Revised Schedule VI – Normally Asked Questions

Revised Schedule VI – Normally Asked Questions Posted: 22 May 2012 08:23 PM PDT If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of Revised Schedule VI, what treatment should be given? Para 4.1.1 of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All about NSC and Tax Benefit Posted: 22 May 2012 08:21 PM PDT Deposits up to Rs.1 lakh in NSC qualify for Deduction Section 80C of the Income Tax Act. Accrued interest on NSC also qualify for deduction u/s. for first five years. NSC interest is taxable. However, as it is a cumulative scheme (e.g. interest is not paid to the investor but instead accumulates... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Arbitration Award after efflux of prescribed time – Valid or invalid? Posted: 22 May 2012 08:20 PM PDT The parties cannot be deprived of their rights to challenge the award on the ground that there is a delay of 2 years and four months and the Award as declared after such a long period, in our view, can be challenged under Section 34 of the Act. The party cannot be remedy-less. Even under Section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] White paper on Black money Proposes to Enhance Auditors Accountability Posted: 22 May 2012 08:20 PM PDT Unlike many developed countries, Auditors in India have not been requisitely accountable, resulting in frequent undermining of this important aspect. Apart from recent cases of distortionary corporate governance involving highly reputed firms, cases are detected regularly by the regulatory... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income Tax Calculator F.Y. 2012-13 / A.Y. 2013-14 Posted: 22 May 2012 08:20 PM PDT Download Income tax Calculator in Excel Format for Financial year 2012-13 / Assessment Year 2013-14 1. This Calculator is Very Simple & Easy to be use by a common Individual to compute the Tax for Salaried/Business or Profession Person 2. Easy to understand with all latest rules &... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exercise of power U/s.131(1A) is contemplated in a situation anterior to exercise of power U/s. 132 Posted: 22 May 2012 07:32 PM PDT In the present case the Director of Investigation had reliable and sufficient information to proceed with the authorisation for search. No malafides have been attributed or pleaded in the writ petition. The petitioners have been subjected to block assessment on the basis of the recoveries made... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Kotak Life Insurance Records 109% Growth in Profit in FY 2011-12 Posted: 22 May 2012 05:40 PM PDT Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced profit growth of 109 per cent. Profit after tax for FY 2011-12 stood at Rs. 211 crores, up from Rs. 101 crores the previous year. The Company has wiped out all its accumulated losses and added Rs. 51 crores to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Share application money received – Genuineness merely only on the basis of bank Entries Posted: 21 May 2012 10:30 PM PDT In the present case, however, the assessee is a private limited company. The share application money was received through private placement. The Assessing Officer has brought on record evidence in the shape of Income tax returns and bank statements of the share applicants to show that these... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Average Time for Registration of Trademarks reduced from 26M to 12M Posted: 21 May 2012 10:04 PM PDT Trade Mark registration is quasi-judicial process and tends to be time consuming as it involves various steps, inter-alia, examination, publication and disposal of opposition. Sharp increase in the applications filed in the recent years and shortfall in manpower are the other reasons for delay. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised criteria for declaring a Financial Institution as PFI U/s. 4A, of Companies Act, 1956 Posted: 21 May 2012 10:02 PM PDT General Circular No. 10/2012 The Ministry had framed certain criteria for declaring a Financial Institution as PFI under section 4A, of the Companies Act, 1956 vide General Circular No. 34/2011 dated 2.6.2011. The issue has since been revisited and it has been decided that any Financial Institution... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty u/s. 271(1)(c) cannot be imposed on a debatable issue Posted: 21 May 2012 10:00 PM PDT It is observed that the assessee capitalized the expenses in relation to Cafeteria project as capital work in progress in earlier year. Such project did not take off and eventually the assessee claimed it as a business loss in the current year. It is clearly borne out from records that the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Final Guidelines on Basel III Capital Regulations Posted: 21 May 2012 09:51 PM PDT Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expense Allowable if TDS Paid TDS paid on or before the due date of filing of return u/s. 139(1) Posted: 21 May 2012 09:50 PM PDT Issue is decided by Hon'ble Calcutta High Court in the case of CIT Vs. Virgin Creations that the amendment in the provisions of section 40(a)(ia) of the Act by Finance Act, 2010 is remedial and curative in nature and TDS paid on or before the due date of filing of return u/s. 139(1) of the Act,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] GST to Make Goods and Services more Competitive both in Domestic and International Markets – FM Posted: 21 May 2012 09:44 PM PDT The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Punjab VAT- proposing to amend forms VAT-1, VAT-4, VAT-15, VAT-18, VAT-19, VAT-23, VAT-24 and VAT 56 and to introduce forms VAT 61 and VAT 62 Posted: 21 May 2012 09:00 PM PDT Punjab VAT has notified all Tax Payers, VAT consultants, CA's and all other stake holders that Department of Excise and Taxation, Punjab is proposing to amend forms VAT-1, VAT-4, VAT-15, VAT-18, VAT-19, VAT-23, VAT-24 and VAT 56 and to introduce forms VAT 61 and VAT 62 in Punjab Value Added Tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CMA – Attention Of Practising Members – CEP Credit Hours Posted: 21 May 2012 08:59 PM PDT In pursuance of proviso to sub-regulation (1) of Regulation 10 of the Cost and Works Accountants Regulations, 1959 as amended, the Council of the Institute at its 274th Meeting held on 18th May, 2012 has decided that the Certificate of Practice of the members who have paid the prescribed fees and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rationalisation and Revision of Agency Commission Payable to Banks on Government Transactions Posted: 21 May 2012 07:51 PM PDT DGBA.GAD.No.7575/31.12.011/2011-12 As you are aware, Reserve Bank of India (RBI) carries out the general banking business of the Central and State Governments through its own offices and through the offices of the Agency Banks appointed under Section 45 of the RBI Act, 1934, by mutual agreement. ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Indian Companies – Rising NPA Posted: 21 May 2012 11:31 AM PDT When the new financial year come up, part of the Indian corporate is fully energized to restructure their loan/debt portfolio. Yes this is the prime time for the Indian corporate to go for restructuring their huge outstanding loan books and increasing the debt of the bank which is the tax earning... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of exchange of conversion of each of the foreign currency with effect from 22nd May, 2012 Posted: 21 May 2012 05:50 AM PDT Notification No. 44/2012-Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to extend the validity of Notification no. 56/2007-Customs, dated the 12th April, 2007, by one more year, i.e. upto and inclusive of 11th April, 2013 Posted: 21 May 2012 03:48 AM PDT Notification No. 28/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the...