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Showing posts from June, 2011

IndianCAs: CHARLES SCHULTZ PHILOSOPHY

Charles Schultz Philosophy































The following is the philosophy of Charles Schultz, the creator of the 'Peanuts' comic strip. Try
Answer the questions, read the e-mail straight through, and you'll get the point.

1. Name the five wealthiest people in the world.
2. Name the last five Heisman trophy winners.
3. Name the last five winners of the Miss America.
4. Name ten people who have won the Nobel or Pulitzer Prize.
5. Name the last half dozen Academy Award winners for best actor and actress.
6. Name the last decade's worth of World Series winners.

How did you do?
The point is, none of us remember the headliners of yesterday. These are no second-rate achievers. They are the best in their fields. But the applause dies. Awards tarnish. Achievements are forgotten. Accolades and certificates are buried with their owners ...

Here's another quiz. See how you do on this one:
1. List a few teachers who aided your journey through school.
2. Name three friends who have helped you through a dif…

Cost Inflation Index for F.Y. 2011-12 is 785

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-06-2011  In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—] "31 2011-12 785"

IndianCAs: Salary upto 5 lacs, no need to file return.............

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011 In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :— Class of Persons 1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—  (A)  "Salaries";  (B)  "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees. Conditions 2. The individual referred to in para 1,—   (i)  has reported to his employer his Permanent Account Number (PAN);  (ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and…

Amendment to Section 10(23AAA) of Income-tax Act

NOTIFICATION NO
33/2011, Dated: June 3, 2011
S.O.1295(E) In exercise of the powers conferred by clause (23AAA) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely:-
In the said notification, in paragraph (1), after clause (c), the following clause shall be inserted, namely:-
(d) to meet the cost of annual medical tests or medical checkups of the member, his spouse and dependent children.
F.No.197/12/2010-ITA-I
(Raman Chopra)
Director (ITA-I)




CHANGE OF NAME BY LISTED COMPANIES

CHANGE OF NAME BY LISTED COMPANIESCIRCULAR NO. MRD/DP/07/2011, DATED 16-6-20111. Please refer to SEBI Circulars No. SMDRP/Policy/Cir.-8/99, dated April 26, 1999 and No. SEBI/MRD/Policy/AT/Cir.-20/2004, dated April 30, 2004 on the captioned subject-matter.2. The aforementioned SEBI Circular, dated April 30, 2004 required all listed companies seeking change of name to comply inter alia with the following provision:2.2.At least 50 per cent of its total revenue in the preceding 1 year period should have been accounted for by the new activity suggested by the new name.3. It is observed from the representations received from few companies and feedback received from the Stock Exchanges that the companies, where the gestation period of the business is usually longer and the revenue stream often delayed, find it difficult to comply with the aforesaid provision.4. In view of the above, it is decided to modify the para 2.2 of the aforementioned circular as under:2.2. At least 50 per cent of its …

Online Form 16A

CIRCULAR NO. 03 /2011


F. No 275/34/2011-( IT-B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, dated the13thMay, 2011


Subject:Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.

Section 203 of the Income-tax Act 1961 ('the Act') read with the Rule 31 of the Income-tax Rules 1962 ('the IT Rules') provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc.The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually w…

Alert on e-Filing Certified by Professionals

Press Information Bureau
Government of India
Ministry of Corporate Affairs
10-June-2011 17:18 IST 12 Cases of Wrong E-Filing Detected

MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies

The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally different as compared to the records of the company.

As per the Ministry of Corporate Affairs these are public documents and by furnishing false information to the government as well as to the other stakeholders of the company, the practicing professionals have neglected in discharging their duties and have rendered themselves liable for penal action under Companies Act, 1956 as well as professional misco…

MCA Circular on XBRL

FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE
GENERAL CIRCULAR 37/2011, DATED 7-6-2011
In supersession of this Ministry's Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director's and Auditor's Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in. The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. To enable…

MCA on Prosecution Cases

MCA'S INSTRUCTION ON SETTLEMENT OF PROSECUTIONS CASESSettlement of prosecutions casesCIRCULAR [F.NO.3/57/2011-CL.II], DATED 3-6-2011While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately.1. Lok Adalats should be organized on 9th, 16th, 23rd & 30th June by RDs in the offices of concerned ROCs within your jurisdiction between 10.00 AM to 1.00 PM by giving an advance advertisement in the local Newspapers to this effect through DAVP. The chapters of ICSI, ICWAI, ICAI and Bar Council may be used for wide publicity and efforts should be made to dispose off compoundable offences there itself. In next month, two Lok Adalats will be held by each RD per month. These would be held on Saturdays.2. The object of organizing Lok Adalats should be to ascertain the legal cases where the companies and their officers in default are inclined to get the offences compou…

Cost Audit Rules & DIN Rules

Companies (Cost Audit Report) Rules, 2001 revised - NOTIFICATION [F.NO. 52/10/CAB-2010], DATED 03-06-2011

New Companies (Cost Accounting Records) Rules, 2011 - NOTIFICATION [F.NO. 52/10/CAB-2010], DATED 03-06-2011
Amendment in Companies (DIN) Rules, 2006 - NOTIFICATION [F. NO. 2/1/2011-CL.V], DATED 02-06-2011  MCA invites comments on new Rules for Preferential Allotment and Private Placement by Unlisted Public Companies - CIRCULAR NO. [F.NO. 12/13/2011-LEGAL], DATED 24-05-2011 Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

IndianCAs: 6 PRINCIPLES OF LIFE

6 PRINCIPLES OF LIFE 1·No point using limited life to chase unlimited money. 2·No pointearning so much money you cannot live to spend it. 3·Money is not yours until you spend it. 4·When you are young,youuse your health to chase your wealth;when you are old, youuse your wealth to buy back your health.Difference is that,it is too late. 5·How happy a man is, is not how much he has but how little he needs. 6·No pointworking so hard to provide for the people you have no time to spend with. Remember this -- We  come into this world with nothing,and we leave this world with nothing!  Here is the proof that you don't have to have money to be happy.

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