Standing Committee on Finance recommends inclusion of cost accountant in the definition of 'accountant" Posted: 13 Mar 2012 08:28 PM PDT Mr.Gopalakrishnan said that the Standing Committee acknowledges the representation received from The Institute of Cost Accountants of India demanding the changes in the definition of Accountant and the request for inclusion of Cost Accountant in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| How to apply Address proof card issued by India Post (Postal Identity Card) Posted: 13 Mar 2012 08:19 PM PDT Postal Identity Card is issued under clause 63 of the Post Office Guide - Part I for the benefit of tourists, traveling representatives of firms and other members of the public who experience difficulty in establishing their identity in connection... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Admit cards to students appearing in May 2012 CA Examinations Posted: 13 Mar 2012 07:29 PM PDT Candidates who have applied for May 2012 Chartered Accountants exams are requested to note that admit cards with photographs and signatures of the candidates will be hosted on http://www.icai.nic.in generally 21 days prior to the commencement of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Form 15CA,15CB for remittance of payments to non-resident or foreign company Posted: 13 Mar 2012 02:18 PM PDT Form 15CA and Form 15CB to be filed in relation to remittances to non-residents under section 195(6) of the Income Tax Act, 1961 ("the Act"). This new rule is effective from July 1, 2009 and shall apply to all remittances being made after July 1,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| FAQ on Stamp Duty related to Indian Stamp Act, 1899 and Bombay Stamp Act, 1958 Posted: 13 Mar 2012 01:51 PM PDT What is stamp duty? Why should stamp duty be paid?Ans. It is a tax, similar to sales tax (VAT) and income tax collected by the Government. Stamp Duty is payable under section 3 of the Indian Stamp Act, 1899. Rates of Stamp Duty payable for different... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Reopening on the basis of facts already available at the time of original assessment proceedings invalid Posted: 13 Mar 2012 08:55 AM PDT We are of the opinion that there is nothing to suggest that all the primary facts were not disclosed by the assessee at the time of original assessment completed u/s 143(3) of the Act nor any failure on the part of the assessee to disclose fully and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Notice u/s 143(2) mandatory for validating reassessment proceedings Posted: 13 Mar 2012 08:45 AM PDT Hon'ble Delhi High Court that in the case of C.I.T. vs. Pawan Kumar Gupta (2009) 318 ITR 322 (Del.) in the context of issue of notice u/s 143(2) in block assessment, which are in pari materia to proceedings u/s. 148, wherein it has held that section... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Section 271D penalty not imposable if amount received in cash is for Shares Posted: 13 Mar 2012 08:39 AM PDT For the assessment year 2006-07, the Assessing Officer vide order dated 23rd March, 2009 had imposed penalty of Rs.10,70,000/- under Section 271D of the Income Tax Act, 1961 (Act, for short). This penalty was levied on account of Rs. 21,97,500/-... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Colourable device cannot be a part of tax planning, where transaction is sham and not genuine Posted: 13 Mar 2012 07:57 AM PDT Supreme Court in Vodafone International (dated 20 January 2012) considered its decisions in the matters of McDowell reported in (1985) 3 SCC 230, Azadi Bachao reported in (2004) 10 SCC 1 and the Mathuram Agarwal reported in (1999) 8 SCC 667 and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Payment of Bonus Act, 1965 in brief Posted: 13 Mar 2012 02:28 AM PDT Applicability of Act (Sec 1) - Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment :... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Tax Recommendations Ahead of Budget 2012 Posted: 13 Mar 2012 02:22 AM PDT Ahead of the Annual Union Budget later this Week, Select Committee of the Parliament, which has scrutinized the Direct Tax Code Bill (DTC), likely to replace Income Tax Law of 1961 has recommended some very significant tax reforms and tax payer's... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CBI books Delhi Excise Commissioner and Four Others in Bribery Case Posted: 12 Mar 2012 09:31 PM PDT The Central Bureau of Investigation has filed a chargesheet against the then Commissioner, Central Excise-Delhi-I; Superintendent, Central Excise, Delhi; a middleman(Private person) and two other private persons in the Court of Special Judge for CBI... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Restrictions to be put if a manufacturer,1st or 2nd stage dealer, exporter or merchant exporter found to be involved in tax evasion Posted: 12 Mar 2012 08:12 PM PDT Notification No. 5/2012 – Central Excise (N.T.) – Dated: March 12, 2012 In pursuance of rule 12CCC of the Central Excise Rules, 2002, and rule 12AAA of the CENVAT Credit Rules, 2004 and in supersession of the notification of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Central Excise (First Amendment) Rules, 2012 to Substitue rule 12CC of Central Excise Rules, 2002 Posted: 12 Mar 2012 08:09 PM PDT Notification No. 4/2012-CENTRAL EXCISE (N.T.) 12CCC: Power to impose restrictions in certain types of cases.- Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of evasion of duty, nature and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CENVAT Credit (Second Amendment) Rules, 2012 to substitue Rule 12AA of CENVAT Credit Rules, 2004 Posted: 12 Mar 2012 08:05 PM PDT Notification No. 3/2012-CENTRAL EXCISE (N.T.) 12AAA: Power to impose restrictions in certain types of cases.- Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of misuse of CENVAT credit,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Opening of Diamond Dollar Accounts (DDAs) – Change in periodicity of the reporting Posted: 12 Mar 2012 07:51 PM PDT A.P. (DIR Series) Circular No. 92 With a view to further rationalizing the reporting mechanism, it has now been decided that AD Category-I banks should submit quarterly reports instead of monthly reports to the Chief General Manager-in-Charge,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Deferred Payment Protocols between Government of India and erstwhile USSR – A.P. (DIR Series) Circular No. 91 Posted: 12 Mar 2012 07:49 PM PDT A.P. (DIR Series) Circular No. 91 D Category-I banks are advised that a further revision has taken place on February 6, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.68.838139 with effect from February 9,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Striking a Balance – Credit Penetration and NPA Management – Role of Information Sharing Posted: 12 Mar 2012 07:45 PM PDT Banking is a risky business. Banks, or more generally the credit institutions, in their role as intermediaries take upon themselves significant credit risks, while interposing between lenders (depositors) and borrowers. Credit risk is, by far, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Regarding Ban on export of Cotton (Tariff Code 5201 and 5203) – Circular No. 08/2012-Customs Posted: 12 Mar 2012 07:35 PM PDT Circular No. 08/2012-Customs Attention is invited to Board's Circular No. 06/2012-Cus dated 06-03-2012 and DGFT RE Notification No.102 (RE-2010)/2009-14 dated 5th March, 2012 amending Notification no. 74(RE-2010)/2009-14 dated 12-09-2011 imposing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Enhancing the long term enterprise value- Environment, Society and Governance – Cost Convention Posted: 12 Mar 2012 05:30 PM PDT Mr. M.Gopalakrishnan, President of The Institute of Cost Accountants of India, announced, that the cost and management accounting profession, is gearing up for the new form of business reporting, which has to address the long term shareholder value... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Mid-Quarter Review of Monetary Policy 2011-2012 To be released at 11 am on RBI Website on March 15, 2012 Posted: 11 Mar 2012 08:15 PM PDT The Reserve Bank of India will release the next Mid-Quarter Review of Monetary Policy 2011-12 at 11 am on March 15, 2012. The Review will be by way of a press release and will be placed on the Reserve Bank's website (www.rbi.org.in). [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| SEBI – Allocation of debt limits in corporate debt old and Government Debt long term category to FIIs Posted: 11 Mar 2012 07:17 PM PDT In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than INR 450 cr. of the investment limit in each of above categories. Where a single entity bids on behalf of multiple...
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