"March, 2012" Archive

Excel Tips – How to Automatically format cells (e.g. change font color) based on a certain condition?

Automatically format cells (e.g. change font color) based on a certain condition? Use the conditional Formatting. Conditional formatting allows you to set rules for cell formatting. If the rules (conditions) are met, then the formatting is applied. To do this: 1. Select the cells to be formatted 2. On the [Home] tab of the ribbon click [C...

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Posted Under: Finance |

New ITR forms asks details of foreign assets & accounts

In its efforts to check black money stashed in foreign banks, government has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the assessment year 2012-13. ...

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Posted Under: Finance |

Maharashtra Budget – FY 2012 -2013 – Key proposals

Reduction in set-off available in case of branch transfers effected outside the State has been increased from 2% to 4% w.e.f. 1 April 2012. Now effecting stock transfers from the State of Maharashtra to depots outside the State would entail higher cost. ...

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Posted Under: Finance |

Branch Audit of Public Sector Banks for 2011-12

As you all are aware that based on the recommendation of a Working Group set up by RBI, it was proposed to carry out changes in allotment of bank branch audits of the public sector banks by raising the minimum threshold (advances) limit of branches which will not be subject to audit by statutory auditors. ...

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Posted Under: Finance |

Service Tax Rate on Bills raised or Payment Recd. before 01.04.2012

As you all may be aware , as per the Finance Bill, 2012, service tax shall be leviable @ 12.36% w.e.f from 1st April, 2012. As per rule numbered 4 and 7 of Point of Taxation Rules, read with Section 38A of Central Excise Act, 1944, for any payment received on or after 01/04/2012 against invoices raised on or before 31/03/2012, service t...

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Govt can’t arbitrarily allot public wealth – SC

Saroj Screens Pvt. Ltd. Vs. Ghanshyam and others (Supreme Court of India)

The Supreme Court has ruled that the government and its agencies cannot alienate public property or issues licences in favour of selected individuals or companies at its sweet will. The government cannot give or withhold largesse in its arbitrary discretion or according to its sweet-will. The government cannot now say that it will transfe...

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Indian Government Accounting Standard 3 on Loans and Advance made by Governments

The objective of the Standard is to lay down the norms for Recognition, Measurement, Valuation and Reporting in respect of Loans and Advances made by the Union and the State Governments in their respective Financial Statements to ensure complete, accurate, and uniform accounting practices, and to ensure adequate disclosure on Loans and Ad...

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Posted Under: Finance |

MVAT – Amendment to Schedules A, C, and D as per Budget Speech 2012-13

Notification No. VAT. 1512/ C.R. 40/Taxation-1 (31/03/2012)

60. Sale of edible oil and oil cake manufactured and sold by the Tel Ghani Units registered under the Khadi and Village Industries Commission Act, 1956 or as the case may be with the Khadi and Village Industries Board constituted under the Bombay Khadi and Village Industries Act, 1960 for a turnover not exceeding rupees twenty lakh in a f...

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MVAT – Amendment to Rule 53(3)-Increase in rate of reduction on Branch Transfer by 2 per cent

Notification No. VAT 1512/ CR 43/ Taxation-1 (31/03/2012)

These rules may be called the Maharashtra Value Added Tax (Second Amendment) Rules, 2012. 2. In rule 53 of the Maharashtra Value Added Tax Rules,2005, in sub-rule (3), (1) in clause (a), for the words, brackets and figures the amount calculated at the rate notified from time to time, by the Central Government for the purposes of sub-secti...

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Empanelment of Stock Auditors & Valuers with United Bank of India

United Bank of India invites applications from the interested professionals/firms of professionals for empanelment as Stock Auditor/Valuer for conducting audit of stock & receivables hypothecated to the Bank /valuation of immovable and movable properties including plant and machinery etc....

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