Archive for March, 2010
Posted on March 22, 2010 with No Comments
Bank branch Audit is one of the more important assignments carried out by the Small & Medium Practicing Firms. The focus is on delivery of quality audit amidst time constraints. This poses a challenge for the Practicing unit - to be updated on the various circulars pronounced by RBI, adapt to technological changes in the Banks, train the team and maintain documentation as required under SAP, amongst others. Read More »
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend the provisions of section 271B of the Act, raising the amount of maximum penalty leviable from Rs.1 Lakh to Rs.1,50,000. penalty for default in getting the accounts audited under section 44AB shall be ½ % of the total sales turnover or gross receipts subject to maximum of Rs. 1,50,000.
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend section 260A(2) to empower the High Court to admit an appeal after the expiry of a period of 120 days if it is satisfied that there was a sufficient cause for not filing the appeal in time.
This amendment is proposed to be st retrospective from 1 October 1998. A similar amendment is being made in section 256(2A) to admit a reference beyond the period of six months on being satisfied about the
Salient features of the Finance Bill, 2010 by Ved Jain reasons for delay. This amendment is being made retrospectively, w.e.f., 1st June 1981. A corresponding amendment has been proposed in the Wealth Tax Act also.
Posted on March 10, 2010 with No Comments
In view of delay in setting up the Central Processing Centre the period for setting up of this centre under section 143(1B) & under section 115WE is being extended from 31st March 2010 to 31st March 2011. This amendment is also being made retrospectively from 1st April 2010.
Posted on March 10, 2010 with No Comments
The Finance Bill proposes to amend the first schedule of the Income Tax Act to undo the amendment made by the Finance (No.2) Act, 2009 which provided that while computing income of non-life insurance business, appreciation in investment taken credit for in the accounts shall be treated as income liable for taxation. unrealized gains or losses will not be included in the income and the same shall be added or deducted only on the realized investment.
Posted on March 10, 2010 with No Comments
Pay-per-click is an internet advertising model, where advertisers and hosts agree upon a certain amount only when their ad is clicked. With search engines, advertisers typically bid on keyword phrases ,which are of utmost importance to the web market. Host sites commonly charge certain price per click This price can be a fixed or it can be obtained through bid system. In fixed rate system,the agreement between the two parties is on fixed amount.While in bidding system, the advertiser signs a contract and he has to compete with other advertisers in an auction,where each advertiser informs the host of the maximum amount that he or she is willing to pay for a given ad spot,usually using online tools to do so. This auction carries out as and when the ad is trigerred….
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Posted on March 6, 2010 with No Comments
CIRCULAR NO- 03/2010.
Central Board of Direct Taxes
New Delhi, the 2nd March, 2010.
Sub: Tax Deduction at Source on payment of interest on time deposits under
Section 194A of the Income Tax Act, 1961 by banks following Core-
Branch Banking Solutions (CBS) software – reg.
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