In the Finance Act 2006, Section 80C of Income Tax Act 1961 was amended to include deposits placed with a scheduled bank to qualify for deduction under 80C. The amount of investment up to Rs.1,00,000 under the notified deposit scheme will be eligible for deduction under Section 80 C of Income Tax Act for individuals / Hindu Undivided Families. In terms of the amendment a deposit scheme has been introduced with certain value added features for the benefit of customers.
To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly if a dealer sends goods to its agent in another state who stocks and sells goods on behalf of the dealer, such agent is called consignment agent and such stock transfer is also not considered as interstate sales since there is no sales involved in it, sales will take place when such agent will sell goods. But to prove such stock/branch transfer, F form is required to be produced as proof.
The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.’ While, the concept of deemed taxation of more than one house property has been done away with and their expectation of a simple mechanism of taxation of rental income has also been considered to a great extent.
In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by the businessman identified as Satish Swahney came today after a team of Income Tax(I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungalow and South Extension-I premises.
It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to assesses . It has been stated that when the refunds for amounts less than Rs. 100/- are not issued by the Income Tax Department, then the demand for less than Rs. 100/- should also not be collected .
Register of investments in any shares or securities not held in its own name, Registers of deposits, Register of charges, Register of members, Index to members, Register & Index of Beneficial Owners, Copies of Annual Return, Minutes books of Board Meetings & any other meetings, Minutes books of General Meetings, Proper books of account, Register of contracts, companies and firms in which directors are interested, Register of contracts entered into by the company for the appointment of Manager or Managing Director, Register of Director/Managing Director/Manager/Whole Time Director/Secretary
Key features of File Validation Utility (FVU) version 3.3 FVU 3.3 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards Mandatory to quote Book Identification Number – BIN (in case of regular statement) for tax deposited by book entry (transfer voucher – applicable only in case of Govt. deductors). BIN to contain details as below:
Central Government issues Notification to Provide average Rates of Service Tax Refund for a wide Range of Goods Exported from India; Adds to E-Enabled Service Delivery to Exporting Community, Limits Public interface and Reduces Transaction Costs in obtaining Refunds The Central Government has issued a notification today to provide average rates of service tax refund, ranging from 0.03% to 0.20% of the F.O.B. value of export, for a wide range of goods exported from India. The average rate of refund is in respect of 18 identified services used beyond the factory gate. This is being done to implement the simplified scheme.
The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank.
Our accession to the designation ‘chartered accountant’ turned into reality after a prolonged struggle of our accountants, who were trained and educated in India, and were socially and professionally perceived different despite an equality in their abilities and rightfulness to audit accounts of companies in India, with their contemporary Chartered Accountants, who got their formal education from one of the British chartered societies.
