PPF, NSC, PO MIS & Smrall Savings Scheme Interest rate wef 1st April 2012

PPF, NSC, PO MIS & Smrall Savings Scheme Interest rate wef 1st April 2012 Posted: 26 Mar 2012 07:48 PM PDT Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Foreign CA firms cannot operate in India without registering with the ICAI Posted: 26 Mar 2012 07:30 PM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Indian Chartered Accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excel Tips – How to create Drop Down list Posted: 26 Mar 2012 05:50 PM PDT Haven't you always wanted to create those lovely drop down list boxes to enter data in lists or forms for uniformity and standardisation? These are called data validation list boxes. Here's how create them. In our example, Let us consider that you... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Increase in Rate of Service Tax wef 1st April, 2012 Posted: 26 Mar 2012 09:15 AM PDT The rate of service tax is being increased from ten per cent to twelve per cent with effect from 01/04/2012. In another words from the 1st April, 2012 service tax rate will be 12.36% instead of present 10.3%. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights of Maharashtra Budget 2012, Download Budget Speech Posted: 26 Mar 2012 09:03 AM PDT Growth in Sales Tax collection is 20 per cent and exceeds target by 4000 crore. Electronic surveillance of transactions to go up. Online verification of Input Tax Credit facility will be made avail able to dealers shortly.Exemption to food-grains,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Misconception – e-filing of Income Tax Return Posted: 26 Mar 2012 05:16 AM PDT Individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital... [[ This is a content summary only. Visit www.taxguru.in for full article.]] All about Payment of Gratuity Act 1972 in brief Posted: 26 Mar 2012 04:54 AM PDT The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Know status of Income Tax Return filed online Posted: 26 Mar 2012 04:51 AM PDT There are two option to know your status of Income Tax Return filed online without digital signature or say Status of ITR-V sent by Post to Bangluru. Login on the Income Tax e-filing Portal www.incometaxindiaefiling.gov.in and follow the following... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Not filed Your IT Return? File it now. Posted: 26 Mar 2012 04:35 AM PDT Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax Provision in India in 2025 Posted: 26 Mar 2012 02:51 AM PDT 1. Any transaction in West Indies is now taxable in India since the word 'Indies' substantially involves an Indian nexus. 2. A retrospective amendment is also proposed to bring to tax the income earned by 'Indiana Jones' movies [[ This is a content summary only. Visit www.taxguru.in for full article.]] TDS, Advance Tax & SA Challan Status on Mobile Posted: 26 Mar 2012 02:37 AM PDT National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 43B – Deductions only on Actual Payments Posted: 26 Mar 2012 02:07 AM PDT In computation of income under the head Profits and gains of business or profes­sion (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Residential Status and taxability of Income Posted: 26 Mar 2012 01:50 AM PDT As per the provisions of the Income Tax Act, 1961, an individual's income is taxable based on his residential status in India. Residential status is determined based on the physical stay of the individual in the current financial year (1 April to 31... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In computing book profit u/s 115JB, S.14A not apply if expense to earn exempt income not debited to P&L account Posted: 25 Mar 2012 11:50 PM PDT In the present case, the AO has also made addition of Rs. 19,58,253/- on account of alleged expenditure incurred to earn exempt income while computing book profit u/s 115JB of the Act. The AO's action has been confirmed by the CIT(A). Both the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If tax effect less than Rs.1 lakh Department should not file appeal before Tribunal Posted: 25 Mar 2012 09:32 PM PDT The Tribunal found that in view of Instructions issued by the CBDT where the tax effect is less than Re. 1 lakh. The Department should not file an appeal before the Tribunal. In the present case the tax effect is less than Re. 1 lakh. Under the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Addition can not be made merely on the basis of information from Director of Income-tax (Inv.) Posted: 25 Mar 2012 09:27 PM PDT In respect of amount of Rs.50,07,000 alleged to have been received from Swetu Stone (P) Ltd. and Chintpurni Credits, the appellant contended before the A.O. as well as before me that they have not received any share application money from those two... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Automated General Provident Fund Calculator for All Govt employees Posted: 25 Mar 2012 09:17 PM PDT This Excel utility prepares GPF Ledger of all the Employees and Statement of general Provident Fund Account for all Government Employees of State and Central Government. [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA – No proposal to shift the insurance sector to a paperless model Posted: 25 Mar 2012 09:06 PM PDT Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Proposal to modify defination of term 'foreign company' Posted: 25 Mar 2012 09:02 PM PDT Registration of Companies The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that Under the Companies Act, 1956, there is no specific provision for mandatory registration of foreign companies... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI forms expert panel to address statutory bank branch audits queries Posted: 25 Mar 2012 09:01 PM PDT The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Regarding Applicability of exemption under Sr. No. 4 of the Notification 4 / 2006 – CE dated 1/3/2006 on import of Ore Concentrates Posted: 25 Mar 2012 09:00 PM PDT Circular No.09/2012 – Customs Doubts have been raised whether on imports of Ore Concentrate classifiable under Chapter 26 of the First Schedule to the Customs Tariff Act, 1975, the benefit that is admissible to "Ore" under Serial Number 4 of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implementation of XBRL Posted: 25 Mar 2012 09:00 PM PDT Implementation of XBRL The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Ministry has set up a committee in November 2011 comprising of XBRL experts and representatives from the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CCI Advocating for Competition Coherent Government Policies Posted: 25 Mar 2012 08:59 PM PDT The Competition Act is a modern legislation that incorporates all the broadly accepted principles of antitrust, such as provisions prohibiting anti-competitive agreements including cartels and bid rigging, and abuse of dominant position, and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI request members to restore membership by 31.03.2012 Posted: 25 Mar 2012 08:58 PM PDT Restoration under General Amnesty Scheme 2012. Restoration under Regulation 19 - Retrospective Restoration for the year 2011-12. Restoration from current date. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Guidelines on Fair Practices Code for NBFCs Posted: 25 Mar 2012 08:30 PM PDT A review of the guidelines is made in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs' lending against gold jewellery. The revised guidelines issued under Section 45 L of the Reserve Bank of India Act,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI issues Clarifications on The Banking Companies (Nomination) Rules, 1985 Posted: 25 Mar 2012 08:24 PM PDT Certain queries were received from banks and we further clarify that for the various Forms (DA1, DA2 and DA3 for Bank Deposits, Forms SC1, SC2 and SC3 for Articles left in Safe Custody, Forms SL1, SL1A, SL2, SL3 and SL3A for Safety Lockers)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Uses and Misuses of Statistics Posted: 25 Mar 2012 06:27 PM PDT Statistics as subject of collection and use of various kinds of statistics can be traced much earlier in India. Kautilya's Arthasastra (321-296B.C.), one of the greatest treatise of economics, indicates a system of census and data collection... [[ This is a content summary only. Visit www.taxguru.in for full article.]]