Empanelment of Stock Auditors & Valuers with United Bank of India Posted: 30 Mar 2012 08:50 PM PDT United Bank of India invites applications from the interested professionals/firms of professionals for empanelment as Stock Auditor/Valuer for conducting audit of stock & receivables hypothecated to the Bank /valuation of immovable and movable... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Discontinuation of Supplying Printed GR forms by Reserve Bank Posted: 30 Mar 2012 08:30 PM PDT A. P. (DIR Series) Circular No. 98 With the advent of technology and penetration of internet access, the need for printing and supplying of GR forms by Reserve Bank does not exist any more. It has therefore, been decided to discontinue... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ITR 1, ITR 2, ITR 3, ITR 4S, ITR 4, in excel, word & Pdf for FY 2011-12 Posted: 30 Mar 2012 06:18 PM PDT ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, I in excel, word and Pdf Format for A.Y. 2012-13 / Financial Year 2011-12. We have uploaded below ITR 1- Sahaj, ITR 2, ITR 3, ITR-4, SUGAM (ITR-4S), in Excel Word and Pdf Format applicable for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Statutory Bank Auditors should charge 12.36% Service tax on Audit Fees Posted: 30 Mar 2012 06:08 PM PDT The Bank audit could have commenced in March 2012, however the completion of the services would be in April/ May 2012. Since the completion of service is important, as per the Point of Taxation Rules {POTR} the rate of service tax would be: Basic-... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Bank Audit 2011-12 Revised Fees and Time Limit Posted: 30 Mar 2012 06:05 PM PDT As per unconfirmed new received by us from our sources RBI has increased Audit fees for statutory Audit of Branches of Public Sector Banks for the financial year 2011-12. RBI has further increased time line to complete the audit to 21 April at... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income Tax Offices to remain open on 31st March Posted: 30 Mar 2012 06:04 PM PDT The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. Ail the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| S. 54F Exemption if house construction not completed within 3 Years? Posted: 30 Mar 2012 06:04 PM PDT Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| MCA – Pay later option for Challans Posted: 30 Mar 2012 06:03 PM PDT Currently, payment for MCA21 services is required to be made at the time when the E Form is uploaded and the SRN gets generated. But now the Ministry has introduced 'Pay Later' facility through which user can upload the eForm and can generate SRN... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Online TAN & Consolidated TDS/TCS Request Posted: 30 Mar 2012 06:03 PM PDT eTutorial - Online TAN Registration and Request for Consolidated TDS/TCS file from TIN - Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Banks to accept tax payments beyond banking hours Posted: 30 Mar 2012 06:03 PM PDT For the convenience of taxpayers, the Reserve Bank of India has made special arrangements at Mumbai and Navi Mumbai offices to receive taxes beyond normal working hours on March 30, 2012 and March 31, 2012 as follows: [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Excel Tips – How to Combine Text from Multiple Cells? Posted: 30 Mar 2012 06:02 PM PDT Combine Text from Multiple Cells? Use the & operator - Lets you combine text from multiple cells [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Taxability of Provident Fund -Recognized, Unrecognized & Statutory Posted: 30 Mar 2012 06:02 PM PDT Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income tax Calculator for FY 2012-13 Posted: 30 Mar 2012 06:02 PM PDT We have attached below the Excel file containing Income Tax calculator for Financial Year 2012-13 / Assessment year 2013-14 as modified by Finance Bill 2012 presented on 16th March 2012. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Excise Duty on Unbranded Jewellery Items of Precious Metal W.E.F. 17-03-2012 Posted: 30 Mar 2012 06:00 PM PDT There is No Excise Duty on jewellers who are engaged only in trading activity i.e. only buying & selling so long as they do not engage in the manufacture of the same. This being so they are not required to obtain any excise registration and/or ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| NRI and TDS on income earned in India Posted: 30 Mar 2012 06:00 PM PDT Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Whether the transfer of goods as a contribution for capital be considered as Sale? Posted: 30 Mar 2012 05:59 PM PDT Transfer of goods on sale of the business as a whole by a proprietor to a company in which he is a promoter, as his contribution for capital, is a 'sale' under Uttar Pradesh Value Added Tax Act, 2008 [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Mere making of claim, which is not sustainable in law, by itself, not amount to furnishing inaccurate particulars Posted: 30 Mar 2012 04:30 PM PDT There is no finding recorded by assessing officer that any details supplied by the assessee in its return were found to be incorrect or erroneous or false. A mere making of the claim, which is not sustainable in law, by itself, will not amount to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Internet around the world may shut down today Posted: 30 Mar 2012 04:22 PM PDT Today there is a strong possibility that you won't be able to indulge in your favourite internet activities like shopping and surfing due to a hacking group - Anonymous - which has threatened to shut down the net. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Fema – Review of all-in-cost (AIC) on External Commercial Borrowings (ECB) and Trade Credit Posted: 30 Mar 2012 03:52 PM PDT On a review of the conditions in the global financial markets, it has been decided to continue with the enhanced all-in-cost ceiling for ECB and trade credit for a further period of six months as under: [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Deduction for Short fall cannot be rejected merely because securities were valued as per RBI notification Posted: 30 Mar 2012 03:00 PM PDT Short fall in the market value of securities. - Rs.4,29,64,559.00 - we are of the view that the claim of the assessee could not be rejected merely on the ground that in the books of account the securities were being valued as per the notifications... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| No appeal before ITAT if tax effect less than Rs. 3 lac Posted: 30 Mar 2012 02:30 PM PDT At the outset, it was pointed out by the learned AR that the tax effect in the present case is less than Rs. 3 lac. He has produced before us the demand notice according to which the total tax has been computed at Rs. 2,12,781/-. The learned DR... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| S.43B Payment of licence fee in the nature of rent is not a statutory levy Posted: 30 Mar 2012 02:00 PM PDT Calcutta High Court held that the fee or charges received by the Government for parting with its exclusive right to manufacture or vend intoxicants is neither a tax nor a duty nor a fee nor a cess. Here in the present case, the KMC's exclusive right... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Trust Registration cannot be cancelled for unexplained expendture incurred on the objects of trust Posted: 30 Mar 2012 01:30 PM PDT If it is to be held that the assessee has incurred certain expenditure and the source of expenditure remains unexplained, the amount can be added under section 69C of the Act. However, if on one hand the amount is added as unexplained expenditure,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Waiver of Interest u/s. 234A, 234B and 234C for dealyed filing of Return and tax payment Posted: 30 Mar 2012 12:30 PM PDT Assessee filed Writ petitions against the order passed by Chief Commissioner for not allowing waiver interest under Section 234A, 234B and 234C of the Act. Held that, the petitioner will be entitled to waiver of interest to the extent of 30% in two... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CIT (A) required to dispose of appeal on merits instead of dismissing Posted: 30 Mar 2012 12:00 PM PDT According to well established law, learned CIT (A) is required to dispose of the appeal on merits instead of dismissing the same in limine. We also found that the assessee, due to change of her correspondence address, was not actually served with... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amendment in rule 12 of Income Tax Rules & substitution of forms Sahaj (ITR-1), ITR-2, ITR-3, Sugam (ITR-4S), ITR-4 AND ITR-V Posted: 30 Mar 2012 08:18 AM PDT Notification No.14/2012 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IDBI Bank reduces floating Interest Rates on Home Loans up to 75 bps Posted: 30 Mar 2012 03:42 AM PDT IDBI Bank has decided to reduce its floating Home Loan rates on new loans, across loan slabs up to a maximum of 75 basis points (bps). The revised rates will come into effect from April 2, 2012. While the floating interest rates in respect of loans... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ICAI – President's Message – April 2012 Posted: 29 Mar 2012 09:37 PM PDT Ministry of Finance has now decided that all branches having outstanding advances of Rs.6 crore and above as on March 31, 2012, need to be audited for the year 2011-12. And of the remaining (branches having outstanding less than Rs.6 crore),... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| SEBi issues Broad Guidelines on Algorithmic Trading Posted: 29 Mar 2012 09:12 PM PDT Algorithmic Trading – Any order that is generated using automated execution logic shall be known as algorithmic trading. The stock exchange shall have arrangements, procedures and system capability to manage the load on their systems in such a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RBI Releases Discussion Paper on Introduction of Dynamic Provisioning Framework for Banks in India Posted: 29 Mar 2012 09:05 PM PDT At present, banks generally make two types of provisions viz., general provisions on standard assets and specific provisions on non-performing assets (NPAs). Since the level of NPAs varies through the economic cycle, the resultant level of specific... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| All-in-cost ceiling for trade credit of 6 months Libor + 350 bps to contiue till 30th September 2012 Posted: 29 Mar 2012 08:50 PM PDT A. P. (DIR Series) Circular No. 100 Considering the developments in the global financial markets and the fact that domestic importers were experiencing difficulties in raising trade credit within the existing all-in-cost ceiling, the all-in-cost... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| All-in-cost ceiling for ECBs of 6 months Libor + 350 bp to continue till 30th September 2012 Posted: 29 Mar 2012 08:44 PM PDT Considering the developments in the global financial markets and the fact that borrowers were experiencing difficulties in raising ECBs within the existing all-in-cost ceiling, the all-in-cost ceiling for ECBs with average maturity of three and up... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Discounting of Bills by UCBs – Restricted Letters of Credit (LC) Posted: 29 Mar 2012 08:42 PM PDT It has been decided that in case of bills drawn under LCs restricted to a particular UCB, and the beneficiary of the LC is not a borrower who has been granted regular credit facility by that UCB, the UCB concerned may, as per their discretion and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Prescriptions regarding ceiling rates on export credit in foreign currency and overseas line of credit to continue till September 30, 2012 Posted: 29 Mar 2012 08:40 PM PDT Please refer to our circular DBOD.DIR.No.52/04.02.001/2011-12 dated November 15, 2011 relating to export credit in foreign currency. It has been decided that the prescriptions regarding ceiling rates on export credit in foreign currency and overseas... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Issue of coins to commemorate the occasion of "150th year of the Comptroller and Auditor General of India" Posted: 29 Mar 2012 07:07 PM PDT The Reserve Bank of India will shortly put into circulation the coins of Rs. 5 denomination, which shall conform to the following dimension, design and compositions, namely- [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Check TDS credit status online Posted: 29 Mar 2012 05:59 PM PDT The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies...
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