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Archive: May, 2012

Posts in May, 2012

Rate of exchange of conversion of each of foreign currency wef 25th May, 2012

May 24, 2012 1162 Views 0 comment Print

Notification No. 45/2012 – Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 38/2012-CUSTOMS (N.T.) dated the 26th April, 2012 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S. O. 924 (E) dated, the 26th April, 2012, namely:-

FEMA – Safeguard Measures (Quantitative Restrictions) Rules, 2012

May 24, 2012 1594 Views 0 comment Print

The Authorised Officer shall, on receipt of a written application by or on behalf of the domestic producer of like goods or directly competitive goods, initiate an investigation to determine the existence of serious injury or threat of serious injury to the domestic industry, caused by the import of a goods in such increased quantities, absolute or relative to domestic production.

Regarding inclusion of Sea Port KARAIKAL (Union territory of Puducherry) in the list of ports permitted for exports and imports under Export Promotion

May 24, 2012 879 Views 0 comment Print

Notification No. 37/2012-CUSTOMS Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely :-

Zone-shifting of candidates for June – 2012 CA – CPT Exams

May 24, 2012 1087 Views 0 comment Print

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.

Post Budget Service Tax on Chartered Accountants

May 24, 2012 11813 Views 0 comment Print

As from 1.4.2012 the determination of point of taxation is on the basis of invoices for large CA firms. For this several representations were made to CBEC requiring clarification of invoices issued on or before 31st March 2012 where the payment has not been received before 1st April 2012.

Govt Hikes Petrol price by Rs 7.54 a litre

May 24, 2012 1156 Views 0 comment Print

The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.

Prepare & File Electronically MVAT Return with Tally

May 24, 2012 11860 Views 0 comment Print

Prerequisite to generate Annexure in Tally. ERP9 for filing your EVAT Return- 1. Press F11 (Company Features) –> Statutory & Taxation. In the displayed window, fill in the VAT Registration Number in the ‘VAT TIN (Regular)’ field – 2. Download the e-return templates (i.e, FORM-231.xls, FORM-232.xls and FORM-CST.xls) from the Govt of Maharashtra website ( http://www.mahavat.gov.in ) and copy to Tally.ERP 9 installed folder.

TDS on Hotel Room Rent & Other Facilities?

May 24, 2012 86431 Views 1 comment Print

TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an operation which produces some result. The facilities/amenities made available by a hotel to its customers is not covered under any of the categories specified in the term ‘work’ in Explanation III to section 194C; consequently, the Circular No.681, dated 08-03-1994 to the extent it holds that the services made available by a hotel to its customers are covered u/s 194C must be held to be bad in law.

Jokes on Chartered Accountants

May 24, 2012 69547 Views 0 comment Print

We had many options to end our life Poison, Sleeping pills, Hanging, Jump from building, Sleep under a train.. But we choose the bravest… Education (CA).

How to know CIBIl Rating & Access Credit Information Report?

May 24, 2012 17582 Views 68 comments Print

You can now access your Credit Information Report (CIR) directly from CIBIL. As you may be aware, your CIBIL CIR is a factual record of your credit payment history compiled from information received from credit grantors. The purpose is to help credit grantors make informed lending decisions – quickly and objectively, and enable faster processing of your credit applications to help provide you speedier access to credit at better terms.

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