When articles gifted for personal use do not amount to foreign contribution

FM Reaffirms Position Regarding Retrospective Tax Amendments Posted: 20 Apr 2012 09:06 PM PDT Finance Minister Shri Mukherjee informed that the tax changes proposed are not substantive but clarificatory in nature as the changes reiterated only the intent of the legislation. During the meeting, it was also pointed out that as per Section 149 of the Income Tax Act, no tax cases can be opened... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Printing of MICR Code and IFSC Code on Passbook /Bank Statement mandatory Posted: 20 Apr 2012 08:42 PM PDT As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] When articles gifted for personal use do not amount to foreign contribution Posted: 20 Apr 2012 08:25 PM PDT Any article gifted to a person for his personal use whose market value in India on the date of such gift does not exceed rupees twenty-five thousand shall not be a foreign contribution within the meaning of sub-clause (i) of clause (h) of sub-section (1) of section (2) of Foreign Contribution... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reporting Requirements of NBFCs Posted: 20 Apr 2012 08:19 PM PDT Non Banking Finance Companies (NBFCs) are playing a vital role as the financial resource mobiliser in India given the country's geographical and population spread. They facilitate of channelisation of public savings. We are aware that due to liberalization and globalisation, banking industry and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI Timeline For Submission of Annual Audited Financial Result of FY 2011-12 Posted: 20 Apr 2012 08:18 PM PDT Pursuant to representations received from the listed entities and the auditing fraternity regarding difficulties, faced in submission of annual financial results along with Q4 results, more specifically owing to the first time adoption of the revised Schedule VI format recently notified by the MCA... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Instructions for May 2012 CA PCE, IPCE & Final students Posted: 20 Apr 2012 08:14 PM PDT PCE (Professional Competence Examination) candidates should note the changed sequence of papers (as given in the time table printed on reverse of Admit Card) for May, 2012 examinations and that the examination for Group-I will commence on 3 rd May,2012 and Group-II will commence on 08th May, 2012.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI Post Budget 2012 memorandum on Indirect Tax Posted: 20 Apr 2012 08:10 PM PDT 1. Amendments in Service Tax Rules and Point of Taxation Rules, which are effective from 01 .04.2012. 2. Amendments in Statutory provisions which will be effective from the enactment of Finance Bill, 2012. 3. Amendments in Section 65B – Interpretations – effective along with negative list based... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excel utility – West Bengal WCT Certificates Form 18 Posted: 20 Apr 2012 07:07 PM PDT WCT certificate need to be issued as per the requirement of respective state VAT Act. In the state of west Bengal WCT certificate need to be issued on monthly basis as per rule 47 of West Bengal VAT Rules 2005. We have prepared a Marco in excel which makes the task of preparing WCT certificate in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on Salary Calculator for F.Y. 2012-13 Posted: 20 Apr 2012 06:34 PM PDT TDS on Salary Calculator for Financial Year 2012-13 / Assessment year 2013-14. The Calculator attached is in excel format which can calculate TDS liability of up to 50 employees. Calculator have facility to prepare and print computation of Income for all the Employees. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fresh ECB can be raised at a higher all-in-cost under approval route Posted: 20 Apr 2012 12:24 PM PDT A. P. (DIR Series) Circular No. 112 - Borrowers desirous of refinancing/rescheduling an existing ECB can raise fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the extant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI – Check Status of Refund of Excess Exam Fee Posted: 20 Apr 2012 12:02 AM PDT It is seen that some of the candidates who had applied online, for May 2012 exam had paid exam fee online more than once, on account of failure in electronic transmission, lost transaction (after payment), card related problems etc. Such online multiple payments received from the candidates have... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Advisory services is technical services under Article 13.4 of India-French DTAC Posted: 19 Apr 2012 11:00 PM PDT As regards consultancy services, the question is whether such services are made available in the context of the DTAC between India and France read with the DTAC between India and US relied on by the applicant. It is seen that the advice and assistance rendered by the French Company to the applicant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Critical issues under SARFAESI Act, 2002? Posted: 19 Apr 2012 11:00 PM PDT It is always welcome to enable the Banks to recover their dues using the provisions of SARFAESI Act, 2002. It is known that it is very difficult for the Banks to approach Civil Court asking for a decree and getting that decree executed. With the intention of enabling the Banks to reduce their NPAs... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT explains law on netting of Provision for bad & doubtful debts Posted: 19 Apr 2012 10:30 PM PDT In this appeal, the only issue urged by the assessee is whether the AO was justified in netting the provision made for bad and doubtful debts, i.e. netting of new provision made during the year under consideration and the provision of earlier years written back during the year. As stated earlier,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80P not applies to District level Central Cooperative Bank Posted: 19 Apr 2012 10:00 PM PDT Statute makes the amended provision Section 80P(4) inserted by Finance Act, 2006 to be effective from 1.4.2007, which therefore clearly indicates that it is applicable from the Assessment Year 2007-08 onwards. The said provision clearly mandates that the provisions of Section 80P shall not apply in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Denial of deduction u/s. 80P(2)(a)(i) of I-T Act, 1961 Posted: 19 Apr 2012 09:30 PM PDT The assessee is, admittedly, neither a `primary agricultural credit society' nor a `primary cooperative agricultural and rural development bank'. As such, it is not covered by the exceptions to s. 80P(4), as provided by the said sub-section itself, denying deduction u/s. 80P to all cooperative... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Enhancement in Refinancing limit for Power Sector & ECB for Maintenance & Operation of Toll systems for Roads and Highways Posted: 19 Apr 2012 08:55 PM PDT A. P. (DIR Series) Circular No. 111 Indian companies in the power sector will be allowed to utilise 40 per cent of the fresh ECB raised towards refinancing of the Rupee loan/s availed by them from the domestic banking system, under the approval route, subject to the condition that at least 60 per... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] EOI For Setting up State Medical & Health Infrastructure Development & Procurement Corporation Posted: 19 Apr 2012 08:52 PM PDT The Department of Health, Medical Education & Family Welfare invites Expression of Interest (E.O.I) from firms of Chartered Accountants empanelled with Comptroller & Auditor General (C&AG) of India and which meet all the conditions in the eligibility criteria listed below for setting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Zilla Parishad Jhunjhunu & Sawaimadhopur Posted: 19 Apr 2012 08:44 PM PDT Zilla Parishad Jhunjhunu & Sawaimadhopur Last Date : 30/04/2012 Providing of Chartered accountant services for Audit work . Address: Zilla Parishad Jhunjhunu Rajasthan India [[ This is a content summary only. Visit my website for full links, other content, and more! ]]