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Apr 3, 2012

Empanelment with Pragathi Gramin Bank for concurrent audit

Empanelment with Pragathi Gramin Bank for concurrent audit

Posted: 03 Apr 2012 08:45 PM PDT

Pragathi Gramin Bank, a leading Regional Rural Bank under public sector having 405 branches across Bellary, Chikkaballapur, Chitradurga, Davanagere, Kolar, Koppal , Raichur and Shimoga districts in the State of Karnataka desires to engage Chartered...

ITR Submission Changes in Comarison to A.Y. 2011-12

Posted: 03 Apr 2012 08:44 PM PDT

(1) An individual or HUF must file the return of income electronically for the previous year 2011-12 / Assessment year 2012-13 and subsequent previous year if his/its total income exceeds Rs. 10 lakhs. (2) A resident Individual or a resident HUF...

PPF Interest Rate increased to 8.80% p.a. & 5 year SCSS, 2004 to 9.3% p.a.

Posted: 03 Apr 2012 08:43 PM PDT

The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF,...

ITR-V Submission Due Date & e-Filing in F.Y 2011-12 – Quick Statistics

Posted: 03 Apr 2012 08:10 PM PDT

The due date for submission of ITR-V is 120 days from the date of upload of e-return. This is to inform you that in this F.Y. 2011-12, we have received 16,433,683 e-filed returns having the growth of 81.58%.

Incorporation date in PAN ANCESTRAL – How to know PAN, File IT return, Open ITR V

Posted: 03 Apr 2012 07:20 PM PDT

Recently I have faced a very interesting situation. I have to file ITR of one of my client online. My client is a HUF and his turnover is more then Tax Audit limit so as per Recent Income tax circular, I was required to file his Income Tax Return...

Need to Know About Chartered Accountants Career in India

Posted: 03 Apr 2012 06:52 PM PDT

Chartered Accountancy is a profession that is as desirable as the Engineering and Medical ones. The corporate sector of the industry is always in a need of chartered accountants and with the booming economy, this need is only going to increase.

Excel Tips – How to Copy Paste only Values from one cell to another?

Posted: 03 Apr 2012 09:08 AM PDT

This formula evaluates to 200. This '200' is the value of Cell B3. To copy and paste this Value i.e. 200, to the adjoining cell C3, go to cell B3, hit [CTRL + C], or right your mouse and select from the shortcut menu that pops up. Go to cell C3 and...

Banks to work full day this Saturday

Posted: 02 Apr 2012 11:25 PM PDT

In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day,...

Disputed Excise Duty liability cannot be allowed without actual payment of the same

Posted: 02 Apr 2012 10:20 PM PDT

High Court held that as it was not a case of actual payment, i.e., expenditure but only a provision was made in the books of accounts in respect of the excise duty payable while disputing the liability to pay the duty. Therefore, it was a case of...

Expenses deductible in the year of TDS payment if TDS been paid after the due date prescribed u/s. 201

Posted: 02 Apr 2012 10:11 PM PDT

Assessing Officer noticed from audit report Form No. 3CD that the assessee has incurred contractual payments towards fabrication and erection expenses and deducted TDS. But TDS was not deposited within the time limit prescribed u/s. 201 of the Act....

Clarification regarding classification of structural components of Boiler and admissibility of CENVAT credit on these structural components – reg.

Posted: 02 Apr 2012 09:20 PM PDT

Circular No.964/07/2012-CX Reference has been received from Trade seeking clarification regarding classification of structural parts/components of Boiler and admissibility of CENVAT credit on these parts/components to the buyers of the Boilers.

FEMA – Data on import of Gold – Statements – Modification

Posted: 02 Apr 2012 08:58 PM PDT

A. P. (DIR Series) Circular No.103 - Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Para 4(v) of A.P. (DIR Series) Circular No.2 dated July 9, 2004, in terms of whichAD Category – I banks are required to submit to...

Systemic risk assessment – The cornerstone for the pursuit of financial stability

Posted: 02 Apr 2012 08:56 PM PDT

what are systemic risks. There is no commonly accepted definition of systemic risk at present. The precise meaning of systemic risk is ambiguous; it can mean different things to different people and different definitions have been attempted.

S.10A, Eligible business is to be considered as a separate entity

Posted: 01 Apr 2012 10:06 PM PDT

Plain reading of above provisions makes it abundantly clear that for the purposes of section 10A, the eligible business (appellant's branch office in this case) is to be considered as a separate entity and transfer of goods or services by eligible...

If assessee owns asset and used for business purpose during the relevant FY, then depreciation allowable

Posted: 01 Apr 2012 09:49 PM PDT

It is not disputed before us that basement and ground floor were fully owned by the assessee and used for the purpose of business by the assessee. This was accepted by the department in the AY 1998-99 as per details available on record. Once, the...

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