Revised Schedule VI – Key Features, Comparative analysis & Format

Revised Schedule VI – Key Features, Comparative analysis & Format Posted: 13 May 2012 08:25 PM PDT Key Features of Revised Schedule VI –Balance Sheet, Statement of Profit and Loss. Comparative analysis between Revised and old Schedule VI & Format of Revised Schedule VI [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Issuance of TDS Certificates in Form No. 16A duly authenticated by way of digital signature Posted: 13 May 2012 07:46 AM PDT Section 203 of the Income-tax Act 1961 read with the Rule 31 of the Income-tax Rules 1962 requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012- Capital Gain Tax on Sale of Residential Property & Tax Planning Posted: 13 May 2012 07:32 AM PDT We know that investment in residential property or Flats is one of the common investment avenue for individuals. Here we are trying to summarise the tax implication on sale of residential property and tax planning to save tax on the Capital Gain arising on the sale of such property. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Frauds in the Name of Mumbai Customs Office/Officer Posted: 13 May 2012 04:14 AM PDT It has been brought to notice that innocent citizens are made to believe that they have won/received some international prize/award/parcel and money is demanded to fulfill some Customs formalities. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Campaign to Recover Outstanding Income Tax Amount Posted: 13 May 2012 02:42 AM PDT Recovery of outstanding arrears is an on going process. So far as recovery of outstanding arrears pertaining to direct taxes is concerned, the case of outstanding dues of Rs. 1 crore and above are regularly monitored at a senior level in the Income Tax Department through the mechanism of dossiers... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Government notifies Intime Properties Private Limited as industrial infrastructure undertakings under Section 80-IA Posted: 13 May 2012 12:44 AM PDT Notification No. 17/2012 In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with Rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. Intime Properties Private Limited., Mumbai as an undertaking and the project... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment for Special Audit u/s 142(2A) of Income Tax Act, 1961 at Pune Posted: 12 May 2012 11:52 PM PDT The Chief Commissioner of Income Tax, Pune invites applications from qualified Chartered Accountants/firms of CAs for empanelment to carryout Special Audit u/s 142(2A) of the I.T.Act, 1961. The remuneration for the Special Audit is governed by Rule 14B of the I.T.Rules, 1962. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] From Chairman, Professional Development Committee – May 2012 Posted: 12 May 2012 11:44 PM PDT You would appreciate that it is the responsibility of Professional Development Committee to consider ways and means to provide specific assistance in order to leverage national & global opportunities. The Institute is making all efforts to explore and exploit all available and potential... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conmen Posing as CBI Officers/Acquaintances of CBI Officers & Fraudulent E-Mails Bearing CBI Logo Posted: 12 May 2012 11:39 PM PDT Certain instances of some conmen/fraudsters posing as CBI officers / acquaintances of CBI officers and trying to extort money and / or favours from the general public / public servants have come to the notice of the Central Bureau of Investigation (CBI). Such imposters generally approach... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Customs – Amenment in Conditions for Exemption from SAD Posted: 12 May 2012 11:10 PM PDT Notification No. 32/2012 - Customs The exemption for some of goods is now subject to the condition that the importer declares- (i) the State of destination namely the State where the goods are intended to be taken immediately after importation whether for sale or for distribution on stock transfer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend notification no. 15/2010 CE dated 27th February, 2010 Posted: 12 May 2012 10:54 PM PDT Notification No. 26/2012-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend notification 10/96-CE dated 23rd July 1996 Posted: 12 May 2012 10:43 PM PDT Notification No. 25/2012-Central Excise Footwear and hawai chappal (other than of leather), that is to say, chappals known commercially as hawai chappals, of retail sale price not exceeding Rs. 500 per pair [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend notification No. 12/2012-CE dated 17.03.2012 Posted: 12 May 2012 10:41 PM PDT Notification No. 24/2012 –Central Excise G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption from excise duty on Articles of jewellery & goods falling under heading 8607 Posted: 12 May 2012 10:37 PM PDT Notification No. 23/2012-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Appointment of Senior / Junior Standing Counsels of Income Tax Department in Rajasthan High Court, Jaipur Posted: 12 May 2012 10:18 PM PDT Income Tax Department, Jaipur invites applications from Advocates / ex officers of the Income Tax Department / ex Members of the ITAT having requisite qualifications and experience for empanelment as Senior / Junior Standing Counsel to represent the Income Tax Department before the Jaipur Bench of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] NSC (VIII Issue) – Revised Interest Rate From 01.04.2012 Posted: 12 May 2012 10:13 PM PDT NOTIFICATION NO.GSR 318(E), DATED 25-4-2012 In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:-... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Note for information of prospective candidates for Departmental Examination – 2012 for ITO/ITI Posted: 12 May 2012 10:11 PM PDT Note for information of prospective candidates for Departmental Examination – 2012 for ITO/ITI. 1. Online Application for Departmental Examination – 2012 for ITO/ITI . For the Departmental Examination 2012 for ITO/ITI application forms will be accepted online. Benefits of online application [[ This is a content summary only. Visit my website for full links, other content, and more! ]] NSC (IX Issue) – Amendment in Rules 15 & 16 – Revised Interest Rate From 01.04.2012 Posted: 12 May 2012 10:09 PM PDT NOTIFICATION NO.GSR 319(E), DATED 25-4-2012 In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (IX Issue) Rules, 2011, namely:-... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest Rate on Post Office Recurring Deposit from 01.04.2012 Posted: 12 May 2012 10:07 PM PDT NOTIFICATION NO.GSR 320(E), DATED 25-4-2012 In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:- 1. (1) These rules... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Customs – Rffective Rates – Notification No. 12/2012-Customs Amended Posted: 12 May 2012 10:05 PM PDT Notification No. 31/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest Rate on Senior Citizens Savings Scheme from 01.04.2012 Posted: 12 May 2012 10:04 PM PDT NOTIFICATION NO.GSR 321(E), DATED 25-4-2012 In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:— 1. (1) These rules... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest Rate on Post Office (Monthly Income Account) from 01.04.2012 Posted: 12 May 2012 10:03 PM PDT NOTIFICATION NO.GSR 322(E), DATED 25-4-2012 In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:- 1. (1) These... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Removal of CVD Exemption on Certain Item imported by or for Government Posted: 12 May 2012 10:02 PM PDT Notification No. 30/2012-Customs Notwithstanding anything contained herein above, the exemption from whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act shall not apply to the following goods, namely:- (i) Hand held Metal detector (ii) Postal Bomb detector... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Post Office Time Deposit Interest Rate from 01.04.2012 Posted: 12 May 2012 10:01 PM PDT POST OFFICE TIME DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULE 7 - NOTIFICATION NO.GSR 323(E), DATED 25-4-2012 - In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] LLP – Notice for filing Form-8 &a,p; 11 for Financial Year 2011-12 Posted: 12 May 2012 09:50 PM PDT Notice for filing Form-8 & 11 for the Financial Year ended 31-03-2012 All LLPs registered upto 30-September-2011 have to mandatorily close the financial year as on 31-03-2012 and file Form-11 by 30-May-2012 and Form-8 by 30- October-2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Filing of Cost Audit Report (Form-I) & Compliance Report (Form-A) In XBRL Mode Posted: 12 May 2012 09:46 PM PDT MCA GENERAL CIRCULAR NO. 8/2012, DATED 10-5-2012 It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend CENVAT credit Rules, 2004 (Fifth Amendment) Posted: 12 May 2012 09:34 PM PDT Notification No. 25/2012-Central Excise (N.T) In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes the following rules further to amend the CENVAT Credit Rules, 2004,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment of Senior / Junior Standing Counsels of Income Tax Department in Delhi High Court Posted: 12 May 2012 06:24 PM PDT Income Tax Department, Applications are invited for empanelment of Senior Standing Counsels and Junior Standing Counsels for representing the Income Tax Department in the High Court of Delhi. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Chairman, CBDT inaugurated the 1st Aayakar Seva Kendra (ASK) of Delhi Posted: 12 May 2012 06:22 PM PDT Shri Laxman Das, Chairman, Central Board of Direct Taxes inaugurated the Ist AAYAKAR SEVA KENDRA (ASK) of Delhi at Aayakar Bhawan, Laxmi Nagar, Delhi in the presence of Shri T.B.C. Rozara, Chief Commissioner of Income Tax (CCA) Delhi on 9th of May 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Review of Service Charges for Cheque Collection – Outstation and Speed Clearing Posted: 10 May 2012 08:38 PM PDT Banks, which have fixed their service charges for out-station/speed clearing for instruments valuing above Rs. 1 lakh as percentage to the value of instruments are, therefore, advised to review the same and fix the charges on a cost-plus basis. Banks may note to ensure that collection charges... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Guidelines for clearing of cheques where there is no formal clearing house Posted: 10 May 2012 08:36 PM PDT As you may be aware, it has been the endeavour of Reserve Bank of India to put in place clearing infrastructure at all places where there are five or more banks operating but do not have a clearing house with a relaxation to district headquarters where the presence of three banks is sufficient to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Core Investment Companies (Reserve Bank) Directions, 2011 – Clarification on CICs Issuing Guarantees Posted: 10 May 2012 08:34 PM PDT .CICs may be required to issue guarantees or take on other contingent liabilities on behalf of their group entities. Before doing so, CICs must ensure that they can meet the obligation thereunder, as and when they arise. In particular, CICs which are exempt from registration requirement must be in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Scheme for issue of Kisan Credit Card Posted: 10 May 2012 08:32 PM PDT With a view to simplify and attune the Scheme to suit to current requirements and to facilitate issue of Electronic Kisan Credit Cards, a Working Group under the Chairmanship of Shri T.M.Bhasin, Chairman and Managing Director, Indian Bank was constituted. The Working Group has since submitted its... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Documents Required for opening accounts of proprietary concerns Posted: 10 May 2012 08:30 PM PDT it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concerns: (i) the complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy for Transfer of Borrowal Accounts from One Bank to Another Posted: 09 May 2012 08:28 PM PDT DBOD.No.BP.BC-104/21.04.048/2011-12 Banks should put in place a Board approved policy with regard to take-over of accounts from another bank. The policy may include norms relating to the nature of the accounts that may be taken over, authority levels for sanction of takeover, reporting of takeover... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exim Bank's Line of Credit to the Government of the Republic of Mozambique – A. P. (DIR Series) Circular No.125 Posted: 09 May 2012 08:22 PM PDT A. P. (DIR Series) Circular No.125 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 1, 2011 with the Government of the Republic of Mozambique, making available to the latter, a Line of Credit (LOC) of USD 13 million (USD thirteen million) for the purpose of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]