Two farmers fed up with alleged bribery demands emptied three bags filled with slithering snakes in a busy tax office in northern India, an official said Wednesday. The 40 or so snakes of different sizes and species — including at least four deadly cobras — sent clerks and villagers climbing atop tables and scurrying out the door to escape the office in Basti, about 186 miles (300 kilometers) southeast of Lucknow, said Uttar Pradesh state official Ramsukh Sharma.
Now a days, every assessee who is doing investment in shares are getting hitted hard by the impact of section 14A. The AO are adding back a huge sum on account of this, whereas the assessee had not earned so much from it. The article will provide you brief analysis of this section which will help to substantiate your views at the time of the the assessment or before the appellate authority.
Service tax on transportation had a bad innings right from its first levy. It has gone through the ups and downs since it was levied for the first time on 16.11.1997. The levy was challenged and was withdrawn on 2.6.1998 just after few months. Though government did retrospective amendments twice in this category of service, yet the issue does not seem to be settled till date. The levy of service tax for the mid-period of 16.11.97 to 2.6.98 is still in limelight by one reason or another. Here is the anatomy of the issue that has been on fire since past so many years.
Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax – Systems). Flag “Y” should be selected in the field of ‘Reason for non deduction/ lower deduction/higher deduction/ threshold’ to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded. If threshold flag is provided then rate of deduction should be ‘0.0000’ and tax deducted/ deposited (deductee) amount should be ‘0.00’. Threshold flag is can be quoted only against the following section codes in corresponding challan details:
In partial modification of Para 1 of the Ministry’s Circular no. 57/2011 dated 28.07.2011, the last date for filing financial statements in XBRL mode without any additional fee due to delay by those Phase-I class of companies (excluding exempted class) whose Balance Sheet date for FY 2010-11 is on or after 31.03.2011, has been extended up to 31.12.2011 or within 60 days of their due date of filing, whichever is la
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year National Savings Certificate, have already been issued on 25th November 2011.
1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also? The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011].
The indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the capital asset was ‘held by the assessee’. Since the expression ‘held by the assessee’ is not defined under Section 48 of the Act, that expression has to be understood as defined under Section 2 of the Act. Explanation 1(i)(b) to Section 2(42A) of the Act provides that in determining the period for which an asset is held by an assessee under a gift, the period for which the said asset was held by the previous owner shall be included.
Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments falling under Article 246 read with Schedule VII, List II, Entry 63.
Public Provident Fund (Amendment) Scheme, 2011 – Amendment in paragraphs 3, 11 and Form A NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011 In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1958), the Central Government hereby makes the following further amendment to the Public Provident Fund Scheme, 1968, namely :- 1. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011.
