Maharashtra Value Added Tax – Last date for filing Refund Application in Form 501 and Due date for submission of Monthly Return for the month of November 2011 extended till 7th January 2012
In a major policy decision, the Central Government has decided to allow Qualified Foreign Investors (QFIs) to directly invest in Indian equity market in order to widen the class of investors, attract more foreign funds, and reduce market volatility and to deepen the Indian capital market. QFIs have been already permitted to have direct access to Indian Mutual Funds schemes pursuant to the Budget announcement 2011-12. Today’s decision is a next logical step in the direction.
State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under –
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception.[1] The title is an internationally recognised professional designation.
Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 1000 per month per child for maximum 2 children or actual expenses, whichever is less. ii) Transport Allowance – The exemption limit for transport allowance to meet expenditures of commuting from residence to the place of work may be raised from Rs. 800 to Rs. 3200 per month. This is considering huge fluctuation/increase in fuel cost in relevant past.
CA Amendment Bill Passed by Both Houses of Parliament -The Chartered Accountants Amendment Bill has been passed by both the Lok Sabha as well as the Rajya Sabha, thus, paving the way for limited liability partnerships (LLPs) and multidisciplinary partnerships subject to notification of the relevant provisions, after the assent of the President of India and issue of guidelines for multidisciplinary partnerships by the Council. The Bill, moved by the Hon’ble Corporate Affairs Minister Dr. M. Veerappa Moily, will allow chartered accountants to have a choice to form a business model of LLPs to offer their services. This legislation will expectedly help them achieve a leadership position in the services sector. Our members’ practice through LLPs and Partnership firm and their entry to MDPs has been allowed. LLPs can also be called firms within the meaning of the CA Act, 1949 and the CA Regulations, 1988.
This simple calculator automatically calculates Gratuity receivable by Employee of Central Government and Private Concerns. We only have to put the date of Joining , Date of leaving/Retirement, last Basic Pay Drawn Including Grade and Dearness allowance if any. The calculator will then automatically calculate total gratuity receivable by you. We would like to remind you that statutory Limit of maximum payable gratuity for all type of employees was increased to Rs. 10 lakh by Government vide notification dated 18.05.2010 and subsequent to that CBDT has also raised Gratuity exemption limit to Rs. 10,00,000/- (Ten Lakh) vide its Notification No. 43/2010; F.No.200/3 3/2009-! TA.! dated 11 June 2010.
What a chartered accountant does exactly is something unknown, which is of course if you’re not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns. But business and CA are more than just taxes. If you are only using your CA for your tax return you are not using them wisely and missing out on a valuable and informative resource. The truth of the matter is that a chartered accountant is an individual who can help you out in a great many financial areas. Chartered Accountants can deal with a multitude of services and are great source of advice and assistance.
Thomas Garbarek Vs. DCIT (ITAT Pune) – ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute a deliberate act of suppression of income so as to trigger levy of penalty, unless there is a direct attempt to hide an income from the knowledge of the income tax authorities. In particular relevance to assessees is the observation of the Tribunal that ‘bona fide belief can also be substantiated by circumstantial evidence when possibility of documentary evidence cannot be expected’.
Notification No. 52/2011 – ST dated 30.12.2011: A simplified scheme for electronic refunds of service tax to exporters has been introduced by the CBEC vide Circular No. 149/18/2011-ST dated 16.12.2011 on the lines of duty drawback. In the new scheme, exporters will have to either opt for electronic refund through ICES system, which is based […]
