Archive for November, 2007

isit a mall this festive season and you are likely to see some huge hoardings announcing bumper draws with prizes of food hampers, gift coupons, diamonds and so on. If you are lucky enough, even a fancy car could be yours. You cannot fail to spot this, as the car revolves seductively at the mall's entrance enticing everyone who visits the mall. Full Article

The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai. It will now be extended to the entire country for the non-corporate category of taxpayers. This will facilitate quick and correct issue of refunds, an income tax official said. Full Article

TR-6 challan is the most primary document evidencing payment of duty/tax. No doubt the TR-6 challan was not included in the list of specified documents. It was included by virtue of Notification No.28/2005-CE(NT) dated 7/6/2005. I find that this is an inadvertent omission, which was rectified by issuing the said Notification. This is so because any duty payment documents is related to, and based on TR-6 challan which is the source document. Similar view has been taken u.. Full Article

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year. Full Article

Income Tax notification no. 270/2007 dated 7-11-2007 has been issued to extend the exemption contained in Rule 2BB of Income Tax Rules, 1962 read with section 10(14) of the Income Tax Act, 1962 vide serial no. 12 to all workers / employees working in mines. Earlier the exemption was available to employees working in "Coal Mines" only upto Rs. 800/- per month. Full Article

1. MONITOR LED IS BLINKING- Check all the connections like Monitor Cable, Data cables,RAM, Display Card , CPU connections. 2. CONTINUOUS THREE BEEPS- Problem in RAM Connection. 3. THREE BEEPS ( 1 Long 2 Short)- Problem in Display Card Connection. Full Article

Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must be not be disposed of without the prior permission of the Central Government Full Article

The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd November 2007. It is further clarified that the dates for obtaining tax audit report under section 44AB of the Income Tax Act have also been.. Full Article