"21 April 2012" Archive

MVAT – Carry forward of refund upto Rs.1 lakh for the F.Y. 2011-12 to F.Y. 2012-13

Trade Circular No. 6 T of 2012 (21/04/2012)

In view of the above, it is decided on the administrative grounds to allow carry forward of the refund claim upto rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. In case, any dealer, who has already filed the claim of refund, for the period/ periods of 2011-12 in Form-50...

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Bonus stripping – Way to Save tax

In bonus stripping, investors buy shares of companies which have announced bonus issues, and subsequently, sell the original holding at a loss once the stock becomes ex-bonus. This loss can be adjusted against their capital gains on other holdings. ...

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Consequence of not having PAN

Consequence of not having PAN - PAN is not restricted to people who are above the age of 18 or citizens of India. Every individual who has a source of income and files income-tax returns or intends to enter financial transactions in India requires PA...

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TDS on Bank Interest – Things to Know

1. Interest earned on bank deposits is subject to tax deducted at source (TDS) if the total interest amount in a financial year exceeds Rs 10,000. 2. Interest earned on term deposits is subject to TDS. However, interest earned on savings account bal...

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Interest & Remuneration to Partners U/s. 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

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What’s better- Trust, Society or s.25 Company?

One can set up either a public charitable trust, a registered society, or a Section 25 Company (a trust corporation). Each has its own advantages and constraints. If a person wishes to set apart either property or money for a charitable purpose so that the income may be devoted in perpetuity for the fulfilment of the charitable activity, ...

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Know case status pending at HC on Mobile

How to get the case status? The litigant or the lawyer who sends the SMS should know case number of the case for which the case status to be known and then he/she should follow the steps given below for sending the SMS....

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Failure to pay advance tax attracts interest

Advance tax needs to be paid by all individuals, irrespective of whether they are consultants, businessmen or salaried. However, the liability to pay advance tax arises only if the tax payable (after taking the benefit of TDS and other prescribed credits) is Rs 10,000 or more....

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FM defends Retrospective Tax Amendments

Finance Minister Shri Mukherjee informed that the tax changes proposed are not substantive but clarificatory in nature as the changes reiterated only the intent of the legislation. During the meeting, it was also pointed out that as per Section 149 of the Income Tax Act, no tax cases can be opened beyond 6 years....

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Reporting Requirements of NBFCs

Non Banking Finance Companies (NBFCs) are playing a vital role as the financial resource mobiliser in India given the country’s geographical and population spread. They facilitate of channelisation of public savings. We are aware that due to liberalization and globalisation, banking industry and financial sector has gone through many re...

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