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Income Tax »

NEW TDS RULES

[06 Jul 2010 | No Comment ]

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Income Tax »

SERVICE TAX

[30 Jun 2010 | No Comment ]

Dear All, Please have the upcoming amendments from CA Day i.e !st July in Service Tax and Good News for Air Service Providers too. WEF 1-7-2010 in the definition of Taxable services under the service tax Act (Section 65(105)(zzzo) air craft operator are liable to pay service tax on passanger ticket. Further as per section 65(105)(l), air travel agents are also liable to pay service tax. Whether this is not double taxation on the same air ticket. Whether input credit will be available to a...

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Income Tax »

Few questions arising out of these Directions need to be attended immediately by the RBI to make it an effective tool of control:

[28 Jun 2010 | No Comment ]

Secured or unsecured: The draft guidelines placed on the website of RBI contained the following definition of NCDs “Non-Convertible Debentures (NCDs) will mean secured, negotiable money market instruments with original maturity of less than one year issued by corporates (including NBFCs) to meet their short term funding requirements, issued by way of private placement with investors. The guidelines also cover NCDs with original maturity of more than one year with optionality attached to it whi...

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Income Tax »

Another money market instrument – short term NCDs

[28 Jun 2010 | No Comment ]

Email :Vinod Kothari & Payel Jain , Vinod@vinodkothari.com , payel@vinodkothari.com. In order to regulate and control money market instruments – that is, short term debentures of 3-12 months maturity, the RBI, in pursuance of sec. 45W – which pertains to money market instruments, has issued new directions - Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010 to regulate issue of Non-Convertible Debentures (NCDs) by Corporate. The market in Indi...

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Income Tax »

Dos and Dont’s for printing and submitting of ITR-Vs to ITD-CPC Bangalore for A.Y. 2010-11

[16 Jun 2010 | No Comment ]

1. Please use Ink Jet /Laser printer to print the ITR-V Form. 2. The ITR-V Form should be printed only in black ink. 3. Do not use any other ink option to print ITR V. 4. Use of Dot Matrix printer should be avoided. 5. Ensure that print out is clear and not light print/faded copy. 6. Please do not print any water marks on ITR-V. The only permissible watermark is that of “Income tax Department” which is printed automatically on each ITR-V. 7. The document that is mailed to CPC should be ...

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Income Tax »

All listed companies required to maintain 25% public holding - The Securities Contracts (Regulation) Rules Amended

[15 Jun 2010 | No Comment ]

Govt. raises threshold for public shareholding in listed companies All listed companies required to maintain 25% public holding Delhi , June 4,2010 The Government has made amendments to the Securities Contracts (Regulation) Rules. The salient features of the amendment are as follows: a) The minimum threshold level of public holding will be 25% for all listed companies. b) Existing listed companies having less than 25% public holding have to reach the minimum 25% level by...

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Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9).

Section 206C of the Income-tax Act, 1961 – Col

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SECTION 54F (Income Tax ) »
MANNALAL AGARWAL(2012-01-15)
Dear All, I'll be highly obliged if anyone can suggest me on below mention query for claiming exemption u/s 54F. Mr. A purchased a shop 10 years back at Rs. 2 lacs. The same is shown in his Balance Sheet in Assets as Shop Space.He sells the said shop space at Rs 35 lacs, say, in the financial year 2011-12. The entire sale proceeds of Rs 35 lacs arising out of such a sale has been invested by him in the same financial year in purchasing new residential house property. Query:- 1. Whethe
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Filling of Books of Accounts to ROC (MCA WORKS) »
Raju Shaw(2011-07-30)
Pls advice me on the issue - one of (Pvt limited company) My client has not filed books of accounts to ROC since last three years. Now what will be process to file the same now and what will be penalty ? Regards R K Shaw
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Section 194H (TDS) »
Amit Verma(2011-01-31)
Whether TDS under sec.194H is to be deducted on payment made to banks as Bank Guarantee commission, LC commission and other charges as commission? AND what is the coverage of sec. 194 H commission and brokerage? Amit
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Carry Forward of loss on shares (Income Tax ) »
Varsha Kejriwal (2010-08-04)
Please guide me in the following query: Long term capital gain of shares are exempt u/s 10(38). The contention is that as gain is exempt, loss on sale of shares cannot be carried forward.Shares are part of the assets defined in the Capital Gains Chapter hence, it can be carried forward. Is it correct or not. Thanks With regards Varsha Kejriwal 98307-33379
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wrong mention of AY Year in Challan (Income Tax ) »
pankaj khara (2010-08-04)
Dear Colleagues: Kindly suggest remedy, if for payment of self assessment tax in challan assessment year has been wrongly mentioned as AY 2011-12 instead of AY 2010-11 and tax has been paid as advance tax. regards, pankaj khara 9330180020
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INCOME TAX	MCA WORKS
DIGITAL SIGNATURE	INVESTMENT ADVISORY
LLP FORMATION	SOCIETY FORMATION
RBI/NBFC	SERVICE TAX
SOFTWARES	OUTSOURCING
SEZ / STPI / EOU / DGFT - IE CODE
XBRL SOLUTION CENTRE