The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pune, Hyderabad , Bangalore and Ahmedabad paying book profit tax under Section 115 JB on the book profit of Rs 50 lakh and above are liable for scrutiny. In the case of companies in other places the monetary limit for book profit is Rs 25 lakh.

ITD has notified revised file formats for preparation of TDS and TCS returns in electronic form. Deductors/collectors can prepare the e-TDS/TCS returns as per these file formats using in-house software or any other third party software and submit the same to any of the TIN-FCs established by NSDL. Deductors/collectors can also directly upload the e-TDS/TCS returns through NSDL-TIN website. NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns. This is a freely downloadable MS excel based utility. Separate utilities are available for preparation of each type of return.

Income Tax Department has notified the file format (data structure) for preparation of Annual Information Returns. Filers can prepare the AIR as per the file format using in-house software or any other third party software or the return preparation utility developed by NSDL (AIR RPU) and submit the same to any of the TIN-FCs established by NSDL or directly upload through the NSDL-TIN website.

In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations. For details of MICR branch codes please click on the link below.

RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram). Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.

The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. This is the fastest possible money transfer system through the banking channel. Settlement in real time means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. Gross settlement means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable to pay Fringe Benefit Tax on any consideration for employment provided by way of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by such employer free of cost or at concessional rate to his employees. The value of the fringe benefit is determined as the fair market value of the specified security or sweat equity share on the date on which the option vests with the employee as reduced by the amount actually paid, by or recovered from the employee in respect of such security or shares.

Recycle Bin for Tally 7.2 and Tally 9 Enables you to retrieve Voucher entries that you may have accidentally deleted in Tally. It is similar to the Windows recycle-bin and works with Tally 7.2 and Tally 9. The ZIP file contains a readme.txt file which contains steps for configuring Tally.ini in order to use RBIN.TCP file.

As against 6000 surveys conducted u/s 133A in 2004-05 the Department has closely followed the data coming from all the scheduled banks and zeroed in on potential cases and organised 7400 surveys in 2005-06 and detected undisclosed income to the tune of Rs 2300 Crore. Last fiscal it was only 6200 Surveys but detected Rs 2600 Cr undisclosed income. With the Board putting additional officers at the disposal of CCITs for monitoring BCTT, the monthly mop-up which used to average about Rs 36 Cr in 2005-06 has gone up to Rs 46 Cr last fiscal. In fact, the current fiscal opened the account with a collection of Rs 60 Cr in April. Last year BCTT collections were Rs 535 Crore.

Section 19, read with section 16, of the Gift-tax Act, 1958 – Legal representative – Assessment year 1995-96 – Whether notice to assess gift by a deceased person has to be served on all legal representatives of deceased, unless there is material that one individual represents entire estate; it cannot be served on anyone, may be donee, as gift-tax payable on gift is to be recovered from estate of deceased – Held, yes