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Apr 23, 2012

TDS – Payment Due Date & Mode

How to Combine VLookup and Match formulas in Microsoft Excel

Posted: 23 Apr 2012 08:27 PM PDT

The VLookup formula returns data from any column you choose in the data table, simply change the number of the column in the third argument. Although it sounds simple, there is a catch. How can you determine the number of a column in a data table that contains numerous columns? How can you...

Draft Guidance Note on Revised Schedule VI

Posted: 23 Apr 2012 07:29 PM PDT

Guidance Note to the Revised Schedule VI to the Companies Act, 1956 1.        Introduction1.1 Schedule VI to the Companies Act, 1956 ('the Act') provides the manner in which every company registered under the Act shall prepare its Balance Sheet, Statement of Profit and Loss and notes thereto. In...

Agricultural Income – Tax treatment / Taxability

Posted: 23 Apr 2012 07:21 PM PDT

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on...

TDS – Payment Due Date & Mode

Posted: 23 Apr 2012 07:05 PM PDT

Deposit of Tax Deducted: Rule 30 of Income Tax Rules, 1962, as amended by S.O. 1261(E), Notification dated 31.05.2010, prescribes mode of payment of tax deducted to the account of Central Government as detailed below: (a) The Tax deducted at source in accordance with the provisions of Chapter...

Service Tax Payment Rate Chart & Rules

Posted: 23 Apr 2012 06:55 PM PDT

In case of Individuals or Proprietary Concerns and Partnership Firm, service tax is to be paid on a quarterly basis. The due date for payment of service tax is the 5th of the month immediately following the respective quarter ( in case of e-payment, by 6th of the month immediately following the...

S. 32 Understanding Deprecation with latest case laws

Posted: 23 Apr 2012 06:50 PM PDT

Depreciation – a non-cash expenditure allowed under Income Tax Act, 1961 following block concept. Under the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considered as single asset. Any alterations to the value of the...

MVAT – TDS for Unregistered Dealers-Increase in Rate to 5 %

Posted: 23 Apr 2012 06:43 PM PDT

With effect from 1st April 2012, amends the Notification No. JC(HQ)1/ VAT/2005/97, dated 29th August 2005, as follows, namely :— In the Schedule appended to the said notification at Serial No. 1, in column (3), for the words four percent the words five percent shall be substituted.

S.14A ITAT disallowed expenditure for year prior to AY 2008-09

Posted: 23 Apr 2012 06:08 PM PDT

The provisions of rule 8D of the Income-tax Rules which have been notified with effect from March 24, 2008, shall apply with effect from the assessment year 2008-09; Even prior to the assessment year 2008-09, when rule 8D was not applicable, the Assessing Officer has to enforce the provisions of...

Pre Rule 8D Expenses to earn Exempt Income to be disallowed on reasonable basis

Posted: 23 Apr 2012 05:55 PM PDT

Provisions of rule 8D of the Rules which have been notified with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that...

E-Payment of Maharashtra Value Added Tax (MVAT) – FAQs

Posted: 23 Apr 2012 04:20 PM PDT

Q 1) What is e-payment of Sales tax? Ans: This is the facility provided to the dealer to make sales tax payments on line, using net- banking facility. Q 2) which category of the dealers are required to make e- payment compulsorily? Is it mandatory to pay sales tax on line? Ans: The Commissioner Of...

Empanelment with Punjab Infotech for Third Party Audit

Posted: 23 Apr 2012 12:25 PM PDT

Punjab Infotech invites online proposal from professional agency for Third Party Audit and SLA Monitoring of Enterprise wide ERP System at Punjab Infotech. The detailed Request for Proposal can be downloaded from our website

Tender for Appointment of Concurrent Auditor at J&KState Health Society Under NRHM for FY 2012-13

Posted: 23 Apr 2012 12:20 PM PDT

1. Sealed tenders, in two bid formats (technical and financial) are invited for appointment of Concurrent Auditor(s) of State Health Society under NRHM for the financial year 2012-13 from reputed Chartered Accountants/ Firms. 2. NIT can be obtained from the office of State Health Society, Nagrota,...

S.148 Notice – Whether Revenue required to verify change in address of assessee

Posted: 23 Apr 2012 09:43 AM PDT

Whether when notice u/s 148 is issued, Revenue is not required to verify the change in address of the assessee - Whether when assessee is aware of the fact that a notice has been issued but wrongly dispatched to his old address, the same is to be treated as deemed served - Whether the requirement...

Charitable Trust – Deduct Depreciation to arrive at income for application

Posted: 23 Apr 2012 09:36 AM PDT

Whether the income of the assessee being a Trust can be computed on commercial principles and while doing so whether depreciation on fixed assets can be allowed. On this issue, there seems to be a consensus of judicial thinking, having regard to the consensus of judicial opinion, we are not...

Service Tax on Specified services relating to education

Posted: 23 Apr 2012 06:10 AM PDT

Specified services relating to education - The following services relating to education are specified in the negative list - • pre-school education and education up to higher secondary school or equivalent • education as a part of a prescribed curriculum for obtaining a qualification recognized...

Service Tax liability of registered charity on their activities & covered activities

Posted: 23 Apr 2012 06:06 AM PDT

Charity Services -Services by an entity registered under section 12AA of the Income tax Act, 1961 (43 of 1961) by way of charitable activities; You are doing charitable activities if you are registered with income tax authorities for this purpose under section 12AA the Income-tax Act, 1961 and...

Service Tax on Transmission or distribution of Electricity Service

Posted: 23 Apr 2012 05:51 AM PDT

If charges are collected by a developer or a housing society for distribution of electricity within a residential complex then are such services covered under Negative List?

Service Tax on Entry to Entertainment Events and Access to Amusement Facilities

Posted: 23 Apr 2012 05:48 AM PDT

'Entertainment events' has been defined in section 65B of the Act 'as an event or a performance which is intended to provide recreation, pastime, fun or enjoyment, such as exhibition of cinematographic films, circus, concerts, sporting events, fairs, pageants, award functions, dance performances,...

Service tax on Betting, gambling or lottery

Posted: 23 Apr 2012 05:23 AM PDT

Betting, gambling or lottery are covered in Negative List so no Service Tax Payable - 'Betting or gambling' has been defined in section 65B of the Act as 'putting on stake something of value, particularly money, with consciousness of risk and hope of gain on the outcome of a game or a contest,...

No Service Tax on Access to a road or a bridge on payment of toll charges

Posted: 23 Apr 2012 05:17 AM PDT

Is access to national highways or state highways also covered in Negative list? Yes. National highways or state highways are also roads and hence covered in this entry.

No Service tax on Selling of space or time slots for advertisements other than advertisements broadcast by radio or television

Posted: 23 Apr 2012 05:14 AM PDT

'Advertisement' has been defined in section 65B of the Act as form of presentation for promotion of, or bringing awareness about, any event, idea, immovable property, person, service, goods or actionable claim through newspaper, television, radio or any other means but does not include any...

Taxability of bundled services under Service Tax

Posted: 23 Apr 2012 05:09 AM PDT

'Bundled service' means a bundle of provision of various services wherein an element of provision of one service is combined with an element or elements of provision of any other service or services. An example of 'bundled service' would be air transport services provided by airlines wherein an...

Service Tax on Any process amounting to manufacture or production of goods

Posted: 23 Apr 2012 05:00 AM PDT

The phrase 'processes amounting to manufacture or production of goods' has been defined in section 65B of the Act as a process on which duties of excise are leviable under section 3 of the Central Excise Act, 1944 (1 of 1944) or any process amounting to manufacture of alcoholic liquors for human...

Service Tax on Trading of goods & Related services

Posted: 23 Apr 2012 04:58 AM PDT

The services provided by commission agent or a clearing and forwarding agent are not in the nature of trading of goods. These are auxiliary for trading of goods. In terms of the provision of clause (1) of section 66F reference to service does not include reference to a service used for providing...

Service Tax on Services relating to agriculture

Posted: 23 Apr 2012 04:55 AM PDT

The services relating to agriculture that are specified in the negative list are services relating to - agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing;

Service Provided by RBI is Exempt from Tax

Posted: 23 Apr 2012 04:51 AM PDT

1 Are all services provided by the Reserve Bank of India in the negative list? Yes. All services provided by the Reserve Bank of India are in the negative list.

MVAT – Carry forward of refund upto Rs.1 lakh for the F.Y. 2011-12 to F.Y. 2012-13

Posted: 23 Apr 2012 03:58 AM PDT

Trade Cir. No.6T of 2012 In view of the above, it is decided on the administrative grounds to allow carry forward of the refund claim upto rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. In case, any dealer, who has already filed...

Guidelines on Credit Default Swaps for Corporate Bonds-Permitting All India Financial Institutions

Posted: 22 Apr 2012 10:17 PM PDT

A reference is invited to our circular IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps for corporate bonds. As indicated in paragraph 2.1.1 of the guidelines, commercial banks, PDs, NBFCs, mutual funds, insurance companies, housing finance...

Amendment in Notification No.12/97-Customs (N.T.) dated 2nd April, 1997

Posted: 22 Apr 2012 09:00 PM PDT

Notification No. 34/2012 - Customs (N.T.) Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the...


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