Dear Friends please find attached herewith format/form required for MVAT Audit in Maharashtra ie. form No. 704 in Excel Format, In Word Format and in PDF format released by the department. Download Form No. 704 along with schedules in Excel Format. Download Form No. 704 along with schedules in PDF Format
Tightening its belts, the income tax department has chalked out an intensive strategy on collections in the backdrop of slowing economy. Though, direct tax collections have been buoyant so far, the department is not taking any chances as the deadline for payment of the third installment of advance tax is drawing near.A meeting of senior level field officials of income tax department on Wednesday, that was called specially at the behest of revenue secretary PV Bhide, took stock of the state of collections and the strategy for the rest of fiscal.
In what would come as a relief to expat employees coming to India on a posting or Indian employees going abroad, a tax tribunal has ruled that they could exclude the amount deducted as ‘hypothetical tax’ by their employers from their taxable income in the country. The tribunal turned down income-tax authorities contention that this amount was part of the total salary and hence taxable.
The government’s move to create a separate breed of corporate valuers in the country is set to face stiff resistance from the Institute of Chartered Accountants of India (ICAI), that trains and regulates the professional conduct of chartered accountants.The Institute is expected to tell the government that financial valuation of companies is best done by chartered accountants and this job be reserved for them. The government’s attempt is to institutionalise this profession with a well laid out code of conduct. It also wants to set up a panel of independent valuers that shareholders and clients would find credible.
Exporters of traditional items including textiles, gems & jewellery, handicraft and leather — hit hardest by the slowdown in the Western markets — may get access to cheaper credit to tide over the current global meltdown. The commerce department and the finance ministry are discussing an incentive package for identified labour-intensive export sectors, which could include provision of credit at a subsidised rate and for a longer period. Incentives may also be given to exporters to diversify to alternate markets less affected by the global crisis.
Sebi has once again attempted to walk the tightrope not by imposing restrictions, but by encouraging buying on bourses by relaxing the Takeover Code to extend creeping acquisition limit beyond 55%, if done on the floor of the stock exchange. With stock markets plummeting and most regulators imposing harsh measures like banning short selling, Sebi has once again (after relaxing restrictions on participatory notes) attempted to walk the tightrope for discouraging further selling not by imposing restrictions, but by encouraging buying on bourses by relaxing the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the “Takeover Code”) to extend creeping acquisition limit beyond 55%, if done on the floor of the stock exchange
MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance companies will have to restrict card issuance to a closed group.
The government is planning to issue a unique identification (ID) to every citizen from December 2009, which would help it in better governance, including targeting kerosene, cooking gas, food, fertiliser, education and electricity subsidies. The task of creating the database may soon be entrusted to the proposed agency — UID Authority of India (UIDAI).
PMAC had examined the issue at its meeting last week following criticism from several quarters. “The general view was to let the grading continue for some more time. Though, globally such a condition was not applicable in any market, it was felt, any experience on this count would benefit other regulators as well,” said a person associated with the exercise.
Despite the global euphoria that greeted Barack Obama’s landslide victory on Tuesday, U.S. stocks posted their greatest post-election decline in history — evidence that investors are now beginning to realize what we’ve been saying all along: All the king’s horses and all the king’s men can’t put the economy together again
