Company Law Settlement Scheme 2011-Last Chance to file your belated ROC returns

The Ministry of Company Affairs has introduced a new scheme namely “Company Law Settlement Scheme , 2011“. The Salient Features of this scheme are :- 1) This scheme condones the delay in filing of Documents with Registrar of Companies. 2) It also grants immunity from prosecution 3) The additional fees payable will be only 25% […]

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Issue and Payment of DD in excess of 50000/–New RBI Direction

RBI Guidelines / admin

As per recent Notification No DBOD.BP.BC. No. 26 / 21.01.001/2011-12 dtd 01/08/2011 issued by the Reservce Bank of India, the Issue and Payment of DD in excess of Rs. 50000/- by all banks in India shall be transacted only through the debit to the customer’s account. This means, any purchase of Demand Draft in excess of

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Cost Inflation Index Table

Income-tax / admin

Cost Inflation Index for Financial years from 1981-82 which is required to calculate Indexed Cost of Acquisition and/or Indexed Cost of Improvement. [table id=8 /]

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TNVAT 5% on Textiles Withdrawn

1 Comment / TNVAT / admin

The TNVAT (5%) imposed on the textile products with effect from 12.07.2011 has been withdrawn by the Government of Tamilnadu with retrospective effect. This was announced by the Chief Minister of Tamilnadu after the Cabinet meeting decided to withdraw this tax. The relevant Notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO-90_210711.pdf”]

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Changes in TNVAT Rates

1 Comment / TNVAT / admin

The Tamilnadu Government has changed the rate of TNVAT from 4% to 5% and 12.5% to 14.5%. The relevant notification is attached below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO76_110711.pdf”]

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DIN replaces DPIN

1 Comment / Company Registration in Chennai / admin

As per recent Notification from the Ministry of Corporate Affairs, the DPIN (Designated Partner Identification Number) has been replaced by DIN (Director Identification). In view of the above, any person who is intending to become a designated partner in an LLP shall apply for DIN and get the same approved. If a person holds both

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Tax Calculator for 2010-11 (A.Y.2011-12)

Income-tax / admin

This Tax Calculator will calculate the tax Payable in respect of Individuals & HUF for the year 2010-11 (A.Y.201-12) Enter your data only in Green shaded Cell. You will get the tax payable Send your comments to sridharca@gmail.com

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E filing with Digital Signature mandatory for Tax Audits

2 Comments / Income-tax / admin

The Income-tax Department has issued a new Notification No 37/2011 dtd 01.07/2011. As per this notification , all Individual/HUF/Partnership Firms who are covered under Tax Audit u/s.44 AB of the Income-tax Act, shall electronically file their return of Income with the Digital Signature of the Assessee/Partner. This will be applicable from the A.Y.2011-12 onwards. The

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Cost Inflation Index for Financial Year 2011-12 is 785

Income-tax / admin

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL] DATED 23-6-2011 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department

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Exemption from Filing of return for Salaries Employees

Income-tax / admin

No.402/92/2006-MC (14 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, dated the 23rd June, 2011 PRESS RELEASE The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for

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Taxpayers view for TDS/TCS – Verify your Form 16A issued by deductors

Income-tax / admin

All the tax payers can view their tax credits on account of TDS/TCS deducted by their payers. This facility is available from the Income-tax department from F.Y.2005-06 onwards. CLICK HERE to view the Tax Credit.

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Verification of Form 16 by employees

1 Comment / Income-tax / admin

All employees can now verify the Form 16 issued by their employees through the Income-tax website. Click here to verify your Form 16

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Return forms for filing Income-tax returns for the year 2010-11

Income-tax / admin

S.No Assessee Type Individual Individual, HUF Source of Income ß ITR-1 ITR-2 ITR-3 ITR-4 ITR-4S 1 Income from Salary/Pension • • • • 2 Income from Other Sources (only Interest Income or Family Pension) • • • • 3 Income/Loss from Other Sources • • • 4 Income/Loss from House Property

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Due date for filing Income-tax returns

26 Comments / Income-tax / admin

The due dates for filing Income-tax returns for the F.Y.2010-11 (A.Y.2011-12) is as follows :- In case of assessees not covered by Audit – 31st July 2011 (Salaries employees,Business with Less than 60 Lakhs turnover, Assessees with Incomes such as Rent,Capital Gain) In case of assessees covered by Audit – 30th September 2011 (Business with

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Procedure for streamlining the Scrutiny of IT Returns

Income-tax / admin

The Income-tax Department have come out with a circular with procedures for streamlining the Scrutiny of IT returns during the year 2011-12. As per this circular, the returns in respect of small Tax payers and Senior Citizens who are filing their returns in ITR1 & ITR 2, will not be subject to scrutiny unless there

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Company Law Settlement Scheme 2011-Last Chance to file your belated ROC returns

Issue and Payment of DD in excess of 50000/–New RBI Direction

Cost Inflation Index Table

TNVAT 5% on Textiles Withdrawn

Changes in TNVAT Rates

DIN replaces DPIN

Tax Calculator for 2010-11 (A.Y.2011-12)

E filing with Digital Signature mandatory for Tax Audits

Cost Inflation Index for Financial Year 2011-12 is 785

Exemption from Filing of return for Salaries Employees

Taxpayers view for TDS/TCS – Verify your Form 16A issued by deductors

Verification of Form 16 by employees

Return forms for filing Income-tax returns for the year 2010-11

Due date for filing Income-tax returns

Procedure for streamlining the Scrutiny of IT Returns

B S Sridhar & Co., Chartered Accountants

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