E-payment of Customs duty mandatory wef 17.09.2012

HC take note of Denial of TDS credit & illegal adjustment of refund by CPC Bangalore

Posted: 05 Sep 2012 08:34 PM PDT

The assessees must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessees...

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Changes in Income limits for assigning cases to DCIT / ACIT / ITO likely

Posted: 05 Sep 2012 08:32 PM PDT

The present criteria for jurisdiction is based on CBDT Instruction No. 1/2011 dated 31.01.2011 read with Instruction No 6/2011 dated 8.4.2011 and subsequent clarification dated 8.12.2011. A view was expressed to suitably revise the same so that equitable distribution of workload could be ensured...

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E-payment of Customs duty mandatory wef 17.09.2012

Posted: 05 Sep 2012 08:31 PM PDT

Circular No.24/2012-Customs It has been decided to make e-payment of duty mandatory for importers registered under Accredited Clients Programme and importers paying customs duty of one lakh rupees or more per Bill of Entry with effect from 17.09.2012.

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Chart of Service Tax payable under Reverse Charge Mechanism by a Corporate Entity

Posted: 05 Sep 2012 08:12 PM PDT

In this Article Author has discussed Reverse Charge Mechanisam on Services of an insurance agent to any person carrying on insurance business, Services of goods transport agency in respect of transportation of goods by road, Services by way of sponsorship , Services of an arbitral tribunal...

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VAT (What) is the confusion all about in real estate- Part I

Posted: 05 Sep 2012 07:55 PM PDT

The state government's move to generate revenue by taxing the sale of flats and imposing a VAT levy on the same has stirred up a hornet's nest! VAT to many, is seeming like a new entrant to the list of levies on the already heavily burdened real estate sector and therefore there is a stiff...

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Income-tax Department to Use Rs. 80 crores to enhance organizational efficiency

Posted: 05 Sep 2012 06:30 PM PDT

The Directorate of Income-tax has informed vide letter dated 27.08.2012 that the Finance Minister has approved utilization of 1% incremental revenue earned during F.Y. 2009-10 amounting to Rs, 80.63 crore. The amount has to be utilized for enhancing organizational efficiency, infrastructure and...

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Challenges in Finalization of Accounts for the year 2011-12 post new Cost Accounting Records Rules

Posted: 05 Sep 2012 12:09 PM PDT

Ministry of Corporate Affairs has done a remarkable job for the industry by issuing notifications with regard to Common Cost Accounting Record Rules, 2011 and six other Specific Cost Accounting Record Rules. Earlier there were 44 Cost Accounting Record Rules for different Industries and Cost...

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Processing fee levied on all VAT dealers -Luxury tax, Lump sum tax on brick klins doubled in Punjab

Posted: 05 Sep 2012 11:48 AM PDT

Excise & taxation Department, Punjab has levied processing fee of Rs. 800 on every taxable dealer (i.e Person having VAT registration) in Punjab under a new Rule 40-A of Punjab VAT Rules, 2005. This rule provides as under:

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Admission to PCE/IPCE November 2012 Examination

Posted: 04 Sep 2012 08:37 PM PDT

Announcement 5th September 2012 The Institute has recently announced Direct Entry Scheme for admission to Intermediate (IPC) course for graduates/post graduates with specified marks and Intermediate level passed students of the Institute of Company Secretaries of India and the Institute of Cost...

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IRDA obligation under Right to information act, 2005

Posted: 04 Sep 2012 08:31 PM PDT

The Government of India has enacted the Right to Information Act, 2005 (http://www.persmin.nic.in) which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote...

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Banks to provide Banking facilities to visually challenged / persons with disabilities without discrimination

Posted: 04 Sep 2012 08:23 PM PDT

Please refer to our Circular DBOD. No. Leg BC. 91 /09.07.005/2007-08 dated June 4, 2008 on the captioned subject advising that all banking facilities such as cheque book facility including third party cheques, ATM facility, Net banking facility, locker facility, retail loans, credit cards etc., are...

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