Govt to slap fine on entities not depositing TDS on time

Govt to slap fine on entities not depositing TDS on time Posted: 12 Dec 2012 06:30 PM PST The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs 200 for everyday of delay and the system does not accept the TDS statement until the delay fee has been paid Machinery kept ready for use, but no actually used are entitled to depreciation Posted: 12 Dec 2012 06:05 PM PST Some machinery and equipment relating to the construction of the projects were not actually put to use, though they were kept ready for use and this factual position is not in dispute. 'Zarda Yukta Pan Masala' is a tobacco preparation not eligible for deduction u/s. 80I Posted: 12 Dec 2012 05:54 PM PST In the present case we are concerned as to whether 'Zarda Yukta Pan Masala' is a tobacco preparation. The percentage of tobacco in the mixture, is not material, in as much as once tobacco is mixed, even in a small quantity, the Pan Masala becomes a tobacco preparation, which is a... Excise duty refund for industrial development in State is to be treated as capital receipt Posted: 12 Dec 2012 05:47 PM PST Incentives provided to the industrial units, in terms of the new industrial policy, for accelerated industrial development in the State, for creation of such industrial atmosphere and environment, which would provide additional permanent source of employment to the unemployed in he State of Jammu... Seismic services taxable under specific s. 44BB not under general s. 44DA Posted: 12 Dec 2012 05:28 PM PST Section 44BB is a special provision for computing the profits and gains of a non-resident in connection with the business of providing services or facilities in connection with, or supplying plant and machinery on hire, used or to be used, in the prospecting for, or extraction or production of... Transfer Price in Advanced Management Accounting Posted: 12 Dec 2012 07:32 AM PST Transfer pricing comes into use when various divisions of a company deal with one another. A transfer price is that notional value at which goods and services are to be transferred by the supply division to receiving division. The goods that are produced by the buying division and sold to the... Entertainment expenses cannot be disallowed U/s. 37(1) after omission of S. 37(2) Posted: 12 Dec 2012 01:32 AM PST Section 37(2) inter alia provided for disallowance of entertainment expenses. The said provision has been omitted with effect from 01.04.1998. The fact of this omission is that from assessment year 1998-99 no disallowance in respect of entertainment can be made if the expenses are otherwise... Online Empanelment for Concurrent Audit of Central Bank of India Posted: 11 Dec 2012 09:44 PM PST APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT IN CENTRAL BANK OF INDIA 1. The online application may be considered even for another branch at same or nearby station, if opted by applicant. 2. If we do not receive complete set of documents in a single lot as mentioned in assignment letter within 15... 'Willful defaults' of parties under a derivative transaction with a bank are covered by RBI Master Circular Posted: 11 Dec 2012 09:03 PM PST Clause 4.3 of the RBI Master Circular states is that there is scope even under the exiting legislations to initiate criminal action against wilful defaulters depending upon the facts and circumstances of the case under the provisions of Sections 403 and 415 of the Indian Penal Code, 1860 and the... Permitting assessee to withdraw objections can't be interpreted as DRP's direction on merit Posted: 11 Dec 2012 08:41 PM PST When the objections filed by the assessee were allowed to be withdrawn on the ground that the assessee intend to exercise the option to proceed to file appeal before the Commissioner of Income Tax(Appeals), then there cannot be any direction under sub-sec. (5) in the absence of any objection as... XBRL filing due date extended to 15th January 2013 Posted: 11 Dec 2012 08:37 PM PST General Circular No: 39/2012 In continuation of the Ministry's General Circular Nos: 16/2012 dated 06.07.2012 and 34/2012 dated 25.10.2012 on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been... Whether software expenditure is capital or revenue in nature is to be seen independently in respect of each software Posted: 11 Dec 2012 08:25 PM PST The fact situation in respect of the necessity for having the issue of software expenditure examined to ascertain whether it is capital or revenue in nature in the case of Amway India Enterprises (supra) is similar to that of the present case of the assessee. We, therefore, respectfully following... Guidelines for issue of debit cards by banks Posted: 11 Dec 2012 07:23 PM PST Please refer to paragraphs 106 and 107 (extract enclosed) of the Second Quarter Review of Monetary Policy 2012-13 announced on October 30, 2012, proposing to accord general permission to banks for issue of co-branded debit and rupee denominated pre-paid instruments, subject to certain conditions,... Issuance of rupee denominated co-branded per-paid cards Posted: 11 Dec 2012 06:30 PM PST Issue of rupee denominated pre-paid payment instruments is subject to the stipulations contained in the Notification on the Issuance and Operation of Pre-paid Payment Instruments in India (Reserve Bank) Directions, 2009 by Department of Payment and Settlement Systems (DPSS) of the Reserve Bank of... SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) (Amendment) Regulations, 2012 Posted: 11 Dec 2012 08:56 AM PST In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to...