The service tax department has issued new circular spefifying new accounting codes under the Negative List approach to taxation of services. As per this circular, the Accounting Codes to be used for payment of service tax under Negative List approach, w.e.f 1st July 2012 has been specified. The relevant circular is reproduced below :- [gview […]
PAN Card is not only a document used for Income-tax purposes. It is also used as an Identity Proof for many transactions apart from being required by many statutes as a base document. Many people due to their bad luck lose their PAN Card (or) some times have their PAN Cards in a damaged condition.
Statutory Compliance Last Date Payment of Service Tax for the month of June 2012 in respect of Corporate Assessees 5th July (6th July for e-payments) Payment of Service Tax for the Quarter ended 30th June 2012 in respect of Non corporate Assessees 5th July (6th July for e-payments) Deposit of Tax Deduction at Source (TDS)
Statutory Compliances for the month of July 2012 Read More »
All about House Rent Allowance House Rental Allowance also called as HRA is given by the employers to their employees in order to meet their expenses towards the rent paid for their residential accommodation. Normally, many employers give the benefit of House Rent Allowance as the part of the Pay package which can be
All about House Rent Allowance (HRA) Read More »
Are all PAN Card holders required to file their return of income? This is the question raised by many persons who possess PAN Card. We need to understand the requirement of PAN Card first before answering this query. Who are mandatorily required to obtain PAN ? Section 139A of the Income-tax Act provides that the
Is it mandatory to file returns if you have a PAN Card ? Read More »
The Due dates for filing Income-tax returns for the year 2011-12 (A.Y.2012-13) is as follows :- 31st July 2012 – Salaried Employees , Assessees with Rental & Interest Income only, Business with less than 60 Lakhs turnover. 30th September 2012 – All Corporate assessees and Business Assessees who are subject to Audit Click here to
Due Date for filing Returns for the year 2011-12 (A Y 2012-13) Read More »
The Ministry of Corporate Affairs vide its Notification No GSR 298(E) dtd 5t June 2012 has notified new DIN1 form for making application for allotment of Director Identification Number (DIN) for directors of Indian Companies. Click here to download the new DIN 1 form.
New DIN 1 form notified Read More »
In view of the Integration of LLP Portal with MCA Portal and subsequent non availability of LLP system for filing documents, the Central Government has through its circular has notified that the Annual return of LLPs shall be filed upto a period of 90 days from the end of the financial year as against 60
Extension of time limit for filing Annual Return by LLPs Read More »
Introduction : Sweat Equity Share means equity shares issued by the company to employees or Directors at a discount, or for consideration other than cash for providing knowhow or making available rights in the nature of intellectual property rights or value additions by whatever name called. Sweat Equity shares in India : Generally at the
Sweat Equity Shares Read More »
The value for the purpose of arriving at the Service portion in the amount charged at the restaurants (or) by outdoor caterers in their service provided will be determined as under :- Sl. No. Description Percentage of the total amount (1) (2) (3) 1. Service portion in an activity wherein goods, being food or any
New Valuation rules in respect of Services rendered in Restaurant / Outdoor catering Read More »
The Ministry of Finance vide its Notification No 24/2012 dtd 6th June 2012 has notified the rules for Determination of Value of Service Portion in the execution of the Works Contract. These rules are notified through Service Tax (Determination of Value) Second Amendment Rules, 2012 which will be applicable from 1st July 2012. According to
New Service Tax rules for Valuation in Works Contract Read More »
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2012/06/tds-rates-12_13.xls”] Click here to download the above in an Excel Sheet [wpdm_file id=17]
Rates of TDS for the year 2012-13 (A.Y.2013-14) – Non Salary Read More »
The Reserve Bank of India vide its Notification No DBOD. No. Dir. BC.107/13.03.00/2011-12 dtd 5th June 2012 has issued a new directive to all banks with regard to charge of foreclosure/prepayment penalties in respect of Home loans taken on floating rate method. As per the above notification, the banks will not be permitted to charge foreclosure charges/pre-payment
Fore-closure charges ,Pre-payment penalties on Home loans abolished Read More »
The Finance Act 2012 had proposed major changes in the Service Tax (including the negative list approach) provisions. As the Finance Act has received the assent of the President of India, the new provisions have come into effect. Accordingly, the Government of India has notified the dates from which these new provisions will be made
New Service Tax provisions to be applicable from 1st July 2012 Read More »
Who Issues IEC ? The Director General of Foreign Trade (DGFT) , Director General of Foreign Trade, Ministry of Commerce, Government of India issues IEC to eligible Importers and Exporters. Who are required to obtain IEC ? All Importers & Exporters (except as exempted) shall obtain Import Export Code , without which they are prohibited
Import Export Code – FAQs Read More »
