| New TDS software will alert about Unmatched challan, Invalid PAN, Challan pending amount Posted: 15 Nov 2011 07:05 PM PST Key features of NSDL Return Preparation Utility (RPU) version 2.6- Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message "Statement contains unmatched challan. The same has been highlighted in red... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| ICAI to initiated inquiry against Deloitte over alleged inflated valuation of Jagati Publications Posted: 15 Nov 2011 04:54 PM PST The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| No injunction to indirectly coerce performance of positive covenants – Delhi HC Posted: 15 Nov 2011 04:52 PM PST Fashion Television India Pvt Ltd v/s fTV BVI (Delhi High Court) - The Court lays down important principle that an interim relief to enforce a negative covenant under a contract would be refused if the same would render a party to a contract idle... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| ICAI to check No. of Tax Audit done by Each CA, Soon Members can view tax audit reports uploaded in their name Posted: 15 Nov 2011 04:32 PM PST As per the data provided, the total number of tax audit returns filed in respect of the financial year 2010-11 was 16, 16,096 which were conducted by 59,472 auditors. The data so provided is being further processed with regard to fake membership... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax Officer Sentenced In Bribery Case Posted: 15 Nov 2011 03:06 PM PST The Special Judge, CBI cases, Jabalpur has convicted Shri Y. Brahmane, the then Income Tax Inspector, Income Tax Office, Balaghat (MP) and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs. 3,000/- in a bribery case.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Principles of Interpretation of Entries & Commodities in the Schedules Under The Punjab Value Added Tax Act, 2005 Posted: 15 Nov 2011 09:03 AM PST Classification of commodity under the Punjab Value Added Tax Act, 2005, is a matter of utmost importance in the charging of tax at the time of sale and purchase and in the assessment, because the application of rates of tax, exemptions and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Download Form-16 with 24Q (Annual Return) in Excel Format Posted: 15 Nov 2011 09:00 AM PST Automated Form 16 Preparation Software which can prepare at Form 16 of 50 Employees from the details of 24Q Annual Return Form. Master Form-16 New FY 11-12 [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Compulsory Maintenance of books of account under Income Tax Act 1961 Posted: 15 Nov 2011 03:03 AM PST Maintenance of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Taxation of Income and Capital Gains from Mutual Fund Units Posted: 15 Nov 2011 03:02 AM PST It's important to note that under the Income Tax Act, 1961, there is mention of only one type of mutual fund. i.e. "Equity Oriented Fund". It implies that from Income Tax angle mutual fund schemes can be categorized into-(a) Equity oriented fund... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| TDS on salary: Employees responsibility if employer defaults Posted: 15 Nov 2011 03:01 AM PST The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Deduction under Section 10(13A) for House Rent allowance Posted: 15 Nov 2011 03:00 AM PST House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| No fixed return on PPF Posted: 15 Nov 2011 12:18 AM PST Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| CBFC denies MNS allegation that the Marathi films are being certified by non- Marathi knowing persons Posted: 14 Nov 2011 08:22 PM PST The day after the CBFC office at Walkeshwar Road in Mumbai was ransacked allegedly by the MNS supporters, the CEO, CBFC has clarified that its Advisory Panel of 123 members has 47 members, whose mother tongue is Marathi. Almost all the films are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Master Circular on Cost Accounting Records and Cost Audit Posted: 14 Nov 2011 08:21 PM PST Master Circular No. 2/2011 As per provisions of the Cost Audit Report Rules that are in force from time- to time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amends Notification No. 78/2007-Customs, dated the 29th June, 2007 thereby extending the levy of anti-dumping duty on the imports of CD-Rs, originating in or exported from China PR, Hong Kong, Singapore and Chinese Taipei, for a further period of one year Posted: 14 Nov 2011 08:19 PM PST Notification No. 100/ 2011-Customs, New Delhi, the 14th November, 2011 G.S.R. 810(E). -Whereas, the designated authority vide notification No. 15/4/2011-DGAD, dated the 4th October, 2011, published in the Gazette of India, Extraordinary, Part I,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 – Notification No. 78/2011-CUSTOMS (N. T.) Posted: 14 Nov 2011 08:17 PM PST Notification No. 78/2011-CUSTOMS (N. T.), New Delhi, 15th November, 2011 S. O______ (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Trade Credits for Imports into India – Review of all-in-cost ceiling Posted: 14 Nov 2011 08:15 PM PST A. P. (DIR Series) Circular No. 44 On a review of developments in the global financial markets and the fact that domestic importers are experiencing difficulties in raising Trade Credit within the existing all-in-cost ceiling, it has been decided... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amends the existing baggage Rules by extending the benefit to passengers coming from Bhutan and Nepal also -Notification No. 77 /2011-Customs (N.T.) Posted: 14 Nov 2011 08:15 PM PST In exercise of the powers conferred by section 79 of the Customs Act, 1962 (52 of 1962), the Central Government makes the following rules further to amend the Baggage Rules,1998, namely :- 1. (1) These rules may be called the Baggage (Amendment)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Interest Rates on Export Credit in Foreign Currency Posted: 14 Nov 2011 08:11 PM PST Keeping in view the tight liquidity conditions and widening of credit spreads due to recent developments in international financial markets, it has been decided to increase the ceiling rate on export credit in foreign currency by banks to LIBOR plus... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax Employees strike – I-T survey operations hit in Delhi Posted: 14 Nov 2011 08:11 PM PST The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Announcement-Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI Posted: 14 Nov 2011 07:44 PM PST It is notified for the information of all the registered members pursuing Certificate Course on International Taxation of the ICAI that the Assessment Test of the Course is proposed to be conducted on Saturday 17th December, 2011 from 2.00 PM to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| ICSI – Campus Placement for Fresher Members and Studentsat ICS IEIRC , Kolkata Posted: 14 Nov 2011 07:43 PM PST The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Saturday, the 19th November 2011 at ICS IEIRC Building , 3-A, Ahiripukur 1st Lane, Kolkata-700019 The following process will... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| IASB and FASB publish revised proposal for revenue recognition Posted: 14 Nov 2011 07:40 PM PST The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax Department Requirement of Advocates as Junior, Senior Standing Counsels to appear before Madras HC Posted: 14 Nov 2011 02:56 PM PST The Income Tax Department, Chennai would like to prepare two separate panels of Junior Standing Counsels and Senior Standing Counsels for representing its cases before the Hon'ble Madras High Court. Practising advocates as well as the retired... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |