Most of the VAT legislations in India do not allow the set off of CST Paid against their output tax. But at the same time, these legislations allow set off of Input Tax credit against the CST due. As a common man, a question may arise why this is not allowed vice-versa. The reason is
Logic behind allowing VAT Credit against payment of CST and not allowing credit of CST. Read More »
The Ministry of Corporate Affairs vide its Notification No :- S.O.447(E) dtd 28th Febrauary 2011 issued earlier , had prescribed the new format of Balance Sheet and Profit & Loss Account in respect of Companies governed under the Companies Act,1956. The new Schedule VI contains the format in which the Balance Sheet and Profit &
Revised Schedule VI Format for Companies Read More »
The Finance Minister Mr. Pranab Mukherjee released the “Whitepaper on Blackmoney” in India. This White paper presents the different facets of black money and its complex relationship with policy and administrative regime in the Country.It also contains the options, strategies of the Government to tackle the same. It also lists out the need to address
Whitepaper on Blackmoney released Read More »
Exchange Earners Foreign Currency Account (EEFC) Account holders were permitted to retain 100% of their Forex earnings in EEFC Account with any Authorised Dealers in India. This scheme has been reviewed now and it has been revised as follows :- 1) 50% of the balances lying in the EEFC Account should be transferred to Indian
New RBI regulation on EEFC Account Forex Conversion. Read More »
The Income-tax department has released an Excel Utility for filing the return form ITR 4S (Sugam), which is applicable for Assessees opting to pay tax under Presumptive method. Click here to download the ITR 4S Excel Utility.
E Filing of Form ITR 4S(Sugam) enabled for A.Y.2012-13 Read More »
The Reserve Bank of India vide its Notification No RBI/2011-12/536 A. P. (DIR Series) Circular No.117 dtd 07 05 2012 has notified certain changes in the regulations with regard to transfer of funds from Non-Resident Ordinary (NRO) Account to Non Resident External (NRE) Account. As per this notification, henceforth , NRIs shall be eligible to transfer funds from NRO
New RBI Regulation on transfer of funds from NRO Account to NRE Account Read More »
The Income-tax department has provided an online utility for calculation of Tax Liability in respect of the following types of assessees :- 1) Individuals 2) Hindu Undivided Family 3) BOI (Body of Individuals) 4) AOP (Association of Persons) 5) Firms 6) Domestic Companies 7) Foreign Companies and 8 ) Co-operative Societies Click here to use
Income-tax Calculator for last 12 Assessment years Read More »
The Reserve Bank of India vide its Notification No DBOD.AML. BC. No. 97/14.01.001/2011-12 dtd 27th April 2012 has given new guidelines in respect of procedures to be followed for transfer of Bank Accounts from one branch to another branch of the same bank. As per this Notification , the banks should not insist on opening a
New RBI regulation on Intra-bank Deposit Accounts Portability Read More »
The Income-tax Department has started accepting e-filing returns for the year 2011-12 (A.Y.2012-13). ITR-1 which is applicable for assessees having income from salary and income from other sources (only interest income or family pension) can be filed now using the utility provided in the Income tax department website. Click here to download the ITR-1 for
E filing for A.Y.2012-13 (F.Y.2011-12) commenced Read More »
The Reserve Bank of India vide its Notification No DBOD. AML.BC. No 93 /14.01.001/2011-12 dtd April 17, 2012 has given new guideline in respect of acceptance of Know Your Customer (KYC) documents in respect of Proprietary Concerns. As per the above guideline, the following documents are also to be accepted as KYC documents in addition to the
New RBI guideline on KYC Documents of Proprietary Concerns Read More »
Dear Readers, we are glad to inform you that our blog is now available as an Application in Nokia Apps. The link for the same is http://store.ovi.com/content/271781 You can download the application in your Nokia Phone by visiting the above link in your phone browser and you will be updated as and when the blog is
Our Blog is available on Nokia Apps now. Read More »
The Reserve Bank of India vide its Monetary Policy statement has announced the reduction of repo rate by 50 basis points. Consequent to this announcement, it is likely that the banks shall reduce the rate of interest on Car,Housing and other loans which are offered under the Floating rate of Interest.
RBI reduces rate by 50 basis points Read More »
The Department of Industrial Policy & Promotion, Government of India has issued a new FDI policy circular (Circular 1 of 2012) with the updated details of the policy of the Government of India with regard to Foreign Direct Investments (FDI) in India. Click here to download the FDI Circular.
New FDI Policy Circular Issued. Read More »
The CBDT vide its circular No 03/2011 dtd 13.05.2011 had stipulated that Form 16A in respect of tax deducted at source on or after 01/04/2011 shall be mandatorily downloaded from TIN website (with unique TDS Certificate Number) in case of company including banking company ,banking institution,co operative society engaged in banking business. For other deductors
Issue of TDS Certificate in Form 16A – to be generated from TIN Central System Read More »
The Income tax department,vide its Notification No 15/2012 dtd 30/03/2012 has restricted the rate of depreciation on windmills from 80% to 15% w.e.f. 01/04/2012. The relevant Notification is reproduced below :- Income-tax (Fourth Amendment Rules, 2012 – Depreciation restricted to 15% on wind mills installed after 31-3-2012 Notification No. 15/2012 [F.No.149/21/2010-SO(TPL)] S.O.694(E), dated 30-3-2012 In
Rate of Depreciation on Windmills reduced to 15% Read More »
