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Archive: November, 2011

Posts in November, 2011

Maharashtra Value Added Tax – Common Error While Uploading the e-501

November 22, 2011 12243 Views 0 comment Print

1)Upload file is not proper please check version current version is 1.0.1. – While down loading the e-501 (version 1.0.2) , please delete all temporary files, cookies ,and caches from the system. Further down load the file on desktop and then fill the e-501.

IASB and IFAC to enhance co-operation in developing private and public sector accounting standards

November 22, 2011 1008 Views 0 comment Print

The IASB is responsible for the development and promulgation of International Financial Reporting Standards (IFRSs), required or permitted for use by companies in more than 100 countries. IFAC supports the independent International Public Sector Accounting Standards Board (IPSASB), which is responsible for developing International Public Sector Accounting Standards (IPSASs). IPSASs are used by an increasing number of public authorities, including national and local governments, agencies and regulatory bodies from around the world, and by many international organisations.

Black money – I-T to get Rs. 80 crore tax as tax from 22 individuals holding accounts and stashing funds in the foreign bank

November 22, 2011 924 Views 0 comment Print

Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs80 crore as taxes to the Income Tax department on undisclosed income of about Rs500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank, Geneva. Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.

IRDA issues Guidelines and Eligibility Criteris for Display of insurance Product on Websites

November 22, 2011 1431 Views 0 comment Print

1. Web aggregator shall display the particulars of validity of approval obtained from the Authority on its web site. 2. Web aggregator shall state clearly and unequivocally that insurance is the subject matter of solicitation. 3. At no point of time of its functioning, a web aggregator shall have net worth below rupees ten lakhs. 4. At no point of time of its functioning, a web aggregator shall have referral arrangement with any Insurer or act as an insurance broker, corporate agent, microinsurance agent, TPA, Surveyor or a loss assessor.

For under Construction Flat Purchased from Builder date of allotment crucial for calculating Capital Gain and deciding Long Term or Short Term

November 22, 2011 12528 Views 0 comment Print

According to the aforementioned definition, capital asset means property of any kind held by an assessee whether or not connected with the business or profession and it excludes certain items which while considering the facts of the present case are not relevant. Therefore, it has to be seen that whether by entering into an agreement vide which the assessee was allotted a particular flat by allotment letter whether the assessee has held any asset or not? By entering into an agreement to allot a flat, the assessee has identified a particular property which he is intended to buy from the builder

Powers of CIT (Appeal) to admit Additional Evidence u/s 250(4) / Rule 46A and requirement to give A.O. an opportunity

November 22, 2011 12861 Views 0 comment Print

CIT vs. Manish Build Well Pvt Ltd (Delhi High Court)-In the present case, the CIT (A) has observed that the additional evidence should be admitted because the assessee was prevented by adducing them before the assessing officer. This observation takes care of clause (c) of sub-rule (1) of Rule 46A. The observation of the CIT (A) also takes care of sub-rule (2) under which he is required to record his reasons for admitting the additional evidence. Thus, the requirement of sub-rules (1) and (2) of Rule 46A have been complied with.

Government's policy paralysis in last year has added to the cyclical slowdown – CLSA

November 22, 2011 693 Views 0 comment Print

After corporate leaders, leading foreign investors, rating agencies and research firms have raised the red flag over the notion about ‘policy paralysis’ and a slow pace of economic reforms in the country. Asserting that factors like a slow decision-making process and delay in implementing key economic reforms are leading to a slowdown in economic growth rate, the experts have asked the government to immediately gear up to benefit from the underlying positive points of the India story.

State Has First Charge over Secured Assets despite Overriding Provision in DRT Act and Securitisation Act

November 22, 2011 3265 Views 0 comment Print

If the provisions of the DRT Act and Securitisation Act are interpreted keeping in view the background and context in which these legislations were enacted and the purpose sought to be achieved by their enactment, it becomes clear that the two legislations, are intended to create a new dispensation for expeditious recovery of dues of banks, financial institutions and secured creditors and adjudication of the grievance made by any aggrieved person qua the procedure adopted by the banks, financial institutions and other secured creditors, but the provisions contained therein cannot be read as creating first charge in favour of banks, etc.

Format for submitting Draft Letter of Offer under Regulation 16 (1) of SEBI (SAST) Regulations, 2011

November 22, 2011 1702 Views 0 comment Print

Please refer to circular No SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011 wherein inter-alia format for submitting Draft Letter of Offer to SEBI under Regulation 16(1) of the Regulations was specified. In the said format, certain additional instructions have been inserted. Merchant bankers are advised to follow the said updated format while submitting the Draft Letter of Offer to SEBI.

Download Calculator for Emi, ROC Fees, NSC, KVP, Post Office R.D. Interest, TDS, Income Tax, Service Tax, VAT, Custom Duty, HRA, Home Loan, TDS on Salary, Wealth Tax, 234ABC Interest etc

November 22, 2011 143667 Views 110 comments Print

Download Emi Calculator, ROC Fees Calculator, NSC Interest Calculator, KVP Interest Calculator, Post Office R.D. Interest Calculator, TDS Calculator For A.Y. 2009-10 &n 2010-11 , Income Tax Calculator For A.Y. 2009-10 & 2010-11, Short Term Capital Gain Calculator, Service Tax Calculator, VAT Calculator, Custom Duty Calculator, HRA Calculator, Home Loan Calculator, TDS on Salary Calculator, Deferred Tax Calculator, Wealth Tax Calculator, Fund Flow Statement Calculator, Automatic Due Date Reminder, Life Time Calculator, Day Count Calculator, Interest U/s. 234A , Interest U/s. 234B, Interest U/s. 234C and other useful calculators.

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