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Archive: 21 April 2012

Posts in 21 April 2012

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

April 21, 2012 30502 Views 10 comments Print

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-501 and desires to withdraw such claim so as to carry forward his refund then such dealer shall file a revised return showing carry forward of such refund. It would be necessary for him to make an application to the concerned authority for withdrawal of refund application in Form 501 In other words, the concession to carry forward the refund as stated above will be considered only if the application for refund is withdrawn.

Know case status pending at HC on Mobile

April 21, 2012 2383 Views 0 comment Print

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.

FM defends Retrospective Tax Amendments

April 21, 2012 2179 Views 0 comment Print

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.

Reporting Requirements of NBFCs

April 21, 2012 6296 Views 0 comment Print

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 reforms. In the present economic environment, it is very difficult to serve needs of the whole society by Banks alone so role of Non Banking Finance Companies and Micro Finance Companies become indispensable.

Instructions for May 2012 CA PCE, IPCE & Final students

April 21, 2012 1754 Views 0 comment Print

PCE (Professional Competence Examination) candidates should note the changed sequence of papers (as given in the time table printed on reverse of Admit Card) for May, 2012 examinations and that the examination for Group-I will commence on 3 rd May,2012 and Group-II will commence on 08th May, 2012. Further all the IPCE UNIT candidates should check that their admit card is for the applicable Unit, otherwise they should inform the Institute in writing requesting for correction and should appear only in papers of respective Unit.

ICAI Post Budget 2012 memorandum on Indirect Tax

April 21, 2012 1280 Views 0 comment Print

1. Amendments in Service Tax Rules and Point of Taxation Rules, which are effective from 01 .04.2012. 2. Amendments in Statutory provisions which will be effective from the enactment of Finance Bill, 2012. 3. Amendments in Section 65B – Interpretations – effective along with negative list based taxation.

Excel utility – West Bengal WCT Certificates Form 18

April 21, 2012 5766 Views 0 comment Print

WCT certificate need to be issued as per the requirement of respective state VAT Act. In the state of west Bengal WCT certificate need to be issued on monthly basis as per rule 47 of West Bengal VAT Rules 2005. We have prepared a Marco in excel which makes the task of preparing WCT certificate in form 18 much easier. Generally it takes around 5-8 minutes to prepare one certificate and need a lot of concentration to avoid any error.

TDS on Salary Calculator for F.Y. 2012-13

April 21, 2012 59136 Views 0 comment Print

TDS on Salary Calculator for Financial Year 2012-13 / Assessment year 2013-14. The Calculator attached is in excel format which can calculate TDS liability of up to 50 employees. Calculator have facility to prepare and print computation of Income for all the Employees.

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