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Feb 14, 2013

IT department enables Pre-Fill option for ITR

IT department enables Pre-Fill option for ITR

The pre-fill option of personal and tax information for ITR 1, ITR 2, ITR 3, ITR 4 and ITR 4S for assessment year 2012-13 is available. Please download the applicable ITR Form from the portal. To know more on how to download, pre-fill and upload.

FM's directions on filing of SLP in Supreme Court

I am directed to convey that the Hon'ble Finance Minister has expressed serious concern about drafting of 'Substantial Question of Law' in the proposals to file SLP. He has also expressed dissatisfaction over lack of assistance to the Law officers/appearing counsels by field officers.

Financial Statement in XBRL mode filing due date extended to 28.02.2013

Time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 28th February, 2013 or within 30 days from the due date of AGM of the company, whichever is later.

NFRA to Encroach ICAI's Territory

Our beloved Institute of Chartered Accountants of India(ICAI) is the world's 2nd biggest accounting body and the one with constitutional powers of framing & governing accounting practices in India. Ministry of Corporate Affairs with its new proposal of NFRA has plans to take away the two big...

Expectation from Budget 2013

The 2013-14 Budget will be presented when the Indian economy is going through one of its most difficult phase. The 2012-13 Budget had forecast a growth rate of 7.6% and an inflation rate of 6.5%. In the first half of 2012-13, the economy grew by around 5.3% & likely to be almost same in the...

Reporting of Fixed Assets Under Cluase 4(i) of CARO Reports

Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. The clause requires the auditor to comment whether the company is maintaining proper records showing full particulars, including quantitative details and...

Refund to be granted only if ROI is either processed u/s. 143(1) or assessment is made u/s.143(3)

It is not disputed by the assessee that the return of income was filed beyond the time limit prescribed by section 139(1) and even section 139(4). Under sub-section (4) of section 139 the assessee ought to have filed the return on or before 31-3-2000. However, the return was filed only on...

Speculation Profit can be set off against carried forward speculation losses first

First to setting-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income.

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