Announcements - Definition of Relative in Chapter-IV of the Council General Guidelines, 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB//2011/02 All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its  decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the  term “relative” for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements  when there is substantial interest) will have the same meaning as assigned to it in...

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Announcements - Amendment in Council General Guidelines , 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB/2011/01 All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011 1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW...

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Announcement of KYC Norms -ICAI

No. ICAI/ESB/2011/03 Announcement of KYC Norms All the members of Institute of Chartered Accountants of India (ICAI), who are in practice,  are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms)  at it’s 307 th Meeting held on 13thJuly,2011, which shall be recommendatory in nature, and apply only in case of attest function. ...

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ITAT case:HUF is a “relative” for gifts exemption u/s 56(2)(v), (vi) & (vii)

CASE OF: Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot) The assessee received a gift of Rs.60 lakhs from his HUF. The AO & CIT(A) held that as HUF was not covered by the definition of “relative”, the gift was chargeable to tax u/s 56(2)(v). The alternate submission that gift was exempt u/s 10(2)was rejected on the basis that s. 10(2) applied only to amounts received “out of income of the estate” on partial or total partition of the HUF. On appeal by the assessee, HELD...

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Registration Of Lawyers For Service Tax Stayed By Madras High Court

The Revenue Bar Association, Madras, filed a Writ Petition in the Madras High Court challenging the validity of levy of service-tax on “legal consultancy services”. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering themselves with the service tax authorities andcollecting service-tax from them until further orders. Click here to download Madras HC order dated...

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New services at NSDL website

Two new services started at NSDL website PAN view - Taxpayer view for TDS/TCS credit (from F. Y. 2005-06 onwards) at https://onlineservices.tin.nsdl.com/TIN/JSP/form16A/LinkToUnauthorizedPanView.jsp To know whether your deductor/collector has filed quarterly TDS/TCS statement and provided your PAN, provide details as below. PAN of the Deductee: TAN of the Deductor: Financial Year:SELECT  2012-13  2011-12  2010-11  2009-10  2008-09  2007-08  2006-07  2005-06  Verification...

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Extension in date of Package scheme of incentives-2007 to 31/08/2011

Forwarded MSG attached. Dear Friends The PCI(Maharashtra) 2007 has extended upto 31/08/2011 the GR is attached Click here to download the GR passed:http://dhavaldesaisays.files.wordpress.com/2011/06/20110630125414001.pdf 1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en...

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AIR Related scrutiny assessments should be limited to info in AIR

FORWARDED MSG ATTACHED OF MR. Hiten Gada  Dear All, Please go through the letter from CBDT in this behalf addressed to all the CCITs and DGITs. The assessment for AY 2009-10 are now taken up for hearing. Please make use of this letter to convey to officer that scope of inquiry should be restricted to matter reported in AIR If he is extending the scope in its questionnaire they send, you may reply against the same asking for a copy of AIR info and please ask him to restrict his scope. I believe...

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High Court stay for Service tax on bar attached hotels

It is understood from reliable sources that Kerala High Court has granted stay for two months on service tax on Bar attahced hotels. Service tax on Air conditioned Restaurent (Bar attached hotel) service was made taxable from 1.5.2011 The order is awaited. will share the copy of the order at the earliest. This is for your information With Warm Regards, CA. TONY.M.P THRISSUR,KERALAMobile: 094470 80631.  1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE:...

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Shareholding of promoter / promoter group to be in dematerialized mode

CIRCULAR Cir/ISD/ 3/2011                                                  June 17, 2011 To, All Stock Exchanges Dear Sir / Madam, Sub: Shareholding of promoter / promoter group to be in dematerialized mode 1) SEBI had vide SEBI/Cir/ISD/1/2010 dated September...

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NEW DIRECTOR'S RELATIVE (OFFICE OR PLACE OF PROFIT) RULES, 2011

Director's Relative (Office or Place of Profit) Rules, 2011NOTIFICATION NO. G.S.R. 357(E), DATED 2-5-2011 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following Rules in supersession of the earlier Notification No. GS.R. 89(E), dated 5-2-2003, namely:—1. (1) Short Title and Commencement: (1) These rules may be called Director's Relative (Office or...

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Supreme Court stays Delhi High Court's service tax order on rent

January, 13th 2011The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of immovable property for commercial use, including shops and malls, from some firms.A Supreme Court bench comprising Justices Mukundakam Sharma and A R Dave stayed the interim order passed by the Delhi High Court on May 18, 2010. The Centre has challenged the order."There shall be an interim stay of the operation of the impugned judgement till the next...

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