Refund of TDS of Excess Deducted (Circular No. 2/2011) F. No. 385/25/2010-IT(B), Dated 07.04.2011
Posted Date : 06-May-2011 , 02:49:51 am | Posted By
CA Mordhwaj Garg
CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011
The procedure for regulating refund of amount paid by the Deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980.
2. Subsequent to issue of c...
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Category : Income Tax |
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How to come across the hurdle of Financial Planning.
Posted Date : 06-May-2011 , 02:44:20 am | Posted By
CA. Sachin Data
Financial planning simply means planning finances to meet your future needs. There has been a lot of material based on academic research on the subject, developed over the last few decades and being used by individuals now.
The most popular and followed approach is goal-based financial plann...
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Category : General |
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FAQ ON EFILING OF ROC FORM
Posted Date : 06-May-2011 , 01:05:01 am | Posted By
CA. SANAT PYNE
1. What are the steps for offline eFiling?
1. Select a category to download an eForm from the MyMCA portal (with or with out the instruction kit.
2. At any time, you can read the related instruction kit to familiarise yourself with the procedures(you can download the instruction ...
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Category : Corporate Law |
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FAQ ON REFUND PROCESS
Posted Date : 06-May-2011 , 12:59:21 am | Posted By
CA. SANAT PYNE
1. What is refund process?
The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to...
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Category : Corporate Law |
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RBI relaxes norms for making payments using mobile phones. Raises Limit to Rs.50000
Posted Date : 06-May-2011 , 12:01:22 am | Posted By
CA. Sachin Data
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank today decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000.
“The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs 50,000,&rdqu...
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Category : RBI |
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Howz CA life..........!!!
Posted Date : 05-May-2011 , 10:58:06 pm | Posted By
CA. Sachin Data
Living a few years of your life like most people wont, so that you can spend the rest of your life like most people can't!!!!!!!
...
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Category : General |
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FAQ ON FDI
Posted Date : 05-May-2011 , 06:45:03 am | Posted By
CA. SANAT PYNE
FAQ ON FDI
Q. 1. What are the forms in which business can be conducted by a foreigncompany in India?
Ans. A foreign company planning to set up business operations in India may:
Incorporate a company under the Companies Act, 1956, as a Joint...
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Category : FEMA |
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FAQ ON 26AS
Posted Date : 05-May-2011 , 03:02:32 am | Posted By
CA. SANAT PYNE
1.What is Form 26AS?
Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) adva...
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Category : Income Tax |
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Increase in Authorised Capital is not liable to stamp duty under Indian Stamp Act, 1899 as applicable in Delhi
Posted Date : 04-May-2011 , 09:15:17 pm | Posted By
Anjali Arora
Delhi High Court in the case of S.E. Investment Limited (CO. APPL. (M) 38/2011 & CO. APPL. 293/2011) held that increase in Authorised Capital is not liable to stamp duty under Indian Stamp Act, 1899 as applicable in Delhi
Facts of the Case -S.E. Investment Limited (the Pe...
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Category : Corporate Law |
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REGISTRATION UNDER SECTION 35AC
Posted Date : 04-May-2011 , 03:06:37 am | Posted By
CA. SANAT PYNE
REGISTRATION UNDER SECTION 35AC
01The Central Government approves certain NGOs and notifies them as eligible for project or schemes for the purposes of section 35AC. If an NGO succeeds in getting such an approval for its projects then it stands a very good chance of mobilising fund...
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Category : Income Tax |
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CHECKLIST FOR APPOINTMENT OF MANAGING DIRECTOR
Posted Date : 04-May-2011 , 12:27:25 am | Posted By
CA. SANAT PYNE
CHECKLIST FOR APPOINTMENT OF MANAGING DIRECTOR
The following are the steps involved in appointment of Mr. A as Managing Director in a Company who is not an Managing Director in any other Company:
Convene Board Meeting, appoint Mr. A as Additional Director and pas...
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Category : Corporate Law |
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Micro Finance Institutions (MFIs) cannot charge more than 26 pc interest
Posted Date : 04-May-2011 , 12:26:31 am | Posted By
CA. Sachin Data
The Reserve Bank has capped interest rates charged by micro finance institutions from small borrowers at 26 per cent, but opened for MFIs the bank credit line which was curtailed following the crisis faced by the sector in October, 2010.
The loan by the banks to MFIs for on-lending to small b...
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Category : Banking |
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FORMATION OF CHARITABLE TRUST
Posted Date : 04-May-2011 , 12:25:55 am | Posted By
CA. SANAT PYNE
FORMATION OF CHARITABLE TRUST
A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the CompaniesAct.
It generally takes the form of a trust when it is formed primarily by one or more persons.
To form a Societ...
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Category : Income Tax |
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All about Deduction under Section 80G of the Income Tax Act, 1961 for donation
Posted Date : 04-May-2011 , 12:24:22 am | Posted By
CA. SANAT PYNE
All about Deduction under Section 80G of the Income Tax Act, 1961 for donation
INSPITE of all the contributions made to social causes, there is a huge gap between the demand of money from the needy and the amount donated by philanthropists. This probably, is the reason why the Gov...
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Category : Income Tax |
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5 ways to live a better life
Posted Date : 03-May-2011 , 07:22:10 am | Posted By
Ravindr Bhandari
Five popular ways for better living
GEM THERAPY
THE GEM STONES ARE A PERENIAL SOURCE OF SPECIFIC RAYS WHICH RADIATE FROM THEM FOR SEVERAL YEARS. PEOPLE SUFFERING FROM HEALTH PROBLEMS OR MISFORTUNES CAN WEAR DIFFERENT GEM STONES TO COUNTER THE MALEFIC INFLUENCE OF CERTAIN PLANETS IN A...
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Category : General |
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What are eligible investments for Section 80C:
Posted Date : 03-May-2011 , 03:56:11 am | Posted By
CA. SANAT PYNE
Background for Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. ...
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Category : Income Tax |
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FAQ ON PAYMENT OF TAX
Posted Date : 03-May-2011 , 03:53:12 am | Posted By
CA. SANAT PYNE
What are the new challans for the payment of Direct Taxes?
The following new single copy challans have been introduced with effect from July 2005:
...
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Category : Income Tax |
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Amendment to Schedule VI - Date of Applicability
Posted Date : 03-May-2011 , 01:28:07 am | Posted By
Anmol Rana
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART II, SECTION3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
Ministry of Corporate Affairs
NOTIFICATION
...
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Category : Corporate Law |
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Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).
Posted Date : 30-Apr-2011 , 10:42:11 pm | Posted By
Sahil Rastogi
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).
Below guidelines may be referred, if deductor wishes to report the transaction in the quart...
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Category : Income Tax |
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Capital Gain
Posted Date : 29-Apr-2011 , 04:34:22 am | Posted By
Sahil Rastogi
Capital gains arising on sale of two residential houses invested in two residential houses-Eligibility for exemption
The assessee owned two flats. The first flat was sold by the assesses for a sum of Rs. 1,01,00,000 and the second Flat had been sold for a sum of Rs. 97,...
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Category : Income Tax |
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