Merely depositing taxes due on concealed income not enough to avoid penalty,if Income not disclosed in ROI Posted: 14 Dec 2012 07:50 PM PST Merely by depositing the due tax on the amount received on termination of employment the bona fides of the assessee in not declaring the receipt as income in its return of income is not established.  |
| CA expected to be diligent & careful in his professional work – HC Posted: 14 Dec 2012 07:42 PM PST A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing and certifying Annual Accounts and/or Audit report. Several Government and private organizations and individuals rely on...  |
| I-T department conducts search and seizure actions based on credible information Posted: 14 Dec 2012 06:10 PM PST Income Tax Department conducts search and seizure actions based on credible information relating to 'persons', which include individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical...  |
| How Govt. Update Tax Officials' Knowledge of Law? Posted: 14 Dec 2012 06:06 PM PST The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs,...  |
| Steps taken by Department to expedite Income Tax refunds Posted: 14 Dec 2012 06:04 PM PST i) Promoting e-filing of the returns for speedy processing ii) Issuance of refunds through Refund Banker iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns. iv) Through Citizens' Charter and other press releases issued by the Department, tax payers are...  |
| Stock Exchanges to implement measures to prevent aberrant orders or uncontrolled trades Posted: 14 Dec 2012 05:49 PM PST It has been decided to prescribe a framework of dynamic trade based price checks to prevent aberrant orders or uncontrolled trades. These measures would be implemented in phases in order to ensure the Indian stock exchanges deploy latest technology while maintaining adequate controls. As an initial...  |
| Bank should not levy penalty on conversion of one Term deposit in other Posted: 14 Dec 2012 05:46 PM PST As per extant instructions on Interest Rates on Deposits, RRBs on request from the depositor, should allow closure of a term deposit, a deposit in the form of daily deposit or recurring deposit, to enable the depositor to immediately reinvest the amount lying in the aforesaid deposits with the same...  |
| Nomination facility available for joint deposit accounts also Posted: 14 Dec 2012 05:43 PM PST It is understood that sometimes the customers opening joint accounts with or without 'Either or Survivor ' mandate, are dissuaded from exercising the nomination facility. It is clarified that nomination facility is available for joint deposit accounts also. Banks are, therefore, advised to ensure...  |
| Non-CTS 2010 Standard cheques withdrawal time limit extended to to March 31, 2013 Posted: 14 Dec 2012 05:39 PM PST It has been decided to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques. However, it may be noted that the residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this...  |
| HC Explains 3 Criteria to judge if an entry is accommodation entry or not? Posted: 14 Dec 2012 02:47 AM PST There can be no dispute that Section 68 applies equally to share application monies received by an assessee and, therefore, the burden is on the assessee to prove the nature and source thereof, to the satisfaction of the Assessing Officer. It involves three ingredients, namely, the proof regarding...  |
| CAG Empanelment for FY 2013-14 to Start from 01.01.2013 Posted: 13 Dec 2012 11:37 PM PST Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2013-2014.  |
| Check Your Bank Cheques Posted: 13 Dec 2012 11:28 PM PST The banking practice shall soon change for all of us when the new cheque regime comes into force w.e.f. January 1, 2013. India shall be migrating to new cheque truncation system, popularly called CTS with the objective of making inter-bank transactions and money related transactions faster, cheaper...  |
| CLB Chairman can now transfer matter pending before a Regional Bench to other Regional Bench Posted: 13 Dec 2012 08:25 PM PST Provided further that notwithstanding anything contained in regulation 7, it shall be lawful for the Chairman to inter-se transfer any matter pending before a Regional Bench to any other Regional Bench or to the Principal Bench either at the joint request of the parties or for other reasons to be...  |
| Members Regional Convention on International Taxation-2012 Posted: 13 Dec 2012 07:51 PM PST Vasai Branch of WIRC of ICAI is hosting Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is Friday...  |
| A Round Table on Corporate Regulation Posted: 13 Dec 2012 05:59 PM PST Deliberating upon various contours of corporate regulation, experts at a High Level Round Table here today agreed that new age corporate regulation has to be growth oriented, transparent and inclusive. The Round Table, organised by the Indian Institute of Corporate Affairs (IICA, under the aegis of...  |
| SEBI's instructions for effective implementation of Stock Exchanges and Clearing Corporations Regulations Posted: 13 Dec 2012 05:49 PM PST Top Stories Case Laws Statutes Analysis of Latest News All CL : Chairman of CLB can now transfer any matter pending before a Regional Bench to any other Regional BenchORDER [FILE NO. 10/36/2001-CLB], DATED 07-12-2012 SEBI : Stock Exchanges to implement measures to prevent aberrant orders or... |