It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.
ACIT Vs M/s. Khanna & Annadhanam (ITAT Delhi)- Briefly, the controversy is that assessee is a firm of Chartered Accountants and carrying on profession as such. During the year the assessee had shown a sum of Rs. 1,15,70,000/- in the capital account of the partners as received from an international consultancy firm Deloitte Touche Tohmatu International (DTTI). The amount was not reflected by the assessee in its P&L a/c but directly credited to partners accounts.
A special voluntary disclosure scheme for bringing back black money stashed away in tax havens abroad may be in the offing. The Central Board of Direct Taxes (CBDT) is understood to be ‘seriously considering’ recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in 1996 to tap funds lying abroad for productive use in India.
How can I update a challan? You can update any of the details provided in the challan viz; CIN details, amounts etc. Points to be kept in mind while updating challan: identify the challan to be updated by its sequence no as per regular statement , CIN, deposit amount as per regular statement. Update the challan detail as required. Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.
Provided further that service of an order on a foreign party resident outside India shall be deemed to be sufficiently served if a copy thereof is delivered or tendered or sent by post at the last known address of such party’s authorised representative(s) resident in India, where he appears by such representative(s)
How will the PAN-wise ledger account be created by NSDL in respect of payment of TDS made by deductors in banks? The PAN-wise ledger account will be created after matching the information in the TDS/TCS statements filed by the deductor/collector and the details of tax deposited in banks coming through On Line Tax Account System (OLTAS).
Deductor/collector is required to furnish one regular TDS/TCS statement for a particular TAN, Form, Financial year and quarter. In case there are any additions/updations to be made to the details of the regular statement accepted at the TIN central system, the same should be done by furnishing a correction statement. The payment information provided in the regular TDS/TCS statement, is verified with the corresponding details provided by the bank where tax was deposited. On successful verification credit of tax deducted/collected by you is reflected in the annual tax statement (Form 26AS) of the deductees/transacting parties where PAN of deductee / transacting party is present.
As per Rule 9A(1) of the CENVAT Credit Rules, 2004, a manufacturer of final products is required to furnish an annual declaration of principal inputs and the input-final product ratio, in respect of each of the final products manufactured or to be manufactured. As per Rule 9A(3) of the CENVAT Credit Rules, 2004, a manufacturer of final products is required to submit a monthly return, in respect of receipt and consumption of each principal inputs with reference to quantity of final products manufactured by him. Now this annual declaration and monthly return are to be submitted electronically as spcified by CBEC in its Notification No. 22/2011 – Central Excise (N.T.), Dated 14-09-2011 .
Pallavi Bhardwah Vs Pratap Chauhan (Supreme Court of India)- Merely coming to court for restitution of conjugal rights is not sufficient rather a definite proof of marriage is must.
In exercise of the powers conferred by sub-sections (1) and (2) of section 620A of the Companies Act, 1956 (1 of 1956), the Central Government hereby directs that in Schedule-I annexed to the notification number GS.R. 978, dated the 28-5-1963, after serial number 368 and the entries relating thereto, the following serial numbers and entries shall be added,
