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Mar 9, 2012

How to convert Form 16/16A text file (zip file) to Form 16/16A PDF File

How to convert Form 16/16A text file (zip file) to Form 16/16A PDF File

Posted: 09 Mar 2012 08:01 PM PST

Procedure to convert Form 16/16A text file (zip file) to Form 16/16A PDF File 1) Extract Zip file containing TDS certificate data in text form by using WinZip version 9.0 and above, WinRaR version 3.90 and above and 7-Zip version 4.65 and above. 2)...

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I-T Exemption Limit may be raised to 3 lakh, Highlights of recommendations of DTC Committee, Download Full Report

Posted: 09 Mar 2012 07:53 PM PST

Raise I-T exemption limit to Rs 3 lakh from Rs 1.8 lakh. Levy 10 pc tax on income between Rs 3-10 lakh. 20 pc on income between Rs 10-20 lakh,30 pc above Rs 20 lakh. Senior citizen benefits from 60 years instead of 65 years. Raise tax rate on...

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S.154 – A.O. Can rectify Assessment order

Posted: 09 Mar 2012 06:51 PM PST

Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law. Held - That assessing officer has a power...

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How to Apply TAN, Track Status of TAN Application, fees

Posted: 09 Mar 2012 06:26 PM PST

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to...

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CA issuing wrong 10CCAC certificate guilty of professional misconduct – HC

Posted: 09 Mar 2012 06:12 PM PST

CA certifying in Form 10CCAC that export proceeds have been realised when not in fact realized amounts to false and bogus certificate and is serious misconduct for which mere reprimand is not sufficient punishment. The attempt was to dupe tax...

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RBI reduces CRR by 75 basis points to 4.75 per cent

Posted: 09 Mar 2012 05:44 PM PST

t has been decided to: reduce the cash reserve ratio (CRR) of scheduled banks by 75 basis points from 5.5 per cent to 4.75 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning March 10, 2012. This reduction...

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Time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details extended

Posted: 09 Mar 2012 05:41 PM PST

General Circular No. 4/2012 - The Ministry of Corporate Affairs has extended the time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details upto 30.04.2012 for the Allotment of Director's Identification Number (DIN) under...

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S. 54EC benefit available even if investment made after six month from the date of transfer but within 6 months from the receipt of payment

Posted: 09 Mar 2012 12:32 AM PST

The assessee has deposited the sale consideration within one month of receipt with NABARD for availing exemption u/s. 54EC of the Act. In such circumstances whether the assessee is eligible for claim of exemption or not ? In our view, in this type...

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IDBI Bank crosses Rs. One Lakh Crore mark in Annual Tax Collection for FY 2011-12

Posted: 08 Mar 2012 11:18 PM PST

IDBI Bank with a strong focus on Government Business in the country collects various direct and indirect taxes of Central Government and State Governments. Within a very short period of becoming a commercial bank (in October 2004), the bank has...

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Notification No.102, dated 05.03.2012 not applicable for cotton consignment for which Let Export Order(LEO) has been issued up to 2400 hrs. on 04.03.2012

Posted: 08 Mar 2012 07:54 PM PST

Policy Circular No. 58 (RE-2010)/2009-14 CBEC sends data on exports to DGCIS daily that is generated out of their daily trade reports (DTRs), which is based on LEOs (Let Export Orders) issued that day. Hence any consignment in respect of which...

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Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives

Posted: 08 Mar 2012 07:37 PM PST

As you are aware, the Reserve Bank of India has taken several steps in the past to improve the transparency of the OTC derivatives market in India. It may be recalled that in August 2007, the Bank had mandated reporting of inter-bank/PD Rupee...

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Regarding Ban on export of Cotton (Tariff Code 5201 and 5203)- Circular No. 07/2012-Customs

Posted: 08 Mar 2012 07:25 PM PST

Circular No. 07/2012-Customs Attention is invited to Board's Circular No. 6/2012-Cus dated 06-03-2012 regarding imposition of ban on export of Cotton (TH 5201 and 5203) vide DGFT Notification No.102 (RE-2010)/2009-14 dated 05.03.2012.

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