tag:blogger.com,1999:blog-32891289808964618242012-02-11T10:00:04.371+05:30Shubham ConsultantsBlog of Shubham Consultants... A place for Investments, Finance, Tax Consultation.Shubham Consultantshttp://www.blogger.com/profile/13689302688289311667noreply@blogger.comBlogger15361100tag:blogger.com,1999:blog-3289128980896461824.post-64240288751418248212012-02-11T10:00:00.001+05:302012-02-11T10:00:04.381+05:30Original ID Proof Compulsory During Train Journey in all Air Conditioned Classes Carrying of Original ID Proof to be Compulsory During Train Journey in all Air Conditioned Classes New Instructions to Come into Effect from 15th February 2012 New Condition not to be Applicable on Passengers Upgraded to AC Class In a move to prevent misuse of Reserved Train Tickets and reduce cases of travelling on transferred tickets, Ministry of Railways has decided that with effect Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-52804772045252543572012-02-11T09:59:00.001+05:302012-02-11T09:59:49.826+05:30Original ID Proof Compulsory During Train Journey in all Air Conditioned Classes Carrying of Original ID Proof to be Compulsory During Train Journey in all Air Conditioned Classes New Instructions to Come into Effect from 15th February 2012 New Condition not to be Applicable on Passengers Upgraded to AC Class In a move to prevent misuse of Reserved Train Tickets and reduce cases of travelling on transferred tickets, Ministry of Railways has decided that with effect Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-37064856061969322082012-02-11T09:58:00.001+05:302012-02-11T09:58:16.201+05:30Revised TAN Account Activation Procedure Steps for registration of TAN online and activation of TAN account Steps to Register TAN Register your TAN online at TIN website. For registration of TAN, click here Submit the application online. On successful registration of TAN, a 12 digit alpha numeric registration number will be generated. Print the acknowledgement and preserve the same for future reference. On successful registration, Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-86121570603036492992012-02-09T11:00:00.001+05:302012-02-09T11:00:29.155+05:30Railways Extend Advance Reservation Period to 120 Days from 10 March, 2012 Railways Extend Advance Reservation Period to 120 Days – New Provision to be Effective from 10th March, 2012 The Ministry of Railways has decided to increase the advance reservation period for booking reserved train tickets from existing 90 days to 120 days on experimental basis (excluding the date of journey) w.e.f. March 10, 2012. However, there will be no change in case of certain day-time Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-60024079896174652132012-02-01T10:23:00.001+05:302012-02-01T10:23:12.614+05:30Assessee not required to prove the source of source DCIT Vs. R. R.Builders (ITAT Mumbai) – There is no dispute that the partners of the assessee firm are also partners of the firm M/s Adarsh Octroi Services, Mumbai. We further find that the amount of Rs.5,25,000/- each was withdrawn by Shri Rafique Shakur Shekhani and Shri Sayed Rasul Shaikh partners of the firm on 15.4.2005 from their partnership firm M/s M/s Adarsh Octroi Services, Mumbai as Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-8099672348532346652012-02-01T10:21:00.001+05:302012-02-01T10:21:41.750+05:30For rejecting the view taken in earlier assessment years, there must be a change in the fact situation or a material change in law ((Tag: rejecting the view taken in earlier assessment years, change in the fact situation or a material change in law, ACIT Vs. Pawan Hans Helicopters Ltd. (ITAT Delhi) - Hon’ble Delhi High Court in A.R.J. Security Printers’ case [2003] 264 ITR 276 and CIT v. Neo Poly Pack P. Ltd. [2000] 245 ITR 492 (Delhi ), held that even when the doctrine of res judicata does not apply to income-tax proceedings, where an issue has been decided consistently in a particular manner for earlier assessment years, the same view Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-83783835774259219102012-02-01T10:20:00.001+05:302012-02-01T10:20:10.168+05:30PPF Scheme, 1968 / Senior Citizens Savings Scheme – Notified branches of Central Bank of India PPF Scheme, 1968/Senior Citizens Savings SchemeRules, 2004 – Notified branches of Central Bank of India authorized to receive, with immediate effect, subscriptions under said schemes NOTIFICATION No.F.7/9/2008-NS.II, dated 19-1-2012 In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings SchemeAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-9776029369101193352012-02-01T10:11:00.003+05:302012-02-01T10:11:38.203+05:30Banking FACTORING REGULATION ACT, 2011 FACTORING REGULATION ACT, 2011 (No. 12 of 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:— CHAPTER IAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-24301360539956728542012-02-01T10:11:00.001+05:302012-02-01T10:11:35.654+05:30Banking FACTORING REGULATION ACT, 2011 FACTORING REGULATION ACT, 2011 (No. 12 of 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:— CHAPTER IAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-10502884144988214132012-01-30T11:28:00.001+05:302012-01-30T11:28:45.955+05:30Exemption u/s 54 - More than one residential flat acquired by the assessee under joint development agreement Can exemption under section 54 be claimed in respect of more than one residential flat acquired by the assessee under a joint development agreement with a builder, wherein the property owned by the assessee was developed by the builder who constructed eight residential flats in the said property, four of which were given to the assessee? CIT v. Smt. K. G. Rukminiamma (2011) 331 ITR 211 (Kar.) Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-47122036554546999822012-01-28T14:33:00.003+05:302012-01-28T14:33:31.150+05:30World Markets This WeekThe world stock markets were a mixed bag of positive and unfavorable news during the week. There was optimism in Europe on the possibility of Greece's debt swap deal with its private creditors. However, the US GDP grew at an annualized rate of 2.8% last year but still fell short of the economists' expectations. This could mean that the US needs more help from the Federal Reserve. The Indian Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-47327445839179734232012-01-28T14:33:00.001+05:302012-01-28T14:33:29.342+05:30World Markets This WeekThe world stock markets were a mixed bag of positive and unfavorable news during the week. There was optimism in Europe on the possibility of Greece's debt swap deal with its private creditors. However, the US GDP grew at an annualized rate of 2.8% last year but still fell short of the economists' expectations. This could mean that the US needs more help from the Federal Reserve. The Indian Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-32805509201362738682012-01-28T09:54:00.001+05:302012-01-28T09:54:15.027+05:30AUDIT OF COST ACCOUNTS IN CERTAIN CASES - ORDER U/S 233B(1) ORDER NO 52/26/CAB-2010SECTION 233B OF THE COMPANIES ACT, 1956 - AUDIT OF COST ACCOUNTS IN CERTAIN CASES - ORDER UNDER SECTION 233B(1)ORDER [F.NO. 52/26/CAB-2010], DATED 24-1-2012In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the CompaniesAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-75717462729938381492012-01-25T10:11:00.001+05:302012-01-25T10:11:54.567+05:30MVAT: E-Returns and E-Refunds Application Date Extended No:- JC (Mahavikas)/Website Trade Circular No. 2T of 2012 Subject:-Extension of last date for filing of e-return & e-refunds application. Gentlemen / Sir / Madam, The Internet Service Provider for website of the Maharashtra Sales Tax department is M/s Airtel Major fire broke out in one of the network centers of the said service provider on 27.12.2011. Due to the fire, the web site Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-14464889980266512262012-01-24T17:12:00.003+05:302012-01-24T17:12:38.827+05:30Household Debt to GDP: India amongst lowestIt is a well known fact that government debt has zoomed in the developed world so much so that most in Europe at least are struggling to keep head above water. But what is the scenario when it comes to household debt? Today's chart of the day shows that when it comes to household debt (as percentage of GDP), the developed world is still way ahead of the emerging economies. Indeed, if you look at Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-7701772370686466192012-01-24T17:12:00.001+05:302012-01-24T17:12:30.472+05:30Household Debt to GDP: India amongst lowestIt is a well known fact that government debt has zoomed in the developed world so much so that most in Europe at least are struggling to keep head above water. But what is the scenario when it comes to household debt? Today's chart of the day shows that when it comes to household debt (as percentage of GDP), the developed world is still way ahead of the emerging economies. Indeed, if you look at Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-33224742964763957042012-01-24T17:10:00.003+05:302012-01-24T17:10:41.332+05:30CRR Cut by 0.5%, Other policy rates unchangedRBI, the central bank has in its latest decision decided to inject liquidity into the system. In its third quarter review of monetary policy, the central bank cut the cash reserve ratio (CRR) by 0.5% bringing it to 5.5%. This move is expected to ease liquidity by injecting Rs 320 bn in the system. Policy rates on the other hand remained unchanged. But, there were also a few ominous warnings in Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-53955785376990365042012-01-24T17:10:00.001+05:302012-01-24T17:10:27.638+05:30CRR Cut by 0.5%, Other policy rates unchangedRBI, the central bank has in its latest decision decided to inject liquidity into the system. In its third quarter review of monetary policy, the central bank cut the cash reserve ratio (CRR) by 0.5% bringing it to 5.5%. This move is expected to ease liquidity by injecting Rs 320 bn in the system. Policy rates on the other hand remained unchanged. But, there were also a few ominous warnings in Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-5033364154880718612012-01-12T17:32:00.003+05:302012-01-12T17:32:54.710+05:30Updation of Import Export Code (IEC) - Public Notice No. 84/2009-2014 (RE-2010) 11 Nov 11 Date: 09/01/2012 Ref: EIB/DGFT/CUSTOMS/12033 Dear IEC holders, Sub : Updation of IEC as per Public Notice No. 84/2009-2014 (RE-2010) dated 11th November 2011 Please note that as per above Public notice it is mandatory to update your existing IEC as stated in the notification:- 1. Complete PAN details, Telephone Numbers, Email IDs, and Mobile Number (of the Signatory of the ANF2A) have been Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-21153603215140005352012-01-12T17:32:00.001+05:302012-01-12T17:32:36.892+05:30Updation of Import Export Code (IEC) - Public Notice No. 84/2009-2014 (RE-2010) 11 Nov 11 Date: 09/01/2012 Ref: EIB/DGFT/CUSTOMS/12033 Dear IEC holders, Sub : Updation of IEC as per Public Notice No. 84/2009-2014 (RE-2010) dated 11th November 2011 Please note that as per above Public notice it is mandatory to update your existing IEC as stated in the notification:- 1. Complete PAN details, Telephone Numbers, Email IDs, and Mobile Number (of the Signatory of the ANF2A) have been Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-15483913813176426292012-01-12T17:29:00.001+05:302012-01-12T17:29:41.965+05:30‘Red Label’ not trade mark as words are common to the trade (Tag: Red Label, Trademark, Common Words in Trade Marks, Hindustan Unilever Limited Vs Girnar Exports)) Hindustan Unilever Limited Vs Girnar Exports (IPAB)- The four appeals are against the orders passed by the Deputy Registrar, Trade Marks at Chennai in three proceedings and the Deputy Registrar at Kolkata in one. The mark is ‘Red Label’. Application No.397359 is for registration of the mark which is a label consisting of the word ‘Red Label’ with a colour scheme of ‘red and yellow’ in Roman andAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-57774564462568076382012-01-12T16:59:00.003+05:302012-01-12T16:59:39.280+05:30Indirect tax collection up by 16 % to 2.85 lakh cr in April-December 2011Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. Chairman, Central Board of Excise and Customs(CBEC) S K Goel told reporters Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-9510761414223580822012-01-12T16:59:00.001+05:302012-01-12T16:59:38.950+05:30Indirect tax collection up by 16 % to 2.85 lakh cr in April-December 2011Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. Chairman, Central Board of Excise and Customs(CBEC) S K Goel told reporters Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-69052120343013429072012-01-12T16:43:00.001+05:302012-01-12T16:43:55.155+05:30US bond market is in bubble territory - Robert ShillerRobert Shiller, a Yale University professor predicted the collapse of the US housing bubble . He also wrote a book called 'Irrational Exuberance', which predicted the dot com crash in 2000. Now when Shiller says that the US bond market is in bubble territory it makes sense to sit up and listen. Demand for US Treasuries has pushed government debt due in 10 years or more up 28% over the past 12 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-85359301398223774322012-01-12T10:39:00.001+05:302012-01-12T10:39:12.907+05:30Maharashtra – Electronic payment of Profession Tax TRADE CIRCULAR Date: 11/01/2012 Trade Cir.1T of 2012 Sub: Electronic payment under the Profession Tax Act, 1975. Ref: Government Resolution No.vyakar — 1011/Pra. Kra-56/Taxation-3 Mantralaya, Mumbai 400032 dated 8th December 2011. Gentlemen / Sir / Madam, The dealers under the MVAT Act 2002 and the CST Act 1956 are successfully using the facility of filing electronic returns Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-91929156734676091292012-01-12T10:25:00.001+05:302012-01-12T10:25:31.514+05:30November 11 CPT Exams results likely on 18 Jan 12 Results of the Chartered Accountants Final Examination held in November, 2011 and Common Proficiency Test (CPT) held in December, 2011 are likely to be declared on Wednesday, the 18th January, 2012 January 9, 2012 The results of the Chartered Accountants Final Examination held in November, 2011 and Common Proficiency Test (CPT) held in December, 2011 are likely to be declared on Wednesday, the Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-2595177435602162672012-01-06T11:50:00.001+05:302012-01-06T11:50:23.983+05:30TDS Return - New FVU (ver 3.3) and RPU (Ver 2.7) - Effective from Feb-12 NSDL has released File Validation Utility Version 3.3. The new features of the same are being described in this blog. What is effective date of FVU 3.3FVU 3.3 is effective from Feb 1, 2012For Quarter III eTDS filing, both FVU version 3.3 and FVU Version 3.2 can be used.Fast Facts recommends filing of Q3 eTDS Statements with FVU Version 3.2 only Encryption of filesFiles validated with FVU will beAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-16211893404209528762012-01-02T10:07:00.001+05:302012-01-02T10:07:21.451+05:30Date for submission of Monthly Return for November 2011 extended till 7th January 2012Maharashtra Value Added Tax - Last date for filing Refund Application in Form 501 and Due date for submission of Monthly Return for the month of November 2011 extended till 7th January 2012 Posted via email from Shubham Consultants Blog Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-23339103626291861052012-01-02T10:05:00.001+05:302012-01-02T10:05:52.122+05:30Extension of last date for compliance of CPE hours for Members holding COP FOR INFORMATION OF THE MEMBERS Subject: Extension of last date for complying with the CPE hours requirement for the calendar year 2011 for the members holding COP from 31st December, 2011 to 31st March, 2012 This is for kind information of the members that the Council of the Institute has decided to extend the last date for complying with the CPE hours requirement for the calendar year Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-41741646964335737292011-12-31T10:50:00.001+05:302011-12-31T10:50:08.048+05:30Origin of Chartered Accountant and Countries with CA body Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception.[1] The title is an internationally recognised professionalAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-16068213338454878152011-12-31T10:48:00.001+05:302011-12-31T10:48:30.127+05:30History of Accounting History of Accounting As in other spheres, India was a pioneer in the field of accounting too. As Prof. Max Mueller observed “Whatever sphere of the human mind you may select for your study , whether be it language, or religion, or mythology , or philosophy, whether be it laws or customs , primitive art or primitive science, everywhere you have to go to India, whether you like it or not , Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-21965578990861067062011-12-31T10:47:00.003+05:302011-12-31T10:47:47.170+05:30Pre-Budget Memorandum by ICSI Pre-Budget1_Memorandum_ICSI.pdf Download this file 1. INCOME TAX (A) Corporate Taxation i) Deduction for expenditure on Corporate Social Responsibility (CSR) Corporate sector needs encouragement to progressively integrate the activities on the social front for the development of the society, with the business purpose and business plan of the company. Suggestion: It is suggested that Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-14557752760861232992011-12-31T10:47:00.001+05:302011-12-31T10:47:40.875+05:30Pre-Budget Memorandum by ICSI Pre-Budget1_Memorandum_ICSI.pdf Download this file 1. INCOME TAX (A) Corporate Taxation i) Deduction for expenditure on Corporate Social Responsibility (CSR) Corporate sector needs encouragement to progressively integrate the activities on the social front for the development of the society, with the business purpose and business plan of the company. Suggestion: It is suggested that Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-45078189714818095822011-12-31T10:42:00.003+05:302011-12-31T10:42:33.676+05:30Draft Guidelines on Basel III Capital Regulations by RBI DRA301211.pdf Download this file The Reserve Bank today released on its website, draft guidelines outlining proposed implementation of Basel III capital regulation in India. These guidelines are in response to the comprehensive reform package entitled “Basel III: A global regulatory framework for more resilient banks and banking systems” of the Basel Committee on Banking Supervision (BCBS) Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-73016446665226446642011-12-31T10:42:00.001+05:302011-12-31T10:42:31.818+05:30Draft Guidelines on Basel III Capital Regulations by RBI DRA301211.pdf Download this file The Reserve Bank today released on its website, draft guidelines outlining proposed implementation of Basel III capital regulation in India. These guidelines are in response to the comprehensive reform package entitled “Basel III: A global regulatory framework for more resilient banks and banking systems” of the Basel Committee on Banking Supervision (BCBS) Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-61937176287088318182011-12-30T12:10:00.001+05:302011-12-30T12:10:57.311+05:30Service Tax Return Due Date Further extended to 6 Jan 2012 ORDER NO. 3/2011 - SERVICE TAX [F. NO. 137/99/2011 - SERVICE TAX], DATED 29-12-2011 In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-19151014534762423002011-12-28T10:40:00.001+05:302011-12-28T10:40:21.996+05:30PAN card of Landlord must for HRA, if monthly rent is equal to or greater than 15,000 TDS Ciricular-05of2011.pdf Download this file According to the notification issued by the Income tax department, now landlord PAN card is must to get tax exemption against HRA allowance. One will have to submit PAN card as a proof if he is applying for more than 15,000 Rs. as monthly rent which means from now on, he needs to submit original rent receipts as proof of rent as well as PAN card Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-60752779417102603762011-12-27T09:44:00.001+05:302011-12-27T09:44:41.536+05:30Non-Compete Fees for acquisition of business is Capital Expenditure Pitney Bowes India Pvt Ltd vs. CIT (Delhi High Court) - Assessee itself treated the expenditure as capital in the books of accounts. However, at the same time, it was maintained that since it was paid for loss of business that KOAL would suffer for non-compete fee, the same was treated as revenue in nature. Likewise, in Schedule 2 to the balance sheet disclosing ‘fixed assets’, payment of Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-34466351693938409002011-12-24T09:39:00.003+05:302011-12-24T09:39:23.995+05:30Online Search of Trade Marks before incorporation of Company ((Taf: Trade Marks, Online Search of Trade Marks,Online Search of Trade Marks before incorporation of Company)) In order to provide enhanced services to its stakeholders, MCA in a joined up service with the Trademark department has provided a facility for searching the trademark database before applying for Name availability. You can now use the link ‘Public Search of Trade Marks’ available on the MCA21 portal before applying for a company name to verify that the name is not subjected to any trademark orAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-61871132458180918262011-12-24T09:39:00.001+05:302011-12-24T09:39:23.702+05:30Online Search of Trade Marks before incorporation of Company ((Taf: Trade Marks, Online Search of Trade Marks,Online Search of Trade Marks before incorporation of Company)) In order to provide enhanced services to its stakeholders, MCA in a joined up service with the Trademark department has provided a facility for searching the trademark database before applying for Name availability. You can now use the link ‘Public Search of Trade Marks’ available on the MCA21 portal before applying for a company name to verify that the name is not subjected to any trademark orAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-77941557093558510362011-12-24T09:37:00.003+05:302011-12-24T09:37:35.963+05:30Companies Bill Withdrawn The government withdrew the Companies Bill and Pension Fund Regulatory and Development Authority Bill on Wednesday after the BJP opposed the first and coalition ally Trinamool Congress withdrew its support for the other. The BJP leaders also argued that since the government had consulted other stakeholders after the standing committee gave its report on the Companies Bill in August 2010, it Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-12051237600789202822011-12-24T09:37:00.001+05:302011-12-24T09:37:30.856+05:30Companies Bill Withdrawn The government withdrew the Companies Bill and Pension Fund Regulatory and Development Authority Bill on Wednesday after the BJP opposed the first and coalition ally Trinamool Congress withdrew its support for the other. The BJP leaders also argued that since the government had consulted other stakeholders after the standing committee gave its report on the Companies Bill in August 2010, it Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-17163389954071764292011-12-22T12:18:00.001+05:302011-12-22T12:18:07.791+05:30Company Secretaries (Amendment) Bill, 2010The Company Secretaries (Amendment) Bill, 2010 Both the Houses of Parliament, i.e., Rajya Sabha (on December 12, 2011) and Lok Sabha (on December 19, 2011) have passed the Company Secretaries (Amendment) Bill, 2010 which is awaiting assent of the Hon’ble President of India. The Company Secretaries (Amendment) Bill, 2010 proposes to amend the Company Secretaries Act, 1980 to apply certain Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-53729912115848267822011-12-21T16:25:00.001+05:302011-12-21T16:25:18.712+05:302011 - Bad Year for IPO's ((IPO, 2011, ONGC IPO, SAIL IPO))The stock markets have not had a very good 2011. The performance of the secondary markets has dampened the sentiments in the primary markets as well. The IPO (initial public offering) market has had a terrible year as well. The number of issues during the year was just 37, amounting to Rs 60.4 bn. The same number last year was 64 IPOs aggregating to a total amount of Rs 363.6 bn. One major reasonAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-1045850847016424822011-12-21T16:23:00.001+05:302011-12-21T16:23:10.002+05:30Decline in Mining Output - Another Jolt to the economy ((India, Economy, IIP Data, Mining Output, Oct 2011, Charts))As of all the gloom surrounding the Indian economy wasn't enough, the October 2011 mining data comes as another jolt. Some major reasons for the decline in mining output were the crackdown of corruption in the mining industry as well as strict enforcement of environmental norms. As you may know, mining is very closely associated with a number of manufacturing industries. Any slowdown in mining Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-89313020767572082772011-12-16T09:42:00.003+05:302011-12-16T09:42:48.411+05:30Do’s & Don’ts for Debit Cards/PINThe Do’s and Don’ts for the use of Debit Cards/PINsDo’s: Sign on the reverse of the card immediately upon receipt.Memorize your PIN & destroy the PIN mailer immediately.Keep changing your PIN regularly. Follow the usage guidelines very carefully.In case of Debit card loss, immediately report the loss and get the card hotlisted/blocked. While using for purchases, ensure that the debit card is Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-78908251295353722102011-12-16T09:42:00.001+05:302011-12-16T09:42:46.978+05:30Do’s & Don’ts for Debit Cards/PINThe Do’s and Don’ts for the use of Debit Cards/PINsDo’s: Sign on the reverse of the card immediately upon receipt.Memorize your PIN & destroy the PIN mailer immediately.Keep changing your PIN regularly. Follow the usage guidelines very carefully.In case of Debit card loss, immediately report the loss and get the card hotlisted/blocked. While using for purchases, ensure that the debit card is Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-63709873096767664732011-12-14T10:43:00.001+05:302011-12-14T10:43:54.501+05:30ICAI – Clarification for reckoning the “specified number of tax audit assignments” conducted u/s 44AB of the Income-tax Act Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of ‘specified number of tax audit assignments’. Considering the Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-5997189042636101442011-12-14T10:41:00.001+05:302011-12-14T10:41:51.717+05:30CWA's nowbe known as Cost Accountants, ICWAI as ICAI ((Tag, CA, CWA, ICAI, ICWAI)) Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today. Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts of India. As a consequence, the Chartered Accounts Institute and the Cost Accounts Institute will Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-54953677114871504662011-12-14T10:39:00.001+05:302011-12-14T10:39:08.502+05:30Rajya Sabha Passes CA, CS, CWA Amendment Bill 2011Rajya Sabha has approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services. CS.pdf Download this file CA.pdf Download this file COST.pdf Download this file Posted via email from Shubham Consultants Blog Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-15832567415909943132011-11-15T10:00:00.001+05:302011-11-15T10:00:52.844+05:30ICAI Guidelines - Conversion of CA Firms to LLP COUNCIL GUIDELINES FOR CONVERSION OF CA FIRMS INTO LLPS (Guidelines No.1-CA (7)/03/2011, dated 4th November, 2011) In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Accountants have been finalized which are applicable for conversion of CA firms into LLPs or formation of Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-92019760869270575892011-11-14T10:32:00.003+05:302011-11-14T10:32:10.850+05:30Details of 15G-15H to be provided in E TDS statement from 01.11.11 Particulars of transactions with no deductionEarlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officer Additionally, now details of payments/ credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax under the following Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-65681978536154659352011-11-14T10:32:00.001+05:302011-11-14T10:32:09.986+05:30Details of 15G-15H to be provided in E TDS statement from 01.11.11 Particulars of transactions with no deductionEarlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officer Additionally, now details of payments/ credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax under the following Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-60056274677058637652011-11-11T22:20:00.003+05:302011-11-11T22:20:29.089+05:30Changes in Small Savings Govt has increased Limit in PPF account to 1,00,000 and increased interest rate on PPF Account to 8.6 % from earlier 8 % Further few more changes has also been proposed in other schemes.we will update effective date as soon as confirmed. PPF Investment limit raised to 100000 from 70000. Interest on PPF account has been raised to 8.6 % from 8 %Interest on loan from PPF raised to 2 % from 1 %.Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-36436180069012891852011-11-11T22:20:00.001+05:302011-11-11T22:20:19.910+05:30Changes in Small Savings Govt has increased Limit in PPF account to 1,00,000 and increased interest rate on PPF Account to 8.6 % from earlier 8 % Further few more changes has also been proposed in other schemes.we will update effective date as soon as confirmed. PPF Investment limit raised to 100000 from 70000. Interest on PPF account has been raised to 8.6 % from 8 %Interest on loan from PPF raised to 2 % from 1 %.Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-26361287665726553862011-10-20T18:31:00.003+05:302011-10-20T18:31:17.962+05:30Service Tax Return Due Date Extended F. No. 137/99/2011 – Service Tax, New Delhi dated the 20th October 2011 ORDER NO. 1 /2011 – Service Tax In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-52966871186106016162011-10-20T18:31:00.001+05:302011-10-20T18:31:05.820+05:30Service Tax Return Due Date Extended F. No. 137/99/2011 – Service Tax, New Delhi dated the 20th October 2011 ORDER NO. 1 /2011 – Service Tax In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-47902791193279315232011-10-09T23:34:00.001+05:302011-10-09T23:34:16.760+05:30Service Tax Audit Selection Guidelines Director General of Audit, New Delhi has published Service Tax Audit Manual, 2010. As per the guidelines, tax payers whose annual service tax payment (including cash and CENVAT) was Rs.3 crore or more in the preceding financial year may be subjected to mandatory audit each year. It is preferable that Audit of all such Units is done by using Computer Assisted Audit Program (CAAP) techniques. Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-46868519147895610022011-10-08T17:53:00.003+05:302011-10-08T17:53:50.701+05:30AMENDMENTS TO EQUITY, IDR AND SME EQUITY LISTING AGREEMENTSAMENDMENTS TO THE EQUITY, IDR AND SME EQUITY LISTING AGREEMENTS CIRCULAR NO. CFD/DIL/7/2011, DATED 5-10-2011 1. In line with the objective to enhance the quality of disclosures made by listed entities, certain amendments are hereby carried out to the Equity Listing Agreement, Model Listing Agreement for Indian Depository Receipts and Model SME Equity Listing Agreement (hereinafter referred to as Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-53565531358937935572011-10-08T17:53:00.001+05:302011-10-08T17:53:48.690+05:30AMENDMENTS TO EQUITY, IDR AND SME EQUITY LISTING AGREEMENTSAMENDMENTS TO THE EQUITY, IDR AND SME EQUITY LISTING AGREEMENTS CIRCULAR NO. CFD/DIL/7/2011, DATED 5-10-2011 1. In line with the objective to enhance the quality of disclosures made by listed entities, certain amendments are hereby carried out to the Equity Listing Agreement, Model Listing Agreement for Indian Depository Receipts and Model SME Equity Listing Agreement (hereinafter referred to as Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-66020029327696862972011-10-08T17:24:00.001+05:302011-10-08T17:24:03.095+05:30Income Tax Return E-filing number doubles QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 13,77,444 31,03,832 125.33% 2 ITR-2 5,13,170 9,74,222 89.84% 3 ITR-3 96,315 1,79,132 85.99% 4 ITR-4 & 4S 16,91,959 36,11,464 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-13003644885122094082011-10-08T11:19:00.003+05:302011-10-08T11:19:52.668+05:30Domestic Money Transfer - Relaxations Date: Oct 05, 2011 Domestic Money Transfer - Relaxations RBI/2011-12/213DPSS.PD.CO.No. 62/02.27.019/2011-2012October 5, 2011The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks/Authorised Card Payment NetworksMadam / Dear SirDomestic Money Transfer-Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-12622253904757541232011-10-08T11:19:00.001+05:302011-10-08T11:19:48.793+05:30Domestic Money Transfer - Relaxations Date: Oct 05, 2011 Domestic Money Transfer - Relaxations RBI/2011-12/213DPSS.PD.CO.No. 62/02.27.019/2011-2012October 5, 2011The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks/Authorised Card Payment NetworksMadam / Dear SirDomestic Money Transfer-Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-75002398805334700762011-10-08T11:05:00.001+05:302011-10-08T11:05:12.216+05:30Clarification on Allotment of DIN The Ministry of Corporate Affairs through a clarification on the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956 has extended the time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details upto 15.12.2011. It may be noted that a General Circular issued by the ministry on 31.05.2011 said that with effect from 12th June, 2011, all DIN-1 & Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-69166586379892028992011-10-08T11:01:00.001+05:302011-10-08T11:01:41.593+05:30Draft Policy on Information Technology 2011 Draft National Policy on Information Technology 2011 Released by Shri Sibal Over Three Times Increase in Revenue from it and ITES Industry Envisaged Revenue to Reach 300 Billion USD by 2020Measures for India to Emerge as Hub for Language Technology Suggested Shri Kapil Sibal, the Minister of Communications and Information Technology released the Draft National Policy on Information Technology, Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-72838090405362478992011-10-08T10:59:00.003+05:302011-10-08T10:59:54.615+05:30Direct Tax Collection for Apr-Sep 2011 up by 23% Gross direct tax collection during the first half of the current fiscal (April-September 2011) was up by 23 percent at Rs 257,042 crore as against Rs 208,971 crore in the same period last fiscal. While gross collection of corporate taxes was up 23.17 percent (Rs.175,360 crore against Rs 142,368 crore last year), gross collection of personal income tax was up by 22.65 percent (Rs 81,353 crore Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-52043527103164111532011-10-08T10:59:00.001+05:302011-10-08T10:59:49.762+05:30Direct Tax Collection for Apr-Sep 2011 up by 23% Gross direct tax collection during the first half of the current fiscal (April-September 2011) was up by 23 percent at Rs 257,042 crore as against Rs 208,971 crore in the same period last fiscal. While gross collection of corporate taxes was up 23.17 percent (Rs.175,360 crore against Rs 142,368 crore last year), gross collection of personal income tax was up by 22.65 percent (Rs 81,353 crore Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-7593045688093120902011-10-07T10:45:00.001+05:302011-10-07T10:45:00.432+05:30XBRL eForms (Form 23AC-XBRL and Form 23ACA-XBRL) ReleasedGOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRSATTENTION: CORPORATES, PROFESSIONALS & OTHER STAKEHOLDERS Filing of Balance Sheet and P&L Account in XBRLXBRL filing is mandated for select class of companies vide “Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011”. For details visit, Ministry website http://www.mca.gov.in under the head “Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-3476758519988050642011-10-05T10:10:00.003+05:302011-10-05T10:10:41.170+05:30Exposure Draft of Amendments to Ind AS 12 Income Taxes 24575announ14367rua.pdf Download this file Exposure DraftDeferred Tax: Recovery of Underlying Assets Amendments to Indian Accounting Standard (Ind AS) 12 , Income Taxes Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 12, Income Taxes, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-83352094142902058142011-10-05T10:10:00.001+05:302011-10-05T10:10:28.006+05:30Exposure Draft -Indian Accounting Standard (Ind AS) 19- Employee Benefits 24574announ14367eb.pdf Download this file Following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 19 Employee Benefits (as amended), issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-11573355552140619972011-10-05T10:04:00.001+05:302011-10-05T10:04:27.312+05:30Company Law Settlement Scheme extended upto 15 Dec 2011 General Circular No. 65/2011, Dated- 4th Oct, 2011 Subject: Company Law Settlement Scheme, 2011 In continuation of the Ministry’s General Circulars No. 59/2011 dated 05.08.2011 and No. 60/2011 dated 10.08.2011 on the subject cited above, it is stated that the said scheme has been extended upto 15thDecember, 2011. 2. All the terms and conditions of the General Circulars No. 59/2011 dated Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-9324003144754448842011-10-05T10:03:00.001+05:302011-10-05T10:03:10.360+05:30DIN-4 Filing deadline to update PAN details extended till 15.12.2011 General Circular No. 66/2011 ,Dated the 4th Oct, 2011 Sub: Allotment of Director’s Identification Number (DIN) under Companies Act, 1956 In continuation of General Circular No. 32/2011 dated 31.05.2011 on the subject cited matter, I am directed to say that the time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details has been extended till 15.12.2011. Yours Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-84610776846584027412011-10-04T17:35:00.001+05:302011-10-04T17:35:36.675+05:30Circular No. 956/11 - Procedure for e-filing of Central Excise and Service Tax returns Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi Dated, the 28th September,2011 To All Chief Commissioners of Customs &Central Excise,All Chief Commissioners of Central Excise, All Chief Commissioners Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-67203349633890737882011-10-04T10:15:00.001+05:302011-10-04T10:15:16.796+05:30Due Date for Filing of Tax Return for Sikkim extended to 31 Oct 2011 Tender_DueDate_09302011.pdf Download this file Central Board of Direct taxes department has extended due date of filing income tax return for the assessment year 2011-12 from 30-09-2011 to 31-10-2011 for the assessee of Sikkim. This step is taken due to earthquake in Sikkim last month which cause life disturbance as well as life losses in Sikkim state. This is the power of income tax Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-89144336831515876292011-09-24T09:53:00.001+05:302011-09-24T09:53:54.345+05:30Delhi High Court upholds Service Tax on Renting Activity HOME-SOLUTIONS-RETAILS-INDIA-LTD.-Versus-UOI.pdf Download this file While upholding the levy of Service Tax on Renting, their Lordship has left open the question of imposition of penalty for period prior to 2010 to be examined by the Govt. in view of the fact that the earlier petition quashing the levy by Delhi High Court is still pending before the Supreme Court, who had declined to grant Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-87623518655910572042011-09-23T22:21:00.003+05:302011-09-23T22:21:53.347+05:30SEBI Notifies New Takeover Regulations New_Takeover_Code.pdf Download this file The new SEBI Takeover Regulations 2011 Posted via email from Shubham Consultants Blog Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-67948389808604090382011-09-23T22:21:00.001+05:302011-09-23T22:21:46.571+05:30SEBI Notifies New Takeover Regulations New_Takeover_Code.pdf Download this file The new SEBI Takeover Regulations 2011 Posted via email from Shubham Consultants - Investments Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-64550999267970600892011-09-23T22:19:00.001+05:302011-09-23T22:19:56.519+05:30Investing Mantra"There are two times in a man's life when he should not speculate - when he can't afford it and when he can." - Mark Twain Posted via email from Shubham Consultants - Investments Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-19369139628685602692011-09-23T22:10:00.003+05:302011-09-23T22:10:33.669+05:30Dishonour of electronic funds transfer for insufficiency of funds - RBI ClarificationThe Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative BanksDear Sir/Madam,Dishonour of electronic funds transfer for insufficiency of funds in the bank account – clarification 1.As you may be aware section 25 of the Payment and Settlement Systems Act, 2007 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-82678475775658803942011-09-23T22:10:00.001+05:302011-09-23T22:10:26.185+05:30Dishonour of electronic funds transfer for insufficiency of funds - RBI ClarificationThe Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative BanksDear Sir/Madam,Dishonour of electronic funds transfer for insufficiency of funds in the bank account – clarification 1.As you may be aware section 25 of the Payment and Settlement Systems Act, 2007 Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-15752973047333270412011-09-22T19:28:00.001+05:302011-09-22T19:28:13.934+05:30Investing Mantra"You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing." - Charlie Munger Posted via email from Shubham Consultants - Investments Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-14861965386926372572011-09-22T19:26:00.001+05:302011-09-22T19:26:47.925+05:30Gold and its mystery valuation - Jim GrantJim Grant is a name worth reckoning as far as macroeconomics and interest rates are concerned. He presents an interesting perspective on gold. According to him, gold is not in bubble territory yet.He points out that it is the inherent nature of gold that its valuation must forever be a mystery. He illustrates his view with an abstract yet compelling logic, "What I do think is gold is simply theAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-70899706311543637402011-09-22T19:21:00.001+05:302011-09-22T19:21:55.214+05:30Nuclear Energy - A high risk gameNuclear energy is certainly a high risk - high return game changer. It can help multiply growth prospects for economies, But the risks of going wrong are terribly high. Nuclear disasters like the ones at Chernobyl, Three Mile Island and Fukushima are testimonies to this. The latest blast in France only added to the fear. But, developing economies like India and China seem to be in no mood to goAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-68838812602504658922011-09-22T19:18:00.001+05:302011-09-22T19:18:13.623+05:30Is China the next country to need a bailout?Well, James Chanos, ace American hedge fund manager sure thinks so. While the government's balance sheet does not directly have a lot of debt, various state owned enterprises and other borrowing vehicles have piled on the debt load. Chanos believes that the debt in China, implicitly backed by the government, has gone from about 100% of GDP to about 200% recently. These numbers are as bad, if not Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-7027793959773617512011-09-22T10:57:00.001+05:302011-09-22T10:57:31.649+05:30Draft guidance note - Revised Schedule VI Draft Guidance Note-Revised Sch-6.pdf Download this file The draft guidance note issued by ICAI Posted via email from Shubham Consultants Blog Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-1075533617720429342011-09-20T18:23:00.001+05:302011-09-20T18:23:48.643+05:30European Central Banks: Buyers of GoldJust recently, we had discussed how the ongoing global currency war has been benefitting gold prices. A recent development hints that gold prices could soar much higher. Against the backdrop of the European sovereign debt crisis and the so-called currency war, European central banks (ECBs) are now shoring up their gold reserves. This is the first time in more than two decades when these central Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-79873833400118469052011-09-20T11:08:00.001+05:302011-09-20T11:08:36.423+05:30Income Tax CPC Bangalore Statistics for AY 2009-10, AY 2010-11 and 2011-12 Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)- AY09-10 AY10-11 AY11-12 No. of returns processed (Nos lakhs) 43.5 71.9 5.2 No. of refunds generated (Nos lakhs) 12.4 26.4 1.4 Refund reprocessing requests processed (Nos.) 56,707 22,876 2 Rectification Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-75123092193125596472011-09-19T19:02:00.001+05:302011-09-19T19:02:07.436+05:30Oil Prices and Fiscal DeficitOil prices have hardly been as much of a slippery issue for the government in the past. But years of callous subsidizing of oil prices seems to have finally landed the government in a quandary. Despite some recent bold moves like making petrol prices market driven, the under recoveries for oil marketing company look gargantuan! At Rs 1.2 trillion the under recoveries for the oil marketers in 2011Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-8609162431546804052011-09-19T19:00:00.001+05:302011-09-19T19:00:47.754+05:30RBI Policy AnalysisLast week, the RBI managed to keep its image intact. Arguably, one of the most hawkish central banks in the world, it chose to raise rates on yet another occasion and took the inflation devil head on. This move though is not going down well with India Inc. And they are making no bones about letting their displeasure with the RBI known to the public. In fact, a few economists in the Government areAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-68761084896714591372011-09-19T18:57:00.001+05:302011-09-19T18:57:06.120+05:30Owning Car Becoming ExpensiveA leading daily carried out an interesting study. It was to establish how expensive it is to own a car in the wake of increasing fuel prices as well as higher interest rates. For the purpose of the study, the daily studied the cost of owning a Maruti Alto that gives fuel efficiency of 14km /liter and is run for 5 years with 12,000 km each year. The study showed that cost of owning and driving Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-40343947422151200672011-09-19T17:31:00.001+05:302011-09-19T17:31:34.275+05:30Auditors Spared of Matching XML A/Cs With Original Papers Auditors and company secretaries will not be required to certify that filing of accounts under a new electronic format match the original balance sheet, relieving finance professionals from a burdensome compliance in the first year of this new reporting mode. All listed companies and certain unlisted ones are required to file their financial statements for the year ended 31 March 2011 using theAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-11748471486334864552011-09-17T10:00:00.001+05:302011-09-17T10:00:28.178+05:30Tax Credit Statement (26AS) available to net banking account holdersOnline view of Tax Credit Statement (Form 26AS) of taxpayer is also available to net banking account holders of registered banks for the benefits of the tax payer. One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is required to have net banking account with any ofAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-78954423437276276652011-09-17T09:56:00.001+05:302011-09-17T09:56:14.348+05:30Mandatory e-filing of Central Excise Returns Circular No.955/16/2011-CX, Dated-15th Sept., 2011 Sub: Mandatory e-filing of Central Excise Returns in ACES-regarding It has been decided to make it mandatory for the assessees to submit the prescribed Central Excise Returns electronically w.e.f. 1st day of October, 2011. In this regard, the Central Excise (Fourth Amendment) Rules, 2011 has been issued vide Notification No. Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-12644827498140582632011-09-16T09:46:00.001+05:302011-09-16T09:46:18.409+05:30Legal Update: LLP (Second Amendment) Rules, 2011 - Substitution of Form 8 LIMITED LIABILITY PARTNERSHIP (SECOND AMENDMENT) RULES, 2011 - SUBSTITUTION OF FORM 8 NOTIFICATION [F.NO. 2/17/2011-CLV], DATED 14-9-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-56364350061192975602011-09-14T14:05:00.001+05:302011-09-14T14:05:05.531+05:30Amendment to Excise Return Forms E.R.1 and Form E.R-3 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance(Department of Revenue) New Delhi the Notification No. 20/2011 -Central Excise (N.T.) New Delhi, the 13th September, 2011 G.S.R. (E)- In exercise of the powers conferred by rule 12 of the Central Excise Rules, 2002 and sub-rule (7) of rule 9 of CENVAT Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-1474342078569801522011-09-14T12:51:00.003+05:302011-09-14T12:51:44.079+05:30Notification - Bonds u/s 80CCFIn exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section, namely:- (a) Name of the bond - The name of the bond shall be "The Long Term Infrastructure Bond"(b) Issuer of the Bond - The Long Term Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-60555605006828709752011-09-14T12:51:00.001+05:302011-09-14T12:51:36.987+05:30Notification - Bonds u/s 80CCFIn exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section, namely:- (a) Name of the bond - The name of the bond shall be "The Long Term Infrastructure Bond"(b) Issuer of the Bond - The Long Term Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-66641569969435668652011-09-07T15:12:00.001+05:302011-09-07T15:12:02.578+05:30Revised Schedule VI not Applicable for IPO/FPO for FY 2011-12 SCHEDULE VI OF THE COMPANIES ACT, 1956 - BALANCE SHEET/PROFIT & LOSS ACCOUNT - PRESENTATION OF FINANCIAL STATEMENTS FOR THE LIMITED PURPOSE OF IPO/FPO DURING THE FINANCIAL YEAR 2011-12 MAY BE MADE IN THE FORMAT OF THE PRE-REVISED SCHEDULE VI GENERAL CIRCULAR NO. 62/2011, DATED 5-9-2011 The undersigned is directed to refer to this Ministry's Notification No. S.O. 447(E), dated 28-2-2011 regardingAsmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-68972849802392228982011-09-07T10:38:00.001+05:302011-09-07T10:38:44.544+05:30Revised MVAT Returns upto Apr11 Periods Dealers in Maharashtra can upload revised sales tax /Vat returns for the periods up to April 2011 for clearing defects in the returns filed by you or for clearing your pending issues under the local Sales Tax laws. Department has given Above information on its website http://mahavat.gov.in . Official Notification in this regard not yet been released by the Department. Posted via email from Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0tag:blogger.com,1999:blog-3289128980896461824.post-14017211104558318122011-09-07T10:11:00.001+05:302011-09-07T10:11:39.224+05:30RBI recommendation: PPF Investment Limit increase to Rs 1 Lac Modification in PPF Scheme : Deposit Limit Raised from Rs. 70,000 to Rs. One Lac while Rate of Interest on Advances Against Deposits in PPF Scheme Raised from 1% to 2 Percentage Points The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on Asmeet Shahhttp://www.blogger.com/profile/09547910750389503257noreply@blogger.com0