June 12, 2013 ICAI PRESS RELEASE The Institute of Chartered Accountants of India (ICAI) would like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneously reported in some sections of the media. This is to inform that concerted […]
• As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ […]
After careful examination of the provisions of DVAT Act, 2004 and definitions of terms like spectacles and sunglasses, it is clear that ‘spectacles’ and ‘sunglasses’ are different from each other. Further, the entry no. 115 of schedule III of the DVAT Act, 2004 specifically covers only spectacles.
Ministry of Corporate Affairs’ latest Circular which provides important clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. It has been clarified that the LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP.
The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh. Manish Nadkar, the then Income Tax Officer, Ward D-3, Pune for demanding & accepting a bribe of Rs. one lakh and sentenced him to undergo four years Rigorous Imprisonment with a fine of Rs.20,000/-.
Income Tax Department has notified vide Notification No. 42/2013 Dated- 11th day of June, 2013 ITR for Assessment Year 2013-14 or Financial Year 2012-13. E-Filing Utility of these also be expected to be released soon. Department has already released E-filing Utility for ITR-1, ITR-2, ITR-3, ITR-4 and ITR 4S. Download ITR-5 , ITR 6, ITR […]
Income Tax Department has released Income Tax Return (ITR ) 4 for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefiling.gov.in/ . 1. Who can use this Return Form? This Return Form is to be used by an individual or a Hindu Undivided Family who […]
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
To widen the revenue base from indirect tax collections, the finance ministry has implemented a one-time amnesty scheme for service tax defaulters to pay their dues without any penalty or late payment charges. The Voluntary Compliance Encouragement Scheme (VCES), which came into force after the passage of the Finance Bill on May 10, can be […]
One of the last remaining bastions of the telegram, India, has announced it is ceasing telegram services on July 15, in the wake of the rising popularity of smartphones, texting and email. Telegrams – called “taar” in India — began circulating in the 1850s. The signs of the taar’s demise were already clear; the system […]
