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IT DEPARTMENT TO ACCEPT IT RETURNS ON 29TH AND 30TH OCTOBER ALSO

The Income tax authorities have been directed to make arrangements for accepting the returns of income on 29th and 30th October, 2005 (being Saturday & Sunday). The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, has issued this direction for administrative convenience. The due date for filing of return of income within the meaning of Explanation 2(a) and (b) to Section 139(1) of the Income Tax Act, 1961 is 31st October, 2005.

Ashwin Nagarin Ahmedabad (+91) 09825781065In Mumbai (+91) 09833015352Success is not permanent and failure is not final

Note on SAP

Dear friends,As promised by me, I am writing this Note on SAP for the benefit of all the members.What is SAP:It is an ERP software. Very wide and very big. There are so many other software available such as Oracle, BAAN, Peoplesoft etc.What CAs role in SAP:SAP has so many different modules. It is integrated software. SO CAs with good domain knowledge can take course in SAP FICO module that is Financial and Controlling. As a functional consultant, FICO consultant has role in implementation of the software in organisations opting for SAP. This is a very vast module wherein all possible business processes are covered. The CAs with SAP knowledge can better configure and implement this module.SAP FICO for a CA who is practicing:I think this is not for practicing CAs who are in practice for a long period of time. The practicing CAs can take up this course for the better understanding of the software where by better conduct of the audit in the organisations which are running on SAP. But you …

New Guidance Note on Tax Audit. Sec. 40 A

TRUE EXTRACT ON IMPORTANT SECTIONS 40A OF Guidance Note on Tax Audit under Section 44AB of theIncome – tax Act, 1961. (Revised 2005 Edition)By Fiscal Laws committee.33.clause 17 (f)-amounts inadmissible under section 40 (a) 33.1Section 40 (a) specifies certain amounts, which shall not be deducted in computing the income chargeable under the head “ profits and gains of business or profession”. They are as follows : (i)Any interest, royalty, fees for technical services or other sum chargeable under the income tax act which is payable outside India or inside India to a non-resident or foreign company on which tax has been deductible at source under chapter XVII-B and such tax has not been deducted or after deduction has not been paid during previous year or in subsequent year before the expiry of the time prescribed under the sub section (1) of section 200. (ii)Any interest, commission or brokerage, fees for professional services or fees for technical services payable to a resident o…

re:- change of mail profile

Dear All,wouod request you to send all mails hitherto marked to me in my previous
mail profile "tapajyoti.sarkar@boci.co.in" to the undermentioned mail
address of mine w e f 15.10.05.sarkart@rediffmail.comThis is because the undersigned is in the midst of the job change and the
existing mail profile will be closed w e f 15.10.05Please confirm.Thanx and regardstapajyoti sarkar
ACA, 058484> -----Original Message-----
> From: Ashwin Nagar [SMTP:ashwinnagar@yahoo.com]
> Sent: Sunday, September 25, 2005 11:28 AM
> To: BlogIndianCAs
> Cc: indiancas@yahoogroups.com
> Subject: IndianCAs: DUE DATE FOR 26QA EXTENDED UPTO 31.12.2005
>
> The due date extended. Find the attachement
>
> Write commenst on:
>
> www.IndianCAs.blogspot.com <http://www.IndianCAs.blogspot.com>
>
> With Regards,
>
> Ashwin Nagar
> 9825781065
>
>
> ********************************************************************
> Please Write your comments by clicking o…

Excel Add-in to convert amount in figures to words by Premal

Gentlemen:
AmtInWords.xla is attached to this mail. It is an MS Excel Add-in written by me to convert amount available in figures to words.
Installation
Copy the attached file to the folder where excel stores the add-ins. (To know where excel stores the add-ins, open any workbook, click on Tools - Add-ins - Browse)
Then open an excel workbook. Click on Tools - Add-ins - Browse - Give the path to this Addin - Ok
Usage
You can use the functions AmtInWords and AmtInWordsUS in any worksheet. The syntax is:
=AmtInWords(decimal number/cell reference, [currency code])
=AmtInWordsUS(decimal number/cell reference, [currency code])
Examples follow:
=AmtInWords(10000000)
=AmtInWords(123456.77)
=AmtInWords(C4)
=AmtInWordsUS(B3) ' Shall give the amount in millions (US format)
=AmtInWordsUS(B3,"USD") ' Shall give the amount in millions (US format) and in US currency (Dollars)
=AmtInWords(C4,"GBP") ' Shall give the amount in lakhs and in UK currency (Pounds)
Notes
The system shall N…

Non Refundable Charges for Empanlement by Bank of Rajasthan

Dear Fellow Professionals,

Please go through the attachment note the bold sentence.(Emphasis supplied). A nationalised bank is inviting application for empanelment of concurrent auditors with processing fee alongwith the application form. It is high time we all should protest such actions.

It is a shame on the entire profession. Had it been a refundable Earnest Money Deposit, we could understand. What is the logic of asking for non-refundable processing fee? Are we chartered accountants are begging before this bank or other banks for assignments and all so that they are forced to limit the enquiries? It is utter non-sense. We all should unite and tell the bank that this is not the way to assign an audit to a noble professional who is specially trained and experience for this job. ICAI should take up this matter with the bank authorities. It is just like equating a chartered accountant with a street vendor. The bank should be coming to us for getting the audits done and not the other way…

A POEM OF ACCOUNTS

A POEM OF ACCOUNTS

IN THE JOURNAL PAPER OF MY HEART,
I HAVE WRITTEN A JOURNAL ENTRY

DEBITING MY LOVE & CREDITING MY AFFECTION,
NOW PARTNER , YOU WRITE THE NARRATION.

YOUR BEAUTY IS CAPITAL OF OUR BUSINESS,
AND YOUR EYES ARE STOCK IN TRADE.

NOW LET US ENTER INTO A TRANSACTION,
WITHOUT PROVIDING DEPRECIATION.

YOUR FIRST LOVE , I HAVE ALREADY INDICATED,
ON THE LEDGER FOLIO COLUMN.

ANYWAY OUR REALIZATION ARE BASED ON
DOUBLE ENTRY SYSTEM.

OUR LOVE IS REAL AND TANGIBLE,
WHICH CAN BE REALIZED,
INTEREST ON THE SAME CAN BE CAPITALIZED.

PARTNER YOU ARE LIKE A CONTRA - ENTRY,
YOU ARE ON MY DEBIT SIDE & CREDITSIDE
BOTH AT THE SAME TIME

CAN IT BE POSTED INTO LEDGER ?
THAT YOU DECIDE.

AND SO MY PARTNER , NOW LET US RECTIFY
ALL OUR ERRORS AND TOTAL THE TRIAL BALANCE OF OUR AFFAIRS
AND EMOTIONS

A POEM OF ACCOUNTS

WITHOUT MAINTAING ANY SUSPENSE A/C AND
ANY DIFFERENCE IN THE TRIAL BALANCE

IN THE BALANCE SHEET OF OUR LIFE.
OUR CHILDREN WILL BE ASSET & LIABILITIES
IF THEY ARE BOYS , SHALL WE…

no penalty for delayed payment of service tax in Mahrashtra and Gujarat

As you are aware the States of Maharashtra and Gujarat have been adversely affected by the impact of unprecedented rains resulting in widespread water logging, floods and landslides.
2. Board have received representations from certain associations of service tax payers in these states requesting for extension of date for depositing service tax for the month of July, 2005, due for payment on 5th August. The matter has been examined.
3. Section 75 of the Finance Act, 1994 envisages payment of interest on delayed payment of service tax. Section 76 provides for imposition of penalty in cases of delayed payment of service tax. Section 80 specifically mentions that no penalty shall be imposed under section 76 for delayed payment of service tax if the assessee proves that there was reasonable cause for the delay in payment of service tax within the due date.
4. In view of the unprecedented rains and floods and consequent difficulties faced by the assessees in Mahrashtra and Gujarat, for delayed…