"15 May 2012" Archive

Form 16 Excel Utility for F.Y. 2012-13

This Excel utility is fully automated. Just put the data in Data input sheet and it will prepare the Form-16 automatically. User can also take printout of Form 16 prepared through this utility. Format if form 16 is latest and applicable from A.Y. 2013-14 and F.Y. 2012-13....

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Single/Centralised Registration under Service Tax – Procedure & documents

Trade Notice no. 07/ST/2012 (25/04/2012)

Trade Notice no. 07/ST/2012 A service provider opting for Centralised Registration for the first time for all their branches or converting from single registration(s) to centralised registration under Rule 4(2)(iii) of Service Tax Rules, 1994 shall fill the ST-1 Form online available at www.aces.gov.in. After filling the online applicatio...

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Form 8,10 7 & 17 Can be filed despite Default in Filing of Annual Forms

General Circular No.09/2012 (15/05/2012)

On requests received from various Corporates & Professionals and difficulties experienced by the stakeholders in filing Form No.8 and Form No.10 (for modification of charges under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI), it has now been decided to accept filing of ...

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Public Notice No. 112 (RE-2010)/2009-2014, Dated: 15.05.2012

Public Notice No. 112 (RE-2010)/2009-2014 (15/05/2012)

By actual users either when this input item is specifically mentioned in the SION of the respective export product or when Areca nut (i.e. Betel nut) technically falls under the ‘generic description’ given in a specific SION (like under G7, G46), though not mentioned specifically....

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Download Loan and EMI calculator for Free

By using any one of these software you can calculate EMI, Rate of Interest, Total Interest during the loan period, EMI Schedule etc. of your Home loan, Auto Loan Etc:-...

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Posted Under: Income Tax |

FDI up to 100 per cent under automatic route covers only financial leases & not operating leases

RBI/2011-12/562 A.P. (DIR Series) Circular No. 127 (15/05/2012)

It is clarified that the activity ‘leasing and finance’, which is one among the eighteen NBFC activities wherein FDI up to 100 per cent is permitted under the automatic route, subject to minimum capitalisation norms, covers only ‘financial leases’ and not ‘operating leases’, in so far as the NBFC sector is concerned....

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Change in CA Final Exam Venue at Patna

In view of setting up of polling booth(s) in T.P.S. College, Chirraiya Tand, Patna – 800 001 for election to the Patna Municipal Corporation on 17th May, 2012, the Chartered Accountants Final Examination (Paper 8) and the Insurance and Risk Management (IRM) Examination (Module 4) scheduled for 17th May, 2012 will now be held in Christ C...

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Posted Under: Income Tax |

Info on Tax Treaties Entered with Foreign Countries

Till date, India has signed Bilateral Investment Promotion and Protection Agreements (BIPAs) with 82 countries, starting with the United Kingdom in 1994. Of these 82 countries, BIPAs with 72 countries have been enforced. The list of 82 countries and texts of 72 enforced BIPAs are available on the Ministry of Finance website http://finmin....

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Posted Under: Income Tax |

Tariff Value – Hike in Brass Scrap; Decrease for Gold and Silver

Notification No. 42/2012-Customs (N.T.) (15/05/2012)

The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 42/2012-Customs (N.T.) dated May 15, 2012 and thereby notifying change in tariff value of Brass Scrap (all grades), Poppy Seeds, Gold and Silver as shown in the tables below:...

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Posted Under: Income Tax |

DGFT Notification to Help Areca Nut Growers

Public Notice No. 112 (RE2010)/2009-2014 (15/05/2012)

Notification to Help Areca Nut Growers Replying to the concerns raised by the nut growers and other stakeholders, Director General of Foreign Trade, Dr Anup K Pujari has said that Public Notice No.112 issued on 15th May, 2012 (can be seen at http://164.100.9.245/Exim/2000/PN/PN12/pn11210.htm) is actually to help the Areca nut growers. Th...

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Income Tax – Empanelment of Senior / Junior Standing Counsel, Nagpur

The Income-tax Department intends to empanel Senior/ Junior Standing Counsel to represent it before the Nagpur Bench of Bombay High Court and Subordinate Courts/other Judicial forums. Applications are invited from members of Bar Council of Bombay High Court having experience in dealing with Income-tax/ Direct tax matters. ...

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Posted Under: Income Tax |

Expression of Interest for Managed Service Provider for setting up of Tax Information Network

Income Tax Department has issued “Invitation for Expression of Interest (EOI) for Selection of Managed Service Provider for setting up and maintenance of Tax Information Network Project for ITD” . Interested bidders may like to apply as per the EOI document....

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Posted Under: Income Tax |

Amends Notification No. 36/2001-Customs(N.T) Dated: 03.08.2001

Notification No. 42/2012-Customs (N.T.) (15/05/2012)

Notification No. 42/2012 - Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the...

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Constitutional provisions relating to taxation-How important to understand tax laws

Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution....

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Posted Under: Income Tax |

Section 80CCG – Deduction for Investment Made Under Equity Saving Scheme

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied:...

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Posted Under: Income Tax | ,

SC Upholds Powers of Central Excise Officers to Issue Summons for Recording Evidence During Investigations

The Supreme Court, in a recent case of M/s. Anmol Mishra V/s. Government of India, upheld the powers of Central Excise officers to issue summons for recording evidence during investigations. ...

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Posted Under: Income Tax |

Budget 2012 – Income of Prasar Bharati To Be Exempt From Tax

Finance Bill, 2012 - No provision was proposed in Finance Bill, 2012 to exempt the income of Prasar Bharati. Finance Bill, 2012 as passed by Lok Sabha - A new clause (23BBH) shall be inserted in Section 10 to exempt the income....

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Posted Under: Income Tax |

Integration of LLP System into MCA-21

The Ministry is in process of integration of LLP system into MCA-21 in the month of June 2012 by allowing filing & approval of LLP forms at MCA-21 website (www.mca.gov.in) for better e-governance facility for stakeholders, by making necessary changes in e-forms. On post integration, old e-forms of the existing LLP system lying in “Pendi...

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Posted Under: Income Tax |

Stopping of Form I- Cost Audit Report and Form A- Compliance Report

It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) in XBRL mode. ...

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Posted Under: Income Tax |

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