Clarification regarding levy of Excise duty on branded precious metal jewellery Posted: 03 Mar 2012 07:50 PM PST Some enquiries have been initiated by the departmental agencies seeking to demand duty on such articles of jewellery which are packed in boxes, pouches etc. bearing a trade name or brand name or mark. References have since been received from the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Expectations from Budget 2012 Posted: 03 Mar 2012 07:44 PM PST The Budget 2012-13 will be announced on March 16, 2012 by the Finance Minister Pranab Mukherjee. There are a lot of expectations from Budget as the economy of the country is not yet stable and after effects of recession can still be felt. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| State Govt wants CST rate to be hiked to 4% Posted: 02 Mar 2012 11:07 PM PST States have asked centre for adequate compensation for their revenue loss due reduction in the Central Sales Tax -CST. Otherwise, the levy should be increased to the earlier rate of 4 per cent. Empowered Committee of the State Finance Minister in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh Posted: 02 Mar 2012 07:54 PM PST A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Institute of Cost Accountants of India enters MOU with FCI – Students will be able to undergo Practical Training Posted: 02 Mar 2012 07:14 PM PST The Institute of Cost Accountants of India and Food Corporation of India (FCI) (Government of India Undertaking) have signed an MOU on 28th February'2012. As per this MOU the intermediate passed students of the Institute will be able to undergo... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CWA – Exposure Draft of Guidance Note on Maintenance of Cost Accounting Records for comments Posted: 02 Mar 2012 07:10 PM PST The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Maintenance of Cost Accounting Records. The proposed Guidance Note may be modified in light of comments/... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| LIC Jeevan Vriddhi – New Single Premium Plan Posted: 02 Mar 2012 04:56 PM PST LIC's Jeevan Vriddhi is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| SC Asks HC to consider whether Low Tax Effect Circular has retrospective effect Posted: 02 Mar 2012 04:44 PM PST Income Tax Department filed an appeal u/s 260A in 2006 where the tax effect was less than Rs. 10 lakhs. High Court, relying on Instruction No. 3/2011 Dated 9-2-2011 dismissed the appeal as not maintainable. Income Tax Department challenged the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ITAT reduces additions made on estimate basis by A.O. for low Household withdrawals Posted: 02 Mar 2012 04:30 PM PST We have heard both the sides, considered the material on record and find that Assessing Officer made the impugned addition and CIT(A) confirmed the same , but inadvertently mentioned about addition of Rs.90,000/- instead of Rs.1,50,000. Since... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Gains on buying and selling of shares and mutual funds trading income or capital income – ITAT referred matter back to A.O. Posted: 02 Mar 2012 03:37 PM PST The assessee has shown long term capital gains and short term capital gains on buying and selling of shares and mutual funds, but, the revenue treated the same as business income based on the claim of the assessee in AY 2004-05 as trading activity... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Waiver of principle amount of 'non trading term loan' can not be taxed Posted: 02 Mar 2012 01:21 PM PST Tt has been observed by the AO that waiver of 'term loan' is not trading liability, expenditure or loss as envisaged under section 41(1) of the Act. In other words, he has not invoked the provision of section 41(1) of the Act but treated the waiver... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CBDT's Low Tax Effect Circular discriminatory Posted: 02 Mar 2012 11:22 AM PST In this judgment HC held that CBDT's Instruction No. 3 of 2011 dated 9.2.2011 applies to appeal filed before the issue of instruction also and all appeal pending on the date of instruction before High Court in which tax effect does not exceed the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| National Litigation Policy to Reduce Average Pendency Time from 15 Years to 3 Years Posted: 02 Mar 2012 11:16 AM PST National Legal Mission to Reduce Average Pendency Time from 15 Years to 3 Years National Litigation Policy Document Released The Centre has formulated a National Litigation Policy to reduce the cases pending in various courts in India under the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Overview Of The Prevention of Money Laundering Act, 2002, Prevention Of Money Laundering Bill, 2011 And The Benami Transactions (Prohibition) Bill, 2011 Posted: 02 Mar 2012 10:49 AM PST CA Rajkumar S. Adukia 1. INTRODUCTION "It has been said that the love of money is the root of all evil. The want of money is so quite as truly." {Samuel Butler, English composer, novelist, & satiric author (1835 – 1902)} Money is any... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income from installation of towers/antennas on building roof, display of hoardings on building top and parking space rent not income from House property Posted: 29 Feb 2012 10:01 PM PST In the case of Mukherjee Estate P. Ltd. reported in 244 ITR 1, the Hon'ble Calcutta High Court has held that income on account of display of hoardings on the top of the building for advertisement purposes to display the advertisement is not an... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| S. 54F exemption available even if construction not completed or Sales deed not registered Posted: 29 Feb 2012 09:47 PM PST If after making the entire payment, merely because a registered sale deed had not been executed and registered in favour of the assessee before the period stipulated, he cannot be denied the benefit of section 54F of the Act. Similarly, if he has...
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