Residential Property Market – Time to Invest?

ICAI's Guidance Note on Maintenance of Cost Accounting Records Posted: 28 May 2012 07:07 PM PDT Section 209(1) (d) of the Companies Act, 1956, incorporated in 1965, is the backbone of statutory cost accounting in the Indian corporate sector. This framework put to practice, through promulgation of Cost Accounting Records Rules by the Government, has inculcated a sense of cost consciousness in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Issues in Processing of Income Tax Returns at CPC Posted: 28 May 2012 06:55 PM PDT The following assessees have to file compulsorily e return only: - Limited Companies - Compulsory Audit Cases - from A.Y. 2012-13 Individuals/HUFs having Total Income above Rs. 10 Lakhs and assessees who have got foreign assets. To be filed with digital signature only for Limited Companies and for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Residential Property Market – Time to Invest? Posted: 28 May 2012 06:23 PM PDT The residential property market in India, particularly in the Tier I & II cities, has remained sluggish for the past 12 months, with significantly lower sale volumes, especially when compared to the high absorption rates of 2010. Home loan interest rates now seem to be declining from their... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download Finance Act, 2012 as Assented by President Posted: 28 May 2012 06:15 PM PDT Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Actual wastage cannot be compared with fixed standard because of various factors Posted: 28 May 2012 05:54 PM PDT Assessee has maintained quantitative records wherein full details of newsprint purchased and used are given. The assessee has also explained the reason for excessive wastage before the Assessing Officer. The Assessing Officer, however, without rejecting the contentions of the assessee, relied on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IRDA Guidelines on approval/renewal of agents training institutes Posted: 28 May 2012 12:10 PM PDT Circular no. IRDA/AGTS/CIR/GLD/120/05/2012 The Authority has issued standard instructions and guidelines applicable for approval/renewal of agents training institutes vide Ref: IRDA/AGTS/CIR/GLD/269/12/2011, dated 7th December, 2011. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] I-T department forms lawyer teams to fight black money cases Posted: 28 May 2012 09:29 AM PDT The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conversion of Term Deposits, Daily Deposits or Recurring Deposits for Reinvestment in Term Deposits by State and Central Co-operative Banks Posted: 27 May 2012 10:35 PM PDT As per the instructions contained in paragraph 11 of circular RPCD.No.RF.DIR.BC.53/D.1-87/88 dated November 2, 1987 on Interest Rates on Deposits, StCB/DCCB on request from the depositor, should allow closure of a term deposit, a deposit in the form of daily deposit or recurring deposit, to enable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Procedure for download and merging of split TDS/TCS statement

Download Form-16 with 24Q + 26Q (Annual Return) in Excel Format Posted: 27 May 2012 02:00 AM PDT Automated Form 16 Preparation Software which can prepare at Form 16 of 50 Employees from the details of 24Q Annual Return Form. Master Form-16 New Financial Year 2012-13 / Assessment Year 2013-14 Master Form-16 New Financial Year 2011-12 / Assessment Year 2012-13 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Buy-Back of Shares u/s. 77 of Companies Act, 1956 Posted: 26 May 2012 11:03 PM PDT Section 77 essentially states that no company limited by shares, and no company limited by guarantee and having a share capital, shall have power to buy its own shares, unless the consequent reduction of capital is effected and sanctioned in pursuance of sections 100 to 104 or of section 402.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure for download and merging of split TDS/TCS statement Posted: 26 May 2012 10:37 PM PDT Procedure for Download of File Merge Utility (in case file is split) and Merging Split Quarterly Consolidated TDS/TCS statement. A. Procedure for Download of File Merging Utility 1) Download 'File Merge Utility' from TIN website (www.tin-nsdl.com ) under the option 'TAN Registration' in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure for Cancellation of TAN Posted: 26 May 2012 09:32 PM PDT Cancellation/Surrendering of TAN can be done in two situations; CASE 1- Where duplicate TAN has been allotted; CASE 2 - Where TAN allotted, is not required anymore by the assessee/deductor. CASE 2 - Where TAN allotted, is not required anymore by the assessee/deductor. In CASE – 1, the deductor has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12

Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12 Posted: 26 May 2012 08:23 PM PDT Instruction No. 4/2012 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. Five thousands, the TDS claim may be accepted without verification. (ii) Where there is zero TDS matching, TDS credit shall be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A Negative List in Service Tax Levy- Impact on Construction Industry Posted: 26 May 2012 10:57 AM PDT It was 18 years ago when the levy of service tax was introduced with a meagre three services which has now grown manifold to 119 services. The scope of services has widened during the period of time. At present the levy of service tax is based on positive list. That is, only those services are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Copyright Board cannot grant interim relief Posted: 26 May 2012 10:44 AM PDT In the instant case, the power being sought to be attributed to the Copyright Board involves the grant of the final relief, which is the only relief contemplated under Section 31 of the Copyright Act. Even in matters under Order XXXIX Rules 1 and 2 and Section 151 of the Code of Civil Procedure, an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Charity should not become a façade to promote business interest or secure advantage of persons mentioned in section 13(3) Posted: 26 May 2012 10:19 AM PDT What is prohibited and barred is application of income or use of the property of the institution directly or indirectly for benefit of a person mentioned in Section 13(3) i.e. he is paid beyond what is reasonable, adequate, commensurate and justified for the services rendered or goods supplied. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Office of CA or of a firm of a CA is neither a shop nor a commercial establishment. Posted: 26 May 2012 10:08 AM PDT Once it is held that the office of a chartered accountant or of a firm of chartered accountants does not come within the expression of shop or commercial establishment as defined in the Act of 1961, the corollary would be that the provisions of the Act of 1961 cannot be applied to the office of a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Profession of CA is neither a trade nor a business Posted: 26 May 2012 09:52 AM PDT The Principal Judge, Small Causes Court, Pune, and thereafter the District Judge, Pune, negatived the contention of the Corporation holding that profession of Chartered Accountant is neither a trade nor a business. Advocate for the Respondents drew my attention to the judgment reported in Current... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Commission Agent Services provided prior to 10.09.2004 also taxable services under BAS Posted: 26 May 2012 09:40 AM PDT The Appellants are dealers of Ford Motor vehicles and they had entered into agreements with different banks and also with Non-Banking Financial Companies to market car-loan to potential customers. For loan taken by the customers, these appellants got commission from the banks and NBFCs. The issue... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Subscription fee received for social media monitoring and market intelligence services taxable as Royalty Posted: 25 May 2012 10:36 PM PDT Assessee was a tax resident of Singapore. The applicant sought a ruling on taxability of subscription fee received from users in India to access the online information database maintained by it. AAR was of the view that the market intelligence services provided by the applicant on online portal was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer Pricing – Disallowance of excess advertisement expense by comparing with average advertisement expense of companies is an adhoc method &not TNMM Posted: 25 May 2012 10:05 PM PDT Transfer Pricing Officer recomputed the expenditure relating to reimbursement of business promotion expenses by Assessee to its associated enterprise based in Cyprus. The TPO had compared the said expense with the average of promotional expenditure incurred by 17 pharmaceutical companies, to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment of PF accumulations after closure of establishment, in absence of Form 3A/6A Posted: 25 May 2012 09:29 PM PDT May kindly refer to the subject cited above. As you are aware that the establishments covered under the EPF and MP Act, 1952 are required to remit provident fund contribution on monthly basis in respect of all the eligible employees. However, till 31.03.2012 (Before introduction of ECR) the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding Compliance in respect of International Workers Posted: 25 May 2012 09:23 PM PDT Special Provisions in respect of International Workers included in the Employees' Provident Funds Scheme, 1952 as well as Employees' Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT Clarification regarding standard weight and tolerance in weight of 1 bale of cotton Posted: 25 May 2012 09:10 PM PDT Trade Notice No. 03/2012 It has been brought to our notice that some exporters find it convenient to have bales of lesser weight, and also that various bales may contain different quantity of cotton depending on local condition. Thus a bale of cotton may weigh more or less than the exact 170 Kg. ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]