"02 April 2012" Archive

Excel Tips – Most useful Keyboard Shortcuts

Display or Hide the ribbon? - Press CTRL+ F1.. Go to the last used cell in a sheet? Press CTRL + End. Select cells from any cell to the last cell in the sheet's used range?...

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Posted Under: Finance |

Uploading the MVAT and CST Returns for period ending on 31st March 2012

All the dealers are requested to use latest templates for uploading their Returns. (Version1.2.5 for MVAT Returns and Version 1.2.6 for CST Returns.) Ø There is no change in the due dates, for filing the Returns for the period ending on 31.3.2012, in case of dealers liable to file e-704. The dealers liable to file e-704 are request...

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Posted Under: Finance |

Updating of Income Tax PAN details in MCA21 DIN DATA by 30th April 2012

General Circular No: 32/2011 dated 31/05/2011, 66/2011 Dated 4/10/2011, 70/2011 dated 15.12.2011 and 04/2012 dated 09.03.2012, Ministry of Corporate Affairs has mandated providing Income-tax Permanent Account Number (Income-tax PAN) for obtaining Director Identification Number (DIN) in case of Indian nationals....

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Posted Under: Finance |

Which ITR should be used & by whom for A.Y. 2012-13?

ITR 1 Who cannot use this Return Form? This Return Form can not be used by an individual whose total income for the assessment year 2012-13 includes, (a) Income from more than one house property; or (b) Income from Winnings from lottery or income from Race horses; or...

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Posted Under: Finance |

ITR 1 (Sahaj) – Who can & who cannot use?

Income tax Department has recently issued Income tax notification 14 dated 28.03.2012 by which it has specified that Individuals who is a resident and has (i) assets (including financial interest in any entity) located outside India; or (ii) signing authority in any account located outside India can not file his Return in ITR-1 Sahaj and ...

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Posted Under: Finance | ,

Validity of extension for export of 6,50,000 tons of wheat products upto 31.03.2013

Notification No. 110 (RE-2010)/2009-2014 (02/04/2012)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment, with immediate effect, in Notification No. 61(RE-2010)/2009-14 dated 20.07.2011.2. ...

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Demand to return amount essential ingredient to constitute offence punishable u/s. 138 of NI Act

Brainobrain Kids Academy P. Ltd & Anr Vs Continental Advertising P. Ltd. (Delhi High Court)

The Delhi high court has stated that while issuing a notice under Section 138 of the Negotiable Instruments Act, an omnibus notice without specifying the amount due under the dishonoured cheque, not even calling upon the alleged accused to pay the amount of cheque, will not meet the requirement of the law. Quashing the complaint in the ca...

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NEW MVAT & CST Return Templates , Due Dates for March 2012 Returns

The Department of Sales Tax, Maharashtra State has introduced the new version 1.2.5 of MVAT Returns Forms and new version 1.2.6 of CST Return Form and the same are required to be used for submission of March 2012 returns and onwards....

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Posted Under: Finance |

S.10A, Eligible business is to be considered as a separate entity

Jt. Director of Income-tax, International Taxation Vs M/s Virage Logic International (ITAT Delhi)

Plain reading of above provisions makes it abundantly clear that for the purposes of section 10A, the eligible business (appellant’s branch office in this case) is to be considered as a separate entity and transfer of goods or services by eligible business to/from other business of the assessee are to be treated as if such transfer has ...

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If assessee owns asset and used for business purpose during the relevant FY, then depreciation allowable

I.T.O Vs M/s. Mukti Properties (P) Ltd. (ITAT Kolkata)

It is not disputed before us that basement and ground floor were fully owned by the assessee and used for the purpose of business by the assessee. This was accepted by the department in the AY 1998-99 as per details available on record. Once, the assessee is the owner of the asset and put the assessee for the purpose of business during th...

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