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May 28, 2012

Residential Property Market – Time to Invest?

ICAI's Guidance Note on Maintenance of Cost Accounting Records

Posted: 28 May 2012 07:07 PM PDT

Section 209(1) (d) of the Companies Act, 1956, incorporated in 1965, is the backbone of statutory cost accounting in the Indian corporate sector. This framework put to practice, through promulgation of Cost Accounting Records Rules by the Government, has inculcated a sense of cost consciousness in...

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Issues in Processing of Income Tax Returns at CPC

Posted: 28 May 2012 06:55 PM PDT

The following assessees have to file compulsorily e return only: - Limited Companies - Compulsory Audit Cases - from A.Y. 2012-13 Individuals/HUFs having Total Income above Rs. 10 Lakhs and assessees who have got foreign assets. To be filed with digital signature only for Limited Companies and for...

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Residential Property Market – Time to Invest?

Posted: 28 May 2012 06:23 PM PDT

The residential property market in India, particularly in the Tier I & II cities, has remained sluggish for the past 12 months, with significantly lower sale volumes, especially when compared to the high absorption rates of 2010. Home loan interest rates now seem to be declining from their...

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Download Finance Act, 2012 as Assented by President

Posted: 28 May 2012 06:15 PM PDT

Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post.

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Actual wastage cannot be compared with fixed standard because of various factors

Posted: 28 May 2012 05:54 PM PDT

Assessee has maintained quantitative records wherein full details of newsprint purchased and used are given. The assessee has also explained the reason for excessive wastage before the Assessing Officer. The Assessing Officer, however, without rejecting the contentions of the assessee, relied on...

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IRDA Guidelines on approval/renewal of agents training institutes

Posted: 28 May 2012 12:10 PM PDT

Circular no. IRDA/AGTS/CIR/GLD/120/05/2012 The Authority has issued standard instructions and guidelines applicable for approval/renewal of agents training institutes vide Ref: IRDA/AGTS/CIR/GLD/269/12/2011, dated 7th December, 2011.

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I-T department forms lawyer teams to fight black money cases

Posted: 28 May 2012 09:29 AM PDT

The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently...

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Conversion of Term Deposits, Daily Deposits or Recurring Deposits for Reinvestment in Term Deposits by State and Central Co-operative Banks

Posted: 27 May 2012 10:35 PM PDT

As per the instructions contained in paragraph 11 of circular RPCD.No.RF.DIR.BC.53/D.1-87/88 dated November 2, 1987 on Interest Rates on Deposits, StCB/DCCB on request from the depositor, should allow closure of a term deposit, a deposit in the form of daily deposit or recurring deposit, to enable...

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