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Mar 27, 2013

Form 16 Salary Certificate – Is It different from Form 16A?

Form 16 Salary Certificate – Is It different from Form 16A?

Posted: 27 Mar 2013 08:04 PM PDT

What is Form 16A and how is it different from Form 16? If you are not a salaried employee and work as a professional for an organisation and earn fees, then the certificate that shows TDS details deducted while making payments to you is Form 16A.

Income tax Calculator for FY 2012-13

Posted: 27 Mar 2013 08:02 PM PDT

We have attached below the Excel file containing Income Tax calculator for Financial Year 2012-13 / Assessment year 2013-14 as modified by Finance Bill 2012 presented on 16th March 2012.

National Electronic Funds Transfer (NEFT) – FAQ

Posted: 27 Mar 2013 06:40 PM PDT

Q.1. What is NEFT System? Ans National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. Q. 2. Are all bank branches in the system part of the funds transfer network? Ans No. As on January...

What is Cheque Truncation & Cheque Truncation in India

Posted: 27 Mar 2013 12:05 PM PDT

Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant...

Reassessment to disallow claim allowed earlier by change of opinion not permissible

Posted: 27 Mar 2013 05:32 AM PDT

This is a clear case where the primary facts were available before the AO, and therefore, the assessee cannot be held to have failed to disclose "fully and truly all material facts". In our opinion, it was for the AO to draw the appropriate inference. The assessee is/was under no obligation to draw...

Amount not allowed for non deduction of TDS is eligible for deduction U/s. 80IB

Posted: 27 Mar 2013 05:19 AM PDT

We are not inclined to interfere with the finding of the CIT(A) because on account of violation of conditions prescribed under clause (ia) the implication u/s.40(a) would be that the said amount will not be deducted in computing income chargeable under the head 'profits and gains of business...

Income Tax Authority cannot intervene on any scheme filed for sanction u/s. 391

Posted: 27 Mar 2013 05:14 AM PDT

It is an admitted position that under the provisions of Section 391 the Central Government and the IT Authority do not have any powers to intervene or to be heard on any scheme which is filed seeking sanction of this Court u/s 391 of the Companies Act. This question was considered and decided by...

Curable defects do not take away right to appeal

Posted: 27 Mar 2013 05:05 AM PDT

If there is any defect in appeal, in terms of the procedure prescribed by rule 4.03 of Chapter 4 of Judicial Manual, that defect may be intimated to the appellant for curing the same without compulsion since curable defects do not take away right to appeal. Therefore, such valuable right should not...

DOPT Releases FAQ on Leave & Allowance for Central Government Employees

Posted: 26 Mar 2013 10:19 PM PDT

Department of Personnel & Training (DOPT) has released an FAQ each on Leave and Children Education Allowance Scheme (CEA), which are very useful to the Central Government Employees Download FAQ on Leave Download FAQ on Children Education Allowance

CBEC threatens action against striking Excise Superintendents & Inspectors

Posted: 26 Mar 2013 10:10 PM PDT

It is reiterated that action in instances of violation of discipline and conduct rules would be taken in accordance with the instructions on the subject.

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