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Archive: 11 November 2011

Posts in 11 November 2011

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

May 15, 2024 6312 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19338 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

PPF Investment to be Raised to one Lakh, KVP discontinued, Increase in interest rate of PPF, NSC, MIS, POSA

November 11, 2011 30752 Views 0 comment Print

The maturity period for Monthly Income Scheme (MIS) and National Savings Certificate (NSC) will be reduced from 6 years to 5 years.A new NSC instrument, with maturity period of 10 years, would be introduced. Kisan Vikas Patras (KVPs) will be discontinued.The annual ceiling on investment under Public Provident Fund (PPF) Scheme will be increased from Rs. 70,000 to Rs. 1 lakh.Interest on loans obtained from PPF will be increased to 2% p.a. from existing 1% p.a.Liquidity of Post Office Time Deposit (POTD) – 1, 2, 3 & 5 years – will be improved by allowing pre-mature withdrawal at a rate of interest 1% less than the time deposits of comparable maturity. For pre-mature withdrawals between 6-12 months of investment, Post Office Savings Account (POSA) rate of interest will be paid.

Railway Minister Announces Fresh Measures to Prevent Misuse of Tatkal Travel Scheme

November 11, 2011 2124 Views 0 comment Print

The advance reservation period of Tatkal scheme should be reduced from two days at present to one day excluding the day of journey from the train originating station. For example, if train is to depart from the originating station on the second of the month, the Tatkal quota for that particular train shall open at 0800 hours on the first of the month.

New Notification for Movies, TV Programmes Displaying Tobacco Products Comes into Effect from 14.11.2011

November 11, 2011 2047 Views 0 comment Print

The Ministry of Health and Family Welfare has notified the rules for Cigarettes and other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) [second amendment rules] 2011. These rules will be implemented from 14th November, 2011. The rules have been notified after consultation and taking into account the […]

MCA Initiatives to Simplify Procedures under Companies Act,1956 & LLP Act, 2008

November 11, 2011 2371 Views 0 comment Print

The Ministry of Corporate Affairs has in order to improve service delivery to the Corporate Sector recently taken initiatives for further simplifying procedures under the Companies Act, 1965 and the Limited Liability Partnership Act, 2008. These include: (a) Company Law Settlement Scheme: The scheme was initially notified w.e.f. 12.08.2011 to enable the Companies failing to file their annual returns and financial statements to file the same. This measure has elicited a good response and so far 61875 documents have been filed yielding the revenue of Rs. 7.71 crore. As the demand for availing of this concession is persistent, a decision has been taken to extend this one time measure till 15.12.2011.

Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission

November 11, 2011 504 Views 0 comment Print

The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proceedings in its life time since 1976. In 2010-11, it passed 400 orders, in which it settled income amounting to 595 Crores, which was 187% over the returned income of 206 Crores in these cases. This was stated by Shri Ramji Sinha, Chairman, Income Tax Settlement Commission here today, while inaugurating the ‘K. N. Wanchoo Conference hall’, in order to commemorate Justice Kailas Nath Wanchoo, for his role in visualising the Income Tax Settlement Commission. The inauguration took place in the presence of eminent tax payers, members of bar association, and other senior officers of the Commission .

Master Circular on Cost Accounting Records and Cost Audit

November 11, 2011 1400 Views 0 comment Print

As per provisions of the Cost Audit Report Rules that are in force from time-to‑time, a cost auditor is required to comment on the scope and performance of internal audit of cost records. Hence it would tend to mitigate against the proper and dispassionate discharge of his duties if he was also the internal auditor of the company for the same period for which he is conducting the cost audit. In view of this, the cost auditor cannot also be the internal auditor of a company for the period for which he is conducting the cost audit, irrespective of the fact whether he is conducting cost audit for one or all of the company’s products/activities.

Section 263 – CIT is empowered to modify the assessment order passed by AO in case, the order is found to be erroneous and prejudicial to the interest of revenue

November 11, 2011 540 Views 0 comment Print

SBS Clothing (P) Ltd. Vs. DCIT (ITAT Mumbai) – In this case, there was 5-fold increase on account of payment of salary when there was no substantial increase in the turnover. The AO vide note dated 25.10.2007 had asked for reasons for exorbitant rise in salary to which assessee filed letter dated 19.11.2003 replied that the same was because of payment made to job workers in the earlier years whereas in the current year job workers had been taken on salary basis and salary had been paid to them.

How to interpret Export of Services?

November 11, 2011 1427 Views 0 comment Print

This article is written to set 5 principal steps for calling a service falling under export of services. 1. Is it a service? 2. Is it a taxable service? 3. Under which criteria of ‘export of services’ the service is falling? 4. Is the payment received in Foreign Currency? 5. Are other conditions fulfilled as per the criteria of ‘Export of Services?

Interest Rates on Post office Saving Account, Deposit, RD, SCSS, MIS, NSC and PPF to increase soon

November 11, 2011 15522 Views 1 comment Print

Interest Rates on Small Savings Instruments (i) The rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a. (ii) The rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 year NSC (new instrument) will be 50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for every financial year will be notified before 1st April of that year.

No Commission to Post Office Agents on PPF, SCSS & reduced in other Schemes

November 11, 2011 29177 Views 0 comment Print

Commission to Post Office Agents- (i) Payment of commission on PPF schemes (1%) and Senior Citizens Savings Scheme (0.5%) will be discontinued. (ii) Agency commission under all other schemes (except MPKBY agents) will be reduced from existing 1% to 0.5%. (iii) Commission at existing rate of 4% will continue for Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents.

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