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Apr 10, 2012

16A for TDS deducted after 1st April 2012 to be issued only through TIN

Govt to examine possibility of a Common Tax Code for Service Tax and Central Excise

Posted: 09 Apr 2012 08:50 PM PDT

As announced by the Union Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has been set-up by the Government, under the leadership of Shri. M. K. Gupta to examine the possibility of a common tax code for service tax and...

16A for TDS deducted after 1st April 2012 to be issued only through TIN

Posted: 09 Apr 2012 08:43 PM PDT

CBDT Circular No. 01/2012 All deductors (including government deductors who deposit TDS in the Central Government Account through book entry) shall issue TDS certificate in Form No. 16A generated through TIN central system and which is downloaded...

Service tax rate on Air Ticket Issued before 1st April 2012 for journey after 1st April 2012

Posted: 09 Apr 2012 08:42 PM PDT

Circular No.155/6/ 2012 – ST It has been brought to the attention of the Board that some airlines are collecting differential service tax on tickets issued before 1st April 2012 for journey after 1st April 2012, causing inconvenience to passengers....

CESTAT Orders to be dispatched within three days

Posted: 09 Apr 2012 08:38 PM PDT

It has come to notice that orders received from Hon'ble President/Vice-President are not dispatch within a reasonable period. Some time even for two weeks or three weeks or for months together. It is directed that all order received from Hon'ble...

Transfer Pricing – In Realm of evolution – Part I

Posted: 09 Apr 2012 07:11 PM PDT

Finance act 2012 has brought two landmark changes pushing us towards a comprehensive TP legislation. TP has been made applicable to domestic transactions and the much awaited Advance Pricing Agreement (APA) has been introduced. In the part I of...

Excel Tips – How to round a number to thousands with hundreds shown as decimal

Posted: 09 Apr 2012 05:20 PM PDT

To round a number to thousands with the hundreds shown as a decimal: 1. Press Ctrl+1 to open the Format Cells dialog box. 2. Select the Number tab, and from Category, select Custom. 3. In the Type box, enter the following Custom Formatting syntax:...

S. 2(22)(e) Registered shareholder must also be beneficial shareholder

Posted: 09 Apr 2012 09:27 AM PDT

Even after the amendment with effect from 1988 and introduction of the words a person who is the beneficial owner of shares cannot be construed to in a way alter the position that the shareholder has to be the registered shareholder. The amendment...

Changes in MVAT Act 2002 by Recent Budget

Posted: 09 Apr 2012 09:11 AM PDT

1. The exemption to wheat, rice, pulses and their flours, turmeric, chillies, tamrind, gur, coconut, cumin seeds, coriander seeds, fenugreek and parsely (Suva), papad, wet dates, solapuri chadders and towels which was to expire on 31.03.2012 will be...

Ideal Work Place of a Chartered Accountant

Posted: 09 Apr 2012 09:00 AM PDT

When you start your own practice, the first thing comes into mind is that why the office should be? Whether we require a small space or should be start with a larger space! Where it should be situated, in the mid of the town or a crowed place or a...

Low Tax Effect Circular retrospective & do not have Cascading Effect – HC

Posted: 09 Apr 2012 07:48 AM PDT

Mr. Sharma, learned A.S.G. however submits that the appeal has been filed prior to the issuance of circular dated 9th February, 2011, therefore, the circular does not apply to the present case.In the case of Commissioner of Income Tax V/s Polycott...

If Prima facie demand raised has no leg to stand, it should be stayed fully

Posted: 09 Apr 2012 07:28 AM PDT

If on a cursory glance it appears that the demand raised has no leg to stand, it would be undesirable to require the assessee to pay full or substantive part of the demand. From the perusal of materials brought on record, we are of the view that the...

Document Required for PAN Application for Indian Citizen

Posted: 08 Apr 2012 09:49 PM PDT

Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962, for individual and HUF applicants. Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962 for Company, Firm,...

Once a company shows in its accounts any money under the head paid up capital than it will be presumed that share has been allotted

Posted: 08 Apr 2012 09:30 PM PDT

The instant petition was disposed by this Bench by an order dated 13.10.2000. However, due to administrative difficulties, the same was dispatched to the parties only on 22.11.2000. Before the receipt of the said order, the petitioners had filed two...

Document Required for PAN Application for Foreign Citizen, NRI

Posted: 08 Apr 2012 09:08 PM PDT

Citizen of India located outside India at the time of application for PAN. Foreign Citizen located in/ outside India at the time of application for PAN . Other than Individual having no office of their own in India. Passport or, Bank account...

RBI taken step to expand RTGS and NEFT facility to more banks

Posted: 08 Apr 2012 09:02 PM PDT

Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been taking a number of steps to popularise the electronic payment systems in the country. In this connection, a reference is...

Quick Referencer On Sebi Circulars (April, 2011 – March, 2012)

Posted: 08 Apr 2012 08:45 PM PDT

Limitation period for filing an arbitration reference. Review of annual issuers'charges . Applications supported by blocked amount (ASBA) facility. Clarification on circular dated December 3, 2009 on dealings between a client and a stock broker....

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