| 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General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011 |
Saturday, August 6, 2011
Announcements - Amendment in Council General Guidelines , 2008 - (29-07-2011)
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.
Thursday, June 30, 2011
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 allowing the appeal:
(i) S. 56(2)(v) exempts gifts from a “relative”. Though the definition of the term “relative” does not specifically include a Hindu Undivided Family, a ‘HUF” constitutes all persons lineally descended from a common ancestor and includes their mothers, wives or widows and unmarried daughters. As all these persons fall in the definition of “relative”, an HUF is ‘a group of relatives’. As a gift from a “relative” is exempt, a gift from a ‘group of relatives’ is also exempt since the singular will include the plural;
(ii) The gift was also exempt u/s 10(2) because the two conditions required to be satisfied for relief viz (1) that the assessee is a member of the HUF and (2) that he receives the sum out of the income of such HUF (may be of an earlier Year) were satisfied.
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 24.06.11 staying service-tax on lawyers:
http://dhavaldesaisays.files.wordpress.com/2011/06/service_tax_registration_stay.pdf
Click here to download Madras HC order dated 24.06.11 staying service-tax on lawyers:
http://dhavaldesaisays.files.wordpress.com/2011/06/service_tax_registration_stay.pdf
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) athttps://onlineservices.tin.
| 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: |
Verification of Forma16A generated by TIN website by Tax Payer athttps://onlineservices.tin.
verification of Form 16A generated from TIN website issued by Deductor to the deductee.
| Financial Year: | ||
| Quarter: | ||
| TAN of the Deductor: | ||
| PAN of the Deductee: | ||
| Certificate Number: | ||
| Total Amount Deducted: |
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