Section 234D of the Act applicable only from the assessment year 2004-05 onwards and not for the earlier assessment years

Section 234D of the Act applicable only from the assessment year 2004-05 onwards and not for the earlier assessment years Posted: 16 Dec 2011 04:50 PM PST DCIT Vs. The United Western Bank Ltd. (ITAT Pune) - Section 234D of the Act provides for charging of interest on excess refund granted to the assessee. Section 234D has been inserted by the Finance Act, 2003 with effect from 1.6.2003.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Tribunal justifies CIT(A) in refusing to entertain the appeal because of the insignificant amount involved in the matter Posted: 16 Dec 2011 04:34 PM PST It is contended by learned counsel for the Revenue that the Tribunal is a fact finding authority and should have adjudicated the matter on merits. We are of the view that the issue raised by the Revenue is not at all substantial and the amount in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] CBEC specifies documents required for Service Tax Registration Posted: 16 Dec 2011 08:13 AM PST ORDER NO. 2 /2011 – Service Tax In exercise of the powers conferred by Rule 4(1A) of the Service Tax Rules 1994, Central Board of Excise and Customs hereby specifies the following documents that are required to be submitted by the person who has... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBI retains interest rates, indicates cut in key policy rates from now onwards Posted: 16 Dec 2011 05:03 AM PST The Reserve Bank of India (RBI), has kept policy rates unchanged in its Mid Quarter Review of Monetary Policy announced today. The repo rate (the rate at which RBI lends money to banks) remains unchanged at 8.5%. The Reverse Repo Rate (rate at which... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBI – Mid Quarter Monetary Policy Review – December 2011 Posted: 16 Dec 2011 03:08 AM PST On the basis of the current macroeconomic assessment, it has been decided to: * keep the cash reserve ratio (CRR) unchanged at 6 per cent; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Challenges to the Accounting Profession Some Reflections Posted: 16 Dec 2011 03:06 AM PST The development of the accounting profession owes its origin to the emergence of the joint stock company and the consequent separation of ownership from management. This arrangement triggered the need for an independent and informed opinion on the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] MCA extends PAN updation date for DIN holders to 29th February, 2012 Posted: 15 Dec 2011 11:51 PM PST last date for filing form DIN-4 by DIN holders for furnishing their Income tax PAN and to update Income- tax PAN details has been extended up to 29th February, 2012. For details kindly see General Circular No: 70/2011 given below:- [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Company Law Settlement Scheme (CLSS) extended up to 15th January, 2012 Posted: 15 Dec 2011 11:47 PM PST Last date for availing benefit under Company Law Settlement Scheme (CLSS), 2011 has been extended up to 15th January, 2012. It is further stated that this Scheme will not be extended beyond 15th January, 2012. For details kindly see General Circular... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Protocol Amending India-Australia Dtaa Signed; Updated for Effective Exchange of Information on Tax Matters Posted: 15 Dec 2011 08:48 PM PST The Protocol amending India-Australia Double Taxation Avoidance Agreement (DTAA) was signed, here today by Shri. S. S. Palanimanickam, Minister of State for Finance and Mr. Bill Shorten, Minister for Employment and Workplace Relations &... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] FM Welcomes RBI's Resolve to Check the Speculative interventions in the Foreign Exchange Market Posted: 15 Dec 2011 08:42 PM PST The Union Finance Minister, Shri Pranab Mukherjee has stated that today's announcements of RBI concerning Monetary Policy would help in regaining our growth momentum with improved macro-economic parameters in the remaining period of the current... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Anand Sharma Unveils Strategy for Doubling Exports – Target of Us $ 500 Billion by 2014 Posted: 15 Dec 2011 08:40 PM PST Special Bonus Benefit Scheme: A new scheme to provide special assistance to specified sectors for 6 months has been introduced. The support is given to Engineering, Pharmaceutical and Chemical sectors covering 50 products. This scheme will be... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Government has tax demand of Rs 1.96 lakh crore of which 84 per cent cannot be realised – CAG Posted: 15 Dec 2011 08:40 PM PST In a startling revelation, official auditor CAG today said the government has a huge tax demand of Rs 1.96 lakh crore, of which 84 per cent cannot be realised due to various reasons like death, insolvency and liquidation of company. Out of Rs 1.96... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts Posted: 15 Dec 2011 08:33 PM PST With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Amendment to Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008 Posted: 15 Dec 2011 08:31 PM PST Please refer to Para 27 of the Mortgage Guarantee Company (Reserve Bank) Guidelines 2008 issued vide Notification DNBS(PD)MGC No.3 /CGM (PK) - 2008 dated February 15, 2008 wherein it has been stated that no mortgage guarantee company shall provide... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Ministry of Corporate Affairs to Organize India Corporate and Investor Meet in February 2012 Posted: 15 Dec 2011 08:30 PM PST The Ministry of Corporate Affairs will organize a week long India Corporate and Investor Meet from February 6 to 12, 2012 in the five metro cities, namely, Kolkata, Chennai, Mumbai, Bangalore and Delhi. A decision to this effect was taken in a... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] New Manufacturing Policy to Create 100 Million Jobs in India Posted: 15 Dec 2011 08:30 PM PST NEW MANUFACTURING POLICY -The Government of India has announced a national manufacturing policy with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. It also seeks to empower rural... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Expense on aborted public issue offer allowable as revenue expenditure Posted: 15 Dec 2011 08:30 PM PST CIT Vs.Nimbus Communications Limited (Bombay HC) - there is dispute that the assessee has in fact incurred the expenditure and that on account of the aborted public issue offer, no new asset has come into existence and consequently there is no... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI submits Pre-Budget Memorandum-2012 on Direct Taxes Posted: 15 Dec 2011 08:30 PM PST Direct Taxes Committee of ICAI undertook the task of submission of Pre- Budget Memorandum to the Ministry of Finance. For accomplishing the same, suggestions on direct tax laws were invited from members across the country. The suggestions so... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Regarding Implementation of The Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009 Posted: 15 Dec 2011 08:25 PM PST Attention is invited to CBEC instructions F.No.528/109/2011 – STO (TU) dated 29.11.2011, on the issue of the implementation of the Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009. Representations have been received... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICWAI Needs New Strategy – Name of Change of ICWAI to ICAI Posted: 15 Dec 2011 08:21 PM PST Yesterday I received a mail regarding silent protest being arranged by Kolkata region of ICWAI. They have planned a press conference and a candle light march. By find the whole think a part of gimmick being placed on the whole context of our loosing... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Portability of Health insurance from one insurance company to another insurance company Posted: 15 Dec 2011 08:20 PM PST Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] NSDL has been appointed as CRA for NPS Posted: 15 Dec 2011 08:20 PM PST Public sector entities with at least 5 years in central recordkeeping and administration functions, minimum positive net worth of Rs. 50 crore (Rupees Fifty crore) and experience in managing over five lakh individual accounts per year over the last... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Cash assistance can not be treated as capital asset – ITAT Chennai Posted: 15 Dec 2011 08:20 PM PST .P.G. Ramasamy Nadar & Sons Vs. ACIT (ITAT Chennai) - The ground raised by the assessee is that the Commissioner of Income Tax(Appeals) has erred in confirming that cash assistance is taxable in the hands of the assessee. It is the case of the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Year and Bank wise details of Charges against Senior Officials in Banks Posted: 15 Dec 2011 08:15 PM PST The institutionalized mechanism is prescribed in the Vigilance Manual of the Central Vigilance Commission (CVC). Anti-corruption measures of the Central Government are the responsibility of (i) Administrative Vigilance Division (AVD) in the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Auditors should provide early warning signals -RBI Governor Posted: 15 Dec 2011 08:15 PM PST Terming auditors as the eyes and ears of the central bank, Governor Duvvuri Subbarao today said accounting professionals should provide early warning signals so that better supervision can be ensured in the banking system and also called for an... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Fixation of new Standard Input-Output Norms for the export product "Polytetrafluoroethylene / PTFE Powder / Granular PTFE" Posted: 15 Dec 2011 08:15 PM PST PUBLIC NOTICE NO. 85 /(RE-2010)/2009-2014 This export product is an engineering polymer commonly known as Teflon. A new SION has been fixed for this. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBi receives 25 Complains regarding receipt of counterfeit currency notes through ATM Posted: 15 Dec 2011 08:14 PM PST Reserve Bank of India (RBI) has reported that there were 25 complaints received in RBI regarding receipt of counterfeit currency notes through ATM during the period from 1.7.2008 to 31.10.2011 as detailed in the Annexure. All the complaints have... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]