| Posted: 30 Nov 2013 07:29 AM PST In Continuation to my earlier Article 'All about CENVAT Credit Rules, 2004- Part 1' in which I have discussed Rule 2(A) to Rule 5B of Cenvat Credit Rules,2004.I have discussed Rule 6 to 16 of Cenvat Credit Rules,2004 in this Article.  |
| Posted: 30 Nov 2013 06:52 AM PST Every Government has a right to levy taxes. But no Government has the right, in the process of extracting tax, to cause misery and harassment to the taxpayer and the gnawing feeling that he is made the victim of palpable injustice  |
| Posted: 30 Nov 2013 06:33 AM PST Merely because expenditure has been incurred for material for duplication without acquisition of proprietary and when the expenditure is not of capital nature, the said Section would not be applicable.  |
| Posted: 30 Nov 2013 05:51 AM PST In continuation of my earlier article Analysis of major amendments under Punjab VAT (Second Amendment) Act, 2013 – Part-1 , here below the remaining provisions of the said Act are being discussed and analysed.  |
| Posted: 29 Nov 2013 07:20 PM PST 8. UNSTRUCTURED CPE LEARNING ACTIVITIES 8.A Introduction 8. A.01 The CPE learning activities, which are eligible for CPE Credit hours are divided into Structured Learning Activities (SLAs) and Unstructured Learning Activities (ULAs). This Advisory is meant as guidance and direction to the members...  |
| Posted: 29 Nov 2013 05:50 PM PST Rs. 1,50,000 maximum deduction will not be available in the following situations: i. if capital is borrowed before April 1, 1999 for purchase, construction, reconstruction, repairs or renewals of a house property; ii. if capital is borrowed on or after April 1, 1999 for reconstruction, repairs or...  |
| Posted: 29 Nov 2013 05:30 PM PST A Hindu widow being the sole surviving member, cannot constitute a HUF. Gangamma Vs. Agl. ITO (1991) 188 ITR 1 (Ker.) After the Amendment in the Hindu Succession Act, in 2005, a Hindu Widow and her unmarried daughter can constitute a HUF, even when the widow had not adopted a son since, daughter...  |
| Posted: 29 Nov 2013 04:54 PM PST PAN should be quoted on all - Income-tax / TDS / TCS Returns, Correspondence with tax department, Tax challans, Correspondence, bills, vouchers and other documents which are send by deductee of tax to deductor, Documents pertaining to prescribed transactions, Sale & purchase of...  |
| Posted: 29 Nov 2013 06:58 AM PST Honorable SC held that If every decision taken by the State is tested by a microscopic and a suspicious eye, the administration will come to stand still and the decisions-makers will lose all their initiative and enthusiasm.  |
| Posted: 29 Nov 2013 05:12 AM PST Income Tax Officer being a quasi judicial authority should observed the parameters which are laid down by the Hon'ble High Court in various decisions and reasserted in the case of UTI Mutual Fund Vs ITO (supra) for recovery of outstanding demands.  |
| Posted: 29 Nov 2013 04:48 AM PST Controversy always cropped between taxpayer and income tax department whenever taxpayer claim exemption under section 54 and 54F for investment made in multiple houses. Question that now arise whether the prefix 'a' used before the word residential house is interpreted in singular or plural sense.  |
| Posted: 28 Nov 2013 06:19 PM PST Live-in or marriage-like relationship is neither a crime nor a sin though socially unacceptable in this country. The decision to marry or not to marry or to have a heterosexual relationship is intensely personal.  |
| Posted: 28 Nov 2013 05:34 PM PST Applications are invited online from the firms of Chartered Accountants and Chartered Accountants Limited Liability Partnerships (LLPs) who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations for the year 2014-2015.  |
| Posted: 28 Nov 2013 11:00 AM PST As all commercial banks are now on core banking platforms, it has been decided to: give banks the option to pay interest on savings deposits and term deposits at intervals shorter than quarterly intervals.  |
| Posted: 28 Nov 2013 06:31 AM PST Provident Fund scheme was started by few concerns even before the enactment of the act. The government in 1952 framed this act for the benefit and welfare of the employees. This act is applicable to employees drawing pay not more than Rs. 6,500 pm but at the time of registration the same employee...  |
| Posted: 28 Nov 2013 06:17 AM PST Hon'ble Bombay High Court in the case of Prashant S Joshi (supra) has also noted the omission of section 47(ii) of the Act and insertion of section 45(4) of the Act with effect from 1.4.1988. Considering the entirety of the legal position, it has been affirmed by the Hon'ble High Court that amounts...  |
| Posted: 28 Nov 2013 05:55 AM PST Decision of this Court in the case of Prashant S. Joshi (supra) placed reliance upon the decision of the Supreme Court in the case of CIT V/s. R. Lingamallu Rajkumar reported in [2001] 247 ITR 801, wherein it has been held that amounts received on retirement by a parnter is not subject to capital...  |
| Posted: 28 Nov 2013 05:44 AM PST The Punjab Value Added Tax (Second Amendment) Act, 2013 (Punjab Act No. 38 of 2013) has brought about major and very important changes under the Punjab VAT Act, 2005.  |
| Posted: 27 Nov 2013 06:46 PM PST As a tax accountant, it's your job to make the tax and accounting process simple for your clients. Luckily, there are several software applications available that take the guesswork out of accounting and streamline the process for both you and your clients. Best of all? These software picks are...  |
| Posted: 27 Nov 2013 06:46 PM PST I have uploaded on the links mentioned below the file related to Microsoft Excel and Word for those who are already working on these software's but don't know the short cut keys of these two programmes and advanced commands of these two programmes. I hope these will be useful to all of you.  |
| Posted: 27 Nov 2013 06:35 PM PST There is a lot of false information out there about what you can and can't do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is:  |
| Posted: 27 Nov 2013 05:48 PM PST The CBDT has vide letter dated 27.11.2013 released a list of 37 officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax in the pay scale of Rs. 67,000 to 79,000 against the vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC) Download...  |
| Posted: 27 Nov 2013 05:44 PM PST We would like to inform that the revised Draft Bank Branch Auditors' panel for the year 2013-14 has been hosted on www.meficai.org, considering all the complaints received from member till 25th November, 2013, paper received thereof, relevant list received from Auditors' on...  |
| Posted: 27 Nov 2013 05:11 PM PST The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. This is the fastest possible money transfer system through the banking channel. Settlement in real time...  |
| Posted: 27 Nov 2013 04:44 PM PST What should your CV Contain :- Your aim is to convince the employer that you have the necessary experience, knowledge and hunger to do the job. Many CVs do nothing more than provide a stark list of job titles and duties; but all companies are results-orientated - so you must emphasize what you've...  |
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