Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)
Formulas that calculate loan payments, principal, interest and more are found in the financial category in the Paste Function dialog box. In the screen shot is a list of functions and necessary syntax for loan calculations. See the formulas in the gray cells, and the syntax in rows 12-16.
In the wake of strong protests from jewellery manufacturers on the Excise duty hike on unbranded jewellery as announced in the Union Budget, the Finance Minister Pranab Mukherjee has convened a meeting of jewellery manufacturers from major cities in New Delhi on 6th of this month.
In continuation of earlier announcement dated January 5, 2012, it is hereby informed that due to the closure of Banks on account of yearly closing and subsequent public holidays on 5th April, 2012 (Mahavir Jayanti) and 6th April, 2012 (Good Friday), the last date for registration for Common Proficiency Course (CPC) shall be 9th April, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2012.
The decision of Bombay High Court in the case of Kalpataru Colours & Chemicals (supra) has been set aside and reversed by the Supreme Court in their decision dated 8.02.2012 in the case of Topman Exports Vs. Commissioner of Income Tax, Mumbai (C.A. No.1699/2012) and other cases. In this decision, it has been held that the DEPB credit falls under Clause (iiib) of Section 28 of the Act whereas the premium received thereon on transfer will represent profits chargeable under Section Clause (iiid) and the deduction under Section 80HHC has to be computed accordingly. It was held that only 90% of the “profits” can be excluded by applying Explanation (baa) below Section 80HHC.
Section 14A were introduced with prospective effect from the assessment year 2007-08 onwards. However, sub-section (2) of Section 14A remained an empty shell until the introduction of Rule 8D on 24.03.2008 which gave content to the expression “such method as may be prescribed” appearing in Section 14A(2) of the said Act.
In response to the 2011 update of the UN Model Convention which was launched on 15.3.2012, the CBDT has addressed a letter dated 12th March 2012 in which it has registered its objections to the provisions in the UN Model Convention. In particular, the CBDT has stated:
The last date for receipt of application for Empanelment for Observers for Chartered Accountants Main Examinations scheduled to be held from 2nd to 17th May, 2012 and CPT on 17th June, 2012 has been extended upto 11th April, 2012 (Wednesday).
To ensure greater flexibility in sending remittances, it has now also been decided to allow Authorised Dealers Category-II to open Nostro accounts subject to following terms and conditions: i) Only one Nostro account for each currency may be opened; ii) Balances in the account should be utilized only for the settlement of remittances sent for permissible purposes and not for the settlement in respect of forex prepaid cards; iii) No idle balance shall be maintained in the said account; and iv) They will be subject to reporting requirements as prescribed from time to time.
Honorable Finance Minister, Sh. Pranab Mukherjee will inaugurate the Direct Taxes Regional Training Institute complex, Bangalore on 8th April 2012.
All students appearing in June, 2012 session of CS examinations are hereby informed that detailed particulars of their examination form ( including their photograph and signature) have been uploaded on institute’s website www.icsi.edu. All students are advised to check and verify the enrollment details carefully and if any discrepancy is found, the same may be communicated to Directorate of Student Services, Noida immediately for necessary corrections. No requests for change will be entertained after 17th May, 2012.
