharp rise

Retail investors seem to have been making a tentative re-entry into the stock market in the last couple of months, after having cut back on their trading activity as the indices fell sharply in 2011. At the National Stock Exchange (NSE), turnover in the cash segment has risen to 10.3 per cent of the overall turnover this month.

 

http://www.indiantaxhome.com/2012/02/among-nationalised-banks-small.html

·         Among nationalised banks, the small outperform the large in Q3

The macro environment has been hostile to the banks in the first three quarters of 2011-12. Elevated interest rates in an atmosphere of slowing economic growth have lead to pressure on asset quality on the one hand and higher provisioning on the investment portfolio on the other.

 

http://www.indiantaxhome.com/2012/02/govt-to-ease-forward-contracts-curbs-to.html

·         Govt to ease forward contracts curbs to facilitate strategic sales

The government plans to change rules and provide Indian companies with the flexibility of buying or selling shares to a strategic partner in future, easing decadesold restrictions on forward contracts.

 

http://www.indiantaxhome.com/2012/02/cheap-ecb-money-to-decide-dalal-street.html

·         Cheap ECB money to decide Dalal Street course

The extent of foreign institutional purchases amid the start of ECB's second round of funding operation for the region's lenders on Wednesday will be key to the prospects of Indian stocks in the week ahead.

 

http://www.indiantaxhome.com/2012/02/microfinance-firm-bandhan-financial.html

·         Microfinance firm Bandhan Financial Services to sell Rs 500-cr farm loans to IDBI

Microfinance company Bandhan Financial Services plans to sell Rs 500 crore worth of farm loans to IDBI Bank in what would be the biggest securitisation deal this year. Selling loans releases capital for MFIs and helps them deploy fresh loans to the poor without borrowing directly from banks.

 

http://www.indiantaxhome.com/2012/02/budget-team-mix-of-old-new-faces.html

·         Budget team: Mix of old & new faces

As the countdown to the Budget begins, every movement in the finance ministry is closely monitored, outsider entry is restricted and phone lines of officials involved in the Budget process are tapped.This will be the first Budget for all five secretaries in the finance ministry in their existing capacity.

 

http://www.indiantaxhome.com/2012/02/budget-2012-budget-may-bring-sweet.html

·         Budget 2012: Budget may bring sweet relief for ailing Air India

There could be some good news for ailing Air India in the upcoming Budget with the government considering a support package of about 10,000 crore for it, including 6,600 crore worth of equity infusion.

 

http://www.indiantaxhome.com/2012/02/berkshire-hathaways-q4-net-slides-30-as.html

·         Berkshire Hathaway's Q4 net slides 30% as gains narrow on derivatives

Berkshire Hathaway Inc. said fourth- quarter profit fell 30% on smaller gains from Warren Buffett's portfolio of derivatives. Net income declined to $3.05 billion, or $1,846 a share, from $4.38 billion, or $2,656, a year earlier, Omaha, Nebraska-based Berkshire said on Sunday in its annual report.

 

http://www.indiantaxhome.com/2012/02/hero-motocorp-to-buy-minority-stake-in.html

·         Hero MotoCorp to buy minority stake in Erik Buell Racing

Hero MotoCorp, the world's largest two-wheeler maker, will buy a minority stake in US motorcycle firm Erik Buell Racing (EBR) for an undisclosed amount. "We have a flexible free-flowing pact with EBR, which would be developed into a equity partnership," Hero MotoCorp MD and CEO Pawan Munjal said.

http://www.indiantaxhome.com/2012/02/gati-in-talks-to-sell-stake-in-shipping.html

·         Gati in talks to sell stake in shipping arm to Bernhard Schulte

Hyderabad-based logistics major Gati is in talks with German ship-management company Bernhard Schulte to sell a strategic stake in its loss-making shipping business to raise cash to tide over the financial crisis.

--

=======================================================================================
CA Saiprasad P. Bagrecha 

Mob:- +91- 98235 26824 / + 91-82750 32822

Direct Tax, Customs, VAT , Sebi , Financial Management , Other Laws and International Business

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Wed, Feb 29, 2012 at 9:44 AM
Subject: {jalgaoncas} Direct Tax, Customs, VAT , Sebi , Financial Management , Other Laws and International Business
To:

Dear All,

 

Find enclosed text on the above topics.

 

http://www.indiantaxhome.com/2012/02/earning-up-to-rs-5-l-salary-no-need-to.html

·         Earning up to Rs 5-L salary? No need to file returns

Individuals with annual income up to Rs 5 lakh are now exempted from filing personal income tax return for the current financial year. This relief was proposed in the Union Budget last year.

 

http://www.indiantaxhome.com/2012/02/power-ministry-moves-cabinet-note-for.html

·         Power ministry moves Cabinet note for 19% duty on power equipment imports

The power ministry has moved a Cabinet note which is believed to have proposed imposition of 19 per cent duty on imports of elctricity equipment for large power projects.

 

http://www.indiantaxhome.com/2012/02/vat-worth-rs-11671-crore-due-from-424.html

·         VAT worth Rs 11,671 crore due from 424 companies in Guj: Vala

Gujarat's Finance Minister Vaju Vala today informed the state assembly that over 424 companies in the state owe over Rs 11,671 crore as Value Added Tax (VAT) dues to the government.

 

http://www.indiantaxhome.com/2012/02/sebi-order-for-fair-valuation-of-short.html

·         SEBI order for 'fair valuation' of short-term debt leaves fund managers in a fix

A recent Sebi notification on valuation of debt funds has left fund managers in a quandary. The regulator has asked fund houses to value debt instrument below 61 days on the basis of a "fair valuation" method worked out by asset management companies.

 

http://www.indiantaxhome.com/2012/02/satyam-scam-hc-asks-sebi-not-to-begin.html

·         Satyam scam: HC asks Sebi not to begin independent investigation

In partial relief to two accused in the multi-crore Satyam scam, the Bombay High Court on Monday directed the Securities and Exchange Board of India (Sebi) not to begin its independent inquiry into the controversy until May 7.

 

http://www.indiantaxhome.com/2012/02/health-ministry-rejects-dops.html

·         Health ministry rejects DoP's recommendation on pricing of essential drugs

The health ministry has suggested that the pricing of essential medicines be based on either the average price of the three cheapest brands or the government's bulk procurement price, rejecting a draft policy of the department of pharmaceuticals.

 

http://www.indiantaxhome.com/2012/02/government-to-set-up-agency-to-scan.html

·         Government to set up agency to scan tweets, emails and updates

The government is setting up an internet scanning agency which will seek to monitor all web traffic passing through internet service providers in the country. The scanning agency to be called National Cyber Coordination Centre (NCCC), will issue 'actionable alerts' to government departments in cases of perceived security threats.

 

http://www.indiantaxhome.com/2012/02/sensex-plunges-478-points-on-spiralling.html

·         Sensex plunges 478 points on spiralling oil prices and profit booking

After an uninterrupted rise in stocks since January, investors needed an excuse to take home some profits. Higher oil prices offered them the perfect reason to dump stocks, resulting in benchmark indices posting their highest single-day fall in four months.

 

http://www.indiantaxhome.com/2012/02/npcil-in-talks-with-lic-foreign-banks.html

·         NPCIL in talks with LIC, foreign banks to raise debt

After roping in State-run lending agency Power Finance Corporation, Nuclear Power Corporation of India Ltd (NPCIL) has now initiated talks with Life Insurance Corporation (LIC) as part of its debt raising programme to finance its ambitious Rs 3,00,000-crore investment plan for the 12th Plan Period.

 

http://www.indiantaxhome.com/2012/02/wiser-from-fy12-shock-budget-to-peg.html

·         Wiser from FY12 shock, Budget to peg crude at $110

Union Budget 2012-13 will estimate the crude oil price of the Indian basket to average above $110 a barrel in 2012-13 as against $90 dollar a barrel set in the current fiscal, an assumption that led to a higher-than-expected subsidy outgo, officials familiar with the matter said.

 

http://www.indiantaxhome.com/2012/02/budget-2012-india-inc-debates-on-tax.html

·         Budget 2012: India Inc debates on tax holidays for smaller IT firms

Small and mid-sized technology companies not only need tax incentives but also need a simpleto-operate tax regime with no ambiguities for the Indian IT industry to be competitive on a global scale, a panel of experts concluded at a recently-held pre-Budget debate.

 

http://www.indiantaxhome.com/2012/02/accumulating-expectations-from-budget.html

·         Accumulating expectations from the Budget

Most of those watching closely the mining and steel market are eagerly waiting for something special to happen in the coming days, something that would diminish the fear of the unknown and take the industry boldly forward.

 

http://www.indiantaxhome.com/2012/02/budget-2012-will-aam-admi-get-some-tax.html

·         Budget 2012: Will the aam admi get some tax sops?

Budget being round the corner, the so called 'Aam Admi' would be curious to know if there will be any increase in their disposable income. Every year there is a general expectation from the individual tax payers on the budget proposals relating to personal taxation, especially on the tax rates/tax slabs.

 

http://www.indiantaxhome.com/2012/02/cotton-exports-to-top-100-lakh-bales.html

·         Cotton exports to top 100 lakh bales this year

India's cotton exports will cross 100 lakh bales for the first time, marking a key milestone in the country's sevenyear journey from net importer to the world's second largest exporter with the cheapest cotton.

 

http://www.indiantaxhome.com/2012/02/lower-supplies-likely-to-lift-tea.html

·         Lower supplies likely to lift tea prices 10-15%

Consumers may have to pay about 10-15% more for tea soon as wholesale prices rise on the back of a faltering supply. "There is a shortage of tea in the country. We think prices of good premium teas will go up by Rs20 per kg to Rs 210-Rs 220 per kg. Similarly, low-end teas will go up by Rs15 per kg to Rs100.

http://www.indiantaxhome.com/2012/02/buffett-my-successor-is-in-dark-too.html

·         Buffett: My successor is in the dark too

In his annual investor letter on Saturday, Buffett said Berkshire's board had identified someone who will replace him as CEO when the 81-year-old investor eventually leaves the post. But he did not identify that person in the letter, and in a CNBC interview on Monday, he rejected suggestions that he should.

--

=======================================================================================
CA Saiprasad P. Bagrecha 

Mob:- +91- 98235 26824 / + 91-82750 32822

Nature Care !!!!!!

---------- Forwarded message ----------
From: CA Nikhil Sabadra <canikhilsabadra@gmail.com>
Date: Sat, Feb 25, 2012 at 11:15 AM
Subject: NashiCAs Nature Care !!!!!!
To: nashiCAs@googlegroups.com

SUCCESS IS FIGHT BETWEEN YOU & YOURSELF. 

Dear Friends,   Greeting for the day...!!!!!!   The cost of Oxygen !! Very interesting !!!   In one day a human being breathes oxygen equivalent to 3 cylinders.   Each oxygen cylinder on an average costs Rs.700/-, without subsidy.   So, in a day one uses Oxygen worth Rs. 2,100/- and for a full year it is Rs. 7,66,500/-. And, if we consider an average life span of 65 years; the costs of oxygen we use become a staggering sum of Rs. 500,00,000/- = Rs. 50 million.  All this oxygen is derived free of cost from the surrounding trees.   Very few people look at trees as a RESOURCE and there is rampant tree cutting going on everywhere which must stop.    Please pass this to your friends and care for trees.

--

With Regards

CA Nikhil N.  Sabadra
98227 48282

S. 36(1)(vii)/(viia) Bad Debts: Supreme Court Reverses Full Bench Law

---------- Forwarded message ----------

From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Mon, Feb 20, 2012 at 3:06 PM
Subject: Message from EGroup of SolapurCAs S. 36(1)(vii)/(viia) Bad Debts: Supreme Court Reverses Full Bench Law
To: editor@itatonline.org

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

Catholic Syrian Bank Ltd vs. CIT (Supreme Court)

36(1)(vii)/36(1)(viia) Bad Debts: Banks are entitled to both deductions

 

The Supreme Court had to consider whether a bank was eligible to claim a deduction for bad debts u/s 36(1)(vii) in respect of its (rural & urban) advances and also claim a provision for bad and doubtful debts u/s 36(1)(viia) in respect of its rural advances in view of the Proviso to s. 36(1)(vii) which provides that only the excess over the credit balance in the provision for bad and doubtful debts account made u/s 36(1)(viia) can be claimed. The Special Bench of the Tribunal in DCIT vs. Catholic Syrian Bank 88 ITD 185 held that as s. 36(1)(viia) was confined to rural advances, a claim for bad debts of urban advances was not subject to the limitation of the Proviso to s. 36(1)(vii). However, the Full Bench of the Kerala High Court took a contrary view in CIT vs. South Indian Bank 233 CTR 214 (Ker) (FB) and held that a bank was entitled to claim deduction of bad debts u/s 36(1)(vii) only to extent it exceeded the provision allowed as deduction under s. 36(1) (viia). On appeal to the Supreme Court, HELD reversing the Full Bench of the High Court:

(Click Here To Read More)

Regards,

Editor,

FEMA/RBI updates

1. Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year

2. Release of Foreign Exchange for Imports - Further Liberalisation

 

Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year

RESERVE BANK OF INDIA

Foreign Exchange Department

Central Office

Mumbai - 400 001

RBI/2011-12/ 403                                           February 21, 2012
A.P. (DIR Series) Circular No.81

To
All Category – I Authorised Dealer Banks

Madam / Sir,

Export of Goods and Services -

Receipt of advance payment for export of goods

Involving shipment (manufacture and ship) beyond one year

1.Attention of Authorised Dealer Category – I (AD Category I) banks is invited to the sub-regulation (2) of Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, notified vide Notification No.FEMA.23/RB-2000, dated 3rd May 2000, as amended from time to time, in terms of which prior approval of the Reserve Bank is required to be obtained by an exporter for receipt of advance where the export agreement provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment.

2. With a view to liberalizing the procedure, it has been decided to permit AD Category- I banks to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the 'export agreement' provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment subject to the following conditions:-

i) the KYC and due diligence exercise has been done by the AD Category –I bank for the overseas buyer;

ii) compliance with the Anti Money Laundering standards has been ensured;

iii) the AD Category-I bank should ensure that export advance received by the exporter should be utilized to execute export and not for any other purpose i.e., the transaction is a bona-fide transaction;

iv) progress payment, if any, should be received directly from the overseas buyer strictly in terms of the contract;

v) the rate of interest, if any, payable on the advance payment shall not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points;

vi) there should be no instance of refund exceeding 10% of the advance payment received in the last three years;

vii) the documents covering the shipment should be routed through the same authorised dealer bank; and

viii) in the event of the exporter's inability to make the shipment, partly or fully, no remittance towards refund of unutilized portion of advance payment or towards payment of interest should be made without the prior approval of the Reserve Bank.

3. Necessary amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, wherever necessary, are being issued separately.

4. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any law.

Yours faithfully,

(Rashmi Fauzdar)

Chief General Manager

Release of Foreign Exchange for Imports - Further Liberalisation

RESERVE BANK OF INDIA

Foreign Exchange Department

Central Office

Mumbai - 400 001

RBI/2011-12/404                                       February 21, 2012
A.P. (DIR Series) Circular No. 82

To
All Authorised Dealers in Foreign Exchange

Madam / Sir,

Release of Foreign Exchange for Imports – Further Liberalisation

1.Attention of all the Authorised Dealers (ADs) in foreign exchange is invited to the A.P.(DIR Series) Circular No. 106 dated June 19, 2003 in terms of which applications by persons, firms and companies for making payments, exceeding USD 500 or its equivalent towards imports into India must be made in Form A-1.

2. Based on suggestions received from the various stake holders, the said limit has been reviewed and it has been decided as a measure of liberalization to raise the above limit for foreign exchange remittance towards imports without any documentation formalities, from USD 500 or its equivalent to USD 5000 or its equivalent, with immediate effect.

3. It is clarified that the ADs need not obtain any document, including Form A-1, except a simple letter from the applicant containing the basic information viz., the name and the address of the applicant, name and address of the beneficiary, amount to be remitted and the purpose of remittance, as long as the exchange being purchased is for a current account transaction (and is not included in the Schedules I and II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 framed by Government of India vide Notification No. G.S.R.381 (E) dated May 3, 2000, as amended from time to time, the amount does not exceed USD 5000 or its equivalent and the payment is made by a cheque drawn on the applicant's bank account or by a Demand Draft.

4. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Rashmi Fauzdar)

Chief General Manager

Empanelment of chartered accountants for concurrent audits/Bank audits/CAG Audits

---------- Forwarded message ----------
From: Vivek Khurana <khuranavivekca@yahoo.com>
Date: Wed, Feb 22, 2012 at 10:08 AM
Subject: {jalgaoncas} Empanelment of chartered accountants for concurrent audits/Bank audits/CAG Audits
To: "khuranavivek@casansaar.com" <khuranavivek@casansaar.com>

Professional Updates by casansaar.com

---

• Empanelment of chartered accountants for concurrent audits/Bank audits/CAG Audits
• Three women IRS members in CBDT for the first time
• West Bangal Cabinet okays hike in base VAT rate to 5%
• Process on for consensus on FDI in multi-brand retail, says Pranab Mukherjee
• Rs 1,200-crore SBI lifeline for Kingfisher Airlines; DGCA not convinced with KFA's reply on cancellations
• Budget 2012: Foreign bank deposits, paintings, watches may attract wealth tax under DTC
• Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year
• Auto Excel Income Tax Challan ITNS-281
• Auto Excel Income Tax Challan ITNS-280

Empanelment of chartered accountants for concurrent audits/Bank audits/CAG Audits Posted: 21 Feb 2012 07:16 PM PST National Institute of Open Schooling intends to invite the 'Expression of Interest' from the CA firms based in Delhi / NOIDA for appointment as Internal Auditor for conducting the audit of its Head Office on quarterly basis. The consolidation work of Hqrs Accounts with the accounts of Regional Centr… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Three women IRS members in CBDT for the first time Posted: 21 Feb 2012 07:04 PM PST The proverbial glass ceiling in the country's top direct tax collection authority -- CBDT -- has been broken with three senior women IRS officers occupying the post of members in the rank of special secretaries.With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Mem… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

West Bangal Cabinet okays hike in base VAT rate to 5% Posted: 21 Feb 2012 06:41 PM PST The State Cabinet has approved the revision in base VAT (Value Added Tax) rate from existing four per cent to five per cent, a move that is expected to generate Rs 400 crore additional revenue annually. The revision in base VAT rate is going to be reflected in the State Budget for 2012-13. An ex… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Process on for consensus on FDI in multi-brand retail, says Pranab Mukherjee Posted: 21 Feb 2012 06:29 PM PST The government said it is in the process of evolving a consensus on allowing 51 per cent foreign direct investment in the multi-brand retail sector. The policy to allow foreign retailers to open outlets in India, was put on hold by the government in the wake of strong objection from opposition an… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Rs 1,200-crore SBI lifeline for Kingfisher Airlines; DGCA not convinced with KFA's reply on cancellations Posted: 21 Feb 2012 06:28 PM PST Beleaguered Kingfisher Airlines got some relief on Tuesday after banks gave some guarantees and working capital loans and the income tax department indicated that it may defreeze the airline's bank accounts. The State Bank of India threw in a lifeline of around Rs 1,200 crore to the troubled air… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Budget 2012: Foreign bank deposits, paintings, watches may attract wealth tax under DTC Posted: 21 Feb 2012 06:16 PM PST Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government's drive to unearth black money. The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code (DTC) Bill which is being scrutinised by a Par… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year Posted: 21 Feb 2012 06:13 PM PST RBI/2011-12/403A.P. (DIR Series) Circular No.81 February 21, 2012 To All Category – I Authorised Dealer Banks Madam / Sir, Export of Goods and Services - Receipt of advance payment for export of goodsInvolving shipment (manufacture and ship) beyond one year Attention of Authorised Dealer Categ… This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Auto Excel Income Tax Challan ITNS-281 Posted: 21 Feb 2012 06:03 PM PST The file is in Excel 2003. It has a built in auto fill form facility. The user is required to fill the pop up data form and ITNS280 in excel shall be updated automatically. The template has the facility for (a) Pop Window for Code details (b) Warning if wrong structure of TAN is entered (c) (d) Entry in the form of running input without spaces (e) Dropdown list for options (f) Built in Check Boxes. Read help File First. This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Auto Excel Income Tax Challan ITNS-280 Posted: 21 Feb 2012 06:02 PM PST Auto Excel Challan ITNS-280 The file is in Excel 2003. It has a built in auto fill form facility. The user is required to fill the pop up data form and ITNS280 in excel shall be updated automatically. The template has the facility for (a) Viewing instructions (b) Warning if wrong structure of PAN is entered (c) (d) No space required for data input (e) Dropdown list for options (f) Built in Check Boxes. Read help File First. This is a content Summary only. Visit www.casansaar.com for full article. for Free SMS updates activation, Send SMS 'on casansaar' to 9870807070.

Guidance note on Accounting for real estate transactions

Guidance Note on Accounting for Rate Regulated Activities - (17-02-2012)

 

Guidance Note on Accounting for Self-generated Certified Emission Reductions (CERs) (Issued 2012) - (17-02-2012)

 

Direct Tax, Service Tax, Customs, RBI, Other Laws and Financial Management

---------- Forwarded message ----------

From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Tue, Feb 21, 2012 at 9:38 AM
Subject: {jalgaoncas} Direct Tax, Service Tax, Customs, RBI, Other Laws and Financial Management
To:

Dear All,

 

Find enclosed the text as well as link to detailed text on the following topics.

 

http://www.indiantaxhome.com/2012/02/i-t-department-asks-for-over-rs-413.html

·         I-T department asks for over Rs 413 crore as tax from BCCI

The income tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10 of which only Rs 41 crore have been paid, an RTI reply has said.

 

http://www.indiantaxhome.com/2012/02/offshore-supplies-are-tax-free.html

·         Offshore supplies are tax free

The issue of taxability of 'offshore supply price' was settled by the Apex Court in the case of Ishikawa [288 ITR 408] wherein it was held that 'the entire transaction having been completed on the high seas, the profit on sale did not arise in India'.

 

http://www.indiantaxhome.com/2012/02/sharp-increase-in-refunds-dents-tax.html

·         Sharp increase in refunds dents tax collection

A steep increase in tax refunds is as much a reason for the less-than-expected tax revenue collection this fiscal as the slowdown in economic growth. In April-January 2011-12, the income-tax department has given R78,000 crore in refunds, up by R4,000 crore in the whole of the previous fiscal.

 

http://www.indiantaxhome.com/2012/02/uttarakhand-himachal-pradesh.html

·         Uttarakhand, Himachal Pradesh manufacturing units to get tax breaks even if company is sold: CBEC

The finance ministry has said manufacturing units in Himachal Pradesh and Uttarakhand will continue to enjoy tax concessions even if its ownership changes, enabling mergers and acquisitions in such undertakings.

 

 

 

http://www.indiantaxhome.com/2012/02/assessing-officer-cant-be-part-of-tax.html

·         Assessing officer can't be part of tax appellate body deciding the appeal

An income-tax commissioner, responsible for an assessment order, cannot be a part of the body that decides the appeal against the same order, a tax tribunal has said.

 

http://www.indiantaxhome.com/2012/02/filmmakers-meet-fm-oppose-any-move-to.html

·         Filmmakers meet FM, oppose any move to impose service tax

Amid talk that service tax could be imposed on film tickets in the coming budget, a delegation of film makers along with Information and Broadcasting Minister Ambika Soni on Sunday met Finance Minister Pranab Mukherjee.

 

http://www.indiantaxhome.com/2012/02/sc-decides-on-taxability-of-sales-from.html

·         SC decides on taxability of sales from bonded warehouses

The sales taxability of transactions relating in the course of import and export has been the subject matter of intense judicial scrutiny, particularly due to exemption from the tax granted to transactions under the Central Sales Tax Act, 1956 ("CST Act").

 

http://www.indiantaxhome.com/2012/02/government-may-ease-harsh-rules-for.html

·         Government may ease harsh rules for NBFCs suggested by RBI panel

Amid intense lobbying by finance companies, the government has stepped in to water down the harsh, new rules prescribed by a Reserve Bank of India panel.

 

http://www.indiantaxhome.com/2012/02/government-to-set-up-specialised-body.html

·         Government to set up specialised body for auto sector growth by April

A specialised body for promoting sustainable development of the Indian auto sector, dubbed the National Automotive Board, is likely to be set up by April.

 

http://www.indiantaxhome.com/2012/02/govt-may-hire-ca-firms-to-vet.html

·         Govt may hire CA firms to vet broadcasters' data

Seeking more transparency in the wake of mounting workload, the information and broadcasting (I&B) ministry is planning to hire a panel of chartered accountancy firms which will scrutinise and evaluate the various financial and technical data provided by the broadcasters, FM radio companies and DTH operators.

 

http://www.indiantaxhome.com/2012/02/market-will-now-pick-up-signals-from.html

·         Market will now pick up signals from Eurozone

Investors will take a cue from global developments this week, with the focus now shifting from domestic earnings to developments in the Eurozone.

 

http://www.indiantaxhome.com/2012/02/budget-2012-food-security-bill-may-get.html

·         Budget 2012: Food Security Bill may get Rs 5,000 crore

Signalling its commitment to roll out the Food Security Bill in the next fiscal, finance minister Pranab Mukherjee is likely to announce a token allocation of Rs 5,000 crore in the forthcoming budget.

 

http://www.indiantaxhome.com/2012/02/gold-may-see-profit-taking-silver-crude.html

·         Gold may see profit taking; silver, crude oil look bullish

The European sovereign debt issue once again came to the fore last week with Greece – the centre of attention – while geopolitical tensions in West Asia continued unabated. Global commodity markets reacted to the developments.

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CA Saiprasad P. Bagrecha 

Mob:- +91- 98235 26824 / + 91-82750 32822