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Archive: August, 2011

Posts in August, 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6717 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Taxation of Salary Income and valuation of perquisites

August 31, 2011 6783 Views 2 comments Print

Article covers provisions related to taxation of Salary Under Income Tax , Available deductions from Salary Income , Valuation of Perquisites available to Salaried Employees and How to calculate Tax on the same and TDS provisions

Salary Income – Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income from House Property

August 31, 2011 3744 Views 0 comment Print

The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial year in which capital was borrowed. There is no stipulation regarding the date of commencement of construction.

Income Tax Rates/ Slabs FY 2011-2012 / A.Y. 2012-2013

August 31, 2011 234191 Views 0 comment Print

Income Tax Rates/ Slabs for the financial year 2011-2012 (A.Y. 2012-2013) for Individual, HUF, woman, senior citizen and senior citizen of 80 Years and more-Normal Rates of tax: Applicable to Individual Male below the Age of 60 Years and HUF

ICAI to soon release book covering direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review etc

August 31, 2011 2868 Views 0 comment Print

ICAI would soon bring out a Quick Insight on CA profession to be circulated to all CA firms/ practitioners for ready reference, which has been designed to include matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, websites, contact e-mail ids of Committees of the Institute and that pertaining to the Companies Act, 1956 and LLP. I am sure that the members will find this initiative very useful and looking forward to your feedback on the same.

Declared goods except wheat and paddy still taxable @ 4.4% in Punjab after ordinance dt 17-08-2011- Section 8(1) and 62(5) of PVAT amended

August 31, 2011 934 Views 0 comment Print

Punjab Government has promulgated an Ordinance dated 17-08-2011 vide Notification No. 33-Leg/2011 whereby proviso to section 8(1) and section 62(5) of Punjab VAT Act, 2005 have been amended. Proviso to Section 8(1) deals with rate of tax on declared goods whereas section 62(5) deals with pre-deposit of 25% before entertaining of any appeal under PVAT Act, 2005.

Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011

August 30, 2011 1572 Views 0 comment Print

Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance should export of the goods in question be stopped or disallowed. Other Chief Commissioners had a contrary view that allowing the export of pan masala / gutkha packed in plastic sachets would be a contravention of the said Rules of 2011. The Board has examined the matter in the background of the Plastic Waste (Management and Handling) Rules, 2011 as well as the conflicting views of Chief Commissioners.

RBI – Authorisation Guidelines for Primary Dealers (PDs)

August 30, 2011 630 Views 0 comment Print

RBI is of the view that the PD has attempted to manipulate the market, involved in market abuse, made an incorrect representation or certification, failed to provide information required under the extant guidelines, or provided information that was incorrect, inaccurate, or incomplete.

Penalty for failure to export cotton yarn in terms of Policy Circular No. 27 dated 01.04.2011 and Policy Circular No. 38 dated 10.08.2011

August 30, 2011 247 Views 0 comment Print

Attention is invited to Policy Circular No. 27 dated 01.04.2011 which stipulates conditions and modalities for registration of contracts of cotton yarn with DGFT. Para 4 of this Policy Circular deals with the consequences of failure to export the allowed quantity within stipulated time.

CBI arrests ADIT Andasu Ravindra & 2 others in a bribery case

August 30, 2011 5284 Views 0 comment Print

CBI traps additional commissioner of Income Tax Andasu Ravindra for receipt of Rs 50 lakh bribe and also arrested P Kishore, managing director of Chennai-based tech-based education provider Everonn Education, on charges of bribing an Income Tax official with Rs 50 lakh. A third person, said to have abetted the crime, is also under the CBI custody . The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyderabad and Bangalore after traps additional commissioner of Income Tax in Chennai. The CBI officials lunched a hunt for entire network behind the bribe matter.

IASB proposes to exempt investment entities from consolidation requirements

August 30, 2011 534 Views 0 comment Print

The International Accounting Standards Board (IASB) published today proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements.

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