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Showing posts from August, 2011

Tax Challan Correction Procedure

Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax  and Other Direct tax Payment Challan corrected / Rectified which were  paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank. Challan Correction Mechanism Under OLTAS (On Line Tax Accounting System), the physical challans of all Direct Tax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (Tax Information Network) through link cell. At present, the banks are permitted to correct data relating to three fields only i.e. amount, major head code and name. The other errors can be corrected only by the assessing officers. New Procedure of challan correction by banks (for physical challans): To remedy this situation, a new Challan Correction Mechanism for physical challans has been put …

MCA puts cap on salaries of CEOs

MCA puts cap on salaries of CEOs New Delhi
August 26, 2011 The corporate affairs ministry has set a ceiling on the total remuneration to be paid to CEOs in the country. The total managerial remuneration to be paid to a board-level CEO of a company that has only one whole-time director would be capped at 5% of the total net profit of the company, minister of state for corporate affairs RPN Singh said in a written reply in Parliament on Thursday.
Singh also said for those firms that have more than one whole-time director, the total remuneration of its entire board of directors should not exceed 10% of the net profit. However, he said that if a company chooses to pay more it would require the ministry's approval.
The development is significant since corporate houses would now be required to seek MCA approval if they choose to shell out over 5% of the net profit for remunerating their CEOs or 10% of the net profit for remunerating the entire board of directors.
[Source: The Financia…

ST 3 Electronic Filing Mandatory

WITH EFFECT FROM 1ST OCTOBER,2011 EVERY SERVICE TAX ASSESSEE IS REQUIRED TO FILE HALF-YEARLY RETURN ELECTRONICALLY IRRESPECTIVE OF SERVICE TAX PAID .
SERVICE TAX (FOURTH AMENDMENT) RULES, 2011 - AMENDMENT IN RULE 7 NOTIFICATION NO. 43/2011 - SERVICE TAX/G.S.R. 642 (E), DATED 25-8-2011 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely :— 1. (1) These rules may be called the Service Tax (Fourth Amendment) Rules, 2011. (2) They shall come into force on the 1st day of October, 2011. 2. In the Service Tax Rules, 1994, in rule 7,—  (a)  in sub-rule (2), the proviso shall be omitted;  (b)  after sub-rule (2) as so amended, the following sub-rule shall be inserted, namely:— "(3) Every assessee shall submit the half-yearly return electronically".

TDS-CIRCULAR NO. 6/2011, DATED 24-8-2011

SECTION 200A OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - PROCESSING OF STATEMENT OF TAX DEDUCTED AT SOURCE - PROCEDURE FOR REGULATING REFUND OF EXCESS AMOUNT OF TDS DEDUCTED AND/OR PAID - MODIFICATION OF CIRCULAR NO. 2/2011, DATED 27-4-2011 CIRCULAR NO. 6/2011, DATED 24-8-2011 In partial modification of Circular No. 2/2011, dated 27-4-2011, the following words are added at the end of paragraph 4.2 of the said circular. "However, the refund claims pertaining to the period upto March 31, 2009 may be submitted to the Assessing Officer (TDS) upto 31-12-2012." 2. This issues with the approval of competent authority.

TDS-CIRCULAR NO. 6/2011, DATED 24-8-2011

SECTION 200A OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - PROCESSING OF STATEMENT OF TAX DEDUCTED AT SOURCE - PROCEDURE FOR REGULATING REFUND OF EXCESS AMOUNT OF TDS DEDUCTED AND/OR PAID - MODIFICATION OF CIRCULAR NO. 2/2011, DATED 27-4-2011 CIRCULAR NO. 6/2011, DATED 24-8-2011 In partial modification of Circular No. 2/2011, dated 27-4-2011, the following words are added at the end of paragraph 4.2 of the said circular. "However, the refund claims pertaining to the period upto March 31, 2009 may be submitted to the Assessing Officer (TDS) upto 31-12-2012." 2. This issues with the approval of competent authority. nn

Monetary Limits- Appeals

REDUCTION OF GOVERNMENT LITIGATION - PROVIDING MONETARY LIMITS FOR FILING APPEALS BY DEPARTMENT BEFORE CESTAT/HIGH COURTS AND SUPREME COURT INSTRUCTION [F.NO.390/MISC./163/2010-JC], DATED 17-8-2011 In exercise of the powers conferred by section 35R of the Central Excise Act, 1944 made applicable to Service Tax vide section 83 of the Finance Act, 1994 and section 131BA of the Customs Act, 1962 the Central Board of Excise & Customs (hereinafter referred to as the Board) fixes the following monetary limits below which appeal shall not be filed in the Tribunal, High Court and the Supreme Court:
Sl. No. Appellate Forum Monetary limit 1. CESTAT Rs.5,00,000 2. HIGH COURTS   Rs.10,00,000 3. SUPREME COURT   Rs.25,00,000
2. For ascertaining whether a matter would be covered within or without the aforementioned limits, the determinative element would be duty/tax under dispute. To illustrate it further in a case involving duty of Rs. 5 lakhs or below with equal penalty and interest, as the case may be, no a…

Acceptance of e-TDS/TCS statements in Pen Drive:

Acceptance of e-TDS/TCS statements in Pen Drive: Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. The Pen Drive / CD may contain details of multiple e-TDS/TCS statements. The computer media (CD/Pen Drive) will be return after acceptance of statements


Kindle, Wi-Fi, 6" E Ink Pearl Display

Minutes of Meeting of BCAS Representatives with CIT, Central Processing Centre

Minutes of Meeting of BCAS Representatives with CIT, Central Processing Centre

Recently, BCAS representatives met with the CIT, Central Processing Centre of the Income-tax Department at Bengaluru to discuss various problems that are faced by tax payers who use the e-filing facility. for the minutes of the said meeting, please click here

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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: Country Sovereign Ratings - RMF

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CBEC on Stock Broker's Services

SECTION 65(101) OF THE FINANCE ACT, 1994 - STOCK BROKER'S SERVICES - LEVY OF SERVICE TAX ON DELAYED PAYMENT CHARGES COLLECTED BY SERVICE PROVIDER IN RESPECT OF STOCK BROKER'S SERVICES LETTER [F.NO. 137/25/2011 - SERVICE TAX], DATED 3-8-2011 Representations have been received seeking clarification regarding leviability of service tax on the additional amount that is collected towards the delay in making payment to the stock brokers by their customers (delayed payment charges) in respect of Stock Broker's services. 2. The matter has been examined. Clarifications issued by the Board in the past on similar issues are summed up below:-   (i)  Circular No. 96/7/2007 at para 002.01 clarifies that an amount collected for delayed payment of a telephone bill is not to be treated as consideration charged for provision of telecom service and therefore, does not form a part of the value of taxable service.  (ii)  Circular No. 121/02/2010 - ST, dated 26-4-2010 clarifies that detention charge…

ITD- Dos & Don'ts

Release of Dos & Don'ts Manual by Chairman , CBDT. -------------------------------------------------------------------------------------------------------------------------------- Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011- visit www.incometaxindia.gov.in

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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

ISSUE AND PAYMENT OF DEMAND DRAFTS FOR RS. 50,000 ON DEPOSIT OF CASH NOT PERMISSIBLE

MISUSE OF BANKING CHANNELS - ISSUE AND PAYMENT OF DEMAND DRAFTS FOR RS. 50,000 ON DEPOSIT OF CASH NOT PERMISSIBLECIRCULAR NO. DBOD.BP.BC. NO. 26/21.01.001/2011-12, DATED 1-8-2011Please refer to our circular DBOD.BP.BC.No.114/C.469(81) - 91 dated April 19, 1991 in terms of which demand drafts, mail transfers, telegraphic transfers and travellers cheques for Rs.50,000 and above should be issued by banks only by debit to the customer's account or against cheques or other instruments tendered by the purchaser and not against cash payment. These instructions were extended to retail sale of gold/silver/platinum videour circular DBOD.No.IBS.1816/23.67.001/98-99 dated February 4, 1999.2. It has been brought to our notice that some banks have recently issued demand drafts of Rs. 50,000 and above on deposit of cash and not against debit to the customer's account or against cheques or other instruments tendered by the customer.3. In the current scenario where the integrity of the financi…