New Valuation methods of unquoted shares u/s. 56

New Valuation methods of unquoted shares u/s. 56 Posted: 30 Nov 2012 07:25 PM PST Notification No. 52/2012 - For section 56, value of unquoted shares can optionally be taken as value determined by either DFCF or as per revised method - Income-tax (Fifteenth Amendment) Rules, 2012 - Amendment in Rules 11U and 11UA Registration of CAs in New e-filing Website Posted: 30 Nov 2012 07:24 PM PST I am happy to inform you that a long-awaited initiative to curb the misuse of membership numbers of our members in the tax audit reports has finally been taken. The new e-filing system launched by the CBDT (Central Board of Direct Taxes) has opened a window for chartered accountants to register and... To claim deduction u/s. 35DDA for VRS , compliance with rule 2BA not mandatory Posted: 30 Nov 2012 07:19 PM PST A plain reading of provisions of section 35DDA, it is clear that compliance with the conditions of rule 2BA is mandatory only to avail exemption under section 10(10C) by the employees but said rule is not relevant to deduction under section 35DDA. Income from other sources to be included for computing book profit for Remuneration to partners Posted: 30 Nov 2012 07:15 PM PST For the purpose of Section 40(b)(v) read with Explanation there cannot be separate method of accounting for ascertaining net profit and/or book-profit. In other words, according to the said Explanation 'book profit' means the net profit as shown in the profit and loss account including income from... S. 54F Amount withdrawn from CGAS taxable in the year of withdrawal Posted: 30 Nov 2012 07:15 PM PST Last proviso to section 54F clearly mentions that when amounts deposited under Capital Gains Account Scheme were not utilised wholly or partly for the purchase or construction within the period specified, then such amount would be charged as income of the previous year in which the period of three... Competition & Consumers Protection Laws in India Posted: 30 Nov 2012 05:21 PM PST Competition can be defined as a process wherein cost efficient production is achieved in a structure having reasonable number of players (producers and consumers) with simple entry and exit procedures and where exists a close substitution between products of different players in a given industry. In case of export, place of removal is to be taken as port of export Posted: 30 Nov 2012 10:59 AM PST As submitted by the learned counsel in respect of FOB exports, the place of removal has to be treated as the Port. Further input service definition is an inclusive definition of services used by the manufacturer directly or indirectly in or in relation to manufacture and clearance and also relating... To Claim Commission Expense there should be evidence that services been rendered Posted: 30 Nov 2012 10:52 AM PST Learned counsel was specifically asked whether he is in a position to produce, or has produced at any stage, evidences for services having been rendered by the persons, who have been paid the commission. While learned Counsel referred to the fact that these incomes are duly disclosed in the hands... Refund of service tax paid despite eligibility for exemption can't be denied Posted: 30 Nov 2012 10:42 AM PST The disputed amount has not been realized as service tax from the person to whom service is provided. It is also to be noted that appellant had not filed a service tax return and the amount deposited in that tax account of the Government becomes payment towards service tax only when return is... Making of Natural Fragrance by mixing and steaming different floral/distilled oil, is manufacturing activity Posted: 30 Nov 2012 10:39 AM PST The brief facts of the case are that assessee has filed its return of income on 20th September, 2008 for assessment year 2008-09 declaring nil income after claiming deduction of Rs. 332,29,787 under sec. 80-IC of the Act. Similarly in assessment year 2009-10, the assessee filed its return of income... EPFO launches e-Passbook service Posted: 30 Nov 2012 08:29 AM PST Over 50 million PF subscribers can now access their accounts online as retirement fund body EPFO launched its e-Passbook service today. Active subscribers whose electronic challan-cum-return is already uploaded, can download their e-Passbook every month under the service launched by the... Guidelines for Disciplinary Proceedings Against Delinquent Govt. Servants Posted: 30 Nov 2012 08:16 AM PST Instructions have been issued in the past for expeditious disposal of disciplinary proceedings against delinquent government servants. However, it has been observed that disciplinary proceedings are generally taking a long time which defeats the very purpose of initiating the said proceedings. Taxation of Gift- Under Income Tax Posted: 30 Nov 2012 08:00 AM PST A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted... ICAI President's Message – December 2012 Posted: 29 Nov 2012 11:05 PM PST Dear Friends, To begin with, let me first convey, on behalf of our accounting fraternity, heartiest congratulations to the Hon'ble Shri Sachin Pilot for taking over as new Union Minister of Corporate Affairs (Independent Charge). Known for his youthful, energetic and dynamic working style, his... Procedure and conditions for registration of contracts for export of cotton Posted: 29 Nov 2012 05:21 PM PST The Procedure and conditions for export of cotton has been modified. Maximum limit for obtaining RC has been increased to 30,000 bales. Multiple RCs can be applied within this eligibility. RAs Ludhiana, Rajkot and Vishakhapatnam have also been designated for issue of RCs for export of cotton. RC...