Common Reason for E-filed Defective Returns Posted: 03 Aug 2012 08:38 PM PDT Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC's business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Form 23B can be filed without additional fees up to 12th August, 2012 Posted: 03 Aug 2012 08:31 PM PDT General Circular No. 22/2012 I am directed to refer to the Ministry's General Circular no. 14/2012 dated 21st June 2012 & General Circular no. 19/2012 dated 27th July 2012 and to say that fees on Form 23B (Information by statutory auditor to the Registrar) has been further deferred for one... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Due Date for eform 23 AC & 23ACA for F.Y. 2011-2012 extended Posted: 03 Aug 2012 08:30 PM PDT General Circular No 21/2012 All companies who are required to file non XBRL eform 23 AC & ACA as per revised schedule VI be allowed to file their financial statement without any additional fee/penalty upto 15th September 2012 or with in 30 days from the date of their AGM, which ever is later. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Reason for non matching of CPC intimation with Income tax Return Filed Posted: 03 Aug 2012 08:16 PM PDT 1. Salary income shown at higher figure than entered - In Salary Schedule higher figure is reported under Gross salary which should be excluding Exempt income (such as transport allowance etc). Taxpayer may have mentioned Transport allowance in Exempt Income and may have deducted the same to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Free Sample, Gift, Cash to Doctors not allowable – CBDT Posted: 03 Aug 2012 07:15 PM PDT CIRCULAR NO. 5/2012 The council in exercise of its statutory powers amended the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 (the regulations) on 10-12-2009 imposing a prohibition on the medical practitioner and their professional associations from taking... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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E-filing optional for representative of non-residents & private discretionary trusts Posted: 03 Aug 2012 06:53 PM PDT Circular No. 6/2012 - Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Interest u/s. 244A payable on gross amount including principal as well as interest Posted: 03 Aug 2012 12:27 PM PDT The High Court has failed to appreciate that while charging interest from the assessees, the Department first adjusts the amount paid towards interest so that the principal amount of tax payable remain outstanding and they are entitled to charge interest till the entire outstanding is paid. But... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Service tax cannot be included in total receipts for determining presumptive income Posted: 03 Aug 2012 12:15 PM PDT Reimbursement of custom duty paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement. Following the view in this decision, Mumbai Bench in their decision in Islamic Republic of Iran Shipping... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Custom officials have the habit of sharing booty at 3 o'clock Posted: 03 Aug 2012 11:51 AM PDT Despite government efforts to institute reforms in the Bureau of Customs, the 3 o'clock habit or practice of collecting and distributing bribe money to corrupt among the bureau's personnel remained unabated, Senator Panfilo Lacson said on Thursday. Lacson told a weekly forum at the Senate that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Scope of Section 41(1) Held Wide Posted: 03 Aug 2012 08:51 AM PDT There are many judgments to the effect that there is neither remission nor cessation of the assessee's trading liability, within the meaning of Section 41(1) of the Income tax Act 1961 where there is neither any unilateral act of the creditor amounting to remission nor any bilateral act of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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Direct Entry to CA Course Posted: 03 Aug 2012 08:41 AM PDT This is to inform all concerned that with the issuance of the Notification No. 1-CA(7)/145/2012 on August 1, 2012, the provisions relating to Direct Entry Scheme for Graduates/Post Graduates, etc., with prescribed percentage of marks, to the Chartered Accountancy Course have come into force from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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MVAT – Automatic cancellation of Unilateral Assessment Order Posted: 02 Aug 2012 09:14 PM PDT NEW PROCEDURE TO BE FOLLOWED FOR PASSING AND CANCELLATION OF UAO:- (1) The new system of automatic cancellation of UAO shall be applicable with effect from 1st August 2012. (2) With effect from 1st August 2012, assessing authority shall pass an UAO only through MAHAVIKAS. (3) MAHAVIKAS will... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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CMA – President Communique for August, 2012 Posted: 02 Aug 2012 07:47 PM PDT To organise focussed programs to keep the members abreast with the latest development in the profession on the maintenance of Cost Accounting Records and Cost Audit and filing of Cost Audit Report in XBRL mode, besides other important changes relating to Valuation Audit, CENVAT Audit, etc. To... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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SEBI simplifies DMA facility for institutional investors Posted: 01 Aug 2012 07:03 PM PDT The facility of DMA provided by the stock broker shall be used by the client or an investment manager of the client. A SEBI registered entity shall be permitted to act as an investment manager on behalf of institutional clients. In case the facility of DMA is used by the client through an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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SEBI – Activation of ISIN in case of additional issue of shares/ securities Posted: 01 Aug 2012 06:58 PM PDT CIRCULAR no. MRD/DP/21/2012, dated 2-8-2012 In addition to the above circular, it has now been decided that in case of IPO for debt securities the ISINs shall be activated only on the date of commencement of trading on the stock exchange.
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