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May 25, 2012

Who is a First Stage Dealer & Concept of Transit Sale

How To Recover TAN Registration Number (TRN) if Forgotten or lost?

Posted: 24 May 2012 06:01 PM PDT

What is the procedure to retrieve TAN - A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN. The letter should be signed by 'Managing Director' or 'Chief Financial Officer' or authorized signatory in the organization...

Who is a First Stage Dealer & Concept of Transit Sale

Posted: 24 May 2012 01:01 PM PDT

First Stage Dealer means a dealer, who purchases the goods directly from (i) the manufacturer under the cover of an invoice issued in terms of the provisions of Central Excise Rules, 2002 or from the depot of the said manufacturer, or from premises of the consignment agent of the said manufacturer...

Stamp Papers valid even after six month of Purchase

Posted: 24 May 2012 12:18 PM PDT

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such...

How to Enable Macros in Microsoft Excel For Income Tax Return (ITR)

Posted: 24 May 2012 10:06 AM PDT

It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :

Amendments in DTAA between India & Japan

Posted: 24 May 2012 09:41 AM PDT

Notification No. 19/2012 Whereas the Convention between the Government of the Republic of India and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on income has come into force on the 29th day of December, 1989 after the...

ITAT Asks CBDT to take notice of Mistakes in Central processing of Returns

Posted: 24 May 2012 09:18 AM PDT

However, we would like to take this opportunity to bring to the notice of CBDT that after the procedure of Central processing of returns, many issues have come before various forums where unnecessary demands have been raised due to non-grant of TDS, wrong computation of income, adjustment of the...

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Whether assessee could book its expenses on accrual basis & receipts on actual receipt basis

Posted: 24 May 2012 09:06 AM PDT

The assessee has followed mercantile system of accountancy in regard to the expenditure incurred during that year and results were declared on actual receipt and this method is constantly followed by the assessee since last so many years, therefore, addition of the amount received in the next year...

When addition itself Set aside, there cannot be penalty for concealment of income

Posted: 24 May 2012 08:55 AM PDT

The disallowance made by the Assessing Officer and sustained by the learned CIT(A) was challenged by the assessee before the ITAT in an appeal. The ITAT has decided the said appeal in favour of the assessee. Therefore, at present, when the addition itself has been set aside, there cannot be any...

Onus on Assessee to Prove bank A/c do not belong to Assessee or is Bogus

Posted: 24 May 2012 08:52 AM PDT

Authorities have put the onus on the assessee to prove that the said bank account is bogus. In this regard, assessee has categorically stated that the said account was not opened by the assessee. The bank has not replied to the query of the Assessing Officer. So adverse inference on the assessee...

ICSI Annual Membership & COP Fees for the year 2012-13

Posted: 23 May 2012 10:11 PM PDT

The Annual Membership and Certificate of Practice fee for the year 2012-13 becomes due for payment w.e.f. 1st April, 2012 and last date for payment of the same will be 30th June, 2012. Members are requested to pay the fee before the last date. The fee payable is as follows

GPF and SDS Interest Rates Revised for Financial Year 2012-13

Posted: 23 May 2012 09:51 PM PDT

Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8% with effect from 01.04.2012. The funds concerned are:- 1....

Download Free e-filing Excel Software for ITR 1, 2, 3, 4, 4S,5, 6 for A.Y. 2012-13

Posted: 23 May 2012 09:45 PM PDT

Income Tax Department has enabled online submission of ITR-1 (SAHAJ), ITR-2 & ITR-4S (SUGAM), ITR 5, ITR 6, for Assessment Year 2012-13. These software can be used to file Income Tax Return Online.

Revised Position Limits for Trading Member (Banks) in Exchange Traded USD – INR derivative contracts

Posted: 23 May 2012 09:18 PM PDT

Gross open positions of the bank across all contracts (both futures and options contracts) not to exceed 15% of the total open interest or USD 100 million whichever is lower.

Zone-shifting of candidates for June – 2012 CA – CPT Exams

Posted: 23 May 2012 08:37 PM PDT

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to...

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