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Jan 22, 2013

Download, know, FAQ on Form 15G & 15H

Download, know, FAQ on Form 15G & 15H

Posted: 22 Jan 2013 07:35 PM PST

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. We have also included...

Your parents can help you save tax / reduce your tax liability

Posted: 22 Jan 2013 07:10 PM PST

Buy House in Parents name if they are in a lower Income tax bracket. Pay them rent if you live in their house- Do you live in your parents' house? You can pay them rent to claim House Rent Allowance exemption. This is possible only if the property is registered in the name of your parent. The owner...

Autorickshaw driver's daughter tops CA examination

Posted: 22 Jan 2013 04:17 PM PST

Surmounting all odds, Prema Jayakumar, daughter of a Mumbai-based autorickshaw driver, has topped the all India Chartered Accountancy (CA) examination.  Residing in a crammed one-room chawl in suburban Malad with her parents and brother, the 24-year-old told on Tuesday she was ecstatic to have...

Major Highlights of Companies Bill 2012

Posted: 22 Jan 2013 04:01 PM PST

Companies Bill, 2012, after a very long journey and with many stumble blocks, has finally seen the light of day in Lok Sabha. After much speculation and eagerness on the subject, Lok Sabha finally approved the Bill on the night of 18th December, 2012.

Sec. 50C not applicable to transfer of shares or indirect transfer of immovable property through share transfer

Posted: 22 Jan 2013 03:45 PM PST

In the instant case, what transferred by the assessee are the shares in the company and not the land or building or both. Assessee does not have full ownership on the flats which are owned by the company. The transfer of shares was never a part of the assessment of the Stamp duty Authorities of the...

Transformation from Accounting to Management in Indian scenario

Posted: 22 Jan 2013 08:34 AM PST

In past about a decade, if one gives a close look at the business environment, professional experience with clients and employer expectations, one could derive that the period has witnessed a theory of 'Big change'. The drivers at macro level are altering the business environment radically and as a...

If job worker not availed ST exemption, Service Receiver can claim Input Credit

Posted: 21 Jan 2013 07:59 PM PST

Cenvat credit in respect of duty paid by the job worker has already been considered by the Tribunal and in the case of Multi Organics (P.) Ltd. v. CCE [Order Nos. A/180-181/2010/SMB/C-IV, dated 31-3-2010]. It has been held that even though the job worker is entitled to exemption under Notification...

Report on Feasibility of introducing more Long-Term Fixed Interest Rate Loan Products by Banks

Posted: 21 Jan 2013 04:41 PM PST

The banks which have not issued long-term bonds (minimum maturity of 5 years) to the extent of their exposure to the infrastructure sector (minimum residual maturity of 5 years) could utilize the room available to issue more Long Term bonds which would help release resources for extending long-term...

Central Excise (INT) Unearths Service Tax Evasion of Around Rs.90 Crore

Posted: 21 Jan 2013 11:27 AM PST

The Directorate General of Central Excise Intelligence (Hqrs.), New Delhi has booked a case of Service Tax evasion against M/s Tops Security Limited, Mumbai. The search operations at 41 offices of the Tops Security Group revealed that the group was raising invoices including Service Tax payable on...

EEFC a/c holders now permitted to access forex market for purchasing foreign exchange only after utilizing fully available balances in EEFC accounts

Posted: 21 Jan 2013 11:21 AM PST

Keeping in view the operational difficulties faced by the account holders and the Authorized Dealer banks, as a measure of rationalization, it has been decided to dispense with the stipulation made in A.P. (DIR Series) Circular No. 124 dated May 10, 2012, that EEFC account holders henceforth will...

Procedure to claim interest subvention on rupee export credit

Posted: 21 Jan 2013 11:14 AM PST

Claims for re-imbursement of subvention amount may be submitted to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, Worli, Mumbai 400 018 on a quarterly basis starting from quarter ended June 30, 2013 in the format as per Annex III.

RBI – Procedure for determination of Beneficial Ownership

Posted: 21 Jan 2013 11:11 AM PST

Rule 9(1A) of the Prevention of Money Laundering Rules, 2005 requires that every banking company, and financial institution, as the case may be, shall identify the beneficial owner and take all reasonable steps to verify his identity.

SEBI (Investment Advisers) Regulations, 2013 notified

Posted: 20 Jan 2013 11:25 AM PST

On and from the commencement of these regulations, no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from the Board under these regulations:

Relaxation in Completion of Information Technology Training (ITT) for students enrolled under Direct Entry Scheme on or after 1st October, 2012

Posted: 20 Jan 2013 11:18 AM PST

The Council at its 321st Meeting held in January, 2013 has relaxed the eligibility criteria, in order to mitigate the hardships being faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course on or after 1st October, 2012, as under, so as to be eligible to appear...

Gold – Customs Duty Enhanced

Posted: 20 Jan 2013 11:09 AM PST

Notification No. 1/2013-Customs – Dated- 21st January, 2013     G.S.R.    (E). – 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,...

Gold – Excise Duty Enhanced

Posted: 20 Jan 2013 11:06 AM PST

 Notification No.1/2013-Central Excise, Dated - 21st January, 2013      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...

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