"03 April 2012" Archive

Excel Tips – How to Copy Paste only Values from one cell to another?

This formula evaluates to 200. This ‘200’ is the value of Cell B3. To copy and paste this Value i.e. 200, to the adjoining cell C3, go to cell B3, hit [CTRL + C], or right your mouse and select from the shortcut menu that pops up. Go to cell C3 and click  . A [Paste Special] dialogue box shall appear (See figure). ...

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Posted Under: Finance |

Banks to work full day this Saturday

In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10 am and 1 pm o...

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Posted Under: Finance |

Disputed Excise Duty liability cannot be allowed without actual payment of the same

Commissioner of Income Tax Vs M/s Bharatpur Nutrutional Products Limited (Delhi High Court)

High Court held that as it was not a case of actual payment, i.e., expenditure but only a provision was made in the books of accounts in respect of the excise duty payable while disputing the liability to pay the duty. Therefore, it was a case of the trading liability and the question of cessation or remission of liability was relevant an...

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Expenses deductible in the year of TDS payment if TDS been paid after the due date prescribed u/s. 201

Sen Brothers Enterprises Pvt. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

Assessing Officer noticed from audit report Form No. 3CD that the assessee has incurred contractual payments towards fabrication and erection expenses and deducted TDS. But TDS was not deposited within the time limit prescribed u/s. 201 of the Act. The same was deposited on 15.02.2006. The Ld. Counsel for the assessee could not contribute...

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FEMA – Data on import of Gold – Statements – Modification

A. P. (DIR Series) Circular No.103 03/04/2012

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Para 4(v) of A.P. (DIR Series) Circular No.2 dated July 9, 2004, in terms of whichAD Category – I banks are required to submit to FED, CO, RBI a monthly statement regarding the number of transactions and value in USD million and Rupees in crores of gol...

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Systemic risk assessment – The cornerstone for the pursuit of financial stability

what are systemic risks. There is no commonly accepted definition of systemic risk at present. The precise meaning of systemic risk is ambiguous; it can mean different things to different people and different definitions have been attempted....

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Posted Under: Finance |

Revised Schedule VI in Excel Format – Balance Sheet, Profit Loss A/c, Notes

Ministry of Corporate Affairs [MCA], Government of India, has on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein. The revised Schedule VI has been framed as per the existing non-converged Indian Acco...

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Who is required to File Return Online Compulsorily for AY 2012-13?

Compulsory / Mandatory E filing of Return with digital signature and without digital signature -We can divide Assessee for Online Return Filing in two categories - one who have to submit returns online but they have the option to submit the same with or without digital signature and Other Category of the Assessee who have to file Return o...

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PPF Interest Rate increased to 8.80% p.a. 5 year SCSS, 2004 to 9.3% p.a.

RBI/2011-12/483 DGBA.CDD. No. H- 6506 /15.02.001/2011-12 03/04/2012

RBI Circular No. DGBA.CDD. No. H- 6506 The Government of India have vide their Office Memorandum (OM) No. 6-1/2011-NS.II (Pt.) dated March 26, 2012, advised the rate of interest on various small savings schemes for the financial year 2012-13. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2012-13 ef...

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PPT on Budget 2012 – Service Tax/ Excise/ Customs / GST

We have attached below a power point presentation (PPT) on Budget 2012 - Service Tax/ Excise/ Customs Duty/ GST. Which is authored by CA Bimal Jalan. PPt Covers the following Topics. Goods And Services Tax Service Tax - 2012 Taxation of Services – Negative List Introduction Of Negative Lists Services under Exempted List Definition...

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