Auditors to pay for Intimation of acceptance as Statutory Auditors Posted: 27 Jun 2012 08:50 PM PDT Ministry of Corporate affairs has vide its General Circular No. 14/2012, dated 21-6-2012 imposed fees on various forms which were free of cost. One such form was E-form-23B which in an Intimation to ROC by statutory auditors regarding their appointment. So now fee shall be payable based on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Approval u/s.80G(5) to continue unless withdrawn as per law Posted: 27 Jun 2012 08:47 PM PDT Bhole Bhandari Charitable Trust v. CIT From the proviso attached to the section 293C of the Act, it is crystal clear that even if any Income-tax Authority wants to withdraw approval, he shall issue a show-cause notice against the proposed withdrawal to the assessee concerned and after giving a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Income Tax Department cracks Modus operandi of Refund Frauds Posted: 27 Jun 2012 08:46 PM PDT An internal probe by the Income Tax department, to detect the occurrence of a spate of refund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed suspense refunds were generated to siphon off the taxpayers hard-earned money. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Central Processing – Key Highlights- F. Y. 2012 & Challenges Ahead Posted: 27 Jun 2012 08:45 PM PDT In FY2012, CPC processed 1.32 crores returns, a 47% increase over FY 2011. Rectification requests received by CPC has dropped from over 10% of returns filed in AY08-09, to 6.5% in AY 09-10, to 3.8% in AY 10-11 and further to just about 2.9% in AY 11-12. FY 2012 saw several milestones / records set... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CIT(A) can set aside assessment not made in accordance with ITAT's direction Posted: 27 Jun 2012 08:29 PM PDT CIT v. Hindustan Zinc Ltd. Amendment in the clause (a) of section 251(1) has been made so as to provide that the Commissioner (Appeals) may not set aside the assessment and refer the case back to the Assessing Officer for making fresh assessment with a view to help bringing an early finalization of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| If DTAA caps tax rate, education cess is not payable by foreign assessee Posted: 27 Jun 2012 06:41 PM PDT DIC Asia Pacific Pte Ltd vs. ADIT Article 2(1) of the applicable tax treaty provides that the taxes covered shall include tax and surcharge thereon. Once we come to the conclusion that education cess is nothing but an additional surcharge, it is only corollary thereto that the education cess will... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Only Top-level Managerial Persons Exempt from Tax under DTAA with Poland Posted: 27 Jun 2012 06:30 PM PDT It is a fact that the assessee was employed as 'Service Provider' and during the period under dispute he was providing the service from Bangalore in India. As per the Co¬operation agreement dated 14.12.2004 entered into between the assessee and the Polish Company, the function of the assessee was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Assessee not in-default for non-deduction of TDS till certificate issued u/s. 197 is in force Posted: 27 Jun 2012 05:02 PM PDT CIT v. Bovis Lend Lease (India) (P.) Ltd. In the instant case, it is the consistent stand of both the assessee and LLAH that the consideration paid under the agreement is by way of reimbursement of actual expanses. Therefore, even when a credit entry was made in the accounts as the assessee was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| All About Hedge funds Posted: 27 Jun 2012 06:23 AM PDT A hedge fund is a private, largely unregulated pool of capital whose managers can buy or sell any assets, bet on falling as well as rising assets and participate substantially in profits from money invested. It charges both a performance fee and a management fee. An investment fund must be open to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Double Taxation Avoidance Agreement Posted: 27 Jun 2012 06:17 AM PDT Double taxation is the imposition of two or more taxes on the same income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes). It refers to two distinct situations: Taxation of divided income without relief or credit for taxes... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| AC, first class rail fares to rise from 1st July on a/c of Service Tax Posted: 26 Jun 2012 10:53 PM PDT Service tax on passenger travel and freight was introduced in the general budget for 2009-10, but was kept on hold due to the then Railway Minister Mamata Banerjee's opposition. The exemption has been extended since then on quarterly basis but this time the Finance Ministry has decided to exclude... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI – Manner of dealing with Audit Reports filed by listed entities Posted: 26 Jun 2012 09:59 PM PDT In order to enhance the quality of financial reporting done by listed entities, it has been decided to put in place, a mechanism to process qualified annual audit reports filed by the listed entities with stock exchanges and Annual Audit Reports where accounting irregularities have been pointed out... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI – Phasing out Tier-III capital for standalone Primary Dealers (PDs) Posted: 26 Jun 2012 09:18 PM PDT It has been decided to phase out short term subordinated debt (Tier-III bonds) as an eligible source of capital for standalone PDs. Accordingly, PDs should not raise fresh funds through issuance of Tier-III bonds with effect from July 1, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Apparently no restriction on Input Service Distributor to distribute credit only to one manufacturing unit Posted: 26 Jun 2012 09:05 PM PDT The Adjudicating Authority has proceeded on the basis of provisions of Rule 7 and Board's circular which according to him, the credit distributor should have distributed the service tax credit to all units. We find strong force in the contentions raised by the ld. Counsel that the decision of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| e-Voting System of NSDL for Shareholders Posted: 26 Jun 2012 09:05 PM PDT e-Voting is voting through an electronic system where shareholders can vote on resolutions of companies requiring voting through Postal Ballot as per extant rules and regulations without having the necessity of sending their votes through post. Ministry of Corporate Affairs has authorised NSDL for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| 500 listed companies to provide for electronic voting Posted: 26 Jun 2012 09:05 PM PDT SEBI Board Meeting - Platform for e-voting by shareholders of listed entities; manner of dealing with audit reports filed by listed entities and amendment to certain provisions in SEBI (ICDR) regulations relating to infrastructure sector, etc. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICAI Extends Common Proficiency Course Registration date upto 5th October, 2012 Posted: 26 Jun 2012 09:02 PM PDT In view of the closure of banks on account of half yearly closing on 29th September, 2012 followed by Sunday i.e. 30th September, 2012, the last date for registration for Common Proficiency Course (CPC) shall be 5th October, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Export of Specified products from North Eastern Region & Sikkim entitled for additional 1% Duty Credit Scrip Posted: 26 Jun 2012 09:02 PM PDT PUBLIC NOTICE No. 7 (RE-2012)/2009-14 Note: Export of product listed in Table 1 & Table 2 above through any of the Land Custom Stations (LCSs) situated in the States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim shall be entitled for additional Duty... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI – FII Investment in Government & corporate debt long term infra Posted: 26 Jun 2012 09:00 PM PDT The Reserve Bank of India (RBI), vide its circular dated June 25, 2012 has decided to enhance the existing limit for investment by SEBI registered Foreign Institutional Investors (FIIs) in Government debt by a further amount of USD 5 billion taking the overall limit for FII investment in Government... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ECB – Rationalisation of Form-83 Posted: 26 Jun 2012 08:55 PM PDT Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, as amended from time to time and A.P. (DIR Series) Circular... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Registration of Partnership Firms in Punjab Posted: 26 Jun 2012 08:49 PM PDT The law relating to a partnership firm is contained in the Indian Partnership Act, 1932.Under Section 58 of the Act, a firm may be registered at any time (not merely at the time of its formation but subsequently also) by filing an application with the Registrar of Firms of the area in which any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CESTAT to List Appeals Within Four Weeks Posted: 26 Jun 2012 08:48 PM PDT Keeping in view the difficulties pointed out by the Members of Bar Associations CESTAT as also of the Departmental Representatives, the Hon'ble President has been pleased to partially modify the Circular dated 30/3/2012 to the extent indicated below:- It is directed that Appeals Stay and Misc.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Once CIT grants registration u/s 12AA,He can not cancel the same if activities are in accordance with objects Posted: 26 Jun 2012 08:05 PM PDT Under section 12AA, the Commissioner is empowered to grant or refuse the registration and after granting registration, would be empowered to cancel and that too, only on two conditions laid down under section 12AA(3) of the Act. Whether the income derived from such transaction would be assessed for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| MCA invites comments on Product Group Classification by 15th July 2012 Posted: 26 Jun 2012 07:53 PM PDT Various companies, and professionals such as Cost Accountants, Chartered Accountants, & Company Secretaries, and other stakeholders from corporate sector are connected with the usage of product group classification. All are welcome to examine the draft and furnish comments/suggestions to this... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICSI Opens five new Examination Centres Posted: 26 Jun 2012 07:32 PM PDT The Institute is pleased to announce opening of five new Examination Centres at Alwar (Rajasthan) Gorakhpur (U.P.), Jallandhar (Punjab), Hooghly (West Bengal) and Howrah (West Bengal), for conduct of 'Company Secretaries' examinations, on an experimental basis beginning from December, 2012... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICSI revises fee for Verification of Marks & supply of certified copies of Answer books Posted: 26 Jun 2012 07:29 PM PDT REVISION IN PAYMENT OF FEES - The Institute announces the revision in payment of following fees effective from June, 2012 session of examination : Fee for Verification of Marks under Regulation 46(2) of the Company Secretaries Regulations, 1982 -Rs.250 per paper [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICSI – Post Membership (PMQ) Examination to be held only once in a year Posted: 26 Jun 2012 07:26 PM PDT The Council in its 208th meeting held on 8th and 9th June, 2012 had decided that henceforth the Post Membership Qualification (PMQ) Examination in 'Corporate Governance" will be held only once in a year in the month of June. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest subvention of 2% on rupee export credit for 7 Sectors & SME Units for 2012-13 Posted: 25 Jun 2012 09:02 PM PDT Government of India has decided to extend interest subvention of 2% on rupee export credit on specified export sectors from April 1, 2012 to March 31, 2013. Accordingly, the interest subvention on pre-shipment and post-shipment rupee export credit is extended from April 1, 2012 to March 31, 2013 on...
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