BACKGROUND: In view the judgment of the Supreme Court in case of M/s. Larsen & Toubro Limited & Anr, (65 VST 1), it was necessary to frame rules under MVAT Act to provide for i) the levy of tax on goods which are used in works contract, from the stage when agreement is … [Read more...]
Submission of Annexures with/as a part of returns for the periods starting from 1 st April 2014 and onwards – Trade Circular No. 9T of 2014 of MVAT
Description The annual sales and purchases information is received by the Sales Tax Department from all the dealers. This information is received as a part of electronic audit reports (e704) and as a part of the last returns of relevant financial year. These annual annexures of sales and … [Read more...]
Exemption from late fee u/s 20(6) of MVAT Act – Trade Circular No. 8T of 2014
Background: If a person or a dealer fails to file a return under the MVAT Act or CST ACT, within the prescribed time, then such a person or dealer is required to pay late fee of Rs. 5000, before uploading such a return. [Sec. 20(6)]. This late fee is applicable for all the late returns, which are … [Read more...]
Highest interest on saving account paying banks in 2014
Saving Accounts Most of salary earners use the saving accounts in India. Account holder can withdraw the amount any time form ATM or by issuing cheque / withdrawal Slip. All the Nationalized Banks, Private Banks and all cooperative banks provide saving bank account facility. The account holder is … [Read more...]
Interim Budget 2014-2015 Speech of Finance Minister
Madam Speaker, INTRODUCTION I rise to present the Interim Budget for 2014-15. The Current Economic Situation 2. As I prepared to write this speech, I found that whether it is a regular Budget for the full year or an interim Budget, some things remain the same. For example, our goals are the … [Read more...]
Certificate to be used by a Member of Parliament/Member of Legislative Assembly/Municipal Councillor or Gazetted Officer as address and identity proof for PAN application
If any individual wants to apply for new PAN card but he has no documents as a proof address and proof of Identity then he can take certificate form Member of Parliament / Member of Legislative Assembly / Municipal Councillor or Gazetted Office. The format of such certificate is given below. Kindly … [Read more...]
Format of Certificate to be used by the Employer as proof of address for PAN application
If any individual wants to apply for new PAN card but he has no documents as proof of address then he can take certificate from his employer. The format of employer certificate is given below. Annexure -B (for form 49A) (Certificate to be used by the Employer on the letter head of the … [Read more...]
Format of Certificate to be used by the bank as proof of identity for PAN application
Bank certificate is acceptable as proof of identity for the PAN application of an individual. Earlier bank statement/pass book was acceptable as proof of identity, but now Bank certificate on the letter of the bank is required for a proof of identity. Format for the same is given below:- … [Read more...]
Banks are not permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis
RBI/2011-12/589 DBOD. No. Dir. BC.107/13.03.00/2011-12June 5, 2012All Scheduled Commercial Banks(Excluding RRBs)Dear Sir/MadamHome Loans-Levy of fore-closure charges/pre-payment penaltyPlease refer to our circular DBOD. No. Dir. BC. 56/13.03.00/2006-2007 dated February 2, 2007 on … [Read more...]
The procedure for issuance of statutory declarations/forms electronically, under the Central Sales Tax Act, 1956
1.The procedure for issuance of statutory declarations/forms under the Central Sales Tax Act, 1956 has been prescribed by the Trade Circulars referred above. At present, for obtaining declaration or certificates, the dealer submits/uploads application called SOR (Statement of Requirement) … [Read more...]